RF Micro Devices, Inc. , a global leader in the design and manufacture of high-performance radio frequency solutions, reported financial results for the Company's fiscal 2014 first quarter, ended June 29, 2013.
Quarterly revenue increased approximately 4.4% sequentially and 45% year-over-year to a record $293.0 million, compared to $280.6 million in the prior quarter and $202.7 million in the corresponding period of fiscal 2013. The sequential and year-over-year increases in revenue reflected broad-based adoption of RFMD's best-in-class RF solutions.
GAAP gross margin for the June 2013 quarter was 31.9%, quarterly operating income was $3.2 million, and quarterly net income was $1.6 million, or $0.01 per share.
On a non-GAAP basis, gross margin expanded by 70 basis points sequentially and 100 basis points year-over-year to 35.1%, quarterly operating income totaled $28.0 million, and quarterly net income was $25.6 million, or $0.09 per diluted share.
Quarterly Highlights:
-Revenue Increases Approximately $90.3 Million Year-Over-Year To $293.0 Million -On A GAAP Basis, Gross Margin Is 31.9% And GAAP Diluted EPS Is $0.01, Versus $(0.07) In Q1 Fiscal 2013 -On A Non-GAAP Basis, Gross Margin Is 35.1% And Diluted EPS Is $0.09, Versus $0.01 In Q1 Fiscal 2013 -RFMD Anticipates Revenue Of Approximately $305 Million To $310 Million And Non-GAAP EPS Of Approximately $0.10 To $0.11 In The September 2013 Quarter
Strategic Highlights
-RFMD's Cellular Products Group (CPG) achieved highly-diversified, year-over-year revenue growth of 56%, led by nearly every major manufacturer of smartphones, tablets, and handsets, across all tiers and air standards -CPG benefited in the entry smartphone segment from participation on major reference designs and expanding customer engagements at Lenovo, Coolpad, Skycom, WaterWorld, and others -CPG enjoyed increasing industry adoption of its envelope tracking and antenna control solutions -CPG's leading carrier aggregation switch portfolio was selected to enable the world's first LTE-Advanced handset -RFMD's Multi-Market Products Group (MPG) delivered broad-based sequential revenue growth across multiple markets, including WiFi, Power Broadband, and Hi-Rel applications -Year-over-year, MPG achieved 10.4% growth, with high-performance WiFi growing 77%, led by expanding participation on leading consumer premises equipment platforms
