Hittite Microwave Corporation Reports Financial Results for the Second Quarter of 2013

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Hittite Microwave Corporation Reports Financial Results for the Second Quarter of 2013

CHELMSFORD, Mass.--(BUSINESS WIRE)-- Hittite Microwave Corporation (NAS: HITT) today reported revenue for the second quarter ended June 30, 2013 of $68.6 million, an increase of 4.9% compared with $65.4 million for the second quarter of 2012, and an increase of 1.3% compared with $67.7 million for the first quarter of 2013. Net income for the quarter was $18.0 million, or $0.58 per diluted share, an increase of 5.1% compared with $17.2 million, or $0.56 per diluted share, for the second quarter of 2012, and an increase of 2.6% compared with $17.6 million, or $0.57 per diluted share, for the first quarter of 2013.


For the second quarter of 2013, revenue from customers in the United States was $30.2 million, or 44.0% of the company's total revenue, and revenue from customers outside the United States was $38.4 million, or 56.0% of total revenue. Gross margin was 72.4% for the second quarter of 2013, compared with 74.5% for the second quarter of 2012 and 73.7% for the first quarter of 2013. Operating income for the second quarter of 2013 was $27.5 million, or 40.1% of revenue, compared with $26.2 million, or 40.1% of revenue, for the second quarter of 2012 and $27.1 million, or 40.1% of revenue, for the first quarter of 2013. Total cash and marketable securities at June 30, 2013 was $438.2 million, an increase of $8.8 million for the quarter.

Business Outlook

The company expects revenue for the third quarter ending September 30, 2013 to be in the range of $66.5 million to $68.5 million and net income to be in the range of $16.7 million to $17.7 million, or $0.54 to $0.57 per diluted share.

Webcast and Taped Replay

The company will host a conference call to discuss its financial results at 5:00 p.m. ET today. The conference call can be accessed by dialing (480) 629-9866. A live webcast of the call will be available online on the Hittite Microwave website. To listen to the live webcast, go to the Investors page of the Hittite Microwave website at www.hittite.com and click on the webcast link located under News & Events. A telephonic replay of the call also will be available for one week after the live call by dialing (303) 590-3030, access code 4627501. Following the call, a webcast replay will also be available by visiting the Investors page at www.hittite.com.

About Hittite Microwave Corporation

Hittite Microwave Corporation is an innovative designer and manufacturer of high performance integrated circuits, or ICs, modules, subsystems and instrumentation for technically demanding digital, RF, microwave and millimeterwave applications covering DC to 110 GHz. The company's standard and custom products apply analog, digital and mixed-signal semiconductor technologies, which are used in a wide variety of wireless & wired communication and sensor applications for the automotive, broadband, cellular infrastructure, fiber optic, microwave & millimeterwave communications, military, space and test & measurement markets. The company is headquartered in Chelmsford, Massachusetts.

"Safe Harbor Statement" under the Private Securities Litigation Reform Act of 1995

Statements in this press release regarding Hittite Microwave Corporation that do not relate to historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, any statements regarding our expectations as to future levels of revenue, net income and earnings per share. Readers are cautioned that these forward-looking statements are subject to risks and uncertainties and are only predictions, and actual future events and results may differ materially from these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: the impact of macro-economic conditions on demand for our products; our ability to effectively manage our costs and expenses in response to fluctuations in our growth rate; market acceptance of our new products; our ability to assess accurately our end market requirements; our success in maintaining the business of our significant customers; our ability to keep pace with new semiconductor processes; risks related to our dependence on third-party suppliers; regulatory, operational, financial and political risks inherent in operating internationally; competition within the semiconductor industry; product returns and warranty claims; the possibility that intellectual property claims initiated by or against us could be costly or have adverse outcomes; and other risks and uncertainties that are discussed under "Risk Factors" in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2013, as filed with the Securities and Exchange Commission.

Hittite Microwave Corporation
Condensed Consolidated Balance Sheets (unaudited)
 
(In thousands)
 June 30, 2013 December 31, 2012
Assets
Current assets:
Cash and cash equivalents$248,197$269,157
Marketable securities189,972140,069
Accounts receivable, net35,73730,921
Inventories76,47765,926
Income taxes receivable4,6721,566
Prepaid expenses and other current assets2,6692,761
Deferred taxes 14,213 14,988
Total current assets571,937525,388
Property and equipment, net36,66336,294
Deferred taxes1,700709
Other assets 9,415 11,172
Total assets$619,715$573,563
 
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable$4,668$3,205
Accrued expenses14,84312,889
Income taxes payable239584
Deferred revenue and customer advances 4,793 4,699
Total current liabilities24,54321,377
Long-term income taxes payable3,401412
Deferred taxes521446
Other liabilities 110 124
Total liabilities28,57522,359
Total stockholders' equity 591,140 551,204
Total liabilities and stockholders' equity$619,715$573,563

Hittite Microwave Corporation
Condensed Consolidated Statements of Operations (unaudited)
 
(In thousands except per-share data)
 Three Months Ended June 30, Six Months Ended June 30,
2013 20122013 2012
 
Revenue$ 68,607$ 65,387$ 136,303$ 128,710
Cost of revenue18,93316,67536,73033,357
Gross profit49,67448,71299,57395,353
72.4%74.5%73.1%74.1%
Operating expenses:
Research and development12,72912,42125,94724,204
Sales and marketing5,9835,99511,77311,630
General and administrative3,4224,0727,1937,840
Total operating expenses22,13422,48844,91343,674
Income from operations27,54026,22454,66051,679
40.1%40.1%40.1%40.2%
 
Interest and other income (expense), net13243228(63)
Income before income taxes27,67226,26754,88851,616
Provision for income taxes9,6229,09319,24018,450
Net income$ 18,050$ 17,174$ 35,648$ 33,166
 
Earnings per share:
Basic$ 0.59$ 0.57$ 1.17$ 1.09
Diluted$ 0.58$ 0.56$ 1.15$ 1.08
 
Weighted average shares outstanding:
Basic30,60830,34430,57430,336
Diluted31,02630,85131,03830,826



Hittite Microwave Corporation
William W. Boecke, V.P. and Chief Financial Officer
978-250-3343

KEYWORDS:   United States  North America  Massachusetts

INDUSTRY KEYWORDS:

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