RF Micro Devices Inc. reported a net loss of $8.1 million, or 4 cents per share, on sales of $131.5 million in its first fiscal 2004 quarter ended June, compared to a net income of $2.3 million, or 1 cent per share, on sales of $103.9 million in the same quarter a year ago.
In the previous quarter, the Greensboro, N.C., supplier of RFICs reported a loss of $13.0 million, or 7 cents per share, on sales of $138.3 million. The company said the loss was lower than the 5 to 6 cents per share guidance projected in April, reflecting strength at wireless OEM customers. However, sales to handset ODMs were weak, as were sales of 802.11b products.
RF Micro Devices believes order visibility has improved and anticipates its gross margin will continue to improve in the September quarter, when the company expects revenue in the low $130-million range with a loss of 4 to 5 cents per share. This includes a $2 million one-time, non-cash charge associated with the repurchase of 3.75% convertible subordinated notes.
"We're pleased to have shown improved financial performance in our core business, as evidenced by gross margin improvement," said Bob Bruggeworth, president and chief executive. "We're also encouraged by the recent increase in order rates, which have rebounded nicely from April and May levels."