GREENSBORO, N.C. - Increased orders for CDMA cellular and personal communication systems (PCS) power amplifiers drove RF Micro Devices Inc.'s third quarter revenue to $73.2 million, an increase of 76.4% over revenue of $41.5 million for the corresponding quarter of fiscal 1999 and 6.2% from revenue of $68.9 million for the previous quarter. This increased business also resulted in a book-to-bill ratio above 1.0.
Net income for the quarter was $12.6 million, or 15 cents per diluted share, compared to net income of $5.6 million, or 8 cents per diluted share, for the third quarter of fiscal 1999.
David Norbury, president and CEO, said that the company's revenue could have been several million dollars higher were it not for component shortages from other vendors outside RF Micro's control. "This condition seems to be improving, but we will continue to monitor it this quarter," he said.
Norbury said RF Micro's revenue could grow even faster in the next 12 months because of recent forecasts from its largest customer. "In addition, over the next several quarters we anticipate that at least two other large customers will for the first time begin high volume handset production using our products. Also, we believe that our aggressive increases in design staffing and GaAs HBT gallium arsenide heterojunction bipolar transistor fab capacity have put RFMD in an excellent position to address the growing concern of handset OEMs over component shortages.