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23 April 2009


Hittite’s revenues fall 18%, but Q2 to show slight rebound

For first-quarter 2009, Hittite Microwave Corp of Chelmsford, MA, USA, which designs and supplies analog and mixed-signal RF, microwave and millimeter-wave ICs, modules and subsystems, has reported revenue of $38.2m, down 11.8% on $43.3m a year ago and 17.7% on $46.4m last quarter but slightly above the forecast $36-38m.

“Six of our eight markets experienced sequential declines in demand, offset by two markets with growth,” says chairman & CEO Stephen Daly.

Gross margin was 71.5%, down from 72% last quarter. Net income was $10.2m, down from $13.6m but at the top end of the forecast range of $8.3-10.2m.

During the quarter, cash and cash equivalents rose by $3.7m to $184.6m, and the firm repurchased about 392,000 shares of its stock for $10.8m.

For second-quarter 2009, Hittite expects revenue to rebound slightly to $38.5-39.5m and net income to be steady at $9.5-10.5m.

“We maintain a long-term perspective on our business and we are confident our investments in new products and technologies are the foundation for future growth,” says Daly. “In 2009 we will focus on expanding sales beyond our current 3000 customers,” he adds.

See related items:

Hittite grows in Q4, but expects 20% revenue drop in Q1

Hittite’s growth sustained by Asia and Eastern Europe telcos

Hittite rebounds slightly, but next quarter to be flat

Hittite’s Q1 revenues rise 19% year-on-year

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