4 August 2010


RFMD shareholders approve all proposals at annual meeting

RF Micro Devices Inc of Greensboro, NC, USA says that, at its 2010 annual meeting of shareholders, all agenda items were approved:

  1. the election of eight directors to serve a one-year term;
  2. amendment of the Employee Stock Purchase Plan to increase the number of shares authorized for issuance;
  3. amendment of the 2003 Stock Incentive Plan to increase the number of shares authorized for issuance and approval of certain terms designed to preserve the tax deductibility of certain compensation paid under the 2003 Stock Incentive Plan, pursuant to the provisions of Section 162(m) of the Internal Revenue Code of 1986, as amended; and
  4. ratification of the appointment of Ernst & Young LLP as RFMD’s independent registered public accounting firm for fiscal 2011 (ending 2 April).

RFMD says that it is experiencing strength in its addressed markets, driven by momentum across cellular, fixed broadband, wireless infrastructure, smart energy and other high-growth semiconductor applications. On 27 July, RFMD reported its fifth consecutive quarter of sequential revenue growth (to $273.8m) and its fourth consecutive quarter of record operating income ($51.7m, a margin of 18.9%).

The firm is forecasting year-on-year revenue growth in fiscal 2011, supporting double-digit growth in earnings per share as well as continued strong free cash flow (net cash provided by operating activities minus property and equipment expenditures) consistent with fiscal 2010’s $177m.

See related items:

RFMD’s revenue grows 29% year-on-year

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