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28 July 2006


Hittite's Q2 revenue up 71.2% year-on-year

Hittite Microwave Corporation reported Q2/2006 revenue, ended June 30, of $32.4m, an increase of 71.2% on Q2/2005, and a sequential increase of 16.2% over Q1/2006. Net income for the quarter was $10.2m, an increase of 142.1% compared with $4.2m in Q2/2005, and an increase of 15.8% over the first quarter of 2006.

Stephen Daly, Hittite’s chairman and CEO, said: "Increased international sales and a favorable product mix allowed us to deliver strong quarterly results. We launched three new product lines increasing our total to 13 product lines. Our new Log Detector and Controller, Track and Hold, and Commercial Synthesizer Subsystem products add more breadth to our already broad portfolio, and deliver best in class performance. In total, we introduced 29 new products during the quarter across our product lines, in line with our plan for the year."

For Q2/2006, revenue of $14m (43% of total revenue) came from customers based in the USA, with the remainder coming from outside the country. Gross margin was 73.5% for Q2, compared with 66.4% in Q2/2005 and compared sequentially with 73.7% in Q1/2006. Operating income for the second quarter was $15.1m, or 46.6% of revenue.

Hittite currently expects Q3/2006 revenue to be between $33.5m and $34.5m and net income to be in the range of $10.2m to $10.6m.

Visit: http://www.hittite.com