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19 February 2007


Hittite grew revenues 60% and doubled profit in 2006

Hittite Microwave Corp of Chelmsford, MA, USA, which designs ICs, modules and subsystems for RF, microwave and millimeter-wave applications, has reported full-year 2006 revenue of $130.3m, up a huge 61.5% on 2005’s $80.7m. This includes $35.4m in the fourth quarter (up 2.2% on Q3 and up 55.8% on $22.7m a year ago).

Net income for 2006 was $42.7m (up 112% on 2005’s $20.1m). Income rose from $7.1m a year ago and $11.6m in Q3 to $12.1m in Q4. Total cash and investments rose $16.9m in Q4 to $122.6m at the end of 2006.

“We strengthened our business during the year in many ways, adding three new product lines, introducing 91 new standard products, and opening one new design center [in Ottawa, Canada] and two new sales offices,” says chairman and CEO Stephen Daly. “For 2007, we will remain focused on growing our revenue by expanding our product lines and sales channels, and continuing to invest in our R&D team and new product pipeline,” he adds.

For Q1/2007, Hittite expects revenue of $35-36m and net income of $11.2-11.8m (roughly level with Q4/2006).

See related item:

Hittite’s Q3/2006 revenue up 63.5% year-on-year