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9 February 2007


TriQuint reports seventh quarter of growth

For fourth-quarter 2006 GaAs wireless component maker TriQuint Semiconductor Inc of Hillsboro, OR, USA has reported its seventh consecutive quarter of revenue growth: $114.3m, up 11% on the prior quarter’s $103.3m, up 35% on $84.7m a year ago for continuing operations, and above October’s forecast of $108-112m. Compared to Q3/2006, handset revenue rose 24% and military revenue 26%. Net income of $6.4m was down slightly on Q3’s $8.1m but more than double $2.9m a year ago.

For full-year 2006, revenues were $401.8m (up 36% from 2005’s $294.8m), including handset revenue up 64%, broadband revenue up 32%, military revenue up 11%, and other revenue up 76%. TriQuint adds that it increased penetration of tier-one handset suppliers. Shipments of transmit modules were 43 million (up from 5 million in 2005). Power amplifier revenue increased 2.5 times as TriQuint extended its success in GSM to EDGE/WEDGE and began sampling WCDMA base-station PAs. Optical PMD module revenue grew 85%.

After equity compensation expense of $9.1m, net income was $22.4m, up from 2005’s $4m (which included $8.2m from discontinued optoelectronic operations, mainly from their sale).

“Our strategy of being a focused supplier of RF power, filtering and switching technology in highly integrated solutions is gaining traction with both customers and chipset partners alike,” says president and CEO Ralph Quinsey. “TriQuint’s design win success in 2006 placed us in approximately 97 new phone models, and we estimate TriQuint’s share in the handset market has grown to approximately 8-9%,” he adds. “Our military business remains strong and our standard products revenue is growing.”

Revenue is expected to be down slightly in Q1/2007, to $106-110m. However, for full-year 2007 compared to 2006, TriQuint expects revenue up 18-20% and net income up 40-50%.