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26 January 2007


Skyworks grows revenues 8%, excluding discontinued base-band operations

For its fiscal first-quarter 2007, Skyworks Solutions Inc of Woburn, MA, USA has reported revenue of $196m, down slightly on $198m a year ago but up 8% on the $181m for continuing operations (excluding base-band products, which Skyworks terminated in October to focus on its core analog and RF business).

On a non-GAAP, pro forma basis, operating income was $22.9m, up 97% on the prior quarter and 65% year-on-year. Net income was a record $21.4m, up 105% sequentially. GAAP operating income rose from $8.5m a year ago to $14.9m (8% of sales), including $5.5m of restructuring charges, $2m of equity-based compensation, and $0.5m of amortization. GAAP net income was $12m versus $4.3m the prior quarter and a net loss of $96m the prior quarter.

The results demonstrate the financial leverage of the new operating model, says president and CEO David J. Aldrich. “With an intensified focus on our differentiated product portfolio and increasing profitability, we plan to build on this foundation as we set the stage for several program ramps in 2007,” he adds.

Skyworks says that, during the quarter, it increased EDGE and WCDMA front-end module shipments (with units more than doubling year-over-year); it powered Sony Ericsson’s GSM/GPRS, EDGE and WCDMA Walkman series with front-end solutions; it shipped nearly 12m complete radios (up more than 30% year-on-year); it received initial Helios production orders for LG’s newest GPRS Chocolate phone; it ramped Helios in support of Samsung’s next-generation EDGE models (including the ultra-slim Trace, the thinnest bar phone available in the USA); it secured design wins with next-generation, quad-band Helios EDGE radios; it supported MediaTek Inc (a supplier of complete reference designs within China) with Helios solutions; it delivered record Linear Products revenue (posting growth for a fourth consecutive quarter); it initiated production of direct conversion transceivers for a tier-one infrastructure customer deploying WiMAX; it sampled BAW filters for a broad range of end-market applications; and it launched a mixer for GSM and EDGE base-stations in support of Ericsson.

For its fiscal Q2/2007, Skyworks expects revenue to drop to $180m, with typical handset market seasonality offset by new product introductions, says Allan M. Kline, VP and chief financial officer.