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27 July 2007


Increased international sales and new product launches drive Hittite’s second quarter growth

Fabless RFIC developer Hittite Microwave Corp of Chelmsford, MA, USA has reported revenue of $37.6m for Q2/2007 (ended June 30), representing an increase of 16.3% on the $32.4m for the same period of 2006 and up 3.6% compared with the $36.3m for Q1/2007. Of the company’s total Q2/2007 revenue, $22.0m (59%) came from customers located outside the United States.

Hittite’s Q2/2007 net income was $12.2m ($0.39 per diluted share), up 19.1% compared with the $10.2m ($0.33 per diluted share) in Q2/2006, and slightly up on the $12.0m achieved in Q1/2007.

Gross margin was 71% in the second quarter, down slightly on the 73.5% for Q2/2006 and the 71.3% for Q1/2007. Operating income for the second quarter was $17.3m (45.9% of revenue). Total cash and investments at the end of Q2/2007 amounted to $143.8m, an increase for the quarter of $8.1m.

“We are pleased with our second quarter performance,” said Stephen Daly, Hittite’s chairman and CEO. “Increased international sales allowed us to deliver strong quarterly results. Our product development team introduced our fourteenth product line, Variable Gain Amplifiers (VGA), which will have wide appeal across multiple end markets. In total, we introduced 30 new products during the quarter across our product lines, in line with our plan for the year.”

Hittite says it expects Q3/2007 revenue to be between $38.5m and $39.5m, with net income in the range of $12.3m to $12.6m ($0.39 to $0.40 per diluted share).

See related items:

Hittite continues growth and product launches

Hittite grew revenues 60% and doubled profit in 2006