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30 October 2006


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

Hittite Microwave Corporation has reported Q3/2006 revenue (ended September 30) of $34.6m, an increase of 63.5% on the $21.2m for the same period last year, and up 7% on the $32.4m achieved in Q2/2006.

Net income for Q3/2006 was $11.6m ($0.37 per diluted share), an increase of 132.2% on the $5.0m ($0.17 per diluted share) for the third quarter of 2005, and an increase of 13.6% on the $10.2m ($0.33 per diluted share) for Q2/2006.

Stephen Daly, Hittite’s chairman and CEO, said: “Favorable market conditions and product mix allowed us to deliver strong results. Our engineering team remains focused on developing innovative new products for our diverse customer base. During the quarter we launched 20 new products, including a novel family of integrated receiver ICs which operate between 7 and 16 GHz. These products will support a wide range of applications, including the large back haul radio link market.”

Customers in the United States accounted for $13.9m (40%) of the company’s total revenue in the quarter, with the other $20.7m coming from outside the USA. Gross margin was 73.5% for the quarter, against 69.5% in the same quarter last year, and 73.5% for Q2/2006. Operating income for the third quarter was $17.1m, or 49.3% of revenue.

Hittite expects Q4/2006 revenue (ending December 31) in the region of $34m -$35m, and net income to be in the range of $10.4m - $10.8m, including equity-based compensation expense.