RFMD announces results for its fiscal fourth quarter

RF Micro Devices (RFMD), a designer and manufacturer of radio frequency components and compound semiconductor technologies, has reported financial results for its fiscal 2011 fourth quarter, ended 2 April 2011.

The company’s March 2011 quarterly revenue declined approximately 18 per cent year-over-year and approximately 23 per cent sequentially to $213.3m (£129.4m), primarily as a result of seasonality and declining revenue at RFMD’s largest customer.

On a GAAP basis, gross margin equalled 35.4 per cent, quarterly operating income totalled $13.2m and quarterly net income was $24.1m, or $0.08 per diluted share.

During the quarter, RFMD generated approximately $31.4m in free cash flow, retired $35.5m principal amount of convertible debt and repurchased approximately 1.7m shares of common stock.