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Hittite Microwave Corporation Reports Financial Results for the Fourth Quarter of 200616 February 2007
Hittite Microwave Corporation (Nasdaq: HITT) today reported revenue for the fourth quarter ended December 31, 2006 of $35.4 million, representing an increase of 55.8% compared with $22.7 million for the fourth quarter of 2005 and an increase of 2.2% compared with $34.6 million for the third quarter of 2006. Net income for the quarter was $12.1 million, or $0.39 per diluted share, an increase of 69.5% compared with $7.1 million, or $0.23 per diluted share, for the fourth quarter of 2005, and an increase of 3.9% compared with $11.6 million, or $0.37 per diluted share, for the third quarter of 2006.
For the year 2006, revenue was $130.3 million, a 61.5% increase over $80.7 million for 2005. Net income for the year was $42.7 million, or $1.38 per diluted share, an increase of 112.0% over $20.1 million, or $0.71 per diluted share, for 2005. The backlog at December 31, 2006 was $34.6 million compared with $36.9 million at December 31, 2005.
"Our fourth quarter was an excellent finish to the year, and our employees should be proud of the results they delivered in 2006," said Stephen Daly, Chairman and CEO. "We strengthened our business during the year in many ways, adding three new product lines, introducing 91 new standard products, and opening one new design center and two new sales offices. For 2007, we will remain focused on growing our revenue by expanding our product lines and sales channels, and continuing to invest in our R&D team and new product pipeline."
For the fourth quarter of 2006, revenue from customers in the United States was $17.1 million, or 48% of the company's total revenue, and revenue from customers outside the United States was $18.3 million, or 52% of total revenue. Gross margin was 70.8% for the fourth quarter compared with 69.8% for the prior year's quarter and 73.5% for the third quarter of 2006. Operating income for the fourth quarter was $16.9 million, or 47.8% of revenue. Net income for the fourth quarter of 2006 reflects equity-based compensation expense of $779,000, or $522,000 after tax, primarily due to the implementation of Statement of Financial Accounting Standards No.123(R). The company's equity-based compensation expense for 2005 was not material. Total cash and investments at the end of the fourth quarter 2006 was $122.6 million, an increase for the quarter of $16.9 million.
Business Outlook
The company currently expects revenue for the first quarter ending March 31, 2007 to be in the range of $35.0 million to $36.0 million and net income to be in the range of $11.2 million to $11.8 million, or $0.36 to $0.38 per diluted share, including equity-based compensation expense.
Webcast and Taped Replay
The company will host a conference call to discuss its financial results at 5:00 p.m. ET today. A live webcast of the call will be available online on the Hittite Microwave website. To listen to the live webcast, go to the Investor Relations page of the Hittite Microwave website at http://www.hittite.com and click on the webcast icon located under the Events Calendar. A telephonic replay of the call also will be available for one week after the live call by dialing (719) 457-0820, access code 1623447. Following the call, a webcast replay will also be available by visiting the Investor Relations page at http://www.hittite.com.
About Hittite Microwave Corporation
Hittite Microwave is an innovative designer and developer of high performance integrated circuits, or ICs, modules and subsystems for technically demanding radio frequency, or RF, microwave and millimeterwave applications. Products include amplifiers, attenuators, data converters, frequency dividers and detectors, frequency multipliers, mixers and converters, modulators, oscillators, phase shifters, power detectors, sensors, switches and synthesizers. Hittite's products are used in a variety of applications and end markets including automotive, broadband, cellular infrastructure, fiber optic, microwave and millimeterwave communications, military, space, and test and measurement. The company utilizes radio frequency integrated circuits (RFIC), monolithic microwave integrated circuits (MMIC), multi-chip modules (MCM) and microwave integrated circuit (MIC) technologies. The company is headquartered in Chelmsford, MA.
"Safe Harbor Statement" under the Private Securities Litigation Reform Act of 1995
Statements in this press release regarding Hittite Microwave Corporation that do not relate to historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward- looking statements include, but are not limited to, any statements regarding our expectations as to future levels of revenue, net income and earnings per share. Readers are cautioned that these forward-looking statements are subject to risks and uncertainties and are only predictions, and actual future events and results may differ materially from these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: market acceptance of our new products; our ability to assess market requirements accurately; our success in maintaining the business of our significant customers; our ability to keep pace with new semiconductor processes; regulatory, operational, financial and political risks inherent in operating internationally; competition within the semiconductor industry; product returns and warranty claims; our ability to manage our growth and costs effectively; protection of our intellectual property; the growth and fiscal strength of our end markets; and other risks and uncertainties that are discussed under "Risk Factors" in our Annual Report on Form 10-K for 2005 and in our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2006, as filed with the Securities and Exchange Commission.
Hittite Microwave Corporation
Condensed Consolidated Balance Sheets
(In thousands)
December 31, 2006 December 31, 2005
Assets
Current assets:
Cash and cash equivalents $83,798 $40,559
Available-for-sale investments 38,757 22,082
Accounts receivable, net 18,603 9,789
Inventories 10,950 4,876
Deferred costs 407 284
Prepaid expenses and other current
assets 1,208 612
Deferred taxes 4,028 2,238
Total current assets 157,751 80,440
Property and equipment, net 14,478 13,417
Other assets 442 540
Total assets $172,671 $94,397
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $1,479 $1,290
Accrued expenses 4,886 3,766
Income taxes payable 3,502 1,241
Deferred revenue and customer
advances 5,751 3,015
Current portion of long-term debt - 366
Total current liabilities 15,618 9,678
Long-term debt - 213
Deferred taxes 891 1,176
Total liabilities 16,509 11,067
Total stockholders' equity 156,162 83,330
Total liabilities and
stockholders' equity $172,671 $94,397
Hittite Microwave Corporation
Condensed Consolidated Statements of Operations
(In thousands except per-share data)
Three Months Ended Year Ended
December 31, December 31,
2006 2005 2006 2005
Revenue $35,418 $22,728 $130,290 $80,677
Cost of revenue 10,333 6,863 35,398 25,715
Gross profit 25,085 15,865 94,892 54,962
70.8% 69.8% 72.8% 68.1%
Operating expenses:
Research and development 3,592 3,151 15,179 10,800
Selling and marketing 3,047 2,346 11,183 8,648
General and administrative 1,525 1,227 6,501 3,408
In-process
research and development - - - 1,778
Total operating expenses 8,164 6,724 32,863 24,634
Income from operations 16,921 9,141 62,029 30,328
47.8% 40.2% 47.6% 37.6%
Interest and other income, net 1,082 400 3,259 1,036
Income before income taxes 18,003 9,541 65,288 31,364
Provision for income taxes 5,949 2,428 22,598 10,286
Net income 12,054 7,113 42,690 21,078
Accretion on redeemable
convertible preferred stock - - - 944
Net income attributable to
common stockholders $12,054 $7,113 $42,690 $20,134
Earnings per share attributable
to common stockholders:
Basic $0.40 $0.25 $1.43 $0.76
Diluted $0.39 $0.23 $1.38 $0.71
Shares used in the calculation
of earnings per share:
Basic 30,351 28,560 29,856 25,085
Diluted 31,093 30,451 30,882 26,822
Source: prnewswire
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