WASHINGTON (dpa-AFX) - RF Micro Devices Inc. (RFMD), a manufacturer of radio frequency components and compound semiconductor technologies, on Tuesday reported a loss for the fourth quarter, amid a decline in revenues and an income tax expense compared to an income tax benefit last year.
The company reported a net loss of $12.99 million or $0.05 per share for the quarter compared to a profit of $24.14 million or $0.08 per share last year.
Excluding items, loss was $0.02 per share, compared to a profit of $0.08 per share in the prior year. On average, 15 analysts polled by Thomson Reuters expected a loss of $0.01 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenue declined to $187.93 million from $213.33 million. Analysts expected revenues of $185.20 million.
Revenue declined 17 percent sequentially, reflecting greater-than-seasonal declines among manufacturers of handsets in China and at a leading European handset manufacturer.
The company incurred an income tax expense of $942 thousand in the quarter, compared to an income tax benefit of $15.05 million last year.
RFMD expects non-GAAP per share results of breakeven to $0.02 in the first quarter, reflecting increased legal fees and incremental R&D investment targeting customer diversification.
June quarterly revenue is estimated to grow around 8 percent sequentially to $202 million, supported by increasing sales of its 3G/4G components and a resumption of growth among handset manufacturers in China.
Analysts expect earnings of $0.03 per share on revenues of $201.90 million.
Dean Priddy, CFO of the company, said, 'In the June 2012 quarter, we expect a stronger, more diversified customer base will support a resumption of sequential revenue growth and continued margin expansion...Importantly, we're confident the targeted, incremental R&D investments RFMD is making in 2012 will generate incremental revenue beginning as early as the September 2012 quarter.'
RFMD closed on Tuesday at $3.97, up $0.02 or 0.51 percent, on a volume of 3.97 million shares.
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© 2012 AFX News
