Hittite Microwave Corp. (HITT) filed Quarterly Report for the period ended 2009-09-30.
Hittite Microwave Corporation designs and develops high performance integrated circuits or ICs modules and subsystems for technically demanding radio frequency or RF microwave and millimeterwave applications. The Company's products apply analog digital and mixed-signal semiconductor technologies which are used in a wide variety of applications for automotive broadband cellular infrastructure fiber optics microwave & millimeterwave communications military space and test & measurement markets. Hittite Microwave Corp. has a market cap of $1.14 billion; its shares were traded at around $37.78 with a P/E ratio of 24.5 and P/S ratio of 6.4.
Highlight of Business Operations:
Research and development expense. In the three months ended September 30, 2009, our research and development expense decreased $0.8 million, or 12.4%, to $5.6 million, and represented 13.5% of our revenue, compared with $6.4 million, or 14.1% of our revenue, in the corresponding period of 2008. The decrease in our research and development expense was attributable to a $0.3 million decrease in personnel costs, a $0.2 million decrease in depreciation and a $0.3 million decrease in other costs. The decrease in personnel costs reflects cost savings initiatives, partially offset by the cost increase associated with a shift in engineering resources from customer sponsored activities, the costs for which are charged to cost of revenue, to internal research and development activities.
General and administrative expense. In the three months ended September 30, 2009, our general and administrative expense increased $0.1 million, or 3.2%, to $2.2 million, and represented 5.3% of our revenue, compared with $2.1 million, or 4.6% of our revenue, in the corresponding period of 2008. The increase in our general and administrative expense was primarily attributable to a $0.2 million increase in professional fees, partially offset by a $0.1 million net decrease in other costs.
Research and development expense. In the nine months ended September 30, 2009, our research and development expense decreased $1.1 million, or 6.1%, to $16.9 million, and represented 14.1% of our revenue, compared with $18.0 million, or 13.4% of our revenue, in the corresponding period of 2008. The decrease in our research and development expense was attributable to a $0.4 million decrease in depreciation, a $0.3 million decrease in personnel costs and a $0.4 million decrease in other costs. The decrease in personnel costs reflects cost savings initiatives, partially offset by the cost increase associated with a shift in engineering resources from customer sponsored activities, the costs for which are charged to cost of revenue, to internal research and development activities.
Sales and marketing expense. In the nine months ended September 30, 2009, our sales and marketing expense decreased $1.1 million, or 9.5%, to $10.9 million, and represented 9.1% of our revenue, compared with $12.0 million, or 9.0% of our revenue, in the corresponding period of 2008. The decrease in our sales and marketing expense was primarily attributable to a $0.5 million decrease in personnel costs, a $0.1 million decrease in travel costs and a $0.3 million net decrease in other costs, primarily due to recent cost savings initiatives. In addition, third party commissions decreased $0.2 million, due to our decrease in revenue.
General and administrative expense. In the nine months ended September 30, 2009, our general and administrative expense increased $0.9 million, or 14.3%, to $7.2 million, and represented 6.0% of our revenue, compared with $6.3 million, or 4.7% of our revenue, in the corresponding period of 2008. The increase in our general and administrative expense was primarily attributable to a $0.6 million increase in professional fees and a $0.3 million increase in bad debt expense.
In the nine months ended September 30, 2009, cash provided by our operations was $46.7 million, of which the principal components were our net income of $32.8 million and non-cash charges of $11.3 million, as well as a net decrease in operating assets and liabilities of $3.3 million, partially offset by a net increase in deferred taxes of $0.6 million. The net decrease in operating assets and liabilities includes a $7.8 million decrease in accounts receivable,
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