RF Micro Devices Inc. (RFMD, Financial) filed Quarterly Report for the period ended 2010-07-03.
Rf Micro Devices Inc. has a market cap of $1.2 billion; its shares were traded at around $4.41 with a P/E ratio of 9.3 and P/S ratio of 1.3. RFMD is in the portfolios of Daniel Loeb of Third Point, LLC, George Soros of Soros Fund Management LLC, Bruce Kovner of Caxton Associates, Steven Cohen of SAC Capital Advisors.
Net cash used in financing activities was $24.1 million for the three months ended July 3, 2010, compared to $7.7 million for the three months ended June 27, 2009. This increase in cash used in financing activities was primarily due to the $12.9 million repayment of the no net cost loan that we had received from the securities firm that used to hold our Level 3 ARS. In the first quarter of fiscal 2011, we executed on our right to sell our outstanding level 3 ARS to the securities firm at par value (i.e., the face amount), plus accrued but unpaid dividends or interest. The no net cost loan was repaid with a portion of the proceeds from the sale (see Note 5 to the Condensed Consolidated Financial Statements). In addition, the remaining $10.0 million balance of our 2010 Notes matured on July 1, 2010, which resulted in the payment of $10.0 million, compared to payments of approximately $6.6 million related to the purchase and retirement of a portion of our 2012 Notes and 2014 Notes in the first quarter of fiscal 2010.
Convertible Debt During April 2007, we completed the private placement of $200 million aggregate principal amount of 0.75% convertible subordinated notes due 2012, which we refer to as the 2012 Notes, and $175 million aggregate principal amount of 1.00% convertible subordinated notes due 2014, which we refer to as the 2014 Notes. The net proceeds of the offering were approximately $366.2 million after the payment of the underwriting discount and expenses of the offering totaling approximately $8.8 million.
During fiscal 2010, we purchased and retired $2.3 million original principal amount of the 2012 Notes at an average price of $78.56, which resulted in a gain of approximately $0.3 million. As of July 3, 2010, the 2012 Notes had a fair value of $183.3 million (excluding $2.3 million of the original principal amount of the 2012 Notes that were purchased and retired) and $163.3 million (excluding $2.3 million of the original principal amount of the 2012 Notes that were purchased and retired) at June 27, 2009.
During fiscal 2010, we purchased and retired $7.8 million original principal amount of the 2014 Notes at an average price of $61.55, which resulted in a gain of approximately $1.6 million. In addition, during fiscal 2009, we purchased and retired $32.3 million original principal amount of the 2014 Notes at an average price of $41.47, which resulted in a gain of approximately $10.6 million. The 2014 Notes had a fair value of $114.8 million as of July 3, 2010 (excluding $40.1 million of the original principal amount of the 2014 Notes that were purchased and retired) and $97.4 million as of June 27, 2009 (excluding $40.1 million of the original principal amount of the 2014 Notes that were purchased and retired).
During fiscal 2004, we completed the private placement of $230.0 million aggregate principal amount of 1.50% convertible subordinated notes due July 1, 2010 (first quarter of fiscal 2011). The net proceeds of the offering were approximately $224.7 million after payment of the underwriting discount and expenses of the offering totaling $5.3 million. The net proceeds from the 1.50% offering were offset by the purchase of $200.0 million of the $300.0 million aggregate principal amount of our 3.75% convertible subordinated notes due 2005. On August 15, 2004, we redeemed the remainder of the outstanding principal amount of the 3.75% convertible subordinated notes for $100.0 million plus accrued interest with cash flow from operations and cash on hand. In fiscal 2009, we purchased and retired $23.0 million of the original principal amount of the 2010 Notes at an average price of $82.83, which resulted in a gain of approximately $3.8 million and in fiscal 2010, we purchased and retired, at 100% of the original principal amount, $197.0 million of the 2010 Notes, which resulted in a loss of $0.4 million due to the write-off of the unamortized discount and debt issuance cost. The remaining balance of $10.0 million of the 2010 Notes matured on July 1, 2010, and was paid with cash on hand.
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Rf Micro Devices Inc. has a market cap of $1.2 billion; its shares were traded at around $4.41 with a P/E ratio of 9.3 and P/S ratio of 1.3. RFMD is in the portfolios of Daniel Loeb of Third Point, LLC, George Soros of Soros Fund Management LLC, Bruce Kovner of Caxton Associates, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations:
We have funded our operations to date through sales of equity and debt securities, bank borrowings, capital equipment leases and revenue from product sales. Through public and Rule 144A securities offerings, we have raised approximately $1,053.3 million, net of offering expenses. As of July 3, 2010, we had working capital of approximately $443.9 million, including $120.5 million in cash and cash equivalents, compared to working capital of approximately $240.9 million at June 27, 2009, including $125.2 million in cash and cash equivalents.Net cash used in financing activities was $24.1 million for the three months ended July 3, 2010, compared to $7.7 million for the three months ended June 27, 2009. This increase in cash used in financing activities was primarily due to the $12.9 million repayment of the no net cost loan that we had received from the securities firm that used to hold our Level 3 ARS. In the first quarter of fiscal 2011, we executed on our right to sell our outstanding level 3 ARS to the securities firm at par value (i.e., the face amount), plus accrued but unpaid dividends or interest. The no net cost loan was repaid with a portion of the proceeds from the sale (see Note 5 to the Condensed Consolidated Financial Statements). In addition, the remaining $10.0 million balance of our 2010 Notes matured on July 1, 2010, which resulted in the payment of $10.0 million, compared to payments of approximately $6.6 million related to the purchase and retirement of a portion of our 2012 Notes and 2014 Notes in the first quarter of fiscal 2010.
Convertible Debt During April 2007, we completed the private placement of $200 million aggregate principal amount of 0.75% convertible subordinated notes due 2012, which we refer to as the 2012 Notes, and $175 million aggregate principal amount of 1.00% convertible subordinated notes due 2014, which we refer to as the 2014 Notes. The net proceeds of the offering were approximately $366.2 million after the payment of the underwriting discount and expenses of the offering totaling approximately $8.8 million.
During fiscal 2010, we purchased and retired $2.3 million original principal amount of the 2012 Notes at an average price of $78.56, which resulted in a gain of approximately $0.3 million. As of July 3, 2010, the 2012 Notes had a fair value of $183.3 million (excluding $2.3 million of the original principal amount of the 2012 Notes that were purchased and retired) and $163.3 million (excluding $2.3 million of the original principal amount of the 2012 Notes that were purchased and retired) at June 27, 2009.
During fiscal 2010, we purchased and retired $7.8 million original principal amount of the 2014 Notes at an average price of $61.55, which resulted in a gain of approximately $1.6 million. In addition, during fiscal 2009, we purchased and retired $32.3 million original principal amount of the 2014 Notes at an average price of $41.47, which resulted in a gain of approximately $10.6 million. The 2014 Notes had a fair value of $114.8 million as of July 3, 2010 (excluding $40.1 million of the original principal amount of the 2014 Notes that were purchased and retired) and $97.4 million as of June 27, 2009 (excluding $40.1 million of the original principal amount of the 2014 Notes that were purchased and retired).
During fiscal 2004, we completed the private placement of $230.0 million aggregate principal amount of 1.50% convertible subordinated notes due July 1, 2010 (first quarter of fiscal 2011). The net proceeds of the offering were approximately $224.7 million after payment of the underwriting discount and expenses of the offering totaling $5.3 million. The net proceeds from the 1.50% offering were offset by the purchase of $200.0 million of the $300.0 million aggregate principal amount of our 3.75% convertible subordinated notes due 2005. On August 15, 2004, we redeemed the remainder of the outstanding principal amount of the 3.75% convertible subordinated notes for $100.0 million plus accrued interest with cash flow from operations and cash on hand. In fiscal 2009, we purchased and retired $23.0 million of the original principal amount of the 2010 Notes at an average price of $82.83, which resulted in a gain of approximately $3.8 million and in fiscal 2010, we purchased and retired, at 100% of the original principal amount, $197.0 million of the 2010 Notes, which resulted in a loss of $0.4 million due to the write-off of the unamortized discount and debt issuance cost. The remaining balance of $10.0 million of the 2010 Notes matured on July 1, 2010, and was paid with cash on hand.
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