RF Micro Devices Inc. (RFMD, Financial) filed Quarterly Report for the period ended 2012-06-30.
Rf Micro Devices, Inc. has a market cap of $1.04 billion; its shares were traded at around $3.63 with a P/E ratio of 74.5 and P/S ratio of 1.2.
Our overall operating loss was $12.9 million for the three months ended June 30, 2012, compared to operating income of $14.9 million for the three months ended July 2, 2011. This decrease was due to lower revenue as well as increased operating expenses, which are primarily due to the loss related to the asset transfer transaction of approximately $5.0 million (see Note 10 to the Condensed Consolidated Financial Statements), as well as expenses associated with new product development for 3G/4G mobile devices and increases in headcount and related personnel expenses.
The increase in CPG revenue for the three months ended June 30, 2012 as compared to the three months ended July 2, 2011, was primarily due to increased sales of our 3G/4G cellular components (including our PowerSmart® family of products, our new ultra-high efficiency 3G/4G power amplifiers and our new switch-based products) which was partially offset by lower demand for 2G products as the market transitions to 3G products. The decrease in operating income for the three months ended June 30, 2012 as compared to the three months ended July 2, 2011, was primarily due to increased expenses related to new product development for 3G/4G mobile devices and lower gross margins primarily related to erosion in average selling prices, lower factory utilization rates and increased inventory reserves. These decreases were partially offset by increased margins as a result of favorable product mix towards higher margin 3G/4G products and switch-based products.
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 June 30, 2012, we had working capital of approximately $399.7 million, including $127.1 million in cash and cash equivalents, compared to working capital of approximately $402.7 million at July 2, 2011, including $122.7 million in cash and cash equivalents. As of June 30, 2012, our total cash, cash equivalents and short-term investments balance exceeded the remaining principal amount of our 2014 Notes by $130.5 million.
Operating activities for the three months ended June 30, 2012 generated cash of $15.6 million, compared to $19.1 million for the three months ended July 2, 2011. This year-over-year decrease was primarily attributable to decreased profitability and an increase in accounts receivable, which was related to the timing of shipments.
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Rf Micro Devices, Inc. has a market cap of $1.04 billion; its shares were traded at around $3.63 with a P/E ratio of 74.5 and P/S ratio of 1.2.
Highlight of Business Operations:
Quarterly revenue decreased 5.4% as compared to the first quarter of fiscal 2012, primarily due to lower demand for our wireless infrastructure products and lower demand for our 2G products as the market transitions to 3G products. These decreases were partially offset by increased sales of our 3G/4G cellular components (including our PowerSmart® family of products, our new ultra-high efficiency 3G/4G power amplifiers and our new switch-based products).Our overall operating loss was $12.9 million for the three months ended June 30, 2012, compared to operating income of $14.9 million for the three months ended July 2, 2011. This decrease was due to lower revenue as well as increased operating expenses, which are primarily due to the loss related to the asset transfer transaction of approximately $5.0 million (see Note 10 to the Condensed Consolidated Financial Statements), as well as expenses associated with new product development for 3G/4G mobile devices and increases in headcount and related personnel expenses.
The increase in CPG revenue for the three months ended June 30, 2012 as compared to the three months ended July 2, 2011, was primarily due to increased sales of our 3G/4G cellular components (including our PowerSmart® family of products, our new ultra-high efficiency 3G/4G power amplifiers and our new switch-based products) which was partially offset by lower demand for 2G products as the market transitions to 3G products. The decrease in operating income for the three months ended June 30, 2012 as compared to the three months ended July 2, 2011, was primarily due to increased expenses related to new product development for 3G/4G mobile devices and lower gross margins primarily related to erosion in average selling prices, lower factory utilization rates and increased inventory reserves. These decreases were partially offset by increased margins as a result of favorable product mix towards higher margin 3G/4G products and switch-based products.
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 June 30, 2012, we had working capital of approximately $399.7 million, including $127.1 million in cash and cash equivalents, compared to working capital of approximately $402.7 million at July 2, 2011, including $122.7 million in cash and cash equivalents. As of June 30, 2012, our total cash, cash equivalents and short-term investments balance exceeded the remaining principal amount of our 2014 Notes by $130.5 million.
Operating activities for the three months ended June 30, 2012 generated cash of $15.6 million, compared to $19.1 million for the three months ended July 2, 2011. This year-over-year decrease was primarily attributable to decreased profitability and an increase in accounts receivable, which was related to the timing of shipments.
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