UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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x |
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Quarterly Period Ended March 31, 2004
OR
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o |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Transition Period from to
Commission File Number 0-22660
TRIQUINT SEMICONDUCTOR,
INC.
(Exact
Name of Registrant as Specified in Its Charter)
|
Delaware |
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95-3654013 |
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(State or Other
Jurisdiction of |
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(I.R.S. Employer |
2300 NE Brookwood Parkway
Hillsboro, OR 97124
(Address of Principal Executive Offices) (Zip Code)
(503) 615-9000
(Registrant’s Telephone
Number, Including Area Code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).Yes x No o
As of March 31, 2004, there were 136,103,648 shares of the registrant’s common stock outstanding.
TRIQUINT SEMICONDUCTOR, INC.
2
TRIQUINT SEMICONDUCTOR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share amounts)
(Unaudited)
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Three Months Ended |
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||||
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March 31, |
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March 31, |
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Revenues |
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$ |
89,903 |
|
$ |
71,655 |
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Cost of goods sold |
|
60,423 |
|
55,732 |
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Gross profit |
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29,480 |
|
15,923 |
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Operating expenses: |
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Research, development and engineering |
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16,075 |
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17,360 |
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Selling, general and administrative |
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12,305 |
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13,161 |
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In-process research and development |
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— |
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500 |
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Total operating expenses |
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28,380 |
|
31,021 |
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Income (loss) from operations |
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1,100 |
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(15,098 |
) |
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Other income (expense): |
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|
|
|
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Interest income |
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1,622 |
|
1,854 |
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Interest expense |
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(3,018 |
) |
(3,004 |
) |
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Other, net |
|
73 |
|
(147 |
) |
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Total other expense, net |
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(1,323 |
) |
(1,297 |
) |
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Loss before income tax |
|
(223 |
) |
(16,395 |
) |
||
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Income tax expense (benefit) |
|
(225 |
) |
120 |
|
||
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Net income (loss) |
|
$ |
2 |
|
$ |
(16,515 |
) |
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Per share data: |
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|
|
|
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Net income (loss) per share—basic |
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$ |
0.00 |
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$ |
(0.12 |
) |
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Weighted-average common shares |
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135,773,298 |
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133,187,766 |
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Net income (loss) per share—diluted |
|
$ |
0.00 |
|
$ |
(0.12 |
) |
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Weighted-average common and common equivalent shares |
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142,378,672 |
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133,187,766 |
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See Notes to Condensed Consolidated Financial Statements
3
TRIQUINT SEMICONDUCTOR, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
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December 31, |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
142,743 |
|
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$ |
222,024 |
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|
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Investments in marketable securities |
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123,238 |
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|
80,106 |
|
|
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Accounts receivable, net |
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50,304 |
|
|
41,911 |
|
|
||
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Inventories, net |
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66,015 |
|
|
65,286 |
|
|
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Other current assets |
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14,153 |
|
|
14,089 |
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|
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Assets held for sale |
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24,422 |
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24,423 |
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Total current assets |
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420,875 |
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|
447,839 |
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Long-term investments in marketable securities |
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132,211 |
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98,134 |
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Property, plant and equipment, net |
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217,693 |
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221,678 |
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Other non-current assets, net |
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24,413 |
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|
25,149 |
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Total assets |
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$ |
795,192 |
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$ |
792,800 |
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Liabilities and Stockholders’ Equity |
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|
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Current liabilities: |
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|
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Accounts payable and accrued expenses |
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$ |
54,788 |
|
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$ |
55,717 |
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Total current liabilities |
|
54,788 |
|
|
55,717 |
|
|
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Other long-term liabilities |
|
8,136 |
|
|
8,207 |
|
|
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Convertible subordinated notes |
|
268,755 |
|
|
268,755 |
|
|
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Total liabilities |
|
331,679 |
|
|
332,679 |
|
|
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Stockholders’ equity: |
|
|
|
|
|
|
|
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Common stock |
|
463,944 |
|
|
460,728 |
|
|
||
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Accumulated other comprehensive income |
|
233 |
|
|
59 |
|
|
||
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Accumulated deficit |
|
(664 |
) |
|
(666 |
) |
|
||
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Total stockholders’ equity |
|
463,513 |
|
|
460,121 |
|
|
||
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Total liabilities and stockholders’ equity |
|
$ |
795,192 |
|
|
$ |
792,800 |
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