UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
x QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended June 30, 2004
OR
o 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 |
|
95-3654013 |
|
(State or Other
Jurisdiction of |
|
(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 June 30, 2004, there were 137,305,999 shares of the registrant’s common stock outstanding.
TRIQUINT
SEMICONDUCTOR, INC.
INDEX
2
PART I—FINANCIAL
INFORMATION
ITEM 1: FINANCIAL STATEMENTS
TRIQUINT SEMICONDUCTOR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share amounts)
(Unaudited)
|
|
|
Three Months Ended |
|
Six Months Ended |
|
||||||||
|
|
|
June 30, |
|
June 30, |
|
June 30, |
|
June 30, |
|
||||
|
Revenues |
|
$ |
92,648 |
|
$ |
72,815 |
|
$ |
182,551 |
|
$ |
144,470 |
|
|
Cost of goods sold |
|
62,610 |
|
54,090 |
|
123,033 |
|
109,822 |
|
||||
|
Gross profit |
|
30,038 |
|
18,725 |
|
59,518 |
|
34,648 |
|
||||
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
||||
|
Research, development and engineering |
|
15,340 |
|
17,702 |
|
31,415 |
|
35,062 |
|
||||
|
Selling, general and administrative |
|
13,458 |
|
14,404 |
|
25,468 |
|
27,415 |
|
||||
|
In-process research and development |
|
— |
|
— |
|
— |
|
500 |
|
||||
|
Severance costs |
|
133 |
|
2,643 |
|
428 |
|
2,793 |
|
||||
|
Lease termination costs |
|
— |
|
41,962 |
|
— |
|
41,962 |
|
||||
|
Total operating expenses |
|
28,931 |
|
76,711 |
|
57,311 |
|
107,732 |
|
||||
|
Income (loss) from operations |
|
1,107 |
|
(57,986 |
) |
2,207 |
|
(73,084 |
) |
||||
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
||||
|
Interest income |
|
1,694 |
|
1,635 |
|
3,316 |
|
3,489 |
|
||||
|
Interest expense |
|
(2,712 |
) |
(3,023 |
) |
(5,731 |
) |
(6,027 |
) |
||||
|
Gain on retirement of debt |
|
539 |
|
— |
|
539 |
|
— |
|
||||
|
Other, net |
|
(220 |
) |
(139 |
) |
(146 |
) |
(286 |
) |
||||
|
Total other expense, net |
|
(699 |
) |
(1,527 |
) |
(2,022 |
) |
(2,824 |
) |
||||
|
Income (loss) before income tax |
|
408 |
|
(59,513 |
) |
185 |
|
(75,908 |
) |
||||
|
Income tax expense (benefit) |
|
121 |
|
47 |
|
(104 |
) |
167 |
|
||||
|
Net income (loss) |
|
$ |
287 |
|
$ |
(59,560 |
) |
$ |
289 |
|
$ |
(76,075 |
) |
|
Per share data: |
|
|
|
|
|
|
|
|
|
||||
|
Basic net income (loss) |
|
$ |
— |
|
$ |
(0.45 |
) |
$ |
— |
|
$ |
(0.57 |
) |
|
Weighted-average common shares |
|
136,592,457 |
|
133,554,233 |
|
136,176,235 |
|
133,374,070 |
|
||||
|
Diluted net income (loss) |
|
$ |
— |
|
$ |
(0.45 |
) |
$ |
— |
|
$ |
(0.57 |
) |
|
Weighted-average common and common equivalent shares |
|
140,665,960 |
|
133,554,233 |
|
141,573,267 |
|
133,374,070 |
|
||||
See accompanying notes to condensed consolidated financial statements.
3
TRIQUINT SEMICONDUCTOR, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
|
|
|
June 30, |
|
December 31, |
|
||||
|
Assets |
|
|
|
|
|
|
|
||
|
Current assets: |
|
|
|
|
|
|
|
||
|
Cash and cash equivalents |
|
$ |
91,537 |
|
|
$ |
222,024 |
|
|
|
Investments in marketable securities |
|
57,896 |
|
|
58,106 |
|
|
||
|
Accounts receivable, net |
|
49,406 |
|
|
41,911 |
|
|
||
|
Inventories, net |
|
66,547 |
|
|
65,286 |
|
|
||
|
Other current assets |
|
26,694 |
|
|
14,089 |
|
|
||
|
Assets held for sale |
|||||||||