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RF Micro Devices (RFMD) - Press Release 10-28-2008


RFMD(R) Achieves Significantly Improved
Operating Margin and Cash Flow in September Quarter

    Business Highlights:

    --  Quarterly Revenue Increased 13.0% Sequentially To $271.7 Million
    --  Company Generated Approximately $40 Million In Operating Cash Flow,
        And Net Cash And Short-Term Investments Increased $22.2 Million
        Sequentially
    --  GAAP Operating Margin Improved 950 Basis Points, And Non-GAAP
        Operating Margin Improved 565 Basis Points
    --  Quarterly GAAP Diluted Loss Per Share Totaled ($0.04), And Quarterly
        Non-GAAP Diluted Earnings Per Share (EPS) Totaled $0.07
    --  RFMD Has Achieved Target Of $75 Million In Annualized Expense
        Reductions
    --  RFMD Is Factoring Down Current Customer Forecasts To Reflect Concern
        Over Global Economic Conditions
    --  RFMD's Current Guidance Is For December 2008 Quarterly Revenue To Be
        Flat To Down 7%, And Operating Margin Is Expected To Increase
        Sequentially
    --  December Quarterly GAAP Diluted EPS Is Expected To Be In The Range Of
        $0.00 To $0.02
    --  December Quarterly Non-GAAP Diluted EPS Is Expected To Be In The Range
        Of $0.05 To $0.07

GREENSBORO, N.C., Oct. 28 /PRNewswire-FirstCall/ -- RF Micro Devices, Inc. (Nasdaq: RFMD), a global leader in the design and manufacture of high-performance semiconductor components, today reported financial results for its fiscal 2009 second quarter ended September 27, 2008. RFMD's September quarterly revenue increased approximately 13.0% sequentially to $271.7 million, reflecting market share gains in cellular front ends and growth in POLARIS(R) transceivers. GAAP gross margin decreased sequentially from 30.1% to 28.3%, and non-GAAP gross margin decreased from 33.0% to 31.6% during the same period, primarily as a result of the sequential increase in POLARIS(R) transceiver revenue. Operating loss was approximately ($19.0) million on a GAAP basis, reflecting restructuring charges related to the strategic restructuring announced on May 6, 2008, and non-GAAP operating income was approximately $18.0 million.
    RFMD(R) Product Group Highlights

    CPG

    --  RFMD expanded its market share in cellular front ends in the September
        quarter, as growth in cellular front ends exceeded the handset
        industry growth rate
    --  RFMD increased its dollar content in cellular handsets, as transmit
        module adoption increased and as leading handset manufacturers
        launched new phones featuring POLARIS(R) 2 and POLARIS(R) 3
    --  RFMD secured major 3G design wins at multiple top-five handset
        Original Equipment Manufacturers (OEMs)
    --  RFMD shipped production volumes of cellular front ends to all five of
        the world's top-five handset OEMs
    --  RFMD has completed its previously stated goal of eliminating $75
        million in annualized CPG expenses

    MPG

    --  RFMD expects to exceed its previously stated goal of $250 million in
        MPG revenue this fiscal year
    --  RFMD has successfully completed the integration of recently announced
        acquisitions and continues to recognize synergies
    --  RFMD received government funding for its Gallium Nitride (GaN) process
        development in the September quarter and anticipates signing a new
        government contract in the December quarter
    --  RFMD currently anticipates revenue from GaN-based CATV line amplifiers
        beginning in calendar year 2009
    --  MPG released 18 new products in the September quarter and 45 new
        products in the first half of fiscal 2009
    --  MPG is on track to release more than 100 new products in this fiscal
        year


GAAP and non-GAAP financial measures are presented in the tables below, and non-GAAP financial measures are reconciled to the corresponding GAAP financial measures in the financial statement portion of this press release.
    GAAP RESULTS




     (in millions,
      except
      percentages
      and per share  Q2 Fiscal  Q1 Fiscal  % Change    Q2 Fiscal  % Change
      data)            2009       2009    vs. Q1 2009    2008    vs. Q2 2008

    Revenue         $ 271.7   $  240.5     13.0%    $  255.8       6.2%
    Gross Margin       28.3%      30.1%    (1.8)ppt     32.2%     (3.9)ppt
    Operating
     (Loss)
       Income       $ (19.0)  $  (39.7)   (52.0)%   $    8.1    (335.1)%
    Net (Loss)
     Income         $ (11.8)  $  (24.1)   (51.2)%   $   14.5    (181.4)%
    Diluted (LPS)
     EPS            $ (0.04)  $  (0.09)   (51.3)%   $   0.07    (167.6)%

NON-GAAP RESULTS (excluding share-based compensation, amortization of intangibles, amortization of acquisition-related inventory step-up, acquired in process research and development charge, manufacturing start-up costs, gain on investment, restructuring charges, and the tax effect on non-GAAP restructuring adjustments)
    (in millions,
     except
     percentages
     and per share   Q2 Fiscal  Q1 Fiscal  % Change    Q2 Fiscal  % Change
     data)             2009       2009    vs. Q1 2009    2008    vs. Q2 2008

    Gross Margin       31.6%      33.0%      (1.4)ppt    32.5%     (0.9)ppt
    Operating
     Income         $  18.0    $   2.3      678.1%    $  17.2       4.4%
    Net Income      $  18.6    $   7.9      134.4%    $  23.4     (20.4)%
    Diluted EPS     $  0.07    $  0.03      122.8%    $  0.11     (38.2)%


    Financial Guidance And Business Outlook

RFMD experienced strong order flow in the September quarter and currently sees customer demand to support revenue growth in the December quarter. However, the Company believes it is prudent to factor down customer demand forecasts given the uncertainty currently surrounding the global macroeconomic environment.
    --  Revenue in the December 2008 quarter is currently expected to be flat
        to down 7%, as compared to the September 2008 quarter, and operating
        margin is expected to increase sequentially
    --  GAAP net income in the December 2008 quarter is currently expected to
        be in the range of $0.00 to $0.02 per diluted share, including
        approximately $2 million to $3 million in restructuring charges
        related to the strategic restructuring announced on May 6, 2008
    --  Non-GAAP net income in the December 2008 quarter is currently expected
        to be in the range of $0.05 to $0.07 per diluted share, excluding
        estimated share-based compensation expense, amortization of
        intangibles and restructuring charges
    --  RFMD expects to realize the full income statement benefit and improved
        cash flow from approximately $75 million in annualized expense
        reductions in the December quarter


The methodology used by RFMD to estimate share-based compensation expense does not factor in items such as new grants, terminations or amounts that may be capitalized in inventory, and the methodology used to estimate amortization of intangibles assumes no additional intangible assets are recorded. RFMD does not estimate the impact of share-based compensation expense on gross margin or operating expenses and will provide this information with its December 2008 quarterly results. Accordingly, actual quarterly results may differ from these estimates, and such differences may be material.

Comments From Management
Bob Bruggeworth, president and CEO of RFMD, said, "Two quarters ago we announced a strategic restructuring that positioned RFMD to deliver the largest increase in profitability in our Company's history. Today, we are announcing another very favorable assessment of our progress to date, including expense reductions, market share gains and non-GAAP operating income of 6.6 percent, an improvement of 12.7 percentage points during that time frame.

"With the efforts related to our strategic restructuring complete, we've improved both our operating model and our competitive position. We've reduced our operating expenses by approximately $75 million on an annualized basis, while at the same time improving our outlook for increases in free cash flow.

"We expect our restructuring to serve us well regardless of the market environment, both in the face of an apparent global slow down and as markets ultimately return to strength. Clearly, no company is immune to macroeconomic conditions. However, on the strength of our restructuring, and given our scale, end-market diversity, improving product portfolio and low-cost structure, we believe we are well-positioned to execute on our growth plan and create shareholder value."

Dean Priddy, CFO and corporate vice president of administration of RFMD, said, "RFMD has delivered on its commitments to increase revenue, operating margin and cash flow over the past two quarters. Of note, RFMD's free cash flow exceeded non-GAAP earnings in the September quarter.

"Our December quarterly guidance is for revenue to be flat to down seven percent. While the book-to-bill ratio for the September quarter and current customer demand would suggest potentially higher revenue, we believe conservatism is prudent given the uncertainty currently surrounding global economic conditions. Based upon projected customer and product mix along with reduced expenses, we anticipate operating margin will improve in the December quarter.

"The current macroeconomic environment coupled with our recent restructuring present RFMD with an opportunity to leverage our market, product and customer diversity, along with our manufacturing scale to increase our market share and dollar content, maintain profitability and increase cash significantly."

Non-GAAP Financial Measures
In addition to disclosing financial results calculated in accordance with United States (U.S.) generally accepted accounting principles (GAAP), RFMD's earnings release contains the following non-GAAP financial measures: (i) non-GAAP gross margin, (ii) non-GAAP operating (loss) income, (iii) non-GAAP net income, and (iv) non-GAAP net income per diluted share. Each of these non-GAAP financial measures is adjusted from GAAP results to exclude certain expenses that are outlined in the "Reconciliation of GAAP to Non-GAAP Financial Measures" table on page 8.

In managing RFMD's business on a consolidated basis, management develops an annual operating plan, which is approved by our Board of Directors, using non-GAAP financial measures. In developing and monitoring performance against this plan, management considers the actual or potential impacts on these non-GAAP financial measures from actions taken to reduce unit costs with the goal of increasing gross margin. In addition, management relies upon these non-GAAP financial measures to assess whether research and development efforts are at an appropriate level, and when making decisions about product spending, administrative budgets, and marketing programs. In addition, we believe that non-GAAP financial measures provide useful supplemental information to investors and enable investors to analyze the results of operations in the same way as management. We have chosen to provide this supplemental information to enable investors to perform additional comparisons of operating results and to analyze financial performance excluding the effect of certain non-cash expenses, unusual items and share-based compensation expense, which may obscure trends in RFMD's underlying performance.

We believe that these non-GAAP financial measures offer an additional view of RFMD's operations that, when coupled with the GAAP results and the reconciliations to corresponding GAAP financial measures, provide a more complete understanding of RFMD's results of operations and the factors and trends affecting RFMD's business. However, these non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.

Our rationale for using these non-GAAP financial measures, as well as their impact on the presentation of RFMD's operations, are outlined below:

Non-GAAP gross margin. Non-GAAP gross margin excludes share-based compensation expense, amortization of intangible assets and an adjustment for amortization of acquisition-related inventory step-up. We believe that exclusion of these costs in presenting non-GAAP gross margin gives management and investors a more effective means of evaluating RFMD's historical performance and projected costs and the potential for realizing cost efficiencies. We believe that the majority of RFMD's purchased intangibles are not relevant to analyzing current operations because they generally represent costs incurred by the acquired company to build value prior to acquisition, and thus are effectively part of transaction costs rather than ongoing costs of operating RFMD's business. In this regard, we note that (i) once the intangibles are fully amortized, the intangibles will not be replaced with cash costs and therefore, the exclusion of these costs provides management and investors with better visibility into the actual costs required to generate revenues over time, and (ii) although we set the amortization expense based on useful life of the various assets at the time of the transaction, we cannot influence the timing and amount of the future amortization expense recognition once the lives are established. Similarly, we believe that presentation of non-GAAP gross margin and other non-GAAP financial measures that exclude the impact of share-based compensation expense assists management and investors in evaluating the period-over-period performance of RFMD's ongoing operations because (i) the expenses are non-cash in nature, and (ii) although the size of the grants is within our control, the amount of expense varies depending on factors such as short-term fluctuations in stock price volatility and prevailing interest rates, which can be unrelated to the operational performance of RFMD during the period in which the expense is incurred and generally is outside the control of management. Moreover, we believe that the exclusion of share-based compensation expense in presenting non-GAAP gross margin and other non-GAAP financial measures is useful to investors to understand the impact of the expensing of share-based compensation to RFMD's gross margins and other financial measures in comparison to both prior periods as well as to its competitors. We also believe that the adjustments to margin related to business acquisitions (amortization of acquisition-related inventory step-up) do not constitute part of RFMD's ongoing operations and therefore the exclusion of these costs provides management and investors with better visibility into the actual costs required to generate revenues over time and gives management and investors a more effective means of evaluating our historical and projected performance.

We believe disclosure of non-GAAP gross margin has economic substance because the excluded expenses do not represent continuing cash expenditures and, as described above, we have little control over the timing and amount of the expenses in question.

Non-GAAP operating income. Non-GAAP operating income excludes share-based compensation expense, amortization of intangible assets, restructuring charges, acquired in-process research and development, amortization of acquisition-related inventory step-up and manufacturing start-up costs. We believe that presentation of a measure of operating income that excludes amortization of intangible assets and share-based compensation expense is useful to both management and investors for the same reasons as described above with respect to our use of non-GAAP gross margin. We believe that restructuring charges, manufacturing start-up costs, acquired in-process research and development and amortization of acquisition-related inventory step-up do not constitute part of RFMD's ongoing operations and therefore, the exclusion of these costs provides management and investors with better visibility into the actual costs required to generate revenues over time and gives management and investors a more effective means of evaluating our historical and projected performance. We believe disclosure of non-GAAP operating income has economic substance because the excluded expenses are either non-recurring in nature or do not represent current cash expenditures.

Non-GAAP net income and non-GAAP net income per diluted share. Non-GAAP net income and non-GAAP net income per diluted share exclude the effects of share-based compensation expense, amortization of intangible assets, restructuring charges, manufacturing start-up costs, acquired in-process research and development, amortization of acquisition-related inventory step-up and gain on investment and also reflect an adjustment of income tax associated with the exclusion of non-GAAP restructuring adjustments. We believe that presentation of measures of net income and net income per diluted share that exclude these items is useful to both management and investors for the reasons described above with respect to non-GAAP gross margin and non-GAAP operating income. We believe disclosure of non-GAAP net income and non-GAAP net income per diluted share has economic substance because the excluded expenses are either non-recurring in nature, do not represent current cash expenditures, or are variable in nature and thus unlikely to become recurring expenses.

Limitations of non-GAAP financial measures. The primary material limitations associated with the use of non-GAAP gross margin, non-GAAP operating income, non-GAAP net income and non-GAAP net income per diluted share as compared to the most directly comparable GAAP financial measures of gross margin, operating (loss) income, net (loss) income and net (loss) income per diluted share are (i) they may not be comparable to similarly titled measures used by other companies in RFMD's industry, and (ii) they exclude financial information that some may consider important in evaluating our performance. We compensate for these limitations by providing full disclosure of the differences between these non-GAAP financial measures and the corresponding GAAP financial measures, including a reconciliation of the non-GAAP financial measures to the corresponding GAAP financial measures, to enable investors to perform their own analysis of our gross margin, operating (loss) income, net (loss) income and net (loss) income per diluted share.

RF Micro Devices will conduct a conference call at 5:00 p.m. EDT today to discuss today's press release. The conference call will be broadcast live over the Internet and can be accessed by any interested party at http://www.earnings.com or http://www.rfmd.com (under Investor Info). A telephone playback of the conference call will be available approximately one hour after the call's completion by dialing 303-590-3000 and entering pass code 11120298.

About RFMD: RF Micro Devices, Inc. (Nasdaq: RFMD) is a global leader in the design and manufacture of high-performance semiconductor components. RFMD's products enable worldwide mobility, provide enhanced connectivity and support advanced functionality in the cellular handset, wireless infrastructure, wireless local area network (WLAN), CATV/broadband and aerospace and defense markets. RFMD is recognized for its diverse portfolio of semiconductor technologies and RF systems expertise and is a preferred supplier to the world's leading mobile device, customer premises and communications equipment providers.

Headquartered in Greensboro, N.C., RFMD is an ISO 9001- and ISO 14001-certified manufacturer with worldwide engineering, design, sales and service facilities. RFMD is traded on the NASDAQ Global Select Market under the symbol RFMD. For more information, please visit RFMD's web site at www.rfmd.com.

This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about our plans, objectives, representations and contentions and are not historical facts and typically are identified by use of terms such as "may," "will," "should," "could," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential," "continue" and similar words, although some forward-looking statements are expressed differently. You should be aware that the forward-looking statements included herein represent management's current judgment and expectations, but our actual results, events and performance could differ materially from those expressed or implied by forward-looking statements. We do not intend to update any of these forward-looking statements or publicly announce the results of any revisions to these forward-looking statements, other than as is required under the federal securities laws. RF Micro Devices' business is subject to numerous risks and uncertainties, including variability in quarterly operating results, the rate of growth and development of wireless markets, risks associated with our planned exit from our wireless systems business, including cellular transceivers and GPS solutions, the risk that restructuring charges may be greater than originally anticipated and that the cost savings and other benefits from the restructuring may not be achieved, risks associated with the operation of our wafer fabrication facilities, molecular beam epitaxy facility, assembly facility and test and tape and reel facilities, our ability to complete acquisitions and integrate acquired companies, including the risk that we may not realize expected synergies from our business combinations, our ability to attract and retain skilled personnel and develop leaders, variability in production yields, our ability to reduce costs and improve gross margins by implementing innovative technologies, our ability to bring new products to market, our ability to adjust production capacity in a timely fashion in response to changes in demand for our products, dependence on a limited number of customers, and dependence on third parties. These and other risks and uncertainties, which are described in more detail in RF Micro Devices' most recent Annual Report on Form 10-K and other reports and statements filed with the Securities and Exchange Commission, could cause actual results and developments to be materially different from those expressed or implied by any of these forward-looking statements.

RF MICRO DEVICES(R) and RFMD(R) and POLARIS(R) are trademarks of RFMD, LLC. All other trade names, trademarks and registered trademarks are the property of their respective owners.
    Tables To Follow



                        RF MICRO DEVICES, INC. AND SUBSIDIARIES
                   CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                       (In thousands, except per share data)
                                     (Unaudited)


                                                    Three Months Ended
                                     September 27, 2008    September 29, 2007

    Total revenue                      $        271,669       $       255,845

    Costs and expenses:
       Cost of goods sold                       194,901               173,580
       Research and development                  45,063                48,812
       Marketing and selling                     17,153                12,912
       General and administrative                15,781                10,829
       Other operating expense                   17,816                 1,610

       Total costs and expenses                 290,714               247,743

    Operating (loss) income                     (19,045)                8,102
    Other (loss) income                            (288)                7,372

    (Loss) income before income taxes  $        (19,333)      $        15,474
    Income tax benefit (expense)                  7,554                (1,012)

    Net (loss) income                  $        (11,779)      $        14,462

    Net (loss) income per share,
     diluted                           $          (0.04)      $          0.07

    Weighted average outstanding
     diluted shares                             262,091               227,431




                        MICRO DEVICES, INC. AND SUBSIDIARIES
                  CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                       (In thousands, except per share data)
                                   (Unaudited)


                                                   Six Months Ended
                                     September 27, 2008    September 29, 2007

    Total revenue                      $        512,161      $        467,444

    Costs and expenses:
       Cost of goods sold                       363,063               318,481
       Research and development                  96,417                96,500
       Marketing and selling                     35,675                25,142
       General and administrative                28,839                18,605
       Other operating expense                   46,915                 2,369

       Total costs and expenses                 570,909               461,097

    Operating (loss) income                     (58,748)                6,347
    Other (loss) income                            (367)               13,442

    (Loss) income before income taxes  $        (59,115)     $         19,789
    Income tax benefit                           23,213                18,275

    Net (loss) income                  $        (35,902)     $         38,064

    Net (loss) income per share,
     diluted                           $          (0.14)     $           0.17

    Weighted average outstanding
     diluted shares                             261,675               227,466




                           RF MICRO DEVICES, INC. AND SUBSIDIARIES
                     RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
                            (In thousands, except per share data)
                                         (Unaudited)

                                               Three Months Ended
                                   September 27,     June 28,    September 29,
                                       2008            2008          2007

    GAAP operating (loss) income    $   (19,045) $   (39,703)      $    8,102
        Share-based
         compensation expense             8,600        4,481            7,167
        Amortization of
         intangible assets                7,295        7,771              325
        Acquired in process
         research and
         development                          -        1,400                -
        Amortization of
         acquisition-related
         inventory step-up                2,699          661                -
        Charges related to
         fiscal 2009 strategic
         restructuring                   17,638       26,568                -
        Other restructuring
         charges                            407          474            1,107
        Manufacturing start-up
         costs                              367          657              503
    Non-GAAP operating income            17,961        2,309           17,204

    GAAP net (loss) income              (11,779)     (24,123)          14,462
        Share-based
         compensation expense             8,600        4,481            7,167
        Amortization of
         intangible assets                7,295        7,771              325
        Acquired in process
         research and
         development                          -        1,400                -
        Amortization of
         acquisition-related
         inventory step-up                2,699          661                -
        Charges related to
         fiscal 2009 strategic
         restructuring                   17,638       26,568                -
        Other restructuring
         charges                            407          474            1,107
        Manufacturing start-up
         costs                              367          657              503
        Gain on investment                    -            -             (160)
        Tax effect on non-GAAP
         restructuring
         adjustments                     (6,601)      (9,944)               -

    Non-GAAP net income                  18,626        7,945           23,404
    Plus:  Income impact of
      assumed conversions
              for interest on 1.50%
               convertible notes            661          660              669
    Non-GAAP net income
     plus assumed
     conversion of
              notes-Numerator for
               diluted income per
               share                $    19,287  $     8,605       $   24,073

    GAAP weighted average
     outstanding diluted
     shares                             262,091      261,249          227,431
    Adjustments:
        Diluted stock options             2,615        1,745                -
        Assumed conversion of
         1.50% convertible
         notes                           30,144       30,144                -
    Non-GAAP weighted
     average outstanding
     diluted shares                     294,850      293,138          227,431

    Non-GAAP net income per
     share, diluted                 $      0.07  $      0.03       $     0.11

    GAAP gross margin
     percentage                            28.3%        30.1%            32.2%
        Adjustment for
         amortization of
         acquisition-related
            inventory step-up               1.0%         0.3%               -
        Adjustment for
         share-based
         compensation                       0.4%         0.3%             0.2%
        Adjustment for
         intangible
         amortization                       1.9%         2.3%             0.1%
    Non-GAAP gross margin
     percentage                            31.6%        33.0%            32.5%




                          RF MICRO DEVICES, INC. AND SUBSIDIARIES
                           CONDENSED CONSOLIDATED BALANCE SHEETS
                                       (In thousands)


                                             September 27,          March 29,
                                                2008                  2008
                                             (Unaudited)            (Audited)
    ASSETS
    Current assets:
       Cash and cash equivalents         $        169,274    $       129,750
            Restricted cash                            69                504
       Short-term investments                      49,996            100,841
       Accounts receivable, net                   122,592            115,629
       Inventories                                165,494            190,753
       Other current assets                       107,702             84,556
          Total current assets                    615,127            622,033

       Property and equipment, net                401,565            430,237
    Goodwill                                      716,162            701,317
       Long-term investments                       23,609             26,336
       Intangible assets, net                     198,864            205,072
    Other assets                                   35,828             32,200
          Total assets                   $      1,991,155    $     2,017,195

    LIABILITIES AND SHAREHOLDERS' EQUITY
    Current liabilities:
       Accounts payable and accrued
        liabilities                      $        130,311    $       130,785
           Current portion
            - long-term debt                        4,676              4,523
       Other short-term liabilities, net            7,766                283
          Total current liabilities               142,753            135,591

    Long-term debt, net                           615,576            616,698
    Other long-term liabilities                    17,095             26,269
         Total liabilities                        775,424            778,558

    Shareholders' equity:
        Total shareholders' equity              1,215,731          1,238,637

        Total liabilities and shareholders'
         equity                          $      1,991,155    $     2,017,195
SOURCE RF Micro Devices, Inc. 10/28/2008
CONTACT: At RFMD(R), Dean Priddy, CFO, +1-336-678-7975,
or
Doug DeLieto, VP, Investor Relations, 1-336-678-7968;
or
At the Financial Relations Board, Joe Calabrese, +1-212-827-3772
Web Site: http://www.rfmd.com (RFMD RFMD)
 
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