RF Micro Devices Updates Financial Outlook
GREENSBORO, N.C., March 8, 2010
(GlobeNewswire via COMTEX News Network) -- RF Micro Devices (Nasdaq:RFMD), a global leader in the design and
manufacture of high-performance radio frequency components and compound semiconductor technologies, announced
today that it has been awarded $3.2 million in R&D contracts by the United States Department of Defense related to
GaN microelectronics, including materials, device fabrication and high power circuits.
The $3.2 million in
R&D contracts extends RFMD's contract backlog for calendar 2010 to approximately $5 million. Since calendar 2004,
RFMD has been awarded approximately $13 million in R&D contracts by the U.S. Government.
Jeff Shealy, VP and general manager of RFMD's Defense and Power business unit, said, "We are gratified to
receive these R&D contract awards from the U.S. Department of Defense, and we look forward to furthering our
research and development efforts related to GaN microelectronics, including materials, device fabrication and high
power circuits. GaN technology is superior to other semiconductor process technologies in power per square
millimeter, bandwidth and breakdown voltages, and the unique physical properties of RFMD's GaN technology deliver
industry-leading reliability performance."
Bob Bruggeworth, president and CEO of RFMD, said, "Given the superior performance characteristics of RFMD's
GaN technology, we expect it to be a disruptive technology across a broad range of defense applications, including
radar, communications and electronic warfare. RFMD's state-of-the-art GaN technology is also applicable to a
growing number of commercial applications, such as public mobile radio, 3G/4G base stations, CATV line amplifiers,
as well as exciting new applications in high performance RF lighting.
"Importantly, RFMD's GaN technology is manufactured in the same high-volume manufacturing facility as our
industry-leading GaAs products, providing RFMD a measurable competitive advantage and enabling further improvement
in RFMD's return on invested capital (ROIC)."
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
RF Micro Devices, Inc. (Nasdaq:RFMD) is a global leader in the design and manufacture of
high-performance radio frequency components and compound semiconductor technologies. 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.
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 risks associated with the impact of
global macroeconomic and credit conditions on our business and the business of our suppliers and customers,
variability in operating results, the rate of growth and development of wireless markets, risks associated with
the reduced investment in our wireless systems business, our ability to execute on our plans to consolidate or
relocate manufacturing operations, our reliance on inclusion in third party reference designs for a portion of our
revenue, our ability to manage channel partner and customer relationships, 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, raw material costs and availability, our ability to reduce
costs and improve margins in response to declining average selling prices, 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, dependence on gallium arsenide (GaAs) for the majority of
our products, 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.
DEVICES(R) and RFMD(R) are trademarks of RFMD, LLC. All other trade names, trademarks and registered trademarks
are the property of their respective owners.
SOURCE RF Micro Devices, Inc.
RF Micro Devices
Vice President, Investor Relations