CHELMSFORD, Mass., July 24 /PRNewswire-FirstCall/ -- Hittite Microwave
Corporation (Nasdaq: HITT) today reported revenue for the second quarter ended
June 30, 2008 of $45.0 million, representing an increase of 19.6% compared
with $37.6 million for the second quarter of 2007 and an increase of 4.0%
compared with $43.3 million for the first quarter of 2008. Net income for the
quarter was $13.5 million, or $0.43 per diluted share, an increase of 10.7%
compared with $12.2 million, or $0.39 per diluted share, for the second
quarter of 2007, and an increase of 3.2% compared with $13.0 million, or $0.42
per diluted share, for the first quarter of 2008.
'We are pleased with our second quarter results,' said Stephen Daly,
Chairman and CEO. 'Increased international sales allowed us to achieve our
objectives. Our product development team continued to execute, and during the
quarter we introduced our eighteenth product line, a new Phase Lock Loop (PLL)
product line, which will serve all of our target end markets. In total, we
introduced 26 new products during the quarter across all of our product lines,
in line with our plan for the year.'
For the second quarter of 2008, revenue from customers in the United
States was $18.2 million, or 40% of the company's total revenue, and revenue
from customers outside the United States was $26.8 million, or 60% of total
revenue. Gross margin was 70.8% for the second quarter as compared with 71.0%
for the second quarter of 2007 and 70.1% for the first quarter of 2008.
Operating income for the second quarter was $19.8 million, or 44.0% of
revenue. Total cash at the end of the second quarter of 2008 was
$186.2 million, an increase for the quarter of $5.0 million.
Business Outlook
The company currently expects revenue for the third quarter ending
September 30, 2008 to be in the range of $44.5 million to $45.5 million and
net income to be in the range of $13.1 million to $13.5 million, or $0.42 to
$0.43 per diluted share.
Webcast and Taped Replay
The company will host a conference call to discuss its financial results
at 5:00 p.m. ET today. A live webcast of the call will be available online on
the Hittite Microwave website. To listen to the live webcast, go to the
Investor Relations page of the Hittite Microwave web site at
http://www.hittite.com and click on the webcast icon located under Conference
Calls.
