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26 October 2007


Hittite’s revenue approaches $40m in Q3 as steady growth continues

For third-quarter 2007, Hittite Microwave Corp of Chelmsford, MA, USA, which designs and supplies ICs, modules and subsystems for RF, microwave and millimeter-wave applications, has reported revenue of $39.9m (slightly up on its forecast of $38.5-39.5m). This is also up 6.1% on $37.6m last quarter and up 15.3% on $34.6m a year ago. Of total revenue, 43% ($17.0m) came from customers in the USA and 57% ($22.9m) came from non-US customers (slightly down from last quarter’s 59%).

Gross margin was 71.0%, level with last quarter but, unsurprisingly, down slightly on 73.5% a year ago. Net income was $13.7m (again, up on its forecast of $12.3-12.6m). This is also up from $12.2m last quarter and $11.6m a year ago. Total cash and investments continued to rise, by $17.7m during the quarter to $161.5m.

“The continued acceptance of our products allowed us to deliver strong quarterly results,” says chairman and CEO Stephen Daly. During the quarter, the firm introduced its 15 th product line (its third this year) - microwave passive ICs (initially including nine passive fixed attenuator paths, operating at up to 50GHz). “These building blocks will help our market penetration strategy,” says Daly. Hittite also introduced 17 new active GaAs monolithic microwave IC (MMIC) products (eight frequency converters, seven amplifiers, and two vector modulators), adding depth to the firm’s product line, says Daly. Its critical to continuously extend frequency coverage and functionality and to improve performance attributes of the existing product line to maintain a competitive edge, he adds.

As announced last week, Hittite has also entered into a strategic agreement with Northrop Grumman Space Technology sector to license the Velocium line of MMIC products and related technology. “These additions and the continued growth of our product portfolio will enhance our ability to penetrate our target markets,” reckons Daly.

For fourth-quarter 2007, Hittite expects revenue of $41.5-42.5m (up by a few percent) and net income of $13.7-14.0m (level or slightly up on Q3).

See related item:

Increased international sales and new product launches drive Hittite’s second quarter growth

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