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In a release dated July 23, the company stated:
- Revenue for the second quarter ended June 30, of $39.7 million, representing a decrease of 11.9 percent compared with $45.0 million for the second quarter of 2008 and an increase of 3.9 percent compared with $38.2 million for the first quarter of 2009. Net income for the quarter was $10.6 million, or $0.35 per diluted share, a decrease of 21.4 percent compared with $13.5 million, or $0.43 per diluted share, for the second quarter of 2008, and an increase of 3.9 percent compared with $10.2 million, or $0.34 per diluted share, for the first quarter of 2009.
"It was a solid quarter with sequential growth driven primarily from the cellular infrastructure and microwave communication markets," said Stephen Daly, Chairman and CEO. "Our engineering team introduced 21 new products, including two high performance phase lock loop (PLL) products. These new products are in-line with our strategy to provide innovative technology to the markets we serve and provide additional growth opportunities for us."
- For the second quarter of 2009, revenue from customers in the United States was $14.4 million, or 36.3 percent of the company's total revenue, and revenue from customers outside the United States was $25.3 million, or 63.7 percent of total revenue. Gross margin was 70.4 percent for the second quarter as compared with 70.8 percent for the second quarter of 2008 and 71.5 percent for the first quarter of 2009. Operating income for the second quarter was $16.2 million, or 40.8 percent of revenue. Total cash and cash equivalents at the end of the second quarter of 2009 was $197.9 million, an increase of $13.4 million for the quarter.
Hittite Microwave is a designer and developer of high-performance integrated circuits, or ICs, modules, subsystems and instrumentation for technically demanding radio frequency, or RF, microwave and millimeterwave applications. Products include amplifiers, attenuators, data converters, frequency dividers and detectors, frequency multipliers, high speed digital logic, interface, limiting amplifiers, mixers and converters, modulators and demodulators, oscillators, passives, phase lock loop (PLL), phase shifters, power detectors, sensors, switches, synthesizers, transimpedance amplifiers and variable gain amplifiers.
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