RF Micro Devices, Inc. Announces Fiscal 2001 Fourth Quarter and Year-End Results

Company Anticipates 20% Sequential Revenue Growth In Fiscal 2002 First Quarter



Quarterly Highlights:



-- March Quarterly Book-To-Bill Improves to Greater Than One, Driven By

Strong GSM Order Rates

-- Company is 100% Booked For 20% Sequential Revenue Growth

-- Company Begins Production Shipments of Key High Volume GSM Power

Amplifier Module

-- Module Products Accelerate to 32% Of Total Revenue

-- Consistent With Previously Disclosed Guidance, Quarterly Revenue Is

$55.0 Million and Quarterly Loss Per Share is $0.04



Apr 17, 2001, 01:00 ET from RF Micro Devices, Inc.

    GREENSBORO, N.C., April 17 /PRNewswire/ -- RF Micro Devices, Inc.
 (Nasdaq:   RFMD), a leading provider of proprietary radio frequency integrated
 circuits (RFICs) for wireless communications applications, today reported
 financial results for its fourth quarter and fiscal year ended March 31, 2001.
 
     Financial Results
     Consistent with the Company's previous announcement on March 8, 2001
 regarding its anticipated results for the fourth quarter, revenues for the
 quarter were approximately $55.0 million, a decrease of 35.1% versus revenues
 of $84.8 million for the corresponding quarter of fiscal 2000 and a decrease
 of 31.2% versus revenues of $79.9 million for the quarter ended
 December 31, 2000.  Power amplifier (PA) module revenues increased 41%
 sequentially and represented 32% of revenues in the March quarter, versus 16%
 of revenues in the December quarter.
     Gross profit for the quarter decreased 67.7% to $13.6 million, versus
 $42.0 million for the corresponding quarter of fiscal 2000, and decreased
 63.8% sequentially over gross profit of $37.5 million for the quarter ended
 December 31, 2000.  The year-over-year and sequential decrease in gross profit
 was primarily attributable to the decrease in the Company's revenues, the
 initial higher cost of goods sold associated with the Company's module
 products, and greater than normal yield losses associated with the steep ramp
 of the module business.
     Other operating expenses during the March quarter totaled $3.4 million.
 Other operating expenses represent startup costs associated with the Company's
 second wafer fab facility, which currently is expected to commence operations
 late in the quarter ending September 30, 2001.
     Net loss for the quarter was $6.8 million, or $0.04 per diluted share,
 compared to net income of $14.6 million, or $0.08 per diluted share, for the
 fourth quarter of fiscal 2000, based on a 35% tax rate.  This compares
 sequentially to net income of $7.8 million, or $0.05 per diluted share, for
 the third quarter of fiscal 2001, based on a tax rate of 36%.  Included in the
 March 2001 results is a one-time $0.02 per share tax benefit, which is the
 result of R&D tax credits taken in the fourth quarter.  Earnings per share for
 all periods have been adjusted to reflect a 2-for-1 stock split effective
 August 8, 2000.
 
     Business Outlook And Financial Guidance
     Based upon increases in order rates and the Company's backlog, management
 believes it has improved visibility into fiscal 2002 revenues.  The Company's
 book-to-bill ratio was greater than one for the March quarter, and the Company
 has booked sufficient orders to result in approximately 20% sequential revenue
 growth in the June quarter over the quarter ended March 31, 2001.
     During the fiscal fourth quarter, the Company began high-volume production
 shipments of a key PA module for use in an existing dual-band GSM handset for
 its largest customer.  The module is ramping quickly and is expected to result
 in multi-million-dollar revenues in the June quarter.  The Company also
 anticipates beginning volume production of a high-volume GSM/GPRS PA module
 late in the June quarter.  Both PA modules are expected to become among RF
 Micro Devices' highest volume products to date, providing a significant
 opportunity for the Company to gain additional market share in GSM handsets.
     While production shipments of PA modules are expected to contribute to
 sequential revenue growth, start-up costs associated with module products are
 expected to negatively impact the Company's gross margins in the near-term.
 However, the Company is implementing a series of cost reduction and yield
 improvement initiatives designed to improve gross margins.
     The Company expects its capacity in its first wafer fab facility will be
 sufficient to meet demand until late in the September 2001 quarter.  Until its
 second wafer fab commences production, the Company will expense start-up costs
 associated with preparing this facility for production.
     As a result of these factors, the Company currently expects revenues for
 the quarter ending June 30, 2001 to increase sequentially from the quarter
 ending March 31, 2001 by approximately 20%.  Gross margin for the quarter
 ending June 30, 2001 currently is anticipated to be in the range of 25% to
 30%.  Operating expenses in the June quarter, excluding other operating
 expenses associated with the Company's second wafer fab facility, are
 currently expected to increase sequentially 3% to 5% due to increased
 investments in the Company's R&D activities.  Other operating expenses are
 anticipated to range from $6.0 million to $6.5 million, or approximately $0.03
 per share after tax.  The annualized tax rate for fiscal 2002 is expected to
 be in the range of 33% to 35%.  These factors are currently expected to result
 in a net loss per share for the June 2001 quarter in the range of
 approximately ($0.05) to ($0.06).
     Looking beyond the June quarter, management anticipates continued growth
 in revenues in the fiscal second quarter ending September 30, 2001 based on
 current customer forecasts and the Company's regular communication with its
 customers.  The aforementioned GSM/GPRS PA module is expected to contribute to
 sequential revenue growth in the September quarter.  In addition, other new
 GSM/GPRS power amplifiers designed for new customers, including Siemens AG,
 are expected to contribute to revenue growth in the second half of calendar
 2001.
     As part of its relationship with QUALCOMM, the Company secured several new
 design wins in CDMA, for which it currently expects to begin production
 shipments in the quarter ending December 31, 2001.  The Company announced on
 March 5, 2001, the signing of a Memorandum of Understanding (MOU) to expand
 its alliance with QUALCOMM Incorporated, pioneer and world leader of Code
 Division Multiple Access (CDMA) digital wireless technology.  Under the MOU,
 RFMD and QUALCOMM, through its QUALCOMM CDMA Technologies (QCT) division, will
 cooperate on the development of a Wideband CDMA (WCDMA) PA module for
 inclusion in QCT's MSM5200(TM) integrated circuit family.  The PA5200(TM)
 device is QUALCOMM's first generation IMT-2000 WCDMA PA module and represents
 a joint design effort between QUALCOMM and RFMD.
     Given the Company's current expectations for sequential revenue growth
 into the second half of calendar 2001, management currently anticipates a
 return to profitability during that period.  Near-term variables that could
 impact the Company's ability to return to profitability include wafer fab
 capacity utilization, module product margin improvements, product mix and
 other items outside the control of the company.
 
     Comments From Management
     "The indications we're receiving from our customers lead us to believe
 that there are renewed prospects for revenue growth at RF Micro Devices
 beginning this quarter and continuing into the second half of fiscal 2002,"
 said, David Norbury, President and Chief Executive Officer of RF Micro
 Devices.  "In addition to our largest customer, we are developing very
 promising new relationships with a number of major companies in the handset
 market, including QUALCOMM and Siemens AG, for example.  As our relationships
 with these and other key customers strengthen, we believe we are very well
 positioned to gain market share and grow revenues sequentially in advance of
 the overall recovery in the handset market.
     "Regarding our module products, we have seen a significant increase in
 interest in modules, and we believe our module technology will enable us to
 gain market share in GSM and CDMA while remaining strong in TDMA.  We continue
 to believe our module technology has positioned the Company to be a key
 industry supplier in the future, as essentially all major handset
 manufacturers are transitioning to modules in their future generation
 handsets.
     "We currently believe we will grow revenues approximately twenty percent
 sequentially in the June quarter, and are very pleased to exit the March
 quarter 100% booked to reach that goal.  Given the increases we've recently
 seen in production orders and in design activity, we believe our visibility
 has improved and we are seeing near-term catalysts for continued sequential
 revenue growth."
     Dean Priddy, CFO and vice president of administration, stated, "We
 anticipate that orders for our power amplifier modules will continue to grow
 at a strong rate.  Although the module ramp is a significant shift in our
 business, we believe our experience in ramping new technologies will help us
 meet the challenges associated with this new product mix.  Improving the
 margins on our modules is a top priority.  We expect that it will take some
 time before yield improvement and cost-reduction efforts will be fully
 realized on our bottom line.  We are, however, encouraged by the preliminary
 results from these efforts and we currently expect to see some improvement in
 our module product margins beginning late in the June quarter, with additional
 margin improvements continuing into the September quarter."
     RF Micro Devices will conduct a conference call at 5:00 p.m. (ET) today to
 discuss fiscal fourth quarter results and comment on the Company's outlook.
 The conference call will be broadcast live over the Internet and can be
 accessed by any interested party at www.streetevents.com or www.rfmd.com .
     RF Micro Devices, Inc., an ISO 9001-certified manufacturer, designs,
 develops, manufactures and markets proprietary RFICs for wireless
 communications applications such as cellular and PCS phones, cordless phones,
 wireless LANs, wireless local loop handsets, industrial radios, wireless
 security systems and remote meter readers.  The company offers a broad array
 of products -- including amplifiers, mixers, modulators/demodulators, and
 single-chip receivers, transmitters and transceivers -- representing a
 substantial majority of the RFICs required in wireless subscriber equipment.
 The company's strategy is to focus on wireless markets by offering a broad
 range of standard and custom-designed RFICs in order to position itself as a
 "one-stop" solution for its customers' RFIC needs.  In the September 4, 2000
 issue of FORTUNE magazine, RF Micro Devices was ranked second among FORTUNE's
 "100 Fastest Growing Companies."  RF Micro Devices, Inc. is traded on the
 Nasdaq National Market under the symbol RFMD.
     RF MICRO DEVICES(R) and RFMD(R) are trademarks of RF Micro Devices, Inc.
 All other tradenames, trademarks and registered trademarks are the property of
 their respective owners.
     For further information about RFMD, please visit our web site at
 http://www.rfmd.com .
     This press release contains forward-looking statements that relate to the
 company's plans, objectives, estimates and goals. Words such as "expects,"
 "anticipates," "intends," "plans," "projects," "believes," and "estimates,"
 and variations of these words and similar expressions, identify these
 forward-looking statements.  The company's business is subject to numerous
 risks and uncertainties, including probable variability in quarterly operating
 results, the rate of growth and development of wireless markets, risks
 associated with the operation of wafer fabrication facilities, the company's
 ability to manage rapid growth and to attract and retain skilled personnel,
 variability in production yields, raw material availability, manufacturing
 capacity constraints, 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 the company's Annual Report on Form 10-K and
 the company's Prospectus dated December 19, 2000 included in its Registration
 Statement on Form S-3 (Registration No. 333-49432) 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.
 
 
                              R F Micro Devices, Inc.
                  Condensed Consolidated Statements of Operations
                       (In thousands, except per share data)
 
 
                            Three Months Ended         Twelve Months Ended
                                  March 31,                 March 31,
                             2001           2000        2001         2000
                          (Unaudited)  (Unaudited)   (Unaudited)    (Audited)
 
     Total revenue          $55,019       $84,830     $335,364      $288,960
 
     Costs and expenses:
      Cost of goods sold     41,435        42,742      181,801       152,746
      Research and
       development           15,407        10,869       60,340        33,338
      Marketing and selling   6,994         6,442       28,450        20,109
      General and
       administrative         3,188         2,994       13,495         9,573
      Other operating
       expenses               3,355            --        4,607            --
 
 
        Total costs and
         expenses            70,379        63,047      288,693       215,766
 
 
     Operating (loss)
      income                (15,360)       21,783       46,671        73,194
     Interest income, net     1,610           727        5,738         3,874
 
     (Loss) income before
      income taxes          (13,750)       22,510       52,409        77,068
     Income tax (benefit)
      expense                (6,906)        7,879       17,435        26,974
 
     Net (loss) income      ($6,844)      $14,631      $34,974       $50,094
 
     Net (loss) income per
      share, diluted         ($0.04)        $0.08        $0.20         $0.29
     Weighted average
      outstanding diluted
      shares                163,302       174,340      173,216       171,668
 
 
                              R F Micro Devices, Inc.
                       Condensed Consolidated Balance Sheets
                                   (In Thousands)
 
                                                     March 31,     March 31,
                                                       2001          2000
                                                    (Unaudited)    (Audited)
     ASSETS
 
     Current assets:
      Cash and cash equivalents                      $266,076        $28,956
      Short-term investments                           75,162         33,755
      Accounts receivable, net                         39,988         61,163
      Inventories, net                                 71,015         38,389
      Current deferred tax asset                        9,028          5,771
      Other current assets                             31,045          1,815
        Total current assets                          492,314        169,849
 
     Property and equipment, net                      208,571        159,843
 
     Technology license, net                           13,424         14,352
 
     Long-term investments                              5,508             --
 
 
     Other assets                                       1,114            568
 
        Total assets                                 $720,931       $344,612
 
     LIABILITIES AND SHAREHOLDERS' EQUITY
     Current liabilities
       Accounts payable and accruals                  $24,023        $23,045
       Current obligations under capital leases         4,976          4,495
        Total current liabilities                      28,999         27,540
 
     Non-current convertible debt                     292,700             --
     Non-current deferred tax liability                19,471          5,716
     Obligations under capital leases, less current
      maturities                                        3,263          8,203
        Total long-term liabilities                   315,434         13,919
 
        Total liabilities                             344,433         41,459
 
     Shareholders' equity                             376,498        303,153
        Total liabilities and shareholders' equity   $720,931       $344,612
 
 

SOURCE RF Micro Devices, Inc.
    GREENSBORO, N.C., April 17 /PRNewswire/ -- RF Micro Devices, Inc.
 (Nasdaq:   RFMD), a leading provider of proprietary radio frequency integrated
 circuits (RFICs) for wireless communications applications, today reported
 financial results for its fourth quarter and fiscal year ended March 31, 2001.
 
     Financial Results
     Consistent with the Company's previous announcement on March 8, 2001
 regarding its anticipated results for the fourth quarter, revenues for the
 quarter were approximately $55.0 million, a decrease of 35.1% versus revenues
 of $84.8 million for the corresponding quarter of fiscal 2000 and a decrease
 of 31.2% versus revenues of $79.9 million for the quarter ended
 December 31, 2000.  Power amplifier (PA) module revenues increased 41%
 sequentially and represented 32% of revenues in the March quarter, versus 16%
 of revenues in the December quarter.
     Gross profit for the quarter decreased 67.7% to $13.6 million, versus
 $42.0 million for the corresponding quarter of fiscal 2000, and decreased
 63.8% sequentially over gross profit of $37.5 million for the quarter ended
 December 31, 2000.  The year-over-year and sequential decrease in gross profit
 was primarily attributable to the decrease in the Company's revenues, the
 initial higher cost of goods sold associated with the Company's module
 products, and greater than normal yield losses associated with the steep ramp
 of the module business.
     Other operating expenses during the March quarter totaled $3.4 million.
 Other operating expenses represent startup costs associated with the Company's
 second wafer fab facility, which currently is expected to commence operations
 late in the quarter ending September 30, 2001.
     Net loss for the quarter was $6.8 million, or $0.04 per diluted share,
 compared to net income of $14.6 million, or $0.08 per diluted share, for the
 fourth quarter of fiscal 2000, based on a 35% tax rate.  This compares
 sequentially to net income of $7.8 million, or $0.05 per diluted share, for
 the third quarter of fiscal 2001, based on a tax rate of 36%.  Included in the
 March 2001 results is a one-time $0.02 per share tax benefit, which is the
 result of R&D tax credits taken in the fourth quarter.  Earnings per share for
 all periods have been adjusted to reflect a 2-for-1 stock split effective
 August 8, 2000.
 
     Business Outlook And Financial Guidance
     Based upon increases in order rates and the Company's backlog, management
 believes it has improved visibility into fiscal 2002 revenues.  The Company's
 book-to-bill ratio was greater than one for the March quarter, and the Company
 has booked sufficient orders to result in approximately 20% sequential revenue
 growth in the June quarter over the quarter ended March 31, 2001.
     During the fiscal fourth quarter, the Company began high-volume production
 shipments of a key PA module for use in an existing dual-band GSM handset for
 its largest customer.  The module is ramping quickly and is expected to result
 in multi-million-dollar revenues in the June quarter.  The Company also
 anticipates beginning volume production of a high-volume GSM/GPRS PA module
 late in the June quarter.  Both PA modules are expected to become among RF
 Micro Devices' highest volume products to date, providing a significant
 opportunity for the Company to gain additional market share in GSM handsets.
     While production shipments of PA modules are expected to contribute to
 sequential revenue growth, start-up costs associated with module products are
 expected to negatively impact the Company's gross margins in the near-term.
 However, the Company is implementing a series of cost reduction and yield
 improvement initiatives designed to improve gross margins.
     The Company expects its capacity in its first wafer fab facility will be
 sufficient to meet demand until late in the September 2001 quarter.  Until its
 second wafer fab commences production, the Company will expense start-up costs
 associated with preparing this facility for production.
     As a result of these factors, the Company currently expects revenues for
 the quarter ending June 30, 2001 to increase sequentially from the quarter
 ending March 31, 2001 by approximately 20%.  Gross margin for the quarter
 ending June 30, 2001 currently is anticipated to be in the range of 25% to
 30%.  Operating expenses in the June quarter, excluding other operating
 expenses associated with the Company's second wafer fab facility, are
 currently expected to increase sequentially 3% to 5% due to increased
 investments in the Company's R&D activities.  Other operating expenses are
 anticipated to range from $6.0 million to $6.5 million, or approximately $0.03
 per share after tax.  The annualized tax rate for fiscal 2002 is expected to
 be in the range of 33% to 35%.  These factors are currently expected to result
 in a net loss per share for the June 2001 quarter in the range of
 approximately ($0.05) to ($0.06).
     Looking beyond the June quarter, management anticipates continued growth
 in revenues in the fiscal second quarter ending September 30, 2001 based on
 current customer forecasts and the Company's regular communication with its
 customers.  The aforementioned GSM/GPRS PA module is expected to contribute to
 sequential revenue growth in the September quarter.  In addition, other new
 GSM/GPRS power amplifiers designed for new customers, including Siemens AG,
 are expected to contribute to revenue growth in the second half of calendar
 2001.
     As part of its relationship with QUALCOMM, the Company secured several new
 design wins in CDMA, for which it currently expects to begin production
 shipments in the quarter ending December 31, 2001.  The Company announced on
 March 5, 2001, the signing of a Memorandum of Understanding (MOU) to expand
 its alliance with QUALCOMM Incorporated, pioneer and world leader of Code
 Division Multiple Access (CDMA) digital wireless technology.  Under the MOU,
 RFMD and QUALCOMM, through its QUALCOMM CDMA Technologies (QCT) division, will
 cooperate on the development of a Wideband CDMA (WCDMA) PA module for
 inclusion in QCT's MSM5200(TM) integrated circuit family.  The PA5200(TM)
 device is QUALCOMM's first generation IMT-2000 WCDMA PA module and represents
 a joint design effort between QUALCOMM and RFMD.
     Given the Company's current expectations for sequential revenue growth
 into the second half of calendar 2001, management currently anticipates a
 return to profitability during that period.  Near-term variables that could
 impact the Company's ability to return to profitability include wafer fab
 capacity utilization, module product margin improvements, product mix and
 other items outside the control of the company.
 
     Comments From Management
     "The indications we're receiving from our customers lead us to believe
 that there are renewed prospects for revenue growth at RF Micro Devices
 beginning this quarter and continuing into the second half of fiscal 2002,"
 said, David Norbury, President and Chief Executive Officer of RF Micro
 Devices.  "In addition to our largest customer, we are developing very
 promising new relationships with a number of major companies in the handset
 market, including QUALCOMM and Siemens AG, for example.  As our relationships
 with these and other key customers strengthen, we believe we are very well
 positioned to gain market share and grow revenues sequentially in advance of
 the overall recovery in the handset market.
     "Regarding our module products, we have seen a significant increase in
 interest in modules, and we believe our module technology will enable us to
 gain market share in GSM and CDMA while remaining strong in TDMA.  We continue
 to believe our module technology has positioned the Company to be a key
 industry supplier in the future, as essentially all major handset
 manufacturers are transitioning to modules in their future generation
 handsets.
     "We currently believe we will grow revenues approximately twenty percent
 sequentially in the June quarter, and are very pleased to exit the March
 quarter 100% booked to reach that goal.  Given the increases we've recently
 seen in production orders and in design activity, we believe our visibility
 has improved and we are seeing near-term catalysts for continued sequential
 revenue growth."
     Dean Priddy, CFO and vice president of administration, stated, "We
 anticipate that orders for our power amplifier modules will continue to grow
 at a strong rate.  Although the module ramp is a significant shift in our
 business, we believe our experience in ramping new technologies will help us
 meet the challenges associated with this new product mix.  Improving the
 margins on our modules is a top priority.  We expect that it will take some
 time before yield improvement and cost-reduction efforts will be fully
 realized on our bottom line.  We are, however, encouraged by the preliminary
 results from these efforts and we currently expect to see some improvement in
 our module product margins beginning late in the June quarter, with additional
 margin improvements continuing into the September quarter."
     RF Micro Devices will conduct a conference call at 5:00 p.m. (ET) today to
 discuss fiscal fourth quarter results and comment on the Company's outlook.
 The conference call will be broadcast live over the Internet and can be
 accessed by any interested party at www.streetevents.com or www.rfmd.com .
     RF Micro Devices, Inc., an ISO 9001-certified manufacturer, designs,
 develops, manufactures and markets proprietary RFICs for wireless
 communications applications such as cellular and PCS phones, cordless phones,
 wireless LANs, wireless local loop handsets, industrial radios, wireless
 security systems and remote meter readers.  The company offers a broad array
 of products -- including amplifiers, mixers, modulators/demodulators, and
 single-chip receivers, transmitters and transceivers -- representing a
 substantial majority of the RFICs required in wireless subscriber equipment.
 The company's strategy is to focus on wireless markets by offering a broad
 range of standard and custom-designed RFICs in order to position itself as a
 "one-stop" solution for its customers' RFIC needs.  In the September 4, 2000
 issue of FORTUNE magazine, RF Micro Devices was ranked second among FORTUNE's
 "100 Fastest Growing Companies."  RF Micro Devices, Inc. is traded on the
 Nasdaq National Market under the symbol RFMD.
     RF MICRO DEVICES(R) and RFMD(R) are trademarks of RF Micro Devices, Inc.
 All other tradenames, trademarks and registered trademarks are the property of
 their respective owners.
     For further information about RFMD, please visit our web site at
 http://www.rfmd.com .
     This press release contains forward-looking statements that relate to the
 company's plans, objectives, estimates and goals. Words such as "expects,"
 "anticipates," "intends," "plans," "projects," "believes," and "estimates,"
 and variations of these words and similar expressions, identify these
 forward-looking statements.  The company's business is subject to numerous
 risks and uncertainties, including probable variability in quarterly operating
 results, the rate of growth and development of wireless markets, risks
 associated with the operation of wafer fabrication facilities, the company's
 ability to manage rapid growth and to attract and retain skilled personnel,
 variability in production yields, raw material availability, manufacturing
 capacity constraints, 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 the company's Annual Report on Form 10-K and
 the company's Prospectus dated December 19, 2000 included in its Registration
 Statement on Form S-3 (Registration No. 333-49432) 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.
 
 
                              R F Micro Devices, Inc.
                  Condensed Consolidated Statements of Operations
                       (In thousands, except per share data)
 
 
                            Three Months Ended         Twelve Months Ended
                                  March 31,                 March 31,
                             2001           2000        2001         2000
                          (Unaudited)  (Unaudited)   (Unaudited)    (Audited)
 
     Total revenue          $55,019       $84,830     $335,364      $288,960
 
     Costs and expenses:
      Cost of goods sold     41,435        42,742      181,801       152,746
      Research and
       development           15,407        10,869       60,340        33,338
      Marketing and selling   6,994         6,442       28,450        20,109
      General and
       administrative         3,188         2,994       13,495         9,573
      Other operating
       expenses               3,355            --        4,607            --
 
 
        Total costs and
         expenses            70,379        63,047      288,693       215,766
 
 
     Operating (loss)
      income                (15,360)       21,783       46,671        73,194
     Interest income, net     1,610           727        5,738         3,874
 
     (Loss) income before
      income taxes          (13,750)       22,510       52,409        77,068
     Income tax (benefit)
      expense                (6,906)        7,879       17,435        26,974
 
     Net (loss) income      ($6,844)      $14,631      $34,974       $50,094
 
     Net (loss) income per
      share, diluted         ($0.04)        $0.08        $0.20         $0.29
     Weighted average
      outstanding diluted
      shares                163,302       174,340      173,216       171,668
 
 
                              R F Micro Devices, Inc.
                       Condensed Consolidated Balance Sheets
                                   (In Thousands)
 
                                                     March 31,     March 31,
                                                       2001          2000
                                                    (Unaudited)    (Audited)
     ASSETS
 
     Current assets:
      Cash and cash equivalents                      $266,076        $28,956
      Short-term investments                           75,162         33,755
      Accounts receivable, net                         39,988         61,163
      Inventories, net                                 71,015         38,389
      Current deferred tax asset                        9,028          5,771
      Other current assets                             31,045          1,815
        Total current assets                          492,314        169,849
 
     Property and equipment, net                      208,571        159,843
 
     Technology license, net                           13,424         14,352
 
     Long-term investments                              5,508             --
 
 
     Other assets                                       1,114            568
 
        Total assets                                 $720,931       $344,612
 
     LIABILITIES AND SHAREHOLDERS' EQUITY
     Current liabilities
       Accounts payable and accruals                  $24,023        $23,045
       Current obligations under capital leases         4,976          4,495
        Total current liabilities                      28,999         27,540
 
     Non-current convertible debt                     292,700             --
     Non-current deferred tax liability                19,471          5,716
     Obligations under capital leases, less current
      maturities                                        3,263          8,203
        Total long-term liabilities                   315,434         13,919
 
        Total liabilities                             344,433         41,459
 
     Shareholders' equity                             376,498        303,153
        Total liabilities and shareholders' equity   $720,931       $344,612
 
 SOURCE  RF Micro Devices, Inc.