Earnings Call Excerpt
RF Monolithics, Inc. (RFMI)
F2Q08 Update Call
March 20, 2008 5:00 pm ET
Executives
Carol Bivings-Investor Relations Director
Michael R. Bernique-Chairman of the Board
David M. Kirk – President and CEO
James P. Farley- Vice President and Controller
Harley E. "Buddy? Barnes, III-Chief Financial Officer and CEO
Analysts
John Vene
David Ratliff
Presentation
Operator
Good afternoon, my name is Michelle and I’ll be your conference operator today. At this time, I would like to welcome everyone to the Second Quarter Fiscal 2008 Management Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers remarks, there will be a question and answer session. (Operator Instructions) Miss Bivings, you may begin your conference.
Carol Bivings
Thank you, Michelle. Good afternoon and welcome to RF Monolithics Management conference call. In just a few moments I’ll introduce David Kirk, President and CEO of RFM who will provide a detailed discussion of our performance this quarter, Buddy Barnes, Chief Financial Officer and Jim Farley, Vice President and Controller are also with us today and will join David in answering any questions you might have at the end of our prepared remarks. Also present today is Michael Bernique, Chairman of the Board of RFM. If you don’t have a copy of today’s earnings release, it is available through Business Wire and one has been posted to our website at rfm.com, click on recent news on our home page.
Before we begin our call, I’d like to remind you that the information provided today by management in response to your questions and in their prepared remarks, only reflect management’s views as of today, March 20, 2008, and may contain forward-looking statements that involve risk. These forward-looking statements are made pursuant to the Safe-Harbor Provisions of the Private Securities Litigation Reform Act of 1995. The risks are identified in today’s earnings release as well as in our SEC filings. We encourage you to review these documents.
Now I’d like to introduce David Kirk, President and CEO of RF Monolithics.
David Kirk
Thank you, Carol and good afternoon. Our second quarter sales performance was in line with our expectations going into the quarter. Our quarterly sales were up 16% over the same period last year. Our 40% gross profit margin was a 300 basis point sequential improvement and has continued on an upward trend as we execute against our strategic business plan. If you look at our last several quarters we have gone from 35 to 37 and to 40’% gross profit margin this quarter. The improvement reflects both the cost benefits of transitioning manufacturing offshore and a 50-50 product mix of our wireless solutions and wireless components. We reported a GAAP net loss of $0.01 per share, which compares to a net loss of $0.44 per share last year. Last years net income included $0.33 in expenses such as asset impairments and acquisition amortization, which we exclude from non-GAAP income.
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