Hittite Microwave Corporation Reports Financial Results for the First Quarter of 2010

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CHELMSFORD, Mass.--(Business Wire)--
Hittite Microwave Corporation (NASDAQ:HITT) today reported revenue for the first
quarter ended March 31, 2010 of $54.2 million, representing an increase of 41.9%
compared with $38.2 million for the first quarter of 2009 and an increase of
24.1% compared with $43.7 million for the fourth quarter of 2009. Net income for
the quarter was $16.1 million, or $0.54 per diluted share, an increase of 58.3%
compared with $10.2 million, or $0.34 per diluted share, for the first quarter
of 2009, and an increase of 20.1% compared with $13.4 million, or $0.45 per
diluted share, for the fourth quarter of 2009.

"Q1 was a solid start to the year," said Stephen Daly, Chairman and CEO. "In
addition to our strong financial results, we launched 32 new and innovative
products including one new product line. These and our other recently introduced
new products will help us to build on our competitive advantage in the markets
we serve."

For the first quarter of 2010, revenue from customers in the United States was
$24.0 million, or 44.3% of the company`s total revenue, and revenue from
customers outside the United States was $30.2 million, or 55.7% of total
revenue. Gross margin was 73.4% for the first quarter as compared with 71.5% for
the first quarter of 2009 and 74.8% for the fourth quarter of 2009. Operating
income for the first quarter was $25.1 million, or 46.3% of revenue. Total cash
and cash equivalents at the end of the first quarter of 2010 was $238.2 million,
an increase of $17.7 million for the quarter.

Business Outlook

The company expects revenue for the second quarter ending June 30, 2010 to be in
the range of $58.0 million to $60.0 million and net income to be in the range of
$17.0 million to $18.0 million, or $0.57 to $0.60 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 Investors
page of the Hittite Microwave web site at www.hittite.com and click on the
webcast link located under News & Events. A telephonic replay of the call also
will be available for one week after the live call by dialing (303) 590-3030,
access code 4279362. Following the call, a webcast replay will also be available
by visiting the Investors page at www.hittite.com.

About Hittite Microwave Corporation

Hittite Microwave is an innovative 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,
dielectric resonator oscillators, filters-tunable, frequency dividers and
detectors, frequency multipliers, high speed comparators, high speed digital
logic, interface, limiting amplifiers, mixers and converters, modulators and
demodulators, oscillators, passives, phase lock loops (PLL), PLL with integrated
VCOs, phase shifters, power conditioners, power detectors, sensors, switches,
synthesizers, transimpedance amplifiers and variable gain amplifiers. Hittite's
products are used in a variety of applications and end markets including
automotive, broadband, cellular infrastructure, fiber optic, microwave and
millimeterwave communications, military, space, and test and measurement. The
company utilizes radio frequency integrated circuits (RFIC), monolithic
microwave integrated circuits (MMIC), multi-chip modules (MCM) and microwave
integrated circuit (MIC) technologies. The company is headquartered in
Chelmsford, MA.

"Safe Harbor Statement" under the Private Securities Litigation Reform Act of
1995

Statements in this press release regarding Hittite Microwave Corporation that do
not relate to historical facts are "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking
statements include, but are not limited to, any statements regarding our
expectations as to future levels of revenue, net income and earnings per share.
Readers are cautioned that these forward-looking statements are subject to risks
and uncertainties and are only predictions, and actual future events and results
may differ materially from these forward-looking statements. Factors that could
cause or contribute to such differences include, but are not limited to: the
impact of macro-economic conditions on demand for our products; our ability to
effectively manage our costs and expenses in response to fluctuations in our
growth rate; market acceptance of our new products; our ability accurately to
assess end market requirements; our success in maintaining the business of our
significant customers; our ability to keep pace with new semiconductor
processes; risks related to our dependence on third-party suppliers; regulatory,
operational, financial and political risks inherent in operating
internationally; competition within the semiconductor industry; product returns
and warranty claims; the possibility that intellectual property claims initiated
by or against us could be costly or have adverse outcomes; and other risks and
uncertainties that are discussed under "Risk Factors" in our Annual Report on
Form 10-K for the year ended December 31, 2009, as filed with the Securities and
Exchange Commission.

Hittite Microwave Corporation
Condensed Consolidated Balance Sheets (unaudited)
(In thousands)
March 31, 2010 December 31, 2009
Assets
Current assets:
Cash and cash equivalents $ 238,200 $ 220,477
Accounts receivable, net 25,381 17,886
Inventories 20,680 19,564
Deferred costs 138 114
Prepaid expenses and other current assets 1,800 1,450
Deferred taxes 8,582 7,946
Total current assets 294,781 267,437
Property and equipment, net 23,262 19,933
Other assets 4,847 5,323
Total assets $ 322,890 $ 292,693

Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 5,156 $ 1,632
Accrued expenses 8,078 6,208
Income taxes payable 6,088 209
Deferred revenue and customer advances 4,539 4,016
Total current liabilities 23,861 12,065
Long-term income taxes payable 6,180 5,960
Deferred taxes 228 519
Total liabilities 30,269 18,544
Total stockholders' equity 292,621 274,149
Total liabilities and stockholders' equity $ 322,890 $ 292,693

Hittite Microwave Corporation
Condensed Consolidated Statements of Operations (unaudited)
(In thousands except per-share data)
Three Months Ended March 31,
2010 2009

Revenue $ 54,193 $ 38,195
Cost of revenue 14,421 10,869
Gross profit 39,772 27,326
73.4 % 71.5 %
Operating expenses:
Research and development 6,952 6,032
Sales and marketing 4,621 3,399
General and administrative 3,102 2,198
Total operating expenses 14,675 11,629
Income from operations 25,097 15,697
46.3 % 41.1 %

Interest and other income (expense), net (25 ) 126
Income before income taxes 25,072 15,823
Provision for income taxes 8,953 5,638
Net income $ 16,119 $ 10,185

Earnings per share:
Basic $ 0.55 $ 0.35
Diluted $ 0.54 $ 0.34

Weighted Average Shares Outstanding:
Basic 29,297 29,322
Diluted 29,874 29,683

Hittite Microwave Corporation
William W. Boecke, V.P. and Chief Financial Officer, 978-250-3343

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