Profile: RF Micro Devices, Inc. (RFMD.O)

RF Micro Devices, Inc. (RFMD), incorporated in 1991, designs and manufactures radio frequency (RF) components and compound semiconductors. The Company’s products provide connectivity and support functionality in the cellular handset, wireless infrastructure, wireless local area network (WLAN), cable television/broadband and aerospace, and defense markets. RFMD manufactures gallium arsenide (GaAs)-based compound semiconductors. It accesses silicon, silicon germanium (SiGe) and other technologies through various foundries. The Company operates two synergistic product groups: cellular products group (CPG) and multi-market products group (MPG), both of which focus on RF components with emphasis on compound semiconductor technology. On April 26, 2008, the Company completed the acquisition of Universal Microwave Corporation (UMC). UMC designs and manufactures RF oscillators and synthesizers primarily for point-to-point radios, cable television head-end equipment and military communications radio markets. In June 2009, the Company formed a gallium nitride (GaN) Foundry Services business unit to supply GaN semiconductor technology into multiple RF power markets.

During the fiscal year ended March 28, 2009 (fiscal 2009), the Company’s CPG supplied handset original equipment manufacturers (OEMs) and original design manufacturers (ODMs). Its customers include Nokia Corporation, Samsung Electronics Co., Ltd., Motorola, Inc., Huawei Technologies Co., Ltd., Sony Ericsson Mobile Communications and LG Electronics, Inc. The Company collaborates with various baseband manufacturers in the design of its CPG products, as their reference designs are utilized by both OEMs and ODMs.

The Company designs, develops, manufactures and markets its products to both domestic and international original equipment manufacturers (OEMs) and original design manufacturers (ODMs) for commercial, industrial, military, aerospace and other markets in both wireless and wired communications applications. Sales to its largest customer, Nokia, represented approximately 52% of its total revenue in fiscal 2009.

Through MPG, the Company supplies a portfolio of RF components for mobile WLANs, fixed wireless networks and broadband wireline applications, such as coaxial cable and fiber optic networks and cable television set-top boxes. The Company also supplies components to consumer-oriented end markets, including antennae and receivers for satellite radio, tuner-related integrated circuits (ICs) for high definition television, and transceiver ICs for use in digital cordless telephones, personal handyphone systems, handsets, wireless speakers, cordless headsets and other personal electronic appliances. Its aerospace and defense (A&D) products include RF components for government, military, avionics, space and homeland security systems. Its MPG serves a range of customers located the worldwide.

The Company offers a line of products that range from single-function components to ICs and multi-chip modules, (MCMs). Its ICs include gain blocks, low noise amplifiers (LNAs), power amplifiers (PAs), receivers, transceivers, modulators, demodulators, attenuators, frequency synthesizers and voltage-controlled oscillators (VCOs). The Company’s MCM product line includes PA modules, active antenna products, voltage controlled oscillators (VCOs), phase-locked loops (PLLs), coaxial resonator oscillators (CROs), active mixers, hybrid amplifiers, power doublers and optical receivers. The Company’s passive components include splitters, couplers, mixers, transformers, isolators and circulators, which are used primarily in wireless infrastructure and cable television set-top box applications.