TRIQUINT SEMICONDUCTOR, INC. ANNOUNCES FIRST QUARTER REVENUE GROWTH
 

Hillsboro, Oregon – April 25, 2006 – TriQuint Semiconductor, Inc. (Nasdaq: TQNT), a supplier of high performance products for communications applications, today reported its financial results for the quarter ended March 31, 2006.

Summary Financial Results and Highlights for the Quarter Ended March 31, 2006:

• Revenues from continuing operations for the first quarter ended March 31, 2006, totaled $87.9 million, an increase of 31% from the first quarter of 2005 and an increase of 4% from the previous quarter.
• Net income for the first quarter of 2006 was $2.2 million including equity compensation expense of $2.3 million. Earnings for the first quarter of 2006 were $0.02 per diluted share. Our results for the quarter ended March 31, 2006, reflect the effect of the adoption of Statement of Financial Accounting Standards (“SFAS”) No. 123(R), which became effective for our company on January 1, 2006. Excluding our SFAS No. 123(R) expense of $2.3 million, our earnings for the quarter ended March 31, 2006, improved to $0.03 per diluted share.
• Gross margin for the quarter ended March 31, 2006, equaled 30.3%, including equity compensation expense, and 31.1%, without equity compensation expense, up 2.4% from gross margin of 28.7% in the fourth quarter of 2005. This increase was primarily due to yield improvements.
• Operating expenses for the first quarter of 2006 were $25.4 million including equity compensation expense of $1.5 million. Excluding equity compensation expense, our operating expenses for the first quarter of 2006 were $23.9 million, an increase of $2.2 million from the fourth quarter of 2005. The increase was due to increases in research and development spending of $1.8 million and sales, general and administrative spending of $0.4 million.
• Cash, cash equivalents and short and long term marketable securities were $392.0 million as of March 31, 2006, compared to $406.7 million as of December 31, 2005. Cash flow from operations for the first quarter of 2006 was $1.6 million. During the quarter we repurchased $4.7 million of stock, made a $3.8 million payment related to our 2005 acquisition of TFR Technologies, Inc., and acquired $10.4 million in capital assets. Depreciation and amortization expense was $8.0 million. EBITDA was $9.2 million and pro forma EBITDA, excluding equity compensation expense was $11.5 million.
• We continued our strong bookings during the quarter with a book-to-bill ratio of 1.2 to 1.0 for the quarter ended March 31, 2006.

Commenting on the results for the quarter ended March 31, 2006, Ralph Quinsey, President and CEO, stated, “In the first quarter of 2006, we reached the high end of our revenue guidance and exceeded our earnings guidance. The favorable results validate our progress towards our long term goals of innovation, profitable growth and market share gains in our target markets. Due to our new product success our revenue outlook for 2006 is improving. I am also pleased to report that we have received the Preferred Supplier Platinum Award from Lockheed Martin. This prestigious award is made only to Lockheed Martin suppliers who distinguish themselves by meeting some of the most stringent performance criteria in the aerospace industry. We are honored to be a recipient.”

Outlook for the Second Quarter of 2006:

Revenues for the second quarter of 2006 are expected to increase 8% to 10% from the first quarter of 2006 due to increased sales of wireless phones and broadband products. Gross margin is expected to improve due to increased capacity utilization and yields partially offset by increased operating expenses. We are projecting earnings per share for the second quarter of 2006 to range from $0.01 to $0.02 per diluted share including equity compensation expense of approximately $2.6 million. Excluding equity compensation expense charges associated with SFAS No. 123(R), we are projecting earnings of $0.03 to $0.04 per diluted share.

Outlook for 2006:

Revenues for 2006 are expected to increase 34% to 37% over 2005 revenues. Earnings per share for 2006 including equity compensation expense are expected to be $0.08 to $0.13 and $0.16 to $0.20 excluding equity compensation expense.

Conference Call:

TriQuint will host a conference call this afternoon at 2:00 p.m. PDT to discuss the results for the quarter as well as our future expectations for the Company. The call can be heard via webcast accessed through the “Investors” section of TriQuint’s web site: www.triquint.com, or through www.Vcall.com. A replay will be available for 7 days by dialing (303) 590-3000, passcode 11053840#.

Non-GAAP Financial Measures:

This press release provides financial measures for net income and earnings per diluted share that exclude equity compensation expense and the related tax effects, and are therefore not calculated in accordance with accounting principles generally accepted in the United States (“GAAP”). Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance that enhances management’s and investors’ ability to evaluate the company’s operating results and to compare current operating results with historical operating results prior to the adoption of Statement of Financial Accounting Standards No. 123(R), Share-Based Payments.

Forward Looking Statements:

This press release contains forward-looking statements made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Readers are cautioned that forward-looking statements such as statements of TriQuint’s projected revenues, growth rates, gross margins, operating expenses, operating results, and earnings per share for the second quarter of 2006, the revenues, profitability and focus for the remainder of 2006 and its product strategies are statements that involve risks and uncertainties. The cautionary statements made in this release should be read as being applicable to all related statements wherever they appear. Statements containing such words as “anticipates,” “believes,” “estimates,” “expects,” “hopeful,” “intends,” “plans,” “projects,” or similar terms are considered to contain uncertainty and are forward-looking statements. A number of factors affect TriQuint’s operating results and could cause its actual future results to differ materially from any results indicated in this press release or in any other forward-looking statements made by, or on behalf of TriQuint, including those related to TriQuint’s projections for 2006. TriQuint cannot provide any assurance that future results will meet expectations. Results could differ materially based on various factors, including TriQuint’s performance; demand for its products; ability to develop new products; improve yields, maintain product pricing, reduce costs, and win customers; internal operating results; and market conditions. In addition, historical information should not be considered an indicator of future performance. Additional considerations and important risk factors are described in TriQuint’s reports on Form 10-K and 10-Q and other filings with the Securities and Exchange Commission. These reports can be accessed at the SEC web site, www.sec.gov.

A reader of this release should understand that it is not possible to predict or identify all risk factors and should not consider the list to be a complete statement of all potential risks and uncertainties. TriQuint does not assume the obligation to update any forward-looking statements.

About TriQuint:

TriQuint Semiconductor, Inc. (Nasdaq: TQNT) is a leading supplier of high performance modules, components and foundry services for the world’s leading communications companies. The Company’s focus is on the specialized expertise, materials and know-how of radio frequency (RF) and other high intermediate frequency applications. The Company enjoys diversity in its markets, applications, products, technology and customer base. Markets include wireless handsets, broadband communications, wireless base stations and military systems. TriQuint provides customers with standard and custom products as well as foundry services. The Company’s products are designed on various wafer substrates including compound semiconductor materials such as gallium arsenide (GaAs) and piezoelectric crystals such as lithium tantalate (LiTaO3). The Company also uses a variety of process technologies using GaAs substrates including hetrojunction bipolar transistor (HBT) and pseudomophic high electron mobility transistor (pHEMT). Using various other substrates the Company also manufacture surface acoustic wave (SAW) and bulk acoustic wave (BAW) products. TriQuint customers include major communications companies worldwide. TriQuint has manufacturing facilities in Oregon, Texas, and Florida, as well as an assembly plant in Costa Rica, plus sales/application support offices in Asia and design centers in New England and Germany.

TriQuint is headquartered at 2300 NE Brookwood Parkway, Hillsboro, OR 97124 and can be reached at 503/615-9000 (fax 503/615-8900). Visit the TriQuint web site at http://www.triquint.com.

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