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Hittite Microwave Corporation (NASDAQ:HITT)

Q4 2013 Earnings Call

February 6, 2014 5:00 PM ET

Executives

William Boecke – VP, CFO and Treasurer

Rick Hess – CEO and President

Analysts

Mark Delaney – Goldman Sachs

David Wong – Wells Fargo

Erik Rasmussen – Stifel Nicolaus & Co.

Tom Diffely – D.A. Davidson & Co.

Quinn Bolton – Needham and Company

Ben Z. Rose – Battle Road Research

Tore Svanberg – Stifel Nicolaus & Co.

Operator

Good day, ladies and gentlemen, and thank you for standing by. Welcome to the Hittite Microwave Corporation’s Fourth Quarter 2013 Conference Call. During today’s presentation all parties will be in a listen-only mode. Following the presentation the conference will be opened up for questions. (Operator Instructions). This conference is also being recorded today at February 6, 2014.

I would now like to turn the conference over to Rick Hess, President Chief Executive Officer and Bill Boecke, Vice President and Chief Financial Officer. Please go ahead.

William Boecke

Thank you. Ladies and gentlemen, good afternoon, and welcome to Hittite Microwave Corporation’s fourth quarter 2013 conference call.

Before we begin the discussion I would like to review the Safe Harbor statement. Please note that statements made in this conference call about Hittite’s future expectations, plans and prospects constitute forward-looking statements for the purposes of the Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995.

Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors. For information about these factors, I refer you to the earnings release that we issued earlier today and to our most recent Form 10-K and 10-Q filed with the Securities and Exchange Commission.

The earnings release along with other financial and statistical data that we may discuss on the call and copies of our SEC reports are available at the Investor Relations section of our website at www.hittite.com. You may also obtain copies of our SEC reports and a copy of our press release furnished under Form 8-K from the SEC’s website at www.sec.gov.

I would now like to turn the discussion over to Rick Hess.

Rick Hess

Thank you Bill and good afternoon to everyone. I will review our Q4 performance and give some highlights of the quarter. Bill will then go through the details of the financial results for Q4 and 2013 and I will end with an outlook and discussion of Q4, 2014.

Hittite delivered revenue of $68.8 million in Q4, slightly above our guidance. Our revenue for the quarter had significant shifts between markets. We are very pleased to see that the much anticipated start to grow the cellular infrastructure market materialized in Q4. We also saw double-digit growth in the Microwave communication business largely driven by market share gains due to the differentiation of our new products.

As discussed on the October call we’re expecting an impact to our military turns business from the government shut down and general instability of that market. The result was that this business decreased more than we anticipated along with the continued slowdown in the test and measurement market. We are pleased that the growth in the communications market is happening and that this made up for the difference in the design wins for our new products that we’ve released and moving the volume production. Which look forward to continued growth in these markets as well as return to growth in the defense and test and measurement markets.

Net income for the quarter was $16.5 million representing a 6.7% decrease from Q4 of 2012. The decrease in net income was driven by gross margin at the lower end of our range. This was caused by several military development programs that carry lower margins and product and market mix that substantially changed in Q4, from Q3 and prior periods.

We continue to manage OpEx consistent with our revenue while supporting our continued investment in new products. Earnings were $0.53 per diluted share for the quarter. We continued to generate strong cash flows from the business and for the fourth quarter net cash flow was $15.5 million.

The Board of Directors and the management team are very confident in our business model and the future growth of the company. As a result the Board of Directors has approved the initiation of a quarterly cash dividend of $0.15 per share payable on March 27, 2014 to shareholders of record as of the close of business on March 4, 2014. Our operating model provides the financial foundation to support both of dividend and our growth plans. We’re pleased that we can provide a regularly quarterly dividend while maintaining a strong balance sheet.

On a geographic basis 41% of our fourth quarter revenue was from domestic customers and 59% from international customers. Domestic revenue was down 6.4% year-on-year and 4.7% sequentially. International revenues were up 5.7% year-on-year and 3.7% quarter-over-quarter. In the fourth quarter three of our eight markets accounted for approximately 76% of our total revenue which is similar to last quarter. These markets are military, microwave and millimeterwave communications and cellular. The remaining market’s test and measurement automotive, broadband, fiber optic and space accounted for 24% of our revenue.

Q4 revenues in the cellular infrastructure, microwave communications, fiber optic, space and automotive markets showed sequential growth. Military, test and measurement and broadband were down sequentially. In Q4 we reorganized Hittite to align our business to better match our customers and markets and create an organization that can better scale as we grow. We’ve added four executives to the management team since Q3, bringing significant talent and industry experience to the company.

I believe that with the new structure and team in place we’ve positioned Hittite to grow to the next level. We have several highlights in Q4 and I will mention a few of them here. Hittite delivered its first space qualified wide band phase locked oscillators to a major OEM customer. We begin high volume production of new integrated cellular transceivers to Tier one customers. We launched the design win and started shipments for mixer in a Tier One cellular OEM for TV LTE market in China. We received major design wins at Tier One microwave radio manufacturers for 28 gigahertz and 38 gigahertz chipsets. We achieved design wins of a new power detector at two Tier One customers.

In Q4, we received a joint innovation award from Huawei for our continued collaboration with their design team. We also have been awarded the Boeing Performance Excellence Award for 2013. Based on our new products and designing status I continue to be encouraged about our future growth prospects.

I will now turn the call over to Bill Boecke, our Chief Financial Officer to give you a deep review of Q4 financial performance.

William Boecke

Thank you, Rick. The key financial highlight point for this quarter are revenues of $68.8 million, a slight increase sequentially and year-over-year; gross profit margin of 67.3%; operating profit margin of 36.3%; net income of $16.5 million or $0.53 per diluted share; positive cash flow of $15.2 million and an ending cash balance, including short-term investments of $473 million; a return on capital employed of 41.1% on an annualized rate; and initiation of a quarterly dividend of $0.15 per share.

In the fourth quarter of 2013, our revenue was $68.8 million, an increase of $38,000 from the prior quarter, Q3, 2013 and an increase of $260,000 over the prior year, Q4, 2012. As Rick mentioned this sequential change was due primarily to growth in our cellular and millimeterwave communications market, offset by weaker demand in military and test and measurement. Additionally we experienced growth in the automotive, fiber optic and space markets. The quarterly revenue was slightly higher than our guidance.

Gross profit and margin for the quarter was $46.3 million and 67.3%, respectively compared with 71.2% in the prior quarter and 73.3% in the prior year. The sequential 390 basis point decline in gross margin was attributable to an unfavorable mix and product and market demand and the impact of several military development contracts which carry a low margin.

The gross margin was at the low end of our normal operating range. The shift in mix occurred during the quarter in our turns business and impact that is more than we originally anticipated. The little margin development contracts are projects we choose to participate in. These development programs offer us the potential to grow into the future production programs with higher margins that align with our targets.

R&D expense for the quarter was $11.8, was 17.2% of revenue compared with $12 million in the prior quarter and $12.4 million in the prior year. The decrease in cost sequentially is attributable primarily to personnel related cost in the quarter, offset slightly by an increase in R&D materials and equipment cost. The R&D cost represents our continued investments in the development of new products and product lines, a principal long-term growth driver for our company.

Sales and marketing expense in the quarter was $6.1 million, or 8.9% of revenue compared with $5.6 million in the prior quarter and $6.3 million in the prior year. The increase in cost sequentially is attributable to personnel and other cost. General and administrative expenses in the quarter was $3.4 million or 4.9% of revenue compared with $3.3 million in the prior quarter and $3.5 million in the prior year. The resulting operating income and margin for the quarter was $25 million or 36.3% compared to 40.7% in the prior quarter and 40.8% in the prior year.

Operating income for this quarter includes equity compensation expense of $1.9 million and intangible asset amortization expense of $600,000. Our markets change constantly and we continue to manage our business to maximize our financial results over the cycles of our business. The provision for income taxes in the quarter was $8.4 million, an effective rate of 33.6%. The effective tax rate was impacted by a favorable mix of our international business. In 2014 we expect our effective tax rate will be approximately 34%.

Net income in the fourth quarter was $16.5 million or $0.53 per diluted share, an 11.8% decrease in the prior quarter and 6.7% decrease in the prior year. The net earnings were slightly below our guidance. For the year 2013, revenues were $273.8 million, a 3.6% increase over the prior year 2012. Gross profit and margin was $194.8 million or 71.1% respectively compared with gross margin of 73.7% in 2012. The change in gross margin year-over-year was primarily attributable to unfavorable pricing, product and market mix, partially offset by favorable costs.

The total operating expenses were $87.1 million or 31.8% of revenue, a decrease of $700,000 compared to $87.8 million in 2012. Total R&D expense was $49.8 million or 18.2% compared with $49.2 million in ‘ 12.

Sales and marketing expense was $23.5 million, 8.6% compared with $24 million in the prior year. G&A expense was $13.9 million or 5.1% compared with $14.6 million in the prior year. 2013 tax provision is 34.3% compared with 36.1% in the prior year. Net income for 2013 was $70.9 million or $2.28 per diluted share compared with $68.6 million or $2.22 per diluted share in the prior year.

At December 31, 2013 our backlog was $60.5 million. In review of our financial position at December 31, 2013, total assets were $656 million, a net increase of $14.2 million from the prior quarter September 30, 2013. The increase in total assets in the quarter was primarily cash and investments. A closer analysis of our financial position, total cash and short-term investments at December 31 was $472.5 million, an increase of $15.2 million from the prior quarter. The increase in cash is comprised primarily of $20.2 million of positive cash flows from operations offset by $1.5 million of CapEx and $3.5 million in net tax payments related to equity compensation.

Our cash is held primarily in United States and invested primarily in short-term U.S. government securities. Total accounts receivable was $36.2 million and represents approximately 47 day sales outstanding, comparable to prior quarters.

Net inventory was $76 million, a net decrease of $1.7 million from the prior quarter. Inventory turns for Q3 were approximately 1.2 times on an annual basis comparable with prior quarters. Excluding the advanced buy inventory our turns will be 2.4 times. As we continue to look this inventory level down we expect to see our total returns, return to our model of greater than three times annually.

CapEx in the quarter was $1.5 million and total fixed assets at December 31st was $39.1 million. From the perspective of the financial returns our return on assets and our return on equity were approximately 10% for the quarter and approximately 12% the full year. Our return on capital employed was 41% for the quarter and 46% for the full year.

As Rick stated in the first quarter of 2014 our Board of Directors approved the initiation of a quarterly dividend of $0.15 for shareholders of record on March 4, 2014 and payable on March 27, 2014. We are confident in our business and our management and Board of Directors recognize our responsibility and our commitment to our shareholders, many of whom had been with us since our IPO in 2005.

I’ll now turn the conversation back over to Rick.

Rick Hess

Thank you Bill. Q1 guidance Hittite Microwave Corporation expects net revenue in the first quarter ending March 30, 2014 to be in the range of $67.5 million to $69.5 million and net income to be between $15.3 million and $16.5 million or $0.49 to $0.53 per diluted share. Our Q1 forecasted net income is based on three or four factors.

First, estimated gross profit margin similar to Q4; second, in Q1 we expect operating expenses to be slightly higher than Q4; and third, as Bill pointed a tax rate of approximately 34%. Q1 we expect the cellular infrastructure business to continue to grow with the continued LTE rollout in China. We see the Microwave backhaul market start to show some growth. We see continued softness in the test and measurement market and we are seeing signs of the military business as returning to a more stable condition since the U.S. budget has been approved. But the impact of this to revenue will not be seen substantially in Q1.

We will continue to invest in our new product development and expanding our penetration in to new products and new markets and remain excited about the future growth of the company. I would now like to invite our listeners to ask questions.

Question-and-Answer Session

Operator

Thank you sir. (Operator Instructions). And our first question comes from the line of Mark Delaney with Goldman Sachs. Please go ahead.

Mark Delaney – Goldman Sachs

Thanks very much for taking the question. I am hoping you can help us to better understand the gross margin weakness and the nearly 400 basis point quarter-to-quarter decline in gross margin. Are you guys able to quantify how much of that quarter-to-quarter decline was due to mix, how much was due to the impact from the development contracts and then how much if any was due to outright pricing pressure?

William Boecke

The mix was a little bit more than half of that. The developing contracts was the balance and pricing pressure was relatively normal or typical for the quarter.

Mark Delaney – Goldman Sachs

Okay that’s helpful. Thank you, Bill. And then for my follow-up question, the military development contracts how should we think about that impacting your revenue into 2014, meaning how long should this drag to margins from the military development contracts continue? Thank you.

Rick Hess

Mark this is Rick. There will be some continued cost impact in Q1 and may be a little bit in Q2 but we see a tapering off as we go into 2014. We do have these programs running but we just had in these couple of quarters more than normal running to cost of goods sold. So it should get back to a more normal level as we get into 2014.

Mark Delaney – Goldman Sachs

Thank you for that Rick and may be just my last one and then on this general topic and then I’ll turn it over. Is the high 60 to low 70s still the right long-term gross margin level for us to be thinking about?

William Boecke

Mark absolutely I mean in the past we’ve seen we’ve been able to reach the 73. It’s been a while since we’ve been down as low as 68. But the right way to think about over the business cycle is between 68% or so and then 73%, 74% or so.

Mark Delaney – Goldman Sachs

Thank you and good luck.

Rick Hess

Thanks Mark.

Operator

Thank you. And our next question comes from the line of David Wong with Wells Fargo. Please go head.

David Wong – Wells Fargo

Thank you very much. So I think you mentioned you are setting a dividend now. Do you have a – what are your long-term parameters on how you will be changing dividend going forward? Do you have a target payout of free cash flow or how will you be making these decisions?

Rick Hess

We do not have a target payout at this point. We are starting with $0.15 a quarter. And then we’ll just go from there. And then once a period the Board will evaluate make a decision each time.

David Wong – Wells Fargo

Okay, right. And looking forward through this year you’ve given us some guidance for the first quarter. Do you expect to be holding your R&D roughly where it is in the first quarter through the year or will it run steadily do – how do you expect your cost to progress as the year goes?

William Boecke

The R&D – David, we remain basically confident in Q1. We will ramp R&D through the year as our revenue grows. But it will be held basically constant and we’ll manage the OpEx in Q1 similar to where was in Q4 little higher.

David Wong – Wells Fargo

Okay, great. Thanks very much.

Operator

Thank you and our next question comes from the line of Tore Svanberg with Stifel Nicolaus. Please go head.

Erik Rasmussen – Stifel Nicolaus & Co.

Yeah hi it’s Erik Rasmussen calling in for Tore. Very nice to hear the dividend. The gross margin, it sounds like it’s more of an impact from one particular part of your business and it’s not a real change to your long-term model. But what gives you the confidence that this is in something little bit more sustainable at long term?

William Boecke

I think it’s fair to say that from time-to-time you could see this. And again I think the right way to look at it is our range should be somewhere in the high 60s to the low 70s. During periods of high growth we’ll see favorable mix pricing and cost we’ll see the margins up around 73% or so. And then during periods when we have lower growth or the factors all turn unfavorable for us you will see the margins back down to around where they are now about 68% or so percent.

Erik Rasmussen – Stifel Nicolaus & Co.

Okay, that’s helpful. And it looks like the cellular business is picking up nice at least it’s picking up I don’t about nicely but it is picking up and you are starting, some of the LTE China wins there, is this at a sustainable level now and you think things have bottomed, where we’re going to see nice growth and how does that look for the year?

Rick Hess

We definitely see growth through the year certainly with the LTE China rollout and we’re seeing signs that is continuing and again we will watch that through the year to see how it goes. There is also some good movement in the U.S. so we’re seeing nice growth in that marketplace and again we have very strong design wins there. So we’re feeling good about that market.

Erik Rasmussen – Stifel Nicolaus & Co.

Great thanks so much.

Operator

Thank you. And our next question comes from the line of Tom Diffely with D.A. Davidson & Company. Please go head.

Tom Diffely – D.A. Davidson & Co.

Yes good afternoon. May be a quick question on the test and measuring market. Testing companies after having a really tough fourth quarter seem to be talking a little more possibly about the business and think that Q2 will be a nice quarter for them. Does that corresponds to what you’re seeing as far as the T&M market as well may be a soft first quarter but things picking up in the second?

Rick Hess

We definitely grew the softest quarter and we haven’t seen large signs but our customers are indicating the same thing that they do expect 2014 will pick up but we don’t know the exact timing of that yet. So we’re being cautious about it until we actually see growth in that market but we do expect in a long term that market will get stronger as we go on.

Tom Diffely – D.A. Davidson & Co.

Okay. And it also seems like in that market a lot of the business that the testing guys have is kind of centered around the second and third quarter. So I am curious do you think you are going to see more seasonality in your business going forward?

Rick Hess

We don’t really see a lot of seasonality in our business being more infrastructure based, it’s more capital spend based than it is seasonal. And I am not sure I would say that in the test and measurement market that we saw same seasonality in that market. So I don’t think that that’s something that we have recognized.

Tom Diffely – D.A. Davidson & Co.

Okay. And finally on the taxes you said 34%. First of all is that kind of long term tax rate for you and second question would be does that have any impact from the R&D tax credit if there is one?

Rick Hess

That tax rate is for the next year. As we go forward we expect to see our tax rate come down further as a result of our international restructuring.

Tom Diffely – D.A. Davidson & Co.

Okay.

Rick Hess

The R&D tax credit has expired and we are waiting until we see renewal. So I believe for 2014 it is not considered.

Tom Diffely – D.A. Davidson & Co.

Okay. Thank you.

Operator

Thank you and our next question comes from the line of Quinn Bolton with Needham and Company. Please go ahead.

Quinn Bolton – Needham and Company

Hi guys. I jumped on later I apologize if you’ve probably address this to some degree, but the gross margin drag from the development contract it sounds like that might have been about half of the margin in the December quarter. Can you just talk sort of from a revenue perspective I mean you’ve done development contracts in the past and it doesn’t, at least in the recent doesn’t seem to have this level of impact.

So is the revenue associated with this particular development contracts larger than what you’ve historically seen or is the margin associated with these particular programs lower than normal?

Rick Hess

I think it’s a mix of all the above probably. Certainly we are doing more of this development contract I think that’s again a very positive thing that we have more contracts going through right now. So and because of that, the revenue from these contracts is a little larger and again it’s lumpy. So this was a quarter that the revenue from development contracts was little larger so it had a bigger impact and again we see that as a positive sign as more opportunity for us in these businesses.

Now as we have said in the past, it takes a couple of years until these programs ramp into production so we won’t see the impact on the positive side but these are the kind of investments that we make and we decided to make in again we feel confident and good about these investments even though it does have a short-term impact on margin.

Quinn Bolton – Needham and Company

Can we think if the development revenue is perhaps larger now is the ultimate production contract perhaps larger than what you’ve taken in the past realizing that you may not generate, see that revenue for a couple of years?

Rick Hess

Again I think there is more of them, I wouldn’t necessarily say that by themselves they are much larger than what we have seen in the past but we are doing more contracts with more customers than we have in the past. So we spread into more customers I think that’s probably the biggest impact and there is a lot of that, there are a few more of these programs running than we probably have seen in years past.

Quinn Bolton – Needham and Company

Okay. Thank you.

Operator

(Operator Instructions). And our next question comes from the line of Ben Rose with Battle Road Research. Please go ahead.

Ben Z. Rose – Battle Road Research

Good afternoon. A couple of questions Rick I know that you mentioned the military turns business being kind of weak this quarter. But do you have a sense that it may be leveling out? Do you have a sense as to whether it might begin to turnaround as soon as the second quarter?

Rick Hess

It’s too early to tell whether it’s going to turnaround, again indications are that our customers are feeling much better and much more secure now about the future and kind of projection of what the markets going to do. So I would expect that will start to come back but exactly when it’s hard for us to predict at this time, but it’s certainly possible that it could happen in Q2.

Ben Z. Rose – Battle Road Research

And on the international front, I know you mentioned international was up 5.7% this year. Was Europe in aggregate up or down?

Rick Hess

Europe was down a little bit. We did have and that’s sequential and Q3 was pretty strong in Europe. So I wouldn’t say there is a big factor there one way or the other but I would say Europe is probably in the long range pretty consistent for us.

Ben Z. Rose – Battle Road Research

Okay. And then finally sorry in terms of the wording that you had in the press release on the dividend, I was little confused as to whether the variable going forward was the amount of the dividend or whether the first quarter dividend was sort of a onetime event and you would need to consider other factors as to whether you would continue with in the future?

Rick Hess

No, the dividend is for quarterly and it was set for $0.15 in this quarter and then we would review and approve and make a decision as we go forward.

Ben Z. Rose – Battle Road Research

But it would seem likely that it would continue throughout the year?

Rick Hess

Yes.

Ben Z. Rose – Battle Road Research

Okay. Great. Okay. Thank you.

Rick Hess

Thank you Ben.

Operator

Thank you and we have a follow up from Tore Svanberg with Stifel Nicolaus. Please go ahead.

Tore Svanberg – Stifel Nicolaus & Co.

Yes. Thank you. I was hoping Bill you could update us a little bit on your inventory translation program, please?

William Boecke

Sure. So we think we’ve peaked in our purchasing of inventory in that project and actually what we are seeing now is a little bit of receding from the high point that we saw in Q3. So the inventory was down about $1.7 million. And I think as we go forward, it will continue to come down probably slowly but it will continue to come down and then over the next one or two, three years as we exhaust it, it should come back down into the normal levels that we experienced in the past.

Tore Svanberg – Stifel Nicolaus & Co.

Very good and not to continue to beat on the gross margin here, but you expect it to come back in the second half, but should we expect a gradual return or is it going to be a sort of a snap back in one quarter?

William Boecke

I think it’s going to be little more gradual Tore. I mean if it was just one or two contracts, I could easily predict when it would snap back. But I think because some of this is driven by mix, I don’t always have that much visibility as we go out beyond one quarter, but I do have obviously confidence in our business and I think we will, I am convinced we’ll get back to that, but I think it’s going to take a little bit of time. So I am predicting a slow return back toward the normal margins.

Tore Svanberg – Stifel Nicolaus & Co.

Very good and last question I don’t know if you already addressed this, but given that some of the development costs are falling into COGS, will there be any impact on OpEx at all or will it sort of be just a stable growth that we have seen in the past?

William Boecke

Stable growth as we have seen in the past.

Tore Svanberg – Stifel Nicolaus & Co.

Okay. Very good. Thank you very much.

William Boecke

Thank you Tore.

Operator

Thank you. And we have another follow up question with of Mark Delaney with Goldman Sachs. Please go ahead.

Mark Delaney – Goldman Sachs

Thanks for taking the follow up question. First on the backlog in your press release, you talked about the backlog coming down to a little over to $60 million I think it was $67 million the year prior. So can you help us think about the schedule for when that backlog return to revenue and any implications for what that might mean for your 2014 growth potential versus 2013?

Rick Hess

The principle reason why the backlog came down about $7 million Mark is primarily our business is seeing shorter lead times. So a lot of customers are not placing contracts or orders with us in longer periods of time. So we are seeing more and more of our lead times shortened. So as a result of that the backlog has come down a little bit, but I don’t think it’s indicative of decline in our business.

Mark Delaney – Goldman Sachs

Okay. And then one more margin question from me. In your prepared remarks, Rick you mentioned that you had some new products shipping into the cellular market and into the microwave market in that, those are some of the markets that are also growing fastest. And I am just trying to understand do the new products that you are launching have lower gross margins associated with that and is there any risk if you get more growth from those new products that there is risk of further sequential decline below 67%% in your gross margins for a short period of time?

Rick Hess

Generally when we introduced new products they start at actually at very high margins and then work down over time as the products mature. And that does vary from product-to-product and different kinds of products and again depending on what market it’s launching into. But we don’t see that as a major concern. Clearly we are very excited about the growth in cellular market and we do have a lot of good variety of products we’re introducing into that market.

And again they have different margins but that’s not a major concern from that point of view. And we do have from time to time product that we introduced that as it ramps up that we have some issues with it. But again that’s a rare occurrence.

Mark Delaney – Goldman Sachs

Okay, thank you.

Operator

Thank you. And we have another follow up question from Ben Rose with Battle Road Research. Please go head.

Ben Z. Rose – Battle Road Research

Yes, hi. Either for Rick or Bill with respect to customer concentration in 2013, was it meaningfully different than it was in 2012 and is there any way you might be able to give some color with regard to your largest customer?

Rick Hess

Concentration was very similar in ‘13 as it was in ‘12. Again our largest customer was over 10% and down slightly from the percentage that it was in 2012.

Ben Z. Rose – Battle Road Research

Okay, great. Thank you.

Operator

(Operator Instructions). And I am showing no questions in the queue. I would like to turn the call back over to Rick Hess for closing remarks.

Rick Hess

Thanks. In closing I would like to thank the employees for their support and for delivering a solid quarter and as well setting the stage for additional future success and growth. Thanks everybody.

Operator

Ladies and gentlemen this concludes the Hittite Microwave Corporation’s fourth quarter 2013 conference call. Thank you for your participation. You may now disconnect.

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