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For first-quarter 2008, Hittite Microwave Corp of Chelmsford, MA, USA, which designs and supplies RF, microwave and millimeter-wave ICs, modules and subsystems, has reported revenue of $43.3m, up 19.2% on $36.3m a year ago and 1.9% on $42.5m last quarter. Of total revenue, 42% came from the USA and 58% from outside the USA (up from 54% last quarter).

Gross margin has fallen slightly again, from 71.3% a year ago and 70.8% last quarter to 70.1%. Net income was $13m, up from $12m a year ago but down on $13.4m last quarter. Nevertheless, total cash and short-term investments rose by $16.5m to $181.2m during the quarter.

“During the quarter we introduced our 17th product line, launched 12 new products and published our 13th annual designers' guide,” says chairman and CEO Stephen Daly. “We believe our growth and expansion will continue as we move into 2008.”

For second-quarter 2008, Hittite expects slight rises in both revenue (to $44-45m) and net income (to $13.2-13.6m).

*Also, to offset share dilution attributable to equity-based awards that have been made since the initial public offering in 2005, Hittite’s board of directors has authorized a stock repurchase program that authorizes the repurchase of up to 1.7 million shares over a period of three years and authorizes offsetting future equity grants with additional stock repurchases.

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