| ** **

** **

**UNITED STATES**                                                                                  |
|----------------------------------------------------------------------------------------------------------------------------|
| **SECURITIES AND EXCHANGE COMMISSION**                                                                                     |
| **Washington, D.C. 20549**                                                                                                 |
|                                                                                                                       |   |
| **FORM 10-Q**                                                                                                              |
| (Mark One)                                                                                                                 |   |
| **[X]   QUARTERLY REPORT  PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**               |
| For the quarterly period ended December 27, 2008                                                                           |
|                                                                                                                       |
| Or                                                                                                                         |
|                                                                                                                       |   |
| **[  ]  TRANSITION REPORT  PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934  ** |
| ** **                                                                                                                 | ** ** |
| For the transition period from_______ to_________                                                                          |
|                                                                                                                       |   |
| **Commission file number 0-22511**                                                                                         |
|                                                                                                                       |   |
| **RF Micro  Devices, Inc.**  (Exact name of registrant as specified in its charter)                                        |
|                                                                                                                       |   |
| **North Carolina**  (State or other jurisdiction of  incorporation or organization)                                        | **56-1733461**  (I.R.S. Employer     Identification No.) |
|                                                                                                                       |   |
| **7628 Thorndike Road****Greensboro, North Carolina**(Address of principal executive  offices)                             | **27409-9421**(Zip Code) |
|                                                                                                                       |   |
| **(336) 664-1233**  (Registrant's telephone number, including area code)                                                   |

 

Indicate by check markwhether the registrant (1) has filed all reports required to be filed bySection 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding12 months (or for such shorter period that the registrant was required to filesuch reports), and (2) has been subject to such filing requirements for thepast 90 days.                                                      Yes [X] No [  ]

Indicate by check mark whether the registrant is a large accelerated filer, anaccelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer,” “accelerated filer"and “smaller reporting company” in Rule 12b-2 of the Exchange Act.                                                                                                                                                
| Large accelerated filer  [X]                                      | Accelerated filer [   ]                                     |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                       |
| Non-accelerated filer [  ]  (Do not check if a smaller reporting company)                                                                                             | Smaller reporting company  [  ]                                  |

Indicate by check mark whether the registrant is a shell company (as defined inRule 12b-2 of the Exchange Act).  

Yes [  ] No [X]

 

As of January 30, 2009, there were 263,382,030 shares of the registrant’scommon stock outstanding.  

 

 

 

 

 

 

 

 

----

 

 

 

RF MICRO DEVICES, INC. AND SUBSIDIARIES

INDEX

 

** **
| **PART I-**        | **FINANCIAL INFORMATION**                                                                                                                                   | ** ** |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|
| ** **         | ** **                                                                                                                                                  | ** ** |
| **Item 1.**        | **Condensed Consolidated Financial  Statements.**                                                                                                           | **Page**   |
|               |                                                                                                                                                        |       |
|               |                                                                                                                                                        |       |
|               |     Condensed Consolidated  Balance Sheets as of December 27, 2008

    and March 29, 2008                                    |  

3  |
|               |                                                                                                                                                        |       |
|               |     Condensed Consolidated Statements  of Operations for the three months ended

    December 27, 2008 and December  29, 2007 |  

4  |
|               |                                                                                                                                                        |       |
|               |     Condensed Consolidated  Statements of Operations for the nine months ended

    December 27, 2008 and December  29, 2007  | 5          |
|               |                                                                                                                                                        |       |
|               |     Condensed Consolidated  Statements of Cash Flows for the nine months ended

    December 27, 2008 and December  29, 2007  |  

6  |
|               |                                                                                                                                                        |       |
|               |     Notes to Condensed  Consolidated Financial Statements                                                                                    | 7          |
|               |                                                                                                                                                        |       |
| **Item 2.**        | **Management's Discussion and  Analysis of Financial Condition and Results of Operations.**                                                                 | 19         |
|               |                                                                                                                                                        |       |
| **Item 3.**        | **Quantitative and Qualitative  Disclosures About Market Risk.**                                                                                            | 27         |
|               |                                                                                                                                                        |       |
| **Item 4.**        | **Controls and Procedures.**                                                                                                                                | 27         |
|               |                                                                                                                                                        |       |
| ** **         | ** **                                                                                                                                                  | ** ** |
| **PART II -**      | **OTHER INFORMATION**                                                                                                                                       | ** ** |
| ** **         | ** **                                                                                                                                                  | ** ** |
| **Item 1A.**       | **Risk Factors.**                                                                                                                                           | 28         |
| ** **         | ** **                                                                                                                                                  | ** ** |
| **Item 5.**        | **Other Information.**                                                                                                                                      | 29         |
| ** **         | ** **                                                                                                                                                  |       |
| **Item 6.**        | **Exhibits.**                                                                                                                                               | 30         |
| ** **         | ** **                                                                                                                                                  | ** ** |
| **SIGNATURES.**    | ** **                                                                                                                                                  | 31         |
| ** **         | ** **                                                                                                                                                  |       |
| **EXHIBIT INDEX.** | ** **                                                                                                                                                  | 32         |

**                                                                                                                              **

** **

 

 

 

 

 

 

 

 

 

 

 

| 2 |
|---|

 

----

PART I –FINANCIAL INFORMATION

ITEM 1.      

**RF MICRO DEVICES, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS**(In thousands) 
|                                                                                                                                                                                                                           | **December 27,**

**2008** | ** **      | **March 29,**

**2008** |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------|-----------------|-------------------------|
|                                                                                                                                                                                                                           | **(Unaudited)**            |            | ** **              |
| **ASSETS**                                                                                                                                                                                                                     |                       |            |                    |
| Current assets:                                                                                                                                                                                                                |                       |            |                    |
|         Cash and cash  equivalents                                                                                                                                                          |  $                    | 145,402    |                    |  $ | 129,750  |
|         Restricted cash                                                                                                                                                                     | 63                    |            | 504                |
|         Short-term  investments                                                                                                                                                             | 92,854                |            | 100,841            |
|         Accounts  receivable, less allowance of $511 and $797 as of

            December 27, 2008 and March 29, 2008,  respectively | 75,873                |            | 115,629            |
|        Inventories *(Note  3)*                                                                                                                                                                   | 151,290               |            | 190,753            |
|        Prepaid expenses                                                                                                                                                                          | 12,116                |            | 13,630             |
|        Other receivables                                                                                                                                                                         | 26,696                |            | 33,110             |
|        Current deferred  tax assets                                                                                                                                                              | 4,097                 |            | 35,058             |
|        Other current  assets                                                                                                                                                                     | -                     |            | 2,758              |
|    Total current assets                                                                                                                                                                                              | 508,391               |            | 622,033            |
|                                                                                                                                                                                                                           |                       |            |                    |
| Property and equipment, net of accumulated  depreciation of $448,290 at December 27, 2008 and $421,574 at March 29, 2008                                                                                                       | 337,849               |            | 430,237            |
| Goodwill *(Note 7)*                                                                                                                                                                                                            | 107,583               |            | 701,317            |
| Intangible assets, net *(Note 7)*                                                                                                                                                                                              | 127,939               |            | 205,072            |
| Long-term investments                                                                                                                                                                                                          | 19,343                |            | 26,336             |
| Non-current deferred tax  assets                                                                                                                                                                                               | 14,849                |            | 30,078             |
| Other non-current assets                                                                                                                                                                                                       | 5,314                 |            | 2,122              |
|    Total assets                                                                                                                                                                                                      | $                          | 1,121,268  |                    |  $ | 2,017,195  |
|                                                                                                                                                                                                                           |                       |            |                    |
| **LIABILITIES AND  SHAREHOLDERS’ EQUITY**                                                                                                                                                                                 | ** **                 | ** **      | ** **              |
| Current liabilities:                                                                                                                                                                                                           |                       |            |                    |
|         Accounts payable                                                                                                                                                                    | $                          | 49,708     |                    | $ | 78,674  |
|         Accrued  liabilities                                                                                                                                                                | 42,786                |            | 52,111             |
|         Other current  liabilities                                                                                                                                                          | 10,245                |            | 4,806              |
|    Total current  liabilities                                                                                                                                                                                        | 102,739               |            | 135,591            |
|                                                                                                                                                                                                                           |                       |            |                    |
| Long-term debt, net of unamortized discount of $6,738  at December 27, 2008 and $8,664 at March 29, 2008 *(Note 5)*                                                                                                            | 581,984               |            | 616,698            |
| Other long-term liabilities                                                                                                                                                                                                    | 28,098                |            | 26,269             |
|    Total liabilities                                                                                                                                                                                                 | 712,821               |            | 778,558            |
|                                                                                                                                                                                                                           |                       |            |                    |
| Shareholders’ equity:                                                                                                                                                                                                     |                       |            |                    |
| Preferred stock, no par value; 5,000 shares  authorized; no shares issued and outstanding                                                                                                                                      | -                |            | -             |
| Common stock, no par value; 500,000 shares authorized;  263,339 and 260,643 shares issued and outstanding at December 27, 2008 and  March 29, 2008, respectively                                                               | 958,133               |            | 955,390            |
| Additional paid-in capital                                                                                                                                                                                                     | 165,622               |            | 148,914            |
| Accumulated other comprehensive income, net of tax *(Note  4)*                                                                                                                                                                 | 236                   |            | 632                |
| Retained (deficit) earnings                                                                                                                                                                                                    | (715,544)                  |            | 133,701            |
|    Total shareholders’  equity                                                                                                                                                                                  | 408,447               |            | 1,238,637          |
|                                                                                                                                                                                                                           |                       |            |                    |
|    Total liabilities and  shareholders’ equity                                                                                                                                                                  | $                          | 1,121,268  |                    | $ | 2,017,195  |
|                                                                                                                                                                                                                                |                            |                 |                         |  |  |  |  |  |  |

Seeaccompanying Notes to Condensed Consolidated Financial Statements. 

| 3 |
|---|

----

 

 

**RF MICRO DEVICES, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS** (In thousands, except per sharedata)

(Unaudited)

 

##  

|                                                                                                                                                               | **Three Months Ended** |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------|
| ** **                                                                                                                                                         | **December 27, 2008**  | ** ** | **December 29, 2007** |
|                                                                                                                                                               |                   |   |   |
| Revenue                                                                                                                                                            |  $                | 202,025  |   |  $ | 268,182  |
|                                                                                                                                                               |                   |   |   |
| Operating costs and  expenses:                                                                                                                                     |                   |   |   |
|         Cost of goods  sold                                                                                                     | 163,613           |   | 197,872  |
|         Research and  development                                                                                               | 38,617            |   | 53,921  |
|         Marketing and  selling                                                                                                  | 15,511            |   | 14,371  |
|         General and  administrative                                                                                             | 10,613            |   | 11,015  |
|         Other operating  expense*(Notes 7 and 10)*                                                                              | 727,697           |   | 15,419  |
| Total operating costs  and expenses                                                                                                                      | 956,051           |   | 292,598  |
| Loss from operations                                                                                                                                               | (754,026)              |   | (24,416) |
|                                                                                                                                                               |                   |   |   |
|         Interest  expense                                                                                                       | (2,501)                |   | (2,639) |
|         Interest income                                                                                                         | 943               |   | 6,955  |
|         Gain on  retirement of convertible           subordinated notes *(Note 5)* | 10,667            |   | - |
|         Other (expense)  income                                                                                                 | (5,294)                |   | 1,654  |
|                                                                                                                                                               |                   |   |   |
| Loss before income  taxes                                                                                                                                          | (750,211)              |   | (18,446) |
|                                                                                                                                                               |                   |   |   |
| Income tax (expense)  benefit *(Note 6)*                                                                                                                           | (63,132)               |   | 3,369  |
| Net loss                                                                                                                                                           |  $                | (813,343) |   |  $ | (15,077) |
|                                                                                                                                                               |                   |   |   |
| Net loss per share *(Note  2)*:                                                                                                                                    |                   |   |   |
|         Basic                                                                                                                   | $                      | (3.09) |   | $ | (0.06) |
|         Diluted                                                                                                                 | $                      | (3.09) |   | $ | (0.06) |
|                                                                                                                                                               |                   |   |   |
| Shares used in per  share calculation:                                                                                                                             |                   |   |   |
|         Basic                                                                                                                   | 263,227           |   | 244,985  |
|         Diluted                                                                                                                 | 263,227           |   | 244,985  |
|                                                                                                                                                               |                   |   |   |
|                                                                                                                                                               |                   |   |   |
|                                                                                                                                                               |                   |   |   |
|                                                                                                                                                                    |                        |  |  |  |  |  |  |  |  |  |  |

 

See accompanying Notes toCondensed Consolidated Financial Statements.

 

| 4 |
|---|

----

 

 

 

**RF MICRO DEVICES, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**(In thousands, except per share data)

(Unaudited)

 

##  

|                                                                                                                                                               | **Nine Months Ended** |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------|
| ** **                                                                                                                                                         | **December 27, 2008** | ** ** | **December 29, 2007** |
|                                                                                                                                                               |                  |   |   |
| Revenue                                                                                                                                                            |  $               | 714,186  |   |  $ | 735,626  |
|                                                                                                                                                               |                  |   |   |
| Operating costs and  expenses:                                                                                                                                     |                  |   |   |
|         Cost of goods  sold                                                                                                     | 526,676          |   | 516,353  |
|         Research and  development                                                                                               | 135,034          |   | 150,421  |
|         Marketing and  selling                                                                                                  | 51,186           |   | 39,513  |
|         General and  administrative                                                                                             | 39,453           |   | 29,620  |
|         Other operating  expense *(Notes 7 and 10)*                                                                             | 774,611          |   | 17,788  |
| Total operating costs  and expenses                                                                                                                      | 1,526,960        |   | 753,695  |
| Loss from operations                                                                                                                                               | (812,774)             |   | (18,069) |
|                                                                                                                                                               |                  |   |   |
|         Interest  expense                                                                                                       | (7,765)               |   | (7,625) |
|         Interest income                                                                                                         | 4,329            |   | 24,754  |
|         Gain on retirement  of convertible           subordinated notes *(Note 5)* | 10,667           |   | - |
|         Other (expense)  income                                                                                                 | (3,783)               |   | 2,282  |
|                                                                                                                                                               |                  |   |   |
| (Loss) income before  income taxes                                                                                                                                 | (809,326)             |   | 1,342  |
|                                                                                                                                                               |                  |   |   |
| Income tax (expense) benefit  *(Note 6)*                                                                                                                           | (39,919)              |   | 21,645  |
| Net (loss) income                                                                                                                                                  |  $               | (849,245) |   |  $ | 22,987  |
|                                                                                                                                                               |                  |   |   |
| Net (loss) income per  share *(Note 2)*:                                                                                                                           |                  |   |   |
|         Basic                                                                                                                   | $                     | (3.24) |   | $ | 0.11  |
|         Diluted                                                                                                                 | $                     | (3.24) |   | $ | 0.10  |
|                                                                                                                                                               |                  |   |   |
| Shares used in per  share calculation:                                                                                                                             |                  |   |   |
|         Basic                                                                                                                   | 262,186          |   | 211,285  |
|         Diluted                                                                                                                 | 262,186          |   | 244,818  |
|                                                                                                                                                               |                  |   |   |
|                                                                                                                                                               |                  |   |   |
|                                                                                                                                                               |                  |   |   |
|                                                                                                                                                                    |                       |  |  |  |  |  |  |  |  |  |  |

 

See accompanying Notes toCondensed Consolidated Financial Statements.

 

** **

** **

** **

** **

** **

** **

| 5 |
|---|

 

----

 

 

 

**RF MICRO DEVICES, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

(In thousands)(Unaudited)
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | **Nine Months Ended** |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | **December 27, 2008** | ** ** | **December 29, 2007** |
| **Cash flows from operating  activities:**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                  |   |   |
| Net (loss) income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $                     | (849,245) |   | $ | 22,987  |
| Adjustments to reconcile  net (loss) income to net cash      provided by operating activities:                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                  |   |   |
|       Depreciation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 64,971           |   | 60,048  |
|       Amortization                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 24,425           |   | 7,207  |
|       Investment discount  amortization, net                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | (493)                 |   | (5,794) |
|       Excess tax benefit  from exercises of stock options                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | (275)                 |   | (6,185) |
|       Deferred income  taxes                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 32,214           |   | (24,181) |
|       Foreign currency  adjustments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 3,376            |   | (2,950) |
|       Acquired  in-process research and development cost                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 1,400            |   | 13,860  |
|       Loss on investment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | -                |   | 511  |
|       Goodwill  impairment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 608,966          |   | - |
|       Intangible  impairment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 64,203           |   | 1,221  |
|       Asset impairments  (including restructuring impairments)                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 71,423           |   | - |
|       Gain on retirement  of convertible subordinated notes                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | (10,667)              |   | - |
|       Loss on disposal  of assets, net                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 292              |   | 153  |
|       Share-based  compensation  expense                                                                                | 18,410           |   | 14,669  |
|       Changes in  operating assets and liabilities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                  |   |   |
|             Accounts  receivable, net                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 41,086           |   | 5,247  |
|             Inventories                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 39,070           |   | (8,086) |
|             Prepaid expense  and other current and non-current assets                                                                                                                                                                                                                                                                                                                                                                                                                                     | (1,953)               |   | 19,366  |
|             Accounts  payable and accrued liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                | (40,423)              |   | (996) |
|             Income tax  payable/recoverable                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 6,833            |   | (64) |
|             Other  liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 8,884            |   | 2,021  |
| Net cash provided by  operating activities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 82,497           |   | 99,034  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                  |   |   |
| **Investing activities:**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                  |   |   |
|         Purchase of  property and equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | (42,175)              |   | (88,486) |
|         Purchase of  intangibles                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | (375)                 |   | - |
|         Purchase of******Sirenza Microdevices, Inc. (Sirenza), net of cash acquired                                                                                                                                                                                                                                                                                                                                                                                                                                      | -                |   | (258,036) |
|                  Purchase of Universal Microwave Corporation  (UMC), net of cash acquired                                                                                                                                                                                                                                                                                                                                                                                   | (23,493)              |   | - |
|         Proceeds from  working capital refund from Filtronic PLC                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 3,619            |   | - |
|         Final retainer  received from sale of substantially all *Bluetooth*® assets                                                                                                                                                                                                                                                                                                                                                                                                                                  | 5,850            |   | - |
|         Proceeds from  sale of property and equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 1,316            |   | 157  |
|         Restricted cash  related to Filtronic purchase                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | -                |   | (10,378) |
|         Proceeds from  maturities of securities available-for-sale                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 122,936          |   | 303,601  |
|         Purchase of  securities available-for-sale                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | (110,516)             |   | (459,656) |
| Net cash used in  investing activities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | (42,838)              |   | (512,798) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                  |   |   |
| **Financing activities:**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                  |   |   |
|         Proceeds from  convertible subordinated debt offering, net of discount of              $8,250                                                                                                                                                                                                                                                                                                                                                                  | -                |   | 366,750  |
|         Proceeds from bank  loans                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | -                |   | 5,954  |
|         Payment of  convertible subordinated notes                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | (22,233)              |   | - |
|         Debt issuance cost                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | -                |   | (587) |
|         Payment of debt                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | (3,329)               |   | (3,083) |
|         Excess tax benefit  from exercises of stock options                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 275              |   | 6,185  |
|         Proceeds from  exercise of stock options, warrants and employee             stock purchases                                                                                                                                                                                                                                                                                                                                                                    | 2,744            |   | 3,939  |
|         Restricted cash                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 345              |   | -   |
|         Repayment of capital  lease obligations                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | (459)                 |   | (49) |
| Net cash (used in) provided  by financing activities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | (22,657)              |   | 379,109  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                  |   |   |
| Net increase (decrease) in  cash and cash equivalents                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 17,002           |   | (34,655) |
| Effect of exchange rate  changes on cash                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | (1,350)               |   | 920  |
| Cash and cash equivalents at  the beginning of the period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 129,750          |   | 228,940  |
| Cash and cash equivalents at  the end of the period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $                     | 145,402  |   | $ | 195,205  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                  |   |   |
| **Non-cash investing  activities:**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | ** **            | ** ** | ** ** |
| Transfer of auction rate  securities from available-for-sale to trading securities                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $                     | 17,143 |   | $ | - |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                  |   |   |

      Seeaccompanying Notes to Condensed Consolidated Financial Statements.

 
| 6 |
|---|

 

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**RF MICRO DEVICES, INC. ANDSUBSIDIARIES**

***NOTES TO CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS***

(Unaudited)

 

 

**1.          BASIS OFPRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES**

The accompanying condensedconsolidated financial statements of RF Micro Devices, Inc. and Subsidiaries(together, the Company) have been prepared in conformity with accountingprinciples generally accepted in the United States.  The preparation of thesefinancial statements requires management to make estimates and assumptions,which could differ materially from actual results.  In addition, certaininformation or footnote disclosures normally included in financial statements preparedin accordance with accounting principles generally accepted in the United States have been condensed, or omitted, pursuant to the rules and regulations of theSecurities and Exchange Commission ("SEC").  In the opinion of management, thefinancial statements include all adjustments (which are of a normal andrecurring nature) necessary for the fair presentation of the results of theinterim periods presented.  These condensed consolidated financial statementsshould be read in conjunction with the Company’s audited consolidated financialstatements and notes thereto included in the Company’s Annual Report on Form10-K for the fiscal year ended March 29, 2008.

The condensed consolidatedfinancial statements include the accounts of the Company and its wholly-ownedsubsidiaries.  All significant intercompany accounts and transactions have beeneliminated in consolidation.  

 

The Company uses a 52- or53-week fiscal year ending on the Saturday closest to March 31 of each year. The first fiscal quarter of each year ends on the Saturday closest to June 30,the second fiscal quarter of each year ends on the Saturday closest toSeptember 30 and the third fiscal quarter of each year ends on the Saturdayclosest to December 31.

 

**2.          NET (LOSS)INCOME PER SHARE**

 

The following table sets fortha reconciliation of the numerators and denominators in the computation of basicand diluted net (loss) income per share (in thousands, except per share data):

 
|                                                                                                                                                                                                                                                   | **Three Months Ended** |       | **Nine Months Ended** |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------|------------|-----------------------|
|                                                                                                                                                                                                                                                   | **December 27, 2008**  | ** ** | **December 29, 2007** |   | **December 27, 2008** | ** ** | **December 29, 2007** |
| Numerator for basic and  diluted net (loss)          income per share:                                                                                                                                              |                   |       |                  |   |  |   |   |
|    Net (loss) income available  to common           shareholders                                                                                                                                          |     $        | (813,343)  |                  |    $ | (15,077) |   |  $ | (849,245) |   | $ | 22,987 |
|    Plus:  Income impact of  assumed             conversions for interest on             1.50% convertible notes | -            |       |  

-             |   | -  |   | 2,007 |
| Net (loss) income plus assumed         conversion of notes –         Numerator for diluted net        (loss) income per share            |  $                | (813,343)  |                  | $ | (15,077) |   |  $ | (849,245) |   | $ | 24,994 |
| Denominator:                                                                                                                                                                                                                                           |                   |       |                  |   |   |   |   |
|    Denominator for basic net  (loss) income per          share – weighted average shares                                                                                                             | 263,227           |       | 244,985          |   | 262,186  |   | 211,285 |
|    Effect of dilutive  securities:                                                                                                                                                                                                           |                   |       |                  |   |   |   |   |
|       Employee stock options                                                                                                                                                                                                  | -            |       | -                |   | -   |   | 3,389 |
|       Assumed conversion 1.50%  convertible      notes                                                                                                                                               | -            |       | -                |   | -   |   | 30,144 |
| Denominator for diluted net  (loss) income per          share – adjusted weighted average shares          and assumed conversions                                                     | 263,227           |       | 244,985          |   | 262,186  |   | 244,818 |
|                                                                                                                                                                                                                                                   |                   |       |                  |   |   |   |   |
| Basic net (loss) income per  share                                                                                                                                                                                                                     |  $                | (3.09)     |                  | $ | (0.06) |   |  $ | (3.24) |   | $ | 0.11 |
|                                                                                                                                                                                                                                                   |                   |       |                  |   |   |   |   |
| Diluted net (loss) income per  share                                                                                                                                                                                                                   |  $                | (3.09)     |                  | $ | (0.06) |   |  $ | (3.24) |   | $ | 0.10 |
|                                                                                                                                                                                                                                                        |                        |            |                       |  |  |  |  |  |  |  |  |  |

**   **

| 7 |
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**RF MICRO DEVICES, INC. ANDSUBSIDIARIES**

***NOTES TO CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS (continued)***

(Unaudited)

** **

** **

**2.          NET (LOSS)INCOME PER SHARE (continued)**

 

During the third quarter offiscal 2008, we issued approximately 95.6 million equity securities inconnection with the acquisition of Sirenza Microdevices, Inc. (“Sirenza”) (seeNote 11 to the Condensed Consolidated Financial Statements).  

 

In the computation of dilutednet loss per share for the three- and nine-months ended December 27, 2008, alloutstanding stock options were excluded because the effect of their inclusionwould have been anti-dilutive.  In the computation of diluted net loss per sharefor the three months ended December 29, 2007, all outstanding stock optionswere excluded because the effect of their inclusion would have beenanti-dilutive.  In the computation of diluted net income per share for the ninemonths ended December 29, 2007, outstanding stock options to purchaseapproximately 8.3 million shares were excluded because the exercise price ofthe options was greater than the average market price of the underlying commonstock and the effect of their inclusion would have been anti-dilutive.  

 

The computation of dilutednet loss per share did not assume the conversion of the Company's 1.50%convertible subordinated notes due 2010 for the three- and nine-months endedDecember 27, 2008 because the inclusion would have been anti-dilutive.  Thecomputation of diluted net loss per share for the three months ended December29, 2007, did not assume the conversion of the Company’s 1.50% convertible subordinatednotes due 2010 because the inclusion would have been anti-dilutive.  Thecomputation of diluted net income per share assumed the conversion of theCompany’s 1.50% convertible subordinated notes due 2010 for the nine monthsended December 29, 2007.  The 1.50% convertible subordinated notes areconvertible at a price of $7.63 per share and are convertible at the option ofthe holder at any time on or prior to the close of business on the maturitydate.  After the repurchase of $23.0 million par value by the Company duringthe third quarter of fiscal 2009 (see Note 5 to the Condensed ConsolidatedFinancial Statements), the notes are convertible into a total of approximately27.1 million shares as compared to 30.1 million shares prior to the repurchase. 

The computation of diluted net (loss) income per share does not assume theconversion of the Company’s 0.75% or 1.00% convertible subordinated notes due2012 and 2014, respectively.  Upon conversion of each $1,000 principal amountof the two series of notes, a holder will receive in lieu of common stock, anamount in cash equal to the lesser of (1) $1,000 or (2) the conversion value. If the conversion value exceeds $1,000 on the conversion date, the Company, atits election, will settle the value in excess of $1,000 in cash or commonstock.  In accordance with Emerging Issues Task Force No. 90-19 (EITF 90- 19), *“ConvertibleBonds with Issuer Option to Settle for Cash upon Conversion,”*the Companywill use the treasury stock method to account for the conversion value inexcess of the $1,000 principal amount as the conversion becomes applicable. Pursuant to the applicable indentures governing the two series of notes, theconversion value generally is determined by multiplying (i) the applicableconversion rate, which is currently 124.2969, by (ii) the average market priceof the Company’s common stock for the ten consecutive trading days precedingthe date of determination.  The two series of notes generally would becomedilutive to earnings if the average market price of the Company’s common stockexceeds approximately $8.05 per share.

** **

**3.        INVENTORIES**

 

Inventories are stated at thelower of cost or market determined using the average cost method.  Thecomponents of inventories are as follows (in thousands):

 
|  

                                                                                                                                                                                                | **December  27,  2008** | ** **    | **March 29, 2008** |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------|---------------|--------------------|
|                 Raw materials                                                                                                     |  $                           | 58,071   |               |  $ | 65,251  |
|                 Work in process                                                                                                   | 40,670                       |          | 70,167        |
|                 Finished goods                                                                                                    | 102,883                      |          | 85,663        |
|                                                                                                                                                                                                         | 201,624                      |          | 221,081       |
|                 Inventory reserve                                                                                                 | (50,334)                          |          | (30,328)           |
|                                 Total inventories |  $                           | 151,290  |               |  $ | 190,753  |

During the third quarter of fiscal 2009, the Company recorded inventory reservesof $25.9 million due to the significant reduction in current and forecasteddemand for our products resulting from the overall global economic slowdown. 

| 8 |
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** **

**RF MICRO DEVICES, INC. ANDSUBSIDIARIES**

***NOTES TO CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS (continued)***

(Unaudited)

** **

** **

**4.        OTHER COMPREHENSIVE (LOSS) INCOME**

 

Accumulated other comprehensive (loss) income for theCompany consists of accumulated unrealized gains (losses) on marketablesecurities and foreign currency translation adjustments.  This amount isincluded as a separate component of shareholders’ equity.  The components ofcomprehensive (loss) income, net of tax, are as follows for the periodspresented (in thousands):
|                                                                | **Three Months Ended** |      | **Nine Months Ended**  |
|---------------------------------------------------------------------|------------------------|-----------|------------------------|
|                                                                | **December 27,  2008** |      | **December 29,  2007** |   | **December 27,  2008** |   | **December 29,  2007** |
|                                                                |                   |      |                   |   |   |   |   |
| Net (loss) income                                                   |  $                | (813,343) |                   |  $ | (15,077) |   |  $ | (849,245) |   |  $ | 22,987  |
|  Unrealized loss on marketable       securities | (860)                  |      | (601)                  |   | (1,908) |   | (23) |
|  Reclassification adjustment, net of tax                       | 2,101             |      | -                 |   | 2,101  |   | - |
|  Foreign currency translation (loss)  gain                     | (225)                  |      | (9)                    |   | (589) |   | 156  |
| Comprehensive (loss) income                                         |  $                | (812,327) |                   |  $ | (15,687) |   |  $ | (849,641) |   |  $ | 23,120  |

 

 

**5.        DEBT**

 

Debt at December 27, 2008 and March 29, 2008 is asfollows (in thousands):

 
|                                                                               |   | **December 27, 2008** |    | **March 29, 2008** |
|------------------------------------------------------------------------------------|--------|-----------------------|---------|--------------------|
|                                                                               |   |                  |    |               |
|      Convertible subordinated notes due  2010, net of discount |   |  $               | 206,000 |               |  $ | 228,330 |
|      Convertible subordinated notes due  2012, net of discount |   | 197,107               |    | 196,465            |
|      Convertible subordinated notes due  2014, net of discount |   | 162,014               |    | 171,649            |
|      Bank loan                                                 |   | 6,719                 |    | 6,556              |
|      Equipment term loan, net of  discount                     |   | 14,892                |    | 18,180             |
|           Subtotal                    |   | 586,732               |    | 621,180            |
|      Less current portion of equipment  term loan              |   | 4,748                 |    | 4,482              |
|                                                                               |   |                  |    |               |
|           Total long-term debt        |   |  $               | 581,984 |               |  $ | 616,698 |
|                                                                                    |        |                       |         |                    |  |  |  |  |

** **

In April 2007, the Companyissued $200 million aggregate principal amount of 0.75% ConvertibleSubordinated Notes due 2012 and $175 million aggregate principal amount of1.00% Convertible Subordinated Notes due 2014.  The two series of notes wereissued in a private placement to Merrill Lynch, Pierce, Fenner & SmithIncorporated for resale to qualified institutional buyers.  Interest on both seriesof the notes is payable in cash semiannually in arrears on April 15 and October15 of each year.  The 2012 notes mature on April 15, 2012, and the 2014 notesmature on April 15, 2014.  Both series of the notes are subordinated unsecuredobligations of the Company and rank junior in right of payment to all of theCompany’s existing and future senior debt.  The notes effectively aresubordinated to the indebtedness and other liabilities of the Company’ssubsidiaries.  

 

In the third quarter offiscal 2009, the Company repurchased $23.0 million par value convertiblesubordinated notes due 2010 at an average price of $82.83, which resulted in again of approximately $3.8 million.  In the third quarter of fiscal 2009, theCompany also repurchased $10.2 million par value convertible subordinated notesdue 2014 at an average price of $31.17, which resulted in a gain ofapproximately $6.9 million.

 

 

 

 

** **

** **

** **

| 9 |
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** **

**RF MICRO DEVICES, INC. ANDSUBSIDIARIES**

***NOTES TO CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS (continued)***

(Unaudited)

**5.        DEBT (continued)**

 

The Company’s 0.75%convertible subordinated notes had a fair value of $124.0 million and $191.5million as of December 27, 2008 and December 29, 2007, respectively.****TheCompany’s 1.00% convertible subordinated notes had a fair value of $52.3million (excluding the notes that were repurchased in the third quarter offiscal 2009) and $159.3 million as of December 27, 2008 and December 29, 2007,respectively.** **The Company’s 1.50% convertible subordinated notes had afair value of $169.9 million (excluding the notes that were repurchased in thethird quarter of fiscal 2009) and $229.2 million as of December 27, 2008 andDecember 29, 2007, respectively.

**6.          INCOME TAXES**

 

*Income Tax Expense*

In accordance with APBOpinion No. 28, *“Interim Financial Reporting”*(“APB 28”), the Company’sprovision for income taxes for the reporting periods ended December 27, 2008has been calculated by applying an estimate of the annual effective tax ratefor the full fiscal year to “ordinary” income or loss (pre-tax income or lossexcluding unusual or infrequently occurring discrete items) for the reportingperiod.  For the reporting periods ended December 29, 2007, in accordance withparagraph 13 of Financial Accounting Standards Board (FASB) interpretation No.18, *“Accounting for Income Taxes in Interim Periods”* (“FIN 18”), theCompany computed its provision for income taxes limiting the tax benefitrecognized to the amount determined by treating the Company’s year-to-date“ordinary” loss as the anticipated “ordinary” loss for the fiscal year.  TheCompany applied this provision as the year-to-date “ordinary” loss exceeded theanticipated “ordinary” loss for the fiscal year.

** **

Income tax expensefor the three months ended December 27, 2008 was $63.1 million, which iscomprised primarily of a tax expense related to domestic operations, a tax expenserelated to international operations, and a tax expense related to an increasein the United States, United Kingdom, and China deferred tax asset valuationreserves.  Income tax benefit for the three months ended December 29, 2007 was$3.4 million, comprised primarily of a tax benefit related to an increase infederal income tax credits and a tax benefit related to international anddomestic operations.  Income tax expense for the nine months ended December 27,2008 was $39.9 million, which is comprised primarily of a tax benefit relatedto domestic operations, a tax expense related to international operations, anda tax expense related to an increase in the United States, United Kingdom and China deferred tax asset valuation reserves.  Income tax benefit for the ninemonths ended December 29, 2007 was $21.6 million, which is comprised primarilyof a tax benefit related to a reduction in the federal and state deferred taxasset valuation reserve, tax benefit from the revaluation of China relateddeferred tax assets, tax expense related to an Internal Revenue Serviceexamination, and tax expense related to income taxes on international anddomestic operations.  ** **

 

The Company’seffective tax rate for the three month periods ended December 27, 2008 and December29, 2007 was (8.4%) and 18.3%, respectively.  The Company's effective tax ratefor the third quarter of fiscal 2009 differed from the statutory rate primarilydue to impairment of non-deductible goodwill, tax rate differences in foreignjurisdictions and adjustments to the valuation allowance limiting therecognition of the tax benefit of deferred tax assets in the United States, United Kingdom and China.  The Company's effective tax rate for the thirdquarter of fiscal 2008 differed from the statutory rate due to the write-off ofacquired in-process research and development costs in connection with theSirenza acquisition, federal and state tax credits generated, tax ratedifferences in foreign jurisdictions, the domestic production activitydeduction, and other differences between book and tax treatment of certainexpenditures.  

 

The Company’s effective taxrate for the nine month periods ended December 27, 2008 and December 29, 2007 was(4.9%) and (1,612.9%), respectively.  The Company's effective tax rate for thenine months ended December 27, 2008 differed from the statutory rate due toimpairment of non-deductible goodwill, the write-off of acquired in-processresearch and development costs in connection with the UMC acquisition, tax ratedifferences in foreign jurisdictions, and adjustments to the valuationallowance primarily related to limiting the recognition of the benefit fordeferred tax assets in the United States, United Kingdom and China.  TheCompany's effective tax rate through the third quarter of fiscal 2008 differedfrom the statutory rate due to the write-offof acquired in-process research and development costs in connection with the Sirenza acquisition, adjustment to the valuation allowance relatedprimarily to the partial recognition of the United States tax benefits ondomestic net operating losses and credits, federal and state tax creditsgenerated, tax rate differences in foreign 

 

 

 

 

 

 

 

 

| 10 |
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 **RF MICRO DEVICES, INC.AND SUBSIDIARIES**

***NOTES TO CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS (continued)***

(Unaudited)

**6.          INCOMETAXES (continued)**

 

jurisdictions, the domesticproduction activity deduction, and other differences between book and taxtreatment of certain expenditures.  

* *

*Deferred Taxes*

In accordance with FASBStatement of Financial Accounting Standards (“SFAS”) No. 109, *"Accountingfor Income Taxes"* (“SFAS 109”), a valuation allowance of $155.3million against deferred tax assets has been established as of the end of the thirdquarter of fiscal 2009 because it is management’s opinion that it is morelikely than not that a portion of the deferred tax assets will not berealized.  The increase from the $37.0 million valuation allowance as of theend of the prior quarter of fiscal 2009 is primarily related to a change in thejudgment of management that the United States, United Kingdom and Chinadeferred tax assets no longer meet the “more likely than not” realization threshold.

 

The Company has outstandingnet operating loss carryforwards ("NOLs") for domestic federal tax purposes andstate loss carryovers that will begin to expire in 2011 and 2009, respectively,if unused.  Included in these amounts are certain NOLs and other tax attributeassets acquired in conjunction with the Company’s acquisitions of Resonext,Silicon Wave, Inc., and Sirenza.  The utilization of acquired assets may besubject to certain annual limitations as required under Internal Revenue CodeSection 382 and similar state tax provisions.  In addition, the Company has United Kingdom loss carryovers that carryforward indefinitely.  The United Kingdom loss carryovers were acquired in connection with the acquisition of FiltronicCompound Semiconductors Limited ("Filtronic") andpotentially are subject to limitation under United Kingdom anti-avoidanceprovisions if there is a “major change” in the nature or conduct of theFiltronic trade or business within three years of the ownership change.

** **

*Uncertain Tax Positions*

FASB interpretation No. 48, *“Accountingfor Uncertainty in Income Taxes – an Interpretation of FASB Statement 109”*(“FIN 48”) clarifies the accounting for uncertainty in income taxes byprescribing a comprehensive model for recognizing, measuring, presenting anddisclosing uncertain income tax positions taken or expected to be taken by uson our tax returns and was adopted effective April 1, 2007.  The Company’sgross unrecognized tax benefits increased from $20.7 million as of the beginningof the fiscal year to $24.4 million as of the end of the third fiscal quarterended December 27, 2008, with the increase related to tax positions taken onthe prior year tax return filed during the period and tax positions taken duringthe current fiscal year.

 

Fiscal 2006 and subsequenttax years remain open for examination by the U.S federal taxing authorities. Other material jurisdictions that are subject to examination by tax authoritiesare North Carolina (fiscal 2006 through present), California (fiscal 2005through present), the United Kingdom (fiscal 2002 through present), Germany(calendar year 2004 through present), and China (calendar year 2000 throughpresent).

 

** **

**7.          GOODWILLAND INTANGIBLE ASSETS**

 

*Goodwill*The change in the carryingamount of goodwill for the nine months ended December 27, 2008 is as follows(in thousands):

 
| Balance as of March 29, 2008     |  $      | 701,317  |
|----------------------------------|--------------|---------------|
| Impairment                       | (608,966)    |
| Adjustments during the  period   | 15,232  |
| Balance as of December 27,  2008 |  $      | 107,583  |

 

Goodwill is tested forimpairment at the reporting unit level.  SFAS No. 142, “*Goodwill and OtherIntangible Assets*” (“SFAS 142”) describes a reporting unit as an operatingsegment or one level below the operating segment (depending on whether certaincriteria are met), as that term is used in SFAS No. 131, “*Disclosures AboutSegments of an Enterprise and Related Information*” (“SFAS 131”).  Althoughthe Company has one reporting segment pursuant to the aggregation criteria setforth 

 

 

 

 

 

| 11 |
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**RF MICRO DEVICES, INC. ANDSUBSIDIARIES**

***NOTES TO CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS (continued)***

(Unaudited)

** **

** **

**7.          GOODWILLAND INTANGIBLE ASSETS (continued)**

 

in SFAS 131, the Company hastwo reporting units pursuant to paragraph 30 of SFAS 142 as of December 27,2008 (Cellular Products Group and Multi-Markets Product Group).  Goodwill hasbeen allocated to the Company’s reporting units that are anticipated to benefitfrom the synergies of the business combinations generating the underlyinggoodwill.  

The Company conducts itsannual goodwill impairment test on the first day of the fourth quarter in eachfiscal year, and did so in fiscal 2008 without a need to expand the impairmenttest to step two of SFAS 142.  However, during the third quarter of fiscal2009, indicators of potential impairment caused the Company to conduct aninterim impairment test which was performed as of November 22, 2008.  Thoseindicators included a significant decrease in market capitalization, a declinein recent operating results, and a decline in the Company’s business outlookprimarily due to the macroeconomic environment.  In accordance with SFAS 142,the Company completed step one of the impairment analysis and evaluatedgoodwill using certain assumptions including two generally accepted valuationmethodologies: (i) the income approach – discounted cash flows, and (ii) the marketapproach – enterprise value and guideline company analysis.  The Company’simpairment review process compares the fair value of the reporting unit inwhich goodwill resides to its carrying value.  

 

Asa result of the impairment review, the Company subsequently concluded that asof November 22, 2008, the fair value of both of its reporting units was belowtheir respective carrying values.  As such, the Company began a preliminarystep-two analysis in accordance with SFAS 142 in order to determine the impliedfair value of each reporting unit’s goodwill and determine the amount of theimpairment of goodwill.  Determining the implied fair value of goodwillrequires valuation of a reporting unit’s tangible and intangible assets andliabilities in a manner similar to the allocation of purchase price in abusiness combination.  Due to the complexities involved in determining theimplied fair value of the goodwill of each reporting unit, the step-twoanalysis has not been completed.  Based on the work performed and in accordancewith paragraph 22 of SFAS 142, the Company recorded an estimated goodwillimpairment charge in the amount of $609.0 million in “other operating expense”in the condensed consolidated statements of operations for the three- andnine-months ended December 27, 2008.  The Company expects to finalize itsgoodwill impairment analysis during the fourth quarter of fiscal 2009.  Materialadjustments to the goodwill impairment charge could be made when the goodwillimpairment test is completed.  Any adjustments to the Company’s preliminaryestimates as a result of completing this evaluation will be recorded in thefinancial statements for the quarter ending March 28, 2009. 

 

Goodwill increased $12.8million as a result of the acquisition of UMC on April 26, 2008 (see Note 11 tothe Condensed Consolidated Financial Statements).  The remaining increaserelates to the refining of the fair values of the assets acquired andliabilities assumed in the Sirenza acquisition as part of the allocation period.

*Intangible Assets*

The components ofidentifiable intangible assets are as follows (in thousands):
|                                  | **December 27, 2008** | ** ** | **March 29, 2008** |
|---------------------------------------|-----------------------|------------|--------------------|
|                                  | Gross  Carrying       |       | Accumulated        |   | Gross  Carrying |   | Accumulated |
|                                  | Amount                |       | Amortization       |   | Amount |   | Amortization |
|                                  |                  |       |               |   |   |   |   |
| Technology licenses                   |  $               | 10,721     |               |  $ | 7,225 |   |  $ | 10,851 |   |  $ | 7,052  |
| Customer relationships                | 53,042                |       | 9,855              |   | 83,490 |   | 3,454  |
| Acquired product technology and other | 108,922               |       | 27,666             |   | 134,634 |   | 13,397  |
| Total                                 |  $               | 172,685    |               |  $ | 44,746 |   |  $ | 228,975 |   |  $ | 23,903  |

 

The carrying values offinite-lived intangible assets are evaluated for impairment whenever events orchanges in business circumstances indicate that the carrying amount of theassets may not be fully recoverable, in accordance with SFAS No. 144, “*Accountingfor the Impairment or Disposal of Long-Lived Assets*” (“SFAS 144”).  

 

 

 

 

 

** **

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**RF MICRO DEVICES, INC. ANDSUBSIDIARIES**

***NOTES TO CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS (continued)***

(Unaudited)

* *

** **

**7.          GOODWILLAND INTANGIBLE ASSETS (continued)**

 

During the third quarter of fiscal 2009, indicators werepresent that caused the Company to conduct an interim assessment of therecoverability of its intangible assets as of November 22, 2008.  Thoseindicators included a significant decrease in market capitalization, a declinein recent operating results, and a decline in the Company’s business outlookprimarily due to the macroeconomic environment.  Therefore, the Companyperformed an impairment analysis of its finite-lived intangible assets based ona comparison of the undiscounted cash flows to the recorded carrying value ofthe intangible assets, and it was determined that an impairment indicator waspresent.   As a result of the impairment indicator, the Company was required todetermine the fair value of its finite-lived intangible assets and compare thefair value to the carrying value.  The value of acquired developed technologywas determined by discounting forecasted cash flow directly related to thedeveloped technology, net of returns on contributory assets.  The value of acquiredcustomer relationships is based on the benefit derived from the incrementalrevenue and related cash flow as a direct result of the customer relationship. These forecasted cash flows are discounted to present value using anappropriate discount rate.  As a result, the carrying value exceeded the fairvalue and the Company recorded impairments of $31.9 million related todeveloped technology and $32.2 million related to customer relationships.  Theimpairment charges were recorded in “other operating expense” in the condensedconsolidated statements of operations for the three- and nine-months endedDecember 27, 2008.

 

In the first quarter offiscal 2009, customer relationships increased by $1.7 million and acquiredproduct technology and other increased by $7.3 million due to the acquisitionof UMC (see Note 11 to the Condensed Consolidated Financial Statements).  Intangibleasset amortization expense was $22.3 million and $13.2 million for the ninemonths ended December 27, 2008 and for the twelve months ended March 29, 2008,respectively.  Amortization expense for the Company’s identifiable intangibleassets as of December 27, 2008 is estimated to be $5.0 million for theremainder of fiscal 2009, $19.8 million in fiscal 2010, $19.6 million in fiscal2011, $19.5 million in fiscal 2012, $19.3 million in fiscal 2013, and $19.0million in fiscal 2014. 

* *

**8.          RETIREMENTBENEFIT PLAN**

 

TheCompany maintains a qualified defined benefit pension plan for its Germansubsidiary. The plan is unfunded with an unfunded obligation of approximately $2.8million at December 27, 2008. 

 

The service andinterest cost components of the net periodic benefit cost were approximately $0.1million and $0.2 million for the three months and nine months ended December 27,2008, respectively.  For both thethree- and nine-months ended December 29, 2007, service and interest cost componentsof the net periodic benefit cost were less than $0.1 million.  

** **

**9.          NEW ACCOUNTINGPRONOUNCEMENTS**

 

In April 2008, the FASBissued FSP 142-3, *“Determination of the Useful Life of Intangible Assets.”*FSP 142-3 amends the factors that should be considered in developing renewal orextension assumptions used to determine the useful life of a recognizedintangible asset under SFAS 142.  FSP 142-3 is effective for financial statements issued for fiscal yearsbeginning after December 15, 2008, as well as interim periods within thosefiscal years. We are currently in the process of evaluating the impact ofadopting this pronouncement. 

In December 2007, the FASB issued SFAS No. 141(R), *“Business Combinations”*(“SFAS 141(R)”).  This statement changes the way assets and liabilities arerecognized in purchase accounting.  It also changes the recognition of assetsacquired and liabilities assumed arising from contingencies, and requires thecapitalization of in-process research and development at fair value.  Itfurther requires that acquisition-related costs be recognized separately fromthe acquisition and expensed as incurred; that restructuring costs generally beexpensed in periods subsequent to the acquisition date; and that changes inaccounting for deferred tax asset valuation allowances and acquired income taxuncertainties after the measurement period be recognized as a component ofprovision for taxes.  The adoption of SFAS 141(R) will change our accountingtreatment for business combinations beginning in the first quarter of fiscal2010.

 

 

** **

 

 

 

** **

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**RF MICRO DEVICES, INC. ANDSUBSIDIARIES**

***NOTES TO CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS (continued)***

(Unaudited)

 

 

**9.          NEW ACCOUNTINGPRONOUNCEMENTS (continued)**

 

In February 2007, the FASBissued SFAS No. 159, *“The Fair Value Option for Financial Assets andFinancial Liabilities”* (“SFAS 159”).  SFAS 159 permits companies to chooseto measure certain financial instruments and certain other items at fairvalue.  The standard requires that unrealized gains and losses on items forwhich the fair value option has been elected be reported in earnings.  SFAS 159was effective for the Company on the first day of fiscal 2009.  At theeffective date of SFAS No. 159, the Company did not choose to elect the fairvalue option for any items that were not already required to be measured atfair value in accordance with accounting principles generally accepted in the United States.  During the third quarter of fiscal 2009, the Company entered into a settlementagreement related to our auction rate securities ("ARS") settlement agreement with thesecurities firm from which the Company purchased all of its level 3 ARS.  Thissettlement agreement represented a put option, and as a result, an up-front electionwas made by the Company under SFAS 159 to apply the fair value option to theput option mentioned above (see Note 12 to the Condensed Consolidated FinancialStatements).

** **

In September 2006, the FASBissued****SFAS No. 157,*****“Fair Value Measurements”* (“SFAS 157”). SFAS 157 establishes a common definition for fair value to be applied to U.S.GAAP guidance requiring use of fair value, establishes a framework formeasuring fair value and expands disclosure about such fair value measurements.  In February 2008, the FASB issued FASB Staff Position("FSP") No. 157-1, “*Application of FASB Statement  157 to FASB Statement 13 and Other Accounting Pronouncements That Address Fair Value Measurements forPurposes of Lease Classification or Measurement under Statement 13*” (“FSP157-1”) and FSP No. 157-2,  “*Effective Date ofFASB Statement 157*” (“FSP 157-2”).  FSP 157-1 amends SFAS 157 toremove certain leasing transactions from its scope.  FSP 157-2 delays theeffective date of SFAS  157 for all non-financial assets andnon-financial liabilities, except for items that are recognized or disclosed atfair value in the financial statements on a recurring basis (at leastannually), until the beginning of the first quarter of fiscal 2010.  In October2008, the FASB issued FSP No. 157-3, “*Determiningthe Fair Value of a Financial Asset When the Market for That Asset Is NotActive*” ("FSP 157-3").  FSP 157-3 clarifies the application of SFAS 157 in a market thatis not active and provides an example to illustrate key considerations.  Theadoption of SFAS 157 related to financial assets and liabilities did not have amaterial impact on our consolidated financial statements (see Note 12 tothe Condensed Consolidated Financial Statements forfurther details on our fair value measurements).  We are currently evaluatingthe impact, if any, that SFAS 157 may have on our future consolidated financialstatements related to non-financial assets and liabilities.

** **

**10.        RESTRUCTURING**

** **

*Restructuringplan resulting from adverse macroeconomic business environment*

* *

Inthe third quarter of fiscal 2009, the Company initiated a restructuring toreduce manufacturing capacities and costs due to lower demand for our products inthe quarter as well as lower forecasted demand attributable primarily to the overallglobal economic slowdown.  The restructuring will decrease the Company’sworkforce in its fabrication facilities and impair certain related fabricationassets. 

The Company has recorded restructuring charges of approximately $53.3 millionin the three- and nine-month periods ended December 27, 2008, related toone-time employee termination benefits, impaired assets (including property andequipment and leasehold improvements totaling $46.1 million) and lease andother contract termination costs.  The fair value of the impaired assets wasestimated on a held and used basis based on the discounted cash flow method inaccordance with SFAS 144.  The restructuring charges were recorded in “otheroperating expense.”  

 

During the remainder offiscal 2009, the Company expects to record approximately $0.6 million ofadditional restructuring charges associated with one-time employee terminationbenefit costs and lease and other contract terminations costs.  The Companywill continue to evaluate the global macroeconomic environment and consider anyappropriate actions over the next several quarters.

** **

** **

** **

** **

 

 

 

 

 

** **

** **

| 14 |
|----|

 

----

 

 

 

**RF MICRO DEVICES, INC. ANDSUBSIDIARIES**

***NOTES TO CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS (continued)***

(Unaudited)

****

**10.        STRATEGICRESTRUCTURING (continued)**

* *

*Fiscal2009 restructuring plan to reduce investment in wireless systems*

 

Inthe first quarter of fiscal 2009, the Company initiated a restructuring toreduce its investment in wireless systems, including cellular transceivers andGPS solutions, in order to focus on RF component opportunities.  Additionally,the Company has consolidated its production test facilities in an effort toreduce cycle time, better serve its customer base and improve its overallprofitability.

 

Aspart of this restructuring, the Company reduced its global workforce by approximately10 percent.  The Company has recorded restructuring charges of approximately$4.7 million and $48.4 million for the three- and nine-months ended December27, 2008, respectively, related to one-time employee termination benefits,impaired assets (including property and equipment and leasehold improvements)and lease and other contract termination costs.  The fair value of the impairedassets was estimated based on quoted market prices of similar assets.  The restructuringcharges were recorded in “other operating expense.”  In addition, as a resultof this restructuring, the Company has $3.5 million of property and equipmentthat is classified as held-for-sale in accordance with SFAS 144, as of December27, 2008.  These assets are being actively marketed and are expected to be soldwithin one year.

** **

During the remainder offiscal 2009, the Company expects to record approximately $0.3 million ofadditional restructuring charges associated with lease and other contractterminations.  As of December 27, 2008, the restructuring is substantiallycompleted, with additional on-going expenses for exited leased facilities. 

** **

The following tablesummarizes the restructuring activity during the nine months ended December 27,2008 (in thousands):
| Accrued restructuring balance as of  March 29, 2008                  |  $       | -   |
|----------------------------------------------------------------------|---------------|---------------|
| Costs incurred and charged to expense                                | 101,655  |
| Cash payments for one-time employee  termination benefit costs       | (8,393)       |
| Cash payments for lease and other  contract terminations             | (6,117)       |
| Non-cash settlement for one-time  employee termination benefit costs | (97)          |
| Non-cash settlement for asset  impairments                           | (71,384)      |
| Non-cash settlement for lease and other  contract termination costs  | (1,849)       |
| Accrued  restructuring balance as of December 27, 2008               | $             | 13,815   |

 

TheCompany has incurred and expects to incur the following restructuring chargesduring the remainder of fiscal 2009 and thereafter (in thousands):

** **
|                                              | **Three Months Ended   December 27, 2008** |         | **Nine Months Ended   December 27, 2008** | ** ** | **Remainder of Fiscal 2009** | ** ** | **Thereafter** | ** ** | **Total** |
|---------------------------------------------------|--------------------------------------------|--------------|-------------------------------------------|------------|------------------------------|------------|----------------|------------|-----------|
| One-time employee termination benefit  costs      |  $                                    | 1,106   |                                      |  $    | 9,335                        |       |  $        | 566        |      |  $ | -  |   |  $ | 9,901 |
| Asset  impairments                                | 46,803                                |         | 71,384                                    |       | -                       |       | -         |       | 71,384    |
| Lease and other contract  termination  costs | 10,062                                |         | 20,936                                    |       | 350                          |       | 10,805         |       | 32,091    |
| Total  restructuring charges                      |  $                                    | 57,971  |                                      |  $    | 101,655                      |       |  $        | 916        |      |  $ | 10,805 |   |  $ | 113,376 |

 

** **

** **

** **

** **

** **

 

 

** **

| 15 |
|----|

 

----

 

 

 

**RF MICRO DEVICES, INC. ANDSUBSIDIARIES**

***NOTES TO CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS (continued)***

(Unaudited)

** **

**11.        BUSINESSACQUISITIONS**

 

***Universal MicrowaveCorporation***

On April 26, 2008, theCompany acquired Universal Microwave Corporation (“UMC”) for approximately$24.1 million in cash including transaction costs of $0.9 million.  UMC designsand manufactures high performance RF oscillators and synthesizers primarily forpoint-to-point radios, CATV head-end equipment and military communicationsradio markets.  The acquisition of UMC furthers the Company’s diversificationstrategy.The total purchase price of $24.1 million was preliminarily allocated to assetsacquired of $16.7 million (including identifiable intangible assets of $10.4million) and liabilities assumed of $5.3 million (based on their fair values asdetermined by the Company as of April 26, 2008), and resulted in goodwill of$12.8 million.

** **

While the Company continuesto obtain information to refine the fair values of the assets acquired andliabilities assumed, the preliminary allocation of the purchase price issubstantially complete.  As the Company completes its tax filings for theperiod reflecting the transactions, additional adjustments may be required tothe deferred tax balances.  This process of finalizing the fair values ofassets and liabilities assumed may result in additional adjustments to thepurchase price allocation and the amount of goodwill.

 

UMC’s results of operationsare included in the Company’s income statement for the period of April 26, 2008through December 27, 2008.  The results of UMC are not significant to theoverall results of the Company. 

 

The in-process research and development with noalternative future use that we acquired from UMC ($1.4 million) was charged to“other operating expense” at the acquisition date in accordance with SFAS 141, “*BusinessCombinations*.”  

 

***Filtronic CompoundSemiconductors Limited***

During the fourth quarter offiscal 2008, the Company completed its acquisition of Filtronic, a wholly ownedsubsidiary of Filtronic PLC.  The acquisition price included the purchase ofFiltronic’s six-inch GaAs wafer fabrication facility ("fab") atNewton Aycliffe, United Kingdom, and the purchase of Filtronic’s millimeterwave RF semiconductor business.  

** **

The total purchase price of$22.7 million (net of working capital refund of $3.6 million) was preliminarilyallocated to the assets acquired and liabilities assumed based on their fairvalues as determined by the Company as of February 28, 2008.  While the Companycontinues to obtain information to refine the fair values of the assetsacquired and liabilities assumed, the preliminary allocation of the purchaseprice is substantially complete.  As the Company completes its tax filings forthe period reflecting the transactions, additional adjustments may be requiredto the deferred tax balances.  This process of finalizing the fair values ofassets and liabilities assumed may result in additional adjustments to thepurchase price allocation and the amount of goodwill.

 

Under the terms of theacquisition transaction, Filtronic was required as of February 28, 2008 to havea certain amount of minimum working capital.  Filtronic’s working capital fellbelow the required working capital threshold, and as a result, Filtronicrefunded $3.6 million of the original purchase price of $26.3 million (whichincludes transaction costs of $1.4 million) to the Company during the firstquarter of fiscal 2009.

 

***Sirenza Microdevices,Inc.***

During the third quarter offiscal 2008, the Company completed its acquisition of Sirenza Microdevices,Inc.  Sirenza was a publicly held supplier of radio frequency components forthe commercial communications, consumer and aerospace, defense and homelandsecurity equipment markets.  Sirenza's products are designed to optimizethe reception and transmission of voice and data signals in mobile wirelesscommunications networks and in other wireless and wireline applications.  

The total purchase price was approximately $880.7 million and consisted of cashconsideration of $293.2 million, approximately 95.6 million equity securitiesvalued at $577.4 million, which includes common stock awards issued asconsideration for replacement of outstanding Sirenza vested stock awards(employee stock options, performance share awards and restricted stock awards)and approximately $10.1 million in transaction costs.  

** **

** **

 

 

| 16 |
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**RF MICRO DEVICES, INC. ANDSUBSIDIARIES**

***NOTES TO CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS (continued)***

(Unaudited)

** **

** **

**12.        FAIR VALUE OFFINANCIAL INSTRUMENTS**

On a quarterly basis, the Company measuresthe fair value of its marketable securities and trading securities, which arecomprised of government-sponsored enterprise securities, corporate debtsecurities, auction rate securities, and commercial paper.  Marketablesecurities are reported in cash and cash equivalents, short-term investments andlong-term investments on our consolidated balance sheet and are recorded at fairvalue and the related unrealized gains and losses are included in accumulatedother comprehensive (loss) income, a component of shareholders’ equity, net oftax. Trading securities are included in long-term investments with the relatedunrealized gains and losses recorded in earnings.  SFAS No. 157 specifies a hierarchy of valuation techniques basedon whether the inputs to those valuation techniques are observable orunobservable.  Observable inputs reflect market data obtained from independentsources, while unobservable inputs reflect the Company’s market assumptions.  Thesetwo types of inputs have created the following fair-value hierarchy:  

•        Level 1 — Quoted prices foridentical instruments in active markets;  

•        Level 2 — Quoted prices forsimilar instruments in active markets, quoted prices for identical or similarinstruments in markets   that are not active, and model-derived valuations inwhich all significant inputs and significant value drivers are observable   inactive markets; and  

•        Level 3 — Valuations derived fromvaluation techniques in which one or more significant inputs or significantvalue drivers   are unobservable.  

 

This hierarchy requires theCompany to minimize the use of unobservable inputs and to use observable marketdata, if available, when determining fair value. The fair value of thesefinancial assets and liabilities was determined using the following levels ofinputs as of December 27, 2008 (in thousands):

** **
|                                   | ** **

**Total** | ** ** | **Quoted Prices In Active Markets For Identical Assets**

**(Level 1)**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | ** ** | **Significant Other Observable Inputs  (Level 2)** | ** ** | **Significant Unobservable Inputs**

** (Level 3)** |
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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |       | 2,200                                              |       | 17,143                                                   |
| Put option                        | 3,357                 |       | -    
 

 -   
 

3,357

Commercial paper

75,729

 

75,729

 

- 

 

- 

 

 $

198,559

 

 $

175,859

 

 $

2,200

 

 $

20,500

 

During the threemonths ended December 27, 2008, the changes in the fair value of the assets measuredon a recurring basis using significant unobservable inputs (Level 3) werecomprised of the following (in thousands):

 

 

 

 

Level 3 balance at September  27, 2008

 $

18,759 

  Total gains or losses  (realized/unrealized) included in earnings:

 

     Auction rate  securities

(1,616)

  Put option

3,357 

Level 3 balance at December  27, 2008

 $

20,500 

 

 

 

 

 

 

 

** **

** **

** **

17

 

 

 

 

**RF MICRO DEVICES, INC. ANDSUBSIDIARIES**

***NOTES TO CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS (continued)***

(Unaudited)

** **

**12.        FAIR VALUE OFFINANCIAL INSTRUMENTS (continued)**

 

During the ninemonths ended December 27, 2008, the changes in the fair value of the assets measuredon a recurring basis using significant unobservable inputs (Level 3) werecomprised of the following (in thousands):

 

 

 

 

Level 3 balance at March   29, 2008

 $

19,536 

  Total gains or losses  (realized/unrealized) included in earnings:

 

     Auction rate  securities

(2,393)

     Put option

3,357 

Level 3 balance at December  27, 2008

 $

20,500 

 

 

Auction rate securities (“ARS”)are debt instruments with interest rates that reset through periodic short-termauctions.  The Company’s Level 3 ARS and related put option, which totaled $17.1million and $3.4 million at December 27, 2008, respectively, consisted of AAArated securities issued primarily by student loan corporations which aremunicipalities of various U.S. state governments.  The student loans backingthese securities fall under the Federal Family Education Loan Program (“FFELP”),which is supported and guaranteed by the United States Department ofEducation.  The Company’s auction rate securities have contractual maturitiesof 20 to 37 years.

The recent conditions in theglobal credit markets have prevented some investors from liquidating theirholdings of ARS because the amount of securities submitted for sale hasexceeded the amount of purchase orders for such securities.  If there isinsufficient demand for the securities at the time of an auction, the auctionmay not be completed and the interest rates may be reset to predeterminedhigher rates.  When auctions for these securities fail, the investments may notbe readily convertible to cash until a future auction of these investments issuccessful or they are redeemed or mature.  Given the liquidity issues, fairvalue could not be estimated based on observable market prices and as such, theCompany estimated the fair values of its student loan ARS with the assistanceof a third party investment advisor using a discounted cash flow model as of December27, 2008.  The assumptions used in preparing the discounted cash flow modelincluded the expected timing of successful auctions or refinancings in thefuture, the composition and quality of the underlying collateral and thecreditworthiness of the issuer, and the probability of full repaymentconsidering the guarantees by FFELP of the underlying student loans. 

 

Based on the uncertainty ofthe short-term liquidity of the student loan ARS as of December 27, 2008,the Company did not classify its investments in student loan ARS at that dateas short-term investments.  Although the Company’s ability to access thesefunds in the near term has been affected, based on information currentlyavailable, the Company has the ability and intent to hold these investments anddoes not believe that any of these securities are other-than-temporarilyimpaired.  If the credit ratings of the security issuers deteriorate and anydecline in market value is determined to be other-than-temporary, the Companywould be required to adjust the carrying value of the investment through animpairment charge. 

In August 2008, the securities firm from which the Company purchased all of itslevel 3 ARS announced a settlement with the SEC and various state regulatoryagencies under which the securities firm agreed to restore liquidity to certainof its clients holding ARS.  In accordance with this settlement, the securitiesfirm has agreed to offer the Company the right to sell its outstanding level 3ARS to the securities firm at par value (i.e., the face amount), plus accruedbut unpaid dividends or interest, at any time during the period of June 30,2010 through July 2, 2012.  In addition, the securities firm has agreed to providethe Company with a “no net cost” credit line of up to 75% of the market valueof its outstanding level 3 ARS pending the securities firm’s purchase of theCompany’s ARS.  In November 2008, the Company accepted the offer and enteredinto a settlement agreement on the terms set forth above with the securitiesfirm that holds all of its level 3 ARS.  The rights entered into under thissettlement agreement are a separate freestanding instrument accounted forseparately from the ARS, and are registered, nontransferable securitiesaccounted for as a put option and recorded at fair value. The Company electedfair value accounting under SFAS 159 in order to mitigate volatility inearnings caused by accounting for the put option and underlying ARS underdifferent methods. The acceptance of the option and initial election of fairvalue led to a $3.4 million gain included in “other income” with the put optionasset recorded in “other non-current assets.”  As a result of this settlementagreement, the ARS previously reported as available-for-sale have been transferredto trading securities and continue to be classified as long-term investments.  As a result of this transfer into the trading securities classification, $3.4million in unrealized losses were reclassified into realized losses which arealso recorded in other income.

 

 

 

** **

18

 

 

 

 

 

**ITEM 2. MANAGEMENT’SDISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

 

SAFE HARBOR FOR FORWARD-LOOKINGSTATEMENTS

 

This Quarterly Report onForm 10-Q contains forward-looking statements within the meaning of Section 27Aof the Securities Act of 1933, as amended, and Section 21E of the SecuritiesExchange Act of 1934, as amended, that relate to our plans, objectives,estimates and goals.  Statements expressing expectations regarding our futureand projections relating to products, sales, revenues and earnings are typicalof such statements and are made under the Private Securities Litigation ReformAct of 1995.  Words such as “expect,” “anticipate,” “intend,” “plan,”“believe,” and “estimate,” and variations of such words and similarexpressions, identify such forward-looking statements.  Our business is subjectto numerous risks and uncertainties, including the following:

•        The rate of growth and developmentof wireless markets;

•        The risk that variability inconsumer, enterprise, infrastructure and government spending resulting fromnegative global     macroeconomic conditions could materially impact the demand forour products;

•        The inability of certain of ourcustomers to access their traditional sources of credit to finance the purchaseof products from us,    which could lead them to reduce their level of purchasesor seek credit or other accommodations from us;

•        The risk that certain of oursuppliers may be unable to access their traditional sources of credit tofinance their operations,    which could lead them to reduce their level ofsupport for us;  

•        Our ability to integrate acquiredcompanies, including the risk that we may not realize expected synergies fromour business    combinations;

•        The risks associated with theplanned exit from our wireless systems business, including cellulartransceivers and    GPS solutions;

•        The risks associated with theoperation of our molecular beam epitaxy (MBE) facility, our wafer fabricationfacilities, our    assembly facility and our test and tape and reel facilities;

•        Our ability to execute on ourplans to consolidate or relocate manufacturing operations;

•        The risk that the actual amount ofour non-cash impairment charges may vary from estimates;

•        Our ability to attract and retainskilled personnel and develop leaders for key business units and functions;

•        Dependence on third parties,including wafer foundries, passive component manufacturers, assembly andpackaging    suppliers and test and tape and reel suppliers;

•        Our reliance on inclusion in thirdparty reference designs for a portion of our revenue;

•        Variability in operating results;

•        Variability in production yields,raw material costs and availability;

•        Dependence on a limited number ofcustomers for a substantial portion of our revenues;

•        Dependence on gallium arsenide(GaAs) heterojunction bipolar transistor (HBT) for the majority of ourproducts;

•        Our ability to reduce costs andimprove margins by implementing innovative technologies in response todeclining average    selling prices;

•        Our ability to adjust productioncapacity in a timely fashion in response to changes in demand for our products;

•        Our ability to bring new productsto market in response to market shifts and to use technological innovation toshorten    time-to-market for our products; 

•        Currency fluctuations, tariffs,trade barriers, taxes and export license requirements and health and securityissues associated    with our foreign operations; 

•        Our ability to maintain ourexisting material goodwill and long-lived assets, including finite-livedacquired intangible assets;  

 

19

 

 

 

 

 

•        Our ability to obtain patents,trademarks and copyrights, maintain trade secret protection and operate ourbusiness without infringing    on the proprietary rights of other parties;

•        Our ability to comply with changesin environmental laws;

•        Our reliance on the methods,estimates and judgments that we use in applying our critical accountingpolicies and estimates;

•        Negative conditions in the globalcredit markets, which could impair the liquidity of a portion of our investmentportfolio; and

•        Uncertainties related to theeffectiveness of our internal control over financial reporting.

These and other risks and uncertainties, which are described in more detail inour most recent Annual Report on Form 10‐K and in other reports andstatements that we file with the Securities and Exchange Commission, couldcause the actual results and developments to be materially different from thoseexpressed or implied by any of these forward-looking statements. Forward-looking statements speak only as of the date they were made and weundertake no obligation to update or revise such statements, except as requiredby the federal securities laws.

 

**OVERVIEW**

The following Management's Discussion and Analysis (“MD&A”) is intended tohelp the reader understand the results of operations and financial condition ofRF Micro Devices, Inc.  MD&A is provided as a supplement to, and should beread in conjunction with, our financial statements and accompanying notes.

 

We are a global leader in thedesign and manufacture of high-performance semiconductor components.  Our productsenable worldwide mobility, provide enhanced connectivity and support advancedfunctionality in the cellular handset, wireless infrastructure, wireless localarea network (WLAN), CATV/broadband and aerospace and defense markets.  We are recognizedfor our diverse portfolio of semiconductor technologies and RF systemsexpertise and we are a preferred supplier to the world's leading mobile device,customer premises and communications equipment providers.  We believe ourcompany is the world’s largest manufacturer of compound semiconductors.

 

**CriticalAccounting Policies and Estimates**

There have been no material changes to our critical accounting policies andestimates from the information provided in Item 7, "Management'sDiscussion and Analysis of Financial Condition and Results of Operations,"included in our Annual Report on Form 10-K for the fiscal year ended March 29,2008. 

**THIRDQUARTER FISCAL 2009 FINANCIAL AND OPERATIONAL HIGHLIGHTS:**

 

• Quarterly revenue decreased by 24.7% ascompared to the corresponding quarter of fiscal 2008, primarily due to lowerdemand for our products attributable primarily to the overall global economicslowdown.

 

• Operating loss was $754.0 million forthe third quarter of fiscal 2009 as compared to an operating loss of $24.4million for the corresponding quarter of fiscal 2008.  As a result of lower currentand forecasted demand for our products attributable primarily to the overallglobal economic slowdown, we recorded an impairment charge of $673.0 million togoodwill and intangibles, tangible asset impairments of $46.1 million and a $6.6million charge related to our exit from a leased facility during the thirdquarter of fiscal 2009.  In addition, we recorded restructuring expenses ofapproximately $4.7 million during the third quarter of fiscal 2009 as a resultof the restructuring initiated in the first quarter of fiscal 2009 to reduceinvestments in wireless systems.

• Gross margin for the quarter was 19.0% as comparedto 26.2% in the corresponding quarter of fiscal 2008.  This decrease wasprimarily due to an increase in amortization expense related to acquiredintangibles, a $25.9 million increase in inventory reserves as well as lowerfactory utilization rates resulting from lower current and forecasted demand forour products attributable primarily to the overall global economic slowdown. These decreases were partially offset by a decrease in amortization forinventory step-up related to our acquisition of Sirenza and a shift in productmix to higher margin products and license fee revenue.

 

 

 

 

 

 

 

20

 

 

 

• Cash flow from operations was $45.8million for the three months ended December 27, 2008.

 

• Capital expenditures totaled $5.6million for the three months ended December 27, 2008 as compared to $42.6million in the corresponding period of fiscal 2008. 

 

• Inventory totaled $151.3 million at December27, 2008, reflecting total inventory reserves of $50.3 million.  Inventoryreserves increased approximately $25.9 million in the third quarter of fiscal2009 as a result of the significant reduction in current and forecasted demand forour products, attributable primarily to the overall global economic slowdown.

 

• Other income included a gain of approximately $10.7million in the third quarter of fiscal 2009 as a result of  our repurchase of$33.2 million par value convertible subordinated notes due 2010 and 2014. 

The following table presents a summary of our results of operations for thethree- and nine-months ended December 27, 2008 and December 29, 2007:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

  (In thousands, except percentages)

December 27, 2008

 

% of Revenue

 

December 29, 2007

 

% of Revenue

 

 

Increase

(Decrease)

 

Percentage

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 $

202,025 

 

100.0 

%

 $

268,182 

 

100.0  

%

 

 $

(66,157)

 

(24.7)

%

   Cost of goods sold

163,613 

 

81.0 

 

197,872 

 

73.8 

 

 

(34,259)

 

(17.3)

 

   Research and development

38,617 

 

19.1 

 

53,921 

 

20.1 

 

 

(15,304)

 

(28.4)

 

   Marketing and selling

15,511 

 

7.7 

 

14,371 

 

5.4 

 

 

1,140 

 

7.9 

 

   General and  administrative

10,613 

 

5.2 

 

11,015 

 

4.1 

 

 

(402)

 

(3.6)

 

   Other operating expense

727,697 

 

360.2 

 

15,419 

 

5.7 

 

 

712,278 

 

4,619.5 

 

Operating loss

 $

(754,026)

 

(373.2)

%

 $

(24,416)

 

(9.1)

%

 

 

(729,610)

 

(2,988.3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended

 

 

 

 

 

 

  (In thousands, except percentages)

December 27, 2008

 

% of Revenue

 

December 29, 2007

 

% of Revenue

 

 

Increase

(Decrease)

 

Percentage

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 $

714,186 

 

100.0 

%

 $

735,626 

 

100.0 

%

 

 $

(21,440)

 

(2.9)

%

   Cost of goods sold

526,676 

 

73.7 

 

516,353 

 

70.2 

 

 

10,323

 

2.0 

 

   Research and development

135,034 

 

18.9 

 

150,421 

 

20.5 

 

 

(15,387)

 

(10.2)

 

   Marketing and selling

51,186 

 

7.2 

 

39,513 

 

5.4 

 

 

11,673

 

29.5 

 

   General and  administrative

39,453 

 

5.5 

 

29,620 

 

4.0 

 

 

9,833

 

33.2 

 

   Other operating expense

774,611 

 

108.5 

 

17,788 

 

2.4 

 

 

756,823

 

4,254.7 

 

Operating loss

 $

(812,774)

 

(113.8)

%

 $

(18,069)

 

(2.5)

%

 

 

(794,705)

 

4,398.2 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**REVENUE**

Our revenue decreased during the three- and nine-months ended December 27,2008, as compared to the corresponding periods of fiscal 2008, primarilydue to lower demand for our products attributable primarily to the overallglobal economic slowdown.International shipments (based on the "bill to" address of thecustomer) were $165.4 million and accounted for 81.9% of revenue for the threemonths ended December 27, 2008, compared to $243.2 million and 90.7% of revenuefor the three months ended December 29, 2007.  For the nine months ended December27, 2008, international shipments were $575.2 million, or 80.5% of revenue,compared to $664.4 million, or 90.3% of revenue, for the nine months ended December29, 2007.

 

 

 

 

 

 

 

 

 

 

 

 

21

 
 
 

**OPERATING LOSS**

 

 

Weexperienced operating losses of approximately $754.0 million and $812.8 millionfor the three- and nine-months ended December 27, 2008, respectively.  As aresult of the lower current and forecasted demand for our products attributableprimarily to the overall global economic slowdown, we recorded an impairmentcharge of $673.0 million to goodwill and other intangibles, tangible assetimpairments of $46.1 million and a $6.6 million charge related to our exit froma leased facility during the third quarter of fiscal 2009.  In addition, werecorded restructuring expenses of approximately $4.7 million during the thirdquarter of fiscal 2009 as a result of the restructuring  initiated in the firstquarter of fiscal 2009 to reduce investments in wireless systems.Our operating losses of approximately $24.4 millionand $18.1 million for the three- and nine-months ended December 29, 2007,respectively, were attributable to increased expenses associated with theacquisition of Sirenza on November 13, 2007, including the $13.9 million chargeto “other operating expense” related to the in-process research and developmentwith no alternative future use.

*** ***

***Cost of Goods Sold***

Ourcost of goods sold for the three months ended December 27, 2008 decreased $34.3million as compared to the corresponding period of fiscal 2008 due to decreasedrevenue, and increased to 81.0% of revenue as compared to 73.7% for thecorresponding period of fiscal 2008.  The increase in cost of goods sold as apercentage of revenue was directly attributable to the increase in amortizationexpense related to acquired intangibles and a $25.9 million increase ininventory reserves as well as the lower factory utilization rates that resultedfrom the lower current and forecasted demand for our products attributableprimarily to the overall global economic slowdown.  These increases werepartially offset by a decrease in amortization expense for inventory step-uprelated to our acquisition of Sirenza and a shift in product mix to highermargin products in the third quarter of fiscal 2009.

 

Ourcost of goods sold for the nine months ended December 27, 2008 increased primarilydue to the amortization of acquired intangibles and the increase in inventoryreserves.  The increase in amortization expense of acquired intangibles resultedfrom our recent acquisitions of Sirenza in the third quarter of fiscal 2008,Filtronic in the fourth quarter of fiscal 2008, and UMC in the first quarter offiscal 2009.  The increase in the inventory reserves resulted from the lowercurrent and forecasted demand for our products attributable primarily to theoverall global economic slowdown.  

***Research and Development***

The decrease in research and development expenses forthe three- and nine-months ended December 27, 2008 was primarily a result of therestructuring initiated in the first quarter of fiscal 2009 to reduce investmentsin wireless systems.

*** ***

***Marketing and Selling***

The increase in marketing and selling expenses for thethree- and nine-months ended December 27, 2008 was primarily due to an increasein intangible amortization related to acquired customer relationships from Sirenza as well as an increase in headcount and related personnel expenses,which was attributable in part to our recent acquisitions.

 

***General and Administrative***

The increase in general and administrative expensesfor the three- and nine-months ended December 27, 2008 was due to an increase inheadcount and related personnel expenses attributable in part to both ourrecent acquisitions and an increase in share-based compensation expense. 

***Other Operating Expense**GoodwillImpairment*

Asa result of an interim impairment review, we subsequently concluded that as ofNovember 22, 2008, the fair value of both of our reporting units was belowtheir respective carrying values.  As such, we began a preliminary step-twoanalysis in accordance with SFAS 142.  Due to the complexities involved indetermining the implied fair value of the goodwill of each reporting unit, thestep-two analysis has not been completed.  Based on the work performed and inaccordance with paragraph 22 of SFAS 142, we recorded an estimated goodwillimpairment charge in the amount of $609.0 million in “other operating expense”in the condensed consolidated statements of operations for the three- andnine-month periods ended December 27, 2008.  We expect to finalize our goodwillimpairment analysis during the fourth quarter of fiscal 2009.  Materialadjustments to the goodwill impairment charge could be made when the goodwillimpairment test is completed.  Any adjustments to our preliminary estimates asa result of completing this evaluation will be recorded in our financialstatements for the quarter ending March 28, 2009 (see Note 7 to the CondensedConsolidated Financial Statements). 

 

 

 

 

 

 

22

 

 
 
*IntangibleAssets*

 

We performed an impairmentanalysis of our finite-lived intangible assets based on a comparison of theundiscounted cash flows to the recorded carrying value of the intangible assetsand it was determined that an impairment indicator was present.   As a resultof the impairment indicator, we were required to determine the fair value ofour finite-lived intangible assets and compare the fair value to the carryingvalue.  The value of acquired developed technology was determined bydiscounting forecasted cash flow directly related to the developed technology,net of returns on contributory assets.  The value of acquired customerrelationships is based on the benefit derived from the incremental revenue andrelated cash flow as a direct result of the customer relationship.  Theseforecasted cash flows are discounted to present value using an appropriatediscount rate.  As a result, the carrying value exceeded the fair value and werecorded impairments of $31.9 million related to developed technology and $32.2 million related to customer relationships. The impairment charges were recorded in “other operating expense” in thecondensed consolidated statements of operations for the three- and nine-monthperiods ended December 27, 2008 (see Note 7 to the Condensed ConsolidatedFinancial Statements).

* *

*Restructuringand Impairment of Property and Equipment*

Inthe third quarter of fiscal 2009, we initiated a restructuring to reduce ourmanufacturing capacities and costs due to lower demand for our products in thequarter as well as lower forecasted demand attributable primarily to the overallglobal economic slowdown.  The restructuring will decrease our workforce in ourfabrication facilities and impair certain related fabrication assets.  As a resultof these restructuring activities, we recorded $53.3 million of expenses forthe three- and nine-month periods ended December 27, 2008 (see Note 10 to thecondensed Consolidated Financial Statements). 

 

Inthe first quarter of fiscal 2009, we initiated a restructuring to reduceinvestments in wireless systems, including cellular transceivers and GPSsolutions, in order to focus on our RF component opportunities.  Additionally, wehave consolidated our production test facilities in an effort to reduce cycletime, better serve our customer base and improve our overall profitability.  Asa result of these restructuring activities, we recorded $4.7 million and $48.4million of expenses for the three- and nine-month periods ended December 27,2008, respectively (see Note 10 to the Condensed Consolidated FinancialStatements).  

*Other*

Inthe third quarter of fiscal 2009, we recorded $3.5 million in “other operatingexpense” for the sale of patents related to certain of our products.  Inaddition, in the first quarter of fiscal 2009 we recorded $1.4 million inexpenses related to the in-process research and development with no alternativefuture use that we acquired from UMC to “other operating expense” at theacquisition date in accordance with SFAS 141, “*Business Combinations*”(see Note 11 to the Condensed Consolidated Financial Statements).

 

In the third quarter of fiscal 2008, in-processresearch and development with no alternative future use that we acquired fromSirenza ($13.9 million) was charged to “other operating expense” at theacquisition date in accordance with SFAS 141,*“Business Combinations.”*

** **

**OTHER (EXPENSE) INCOME AND INCOME TAXES**

 

  Three Months Ended

 

  Nine Months Ended

 

December 27, 2008

 

December 29, 2007

 

December 27, 2008

 

December 29, 2007

 

 

 

 

 

 

 

 

Interest expense

 $

(2,501)

 

 $

(2,639)

 

 $

(7,765)

 

 $

(7,625)

Interest income

 

943 

 

 

6,955 

 

 

4,329 

 

 

24,754 

Gain on the  retirement of convertible  subordinated notes

 

10,667 

 

 

-    

 

 

10,667 

 

 

  -    

Other (expense) income 

 

(5,294)

 

 

1,654 

 

 

(3,783)

 

 

2,282 

Income tax (expense) benefit

 

(63,132)

 

 

3,369 

 

 

(39,919)

 

 

21,645 

*** ***

***Interest Expense***Interest expense remainedrelatively consistent for the three- and nine-month periods ended December 27,2008 as compared to the three- and nine-month periods ended December 29, 2007. 

***Interest Income***Interest income decreasedprimarily because of the decrease in cash, cash equivalents and investmentbalances.  During the first nine months of fiscal 2008, interest income washigher due to the increase in cash, cash equivalents and investment balancesthat resulted from the issuance of the two series of convertible subordinatednotes for which we received proceeds totaling $366.2 million.  A portion ofthese proceeds were subsequently used during the third quarter of fiscal 2008for the purchase of Sirenza.  In addition, interest income decreased due to ourmore conservative investment strategy coupled with lower prevailing interestrates. 

***Gain on the retirementof convertible subordinated notes***

In the third quarter offiscal 2009 we repurchased $33.2 million par value convertible subordinatednotes due 2010 and 2014, which resulted in a gain of approximately $10.7million.*** ***

23

 

 
 
***Other Income***

Thedecrease in other income is primarily related to foreign currency exchange rateimpact on our denominated Euro and Sterling accounts as the rates weakenedagainst the U.S. dollar. 

***Income Taxes***

In accordance with APBOpinion No. 28, *“Interim Financial Reporting,”* our provision for incometaxes for the reporting periods ended December 27, 2008 has been calculated byapplying an estimate of the annual effective tax rate for the full fiscal yearto “ordinary” income or loss (pre-tax income or loss excluding unusual orinfrequently occurring discrete items) for the reporting period.  For the reportingperiods ended December 29, 2007, in accordance with paragraph 13 of FASB interpretationNo. 18, *“Accounting for Income Taxes in Interim Periods”* (“FIN 18”), wecomputed our provision for income taxes limiting the tax benefit recognized tothe amount determined by treating our year-to-date “ordinary” loss as theanticipated “ordinary” loss for the fiscal year.  We applied this provision asthe year-to-date “ordinary” loss exceeded the anticipated “ordinary” loss forthe fiscal year.

 

In accordancewith FASB Statement 109, *“Accounting for Income Taxes,”* as of the end ofthe reporting period ended December 27, 2008 the Company evaluated therealizability of its deferred tax assets and increased the valuation reservesfor the deferred tax assets in the United Kingdom, China, and the United States. This increase in the deferred tax asset valuation reserves was made aftermanagement determined that it is “more likely than not” that those deferred taxassets will not be realized.  The increase in valuation reserve for deferredtax assets resulted in a non-cash expense during the three- and nine-monthperiods ended December 27, 2008.

 

Income tax expensefor the three months ended December 27, 2008 was $63.1 million, which iscomprised primarily of a tax expense related to domestic and internationaloperations, and a tax expense related to an increase in the United States, the United Kingdom, and the China deferred tax asset valuation reserves.  Income tax expensefor the nine months ended December 27, 2008 was $39.9 million, which iscomprised primarily of a tax benefit related to domestic operations, offset by atax expense related to international operations, and a tax expense related toan increase in the United States, the United Kingdom, and the China deferredtax asset valuation reserves.  Income tax benefit for the three months ended December29, 2007 was $3.4 million, comprised primarily of a tax benefit related to anincrease in federal income tax credits and a tax benefit related tointernational and domestic operations.  Income tax benefit for the nine monthsended December 29, 2007 was $21.6 million, which is comprised primarily of atax benefit related to a reduction in the federal and state deferred tax assetvaluation reserve, tax benefit from the revaluation of China related deferredtax assets, tax expense related to an Internal Revenue Service examination, andtax expense related to income taxes on international and domestic operations.

 

LIQUIDITY AND CAPITAL RESOURCES  

We have funded our operationsto date through sales of equity and debt securities, bank borrowings, capitalequipment leases and revenue from product sales.  Through public and Rule 144Asecurities offerings, we have raised approximately $1,053.3 million, net ofoffering expenses.  As of December 27, 2008, we had working capital ofapproximately $405.7 million, including $145.4 million in cash and cashequivalents, compared to working capital at December 29, 2007 of $639.6million, including $195.2 million in cash and cash equivalents.  The decreasein working capital of $233.9 million as of December 27, 2008, as compared toDecember 29, 2007, was primarily due to the total cash paid of approximately$46.2 million for the acquisitions of Filtronic and UMC and repurchases of sharesof our common stock valued at approximately $98.7 million during the fourthquarter of fiscal 2008, as well as total cash paid of approximately $22.2million for the retirement of a portion of our convertible subordinated notesin the third quarter of fiscal 2009.

 

The recent and unprecedenteddisruption in the credit markets has had a significant adverse impact on anumber of financial institutions that provide capital, as well as on ourcustomers and suppliers that depend on borrowing such capital to fund theirliquidity requirements.  Because we rely primarily on cash on hand and cashgenerated from operations to fund our business (as opposed to revolving creditor similar borrowing facilities), our liquidity has not been materiallyimpacted by the current credit environment and management does not expect thatit will be materially impacted during the fourth quarter of fiscal 2009.  Our managementplans to continue to closely monitor our liquidity and developments in thecredit markets.  

 

 

 

 

 

 

 

 

24

 

 

 

 

 

***Cash Flows fromOperating Activities***Operating activities for the ninemonths ended December 27, 2008 generated cash of $82.5 million, compared to $99.0million for the nine months ended December 29, 2007.  During the third quarterof fiscal 2009, we experienced lower demand for our products attributableprimarily to the overall global economic slowdown.  We are reducing ourinventory levels by slowing down production and decreasing our purchases of rawmaterials in response to the lower demand for our products in the third quarterof fiscal 2009 as well as lower forecasted demand.  In addition, our accounts receivablecollections have remained consistent with prior quarters and have not beenmaterially impacted by the global economic slowdown.  ***Cash Flows from Investing Activities***

Net cash used in investing activities for the ninemonths ended December 27, 2008 was $42.8 million compared to net cash used ininvesting activities of $512.8 million for the nine months ended December 29,2007.  During the third quarter of fiscal 2008, we purchased Sirenza forapproximately $880.7 million of which cash consideration approximated $258.0million (net of cash acquired) and we had higher investing activities relatedto the proceeds received from our convertible debt offering in April 2007.  Inaddition, our capital expenditures totaled $42.2 million for the nine monthsended December 27, 2008 compared to $88.5 million for the nine months endedDecember 29, 2007.  During the first quarter of fiscal 2009, we completed theacquisition of UMC for $23.5 million, net of cash acquired.

In September 2006, the FASB issued****SFAS No. 157,****“*Fair ValueMeasurements*” ("SFAS 157").  SFAS 157 establishes a common definition forfair value to be applied to U.S. GAAP guidance requiring use of fair value andestablishes a framework for measuring fair value.  SFAS 157 specifies a hierarchy of valuation techniques used to measure fairmarket value based on whether the inputs to those valuation techniques areobservable or unobservable.  This hierarchy requires the company to minimizethe use of unobservable inputs and to use observable market data, if available,when determining fair value.  Level 1 valuations are comprised of quoted pricesfor identical instruments in active markets.  Level 2 valuations are comprisedof quoted prices for similar instruments in active markets, quoted prices foridentical or similar instruments in markets that are not active, andmodel-derived valuations in which all significant inputs and significant valuedrivers are observable in active markets.  Level 3 valuations are derived fromvaluation techniques in which one or more significant inputs or significantvalue drivers are unobservable.  

 

We have level 3 auction ratesecurities (ARS), which are debt instruments with interest rates that resetthrough periodic short-term auctions.  Our level 3 ARS and related put optiontotaled $17.1 million and $3.4 million measured at fair value at December 27,2008, respectively.  Our ARS consisted of AAA rated securities issued primarilyby student loan corporations which are agencies of various U.S. state governments.  The student loans backing these securities fall under the Federal FamilyEducation Loan Program (FFELP) which is supported and guaranteed by the UnitedStates Department of Education.  Our ARS have contractual maturities of 20 to37 years.

 

In August 2008, thesecurities firm from which we purchased all of our level 3 ARS announced asettlement with the SEC and various state regulatory agencies under which itagreed to restore liquidity to certain of its clients holding ARS.  Inaccordance with this settlement, the securities firm has agreed to offer us theright to sell our outstanding level 3 ARS to the securities firm at par value(i.e., the face amount), plus accrued but unpaid dividends or interest, at anytime during the period of June 30, 2010 through July 2, 2012.  In addition, thesecurities firm has agreed to provide us with a “no net cost” credit line of upto 75% of the market value of our outstanding level 3 ARS pending thesecurities firm’s purchase of our ARS.  In November 2008, we accepted the offerand entered into a settlement agreement on the terms set forth above with thesecurities firm that holds all of our level 3 ARS.*** ***The rightsentered into under this settlement agreement are a separate freestandinginstrument accounted for separately from the ARS, and are registered,nontransferable securities accounted for as a put option and recorded at fairvalue.  We elected fair value accounting under SFAS 159 in order to mitigatevolatility in earnings caused by accounting for the put option and underlyingARS under different methods.  The acceptance of the option and initial electionof fair value led to a $3.4 million gain included in “other income” with theput option asset recorded in “other non-current assets.”  As a result of thissettlement agreement, the ARS previously reported as available-for-sale havebeen transferred to trading securities and continue to be classified aslong-term investments pledged as collateral for a secured credit line.  As aresult of this transfer into the trading securities classification, $3.4million in unrealized losses were reclassified into realized losses which arealso recorded in other income.

*** ***

***Cash Flows fromFinancing Activities***

Net cash used in financingactivities was $22.7 million for the nine months ended December 27, 2008,compared to net cash provided by financing activities of $379.1 million for thenine months ended December 29, 2007.  This decrease is primarily due to higherfinancing activities in the first quarter of fiscal 2008 related to the privateplacement of convertible subordinated notes.  In April 2007, we issued $200million aggregate principal amount of 0.75% Convertible Subordinated Notes due2012 and $175 million aggregate principal amount of 1.00% ConvertibleSubordinated Notes due 2014.  The two series of notes were issued in a privateplacement to Merrill Lynch, Pierce, Fenner & Smith Incorporated for resaleto qualified institutional buyers.  The net proceeds of the offering wereapproximately $366.2 million after payment of the underwriting discount andexpenses of the offering totaling approximately $8.8 million.  In the third quarter of fiscal 2009, we repurchased $33.2 million par valueconvertible subordinated notes due 2010 and 2014 for approximately $22.2million.

 

** **

25

 
**COMMITMENTS AND CONTINGENCIES**
** **

*Equipment Term Loan*  During the first quarter of fiscal 2007, we enteredinto a $25.0 million equipment term loan at an interest rate of 7.87%.  We usedthe proceeds primarily for wafer fabrication and assembly expansions.  As of December27, 2008, the outstanding balance of this loan totaled approximately $14.9 million.

 

In connection with ourequipment term loan, we must maintain, on a quarterly basis, a ratio of seniorfunded debt to EBITDA of not greater than 3.5 to 1.0, and unencumbered cash orcash-equivalent holdings of not less than $50.0 million.  Senior funded debt isdefined as current- and long-term debt plus capital leases, and EBITDA isdefined as (i) operating income under GAAP, plus (ii) depreciation andamortization expense, plus (iii) all non-cash expenses and losses, minus allnon-cash income and gains.

 

*Convertible Debt*  During April 2007, we completed the private placement of $200 millionaggregate principal amount of 0.75% convertible subordinated notes due 2012 and$175 million aggregate principal amount of 1.00% convertible subordinated notesdue 2014.  The net proceeds of the offering were approximately $366.2 millionafter payment of the underwriting discount and expenses of the offeringtotaling approximately $8.8 million.  As of December 27, 2008 and December 29,2007, the 0.75% convertible notes had a fair value of $124.0 million and $191.5,respectively. The 1.00% convertible notes had a fair value of $52.3 million(excluding the notes that were repurchased in the third quarter of fiscal 2009)and $159.3 million at December 27, 2008 and December 29, 2007, respectively.

 

During fiscal 2004, we completed the private placementof $230.0 million aggregate principal amount of 1.50% convertible subordinated notesdue 2010.  The net proceeds of the offering were approximately $224.7 millionafter payment of the underwriting discount and expenses of the offeringtotaling $5.3 million.  The net proceeds from the 1.50% offering were offset bythe repurchase of $200.0 million of the $300.0 million aggregate principalamount of our 3.75% convertible subordinated notes due 2005.  On August 15,2004, we redeemed the remainder of the outstanding principal amount of the3.75% convertible subordinated notes for $100.0 million plus accrued interest withcash flow from operations and cash on hand.  As of December 27, 2008 andDecember 29, 2007, the 1.50% convertible subordinated notes had a fair value of$169.9 million (excluding the notes that were repurchased in the third quarterof fiscal 2009) and $229.2 million, respectively.

 

In the third quarter offiscal 2009, we repurchased $23.0 million par value convertible subordinatednotes due 2010 at an average price of $82.83, which resulted in a gain ofapproximately $3.8 million.  In the third quarter of fiscal 2009, we alsorepurchased $10.2 million par value convertible subordinated notes due 2014 atan average price of $31.17, which resulted in a gain of approximately $6.9million.  

 

We may from time to time seekto retire or purchase additional amounts of our outstanding convertible notesthrough cash purchases or exchanges for equity securities, in open marketpurchases, privately negotiated transactions or otherwise.  Such repurchases orexchanges, if any, will depend on prevailing market conditions, our liquidityrequirements, contractual restrictions and other factors and the amountsinvolved may be material.

 

*Auction Rate Security Credit Line*During January2009, we entered into a credit line agreement with the securities firm thatholds our level 3 ARS.  Pursuant to the terms and conditions of the credit lineagreement we may borrow up to 75% of the market value of our outstanding level3 ARS.  The agreement provides us with a “no net cost” credit line, which meansthat the interest that we pay on the credit line obligation will not exceed theinterest that we receive on our level 3 ARS, which are pledged as collateralfor this loan.  On January 27, 2009 we borrowed 75% of the market value of ourlevel 3 ARS (see Note 12 to the Condensed Consolidated Financial Statements).

 

*Contractual Obligations* The following table summarizes our convertible debtobligations as of December 27, 2008, and the effect such obligations areexpected to have on our liquidity and cash flows in future periods.

 

 

 

Payments Due By Period (in thousands)

 

 

  Total

Less than   1 year

  1-3 years

  3-5 years

More than   5 years

Convertible debt (including  interest)

 

 $

592,315 

 $

6,253 

 $

216,401 

 $

204,046 

 $

165,615 

 

 

 

 

 

 

 

 

*Capital Commitments* At December 27, 2008, we had short-term capitalcommitments of approximately $3.5 million, primarily for equipmentreplacements, equipment for process improvements and general corporaterequirements.  

 

 

 

 

 

 

 

26

 
 
 

*Future Sources of Funding *Our futurecapital requirements may differ materially from those currently anticipated andwill depend on many factors, including, but not limited to, volume pricingconcessions, capital improvements, demand for our products, technologicaladvances and our relationships with suppliers and customers.  Based on currentand projected levels of cash flow from operations, coupled with our April 2007convertible note offering, our fiscal 2004 note offering and our $25.0 millionequipment term loan, we believe that we have sufficient liquidity to meet bothour short-term and long-term cash requirements.  However, if current economicconditions or other factors continue to materially impact demand for ourproducts, or in the event that growth is faster than we had anticipated,operating cash flows may be insufficient to meet our needs.  If existingresources and cash from operations are not sufficient to meet our futurerequirements or if we perceive conditions to be favorable, we may seekadditional debt or equity financing, additional credit facilities, enter intosale-leaseback transactions or obtain asset-based financing.  We cannot be surethat any additional equity or debt financing will not be dilutive to holders ofour common stock.  Further, we cannot be sure that additional equity or debtfinancing, if required, will be available on favorable terms, if at all,particularly given the current macroeconomic conditions.

** **

*Legal   *We areinvolved in various legal proceedings and claims that have arisen in theordinary course of our business that have not been fully adjudicated.  Theseactions, when finally concluded and determined, will not, in the opinion ofmanagement, have a material adverse effect upon our consolidated financialposition or results of operations.

** **

*Taxes***  **We are subject to income and other taxes in the United States and in numerous foreign jurisdictions.  Our domestic and foreign taxliabilities are subject to the allocation of revenues and expenses in differentjurisdictions.  Additionally, the amount of taxes paid is subject to ourinterpretation of applicable tax laws in the jurisdictions in which we operate. We are subject to audits by tax authorities.  While we endeavor to comply withall applicable tax laws, there can be no assurance that a governing taxauthority will not have a different interpretation of the law than we do orthat we will comply in all respects with applicable tax laws, which couldresult in additional taxes.  There can be no assurance that the outcomes fromthese audits will not have an adverse effect on our results of operations inthe period during which the review is conducted. 

 

*Other*** **During fiscal 2007, we received a notification from acustomer with respect to a failure in the field of one of our products due toan alleged defect in the products.  As a result, we recorded an estimateof $1.5 million in current liabilities as of March 29, 2008 for the cost toreplace these defective products.  During the third quarter of fiscal2009, we settled this claim with the customer for approximately $1.3 million.

 

**ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

We are exposed to interestrate risk related to our investment portfolio.  Due to the recent volatility ofthe financial markets, we have adopted a more conservative investment strategy,and are investing in lower risk and consequently lower interest bearinginvestments.  For an in-depth discussion of our exposure to market risk, referto Item 7A, Quantitative and Qualitative Disclosures About Market Risk,contained in our Annual Report on Form 10-K for the fiscal year ended March 29,2008.

 

**ITEM 4. CONTROLS AND PROCEDURES**

 

As of the end of the period covered by this report,the Company’s management, with the participation of the Company's ChiefExecutive Officer and the Chief Financial Officer, evaluated the effectivenessof the Company’s disclosure controls and procedures in accordance with Rule13a-15 under the Exchange Act.  Based on their evaluation, the Chief ExecutiveOfficer and the Chief Financial Officer concluded that the Company’s disclosurecontrols and procedures are effective to enable the Company to record, process,summarize and report in a timely manner the information that the Company isrequired to disclose in its Exchange Act reports.

 

There were no changes in the Company’s internalcontrol over financial reporting that occurred during the period covered bythis report that have materially affected, or are reasonably likely tomaterially affect, the Company’s internal control over financial reporting.

 

**   **

 

 

 

 

 

 

** **

** **

27

 

 

 

**PART II - OTHER INFORMATION**

** **

**ITEM 1A.   RISK FACTORS **

As of the date of this filing, theCompany continues to be subject to the risk factors previously disclosed under“Risk Factors” in our 2008 Annual Report on Form 10‐K and subsequentreports that we have filed with the Securities and Exchange Commission, as wellas the following risk factors:

***Our operating results may be adversely impacted by the inability ofcertain of our customers to access their traditional sources of credit tofinance the purchase of products from us, which could lead them to reduce theirlevel of purchases or seek credit or other accommodations from us.***

Theinability of our customers to access capital efficiently could causedisruptions in their businesses, thereby negatively impacting ours.  Forexample, if our customers do not have sufficient liquidity, they could reduceor limit new purchases, which could result in lower demand for our productsand/or we may be at risk for any trade credit we have extended to them, due totheir inability to repay us.  This risk may increase if the general economicdownturn materially impacts significant customers or a large number of ourother customers and they are not able to adequately manage their business risksor do not properly disclose their financial condition to us. 

 

***Certain of oursuppliers may be unable to access their traditional sources of credit tofinance their operations, which could lead them to reduce their level ofsupport for us.***We may experience significantdisruption or termination of the supply of some of our component parts or incursignificant increases in the costs of component parts that we obtain fromsuppliers due to the current difficult economic environment and tight creditmarket.  Such disruptions, terminations or cost increases could result in an adverse impact on our business, operating resultsand financial condition.

***The actual amount of our non-cash impairment charges may vary from estimates,which could have a material adverse impact on our financial condition andresults of operations.***We recorded estimated impairment charges to goodwill and intangible assetsduring the third quarter of fiscal 2009, based on a preliminary step-twoanalysis.  In determining the fair value of goodwill and intangible assets inconnection with our impairment analysis, we considered various factorsincluding our estimates of future market growth and trends, forecasted revenueand costs, market capitalization, discount rates, expected periods over whichour assets will be utilized and other variables.  We based our fair valueestimates on assumptions believed to be reasonable, but which are inherentlyuncertain.  If economic conditions or other circumstances influencing theestimate of future cash flows or fair value change subsequently, we may incurfuture charges for impairment of our goodwill or intangible assets, which couldadversely impact our results of operations.

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

28

 

 
**ITEM 5.  OTHER INFORMATION**
On January 19, 2009, RF Micro Devices, Inc. (the “Company”) determined that itwould record an estimated non-cash charge of up to $700 million to reflect animpairment of its goodwill and intangible assets, record a non-cash charge ofapproximately $40-$50 million to reflect an impairment of its property andequipment, and increase its inventory reserve by approximately $24 million inthe Company’s fiscal third quarter ended December 27, 2008.  The Companysubsequently disclosed such information in a timely filed Current Report onForm 8-K under the heading “Item 2.06. Material Impairments.”  In conjunction with the preparation of its financial statements for the quarterended December 27, 2008, the Company subsequently determined that it would beappropriate to include the previously disclosed non-cash charges for certain propertyand equipment as part of a restructuring related to the Company’s decision toclose and consolidate certain fabrication facilities and to reduce itsassociated workforce due to lower current and forecasted demand for theCompany’s products attributable primarily to the global economic slowdown.  Asa result, the Company anticipates that it will record total charges ofapproximately $59.6 million consisting of:  (i) one-time employee terminationbenefits of $1.2 million; (ii) charges for impaired assets (including propertyand equipment and leasehold improvements) of $46.1 million; and (iii) lease andother contract termination costs of $12.3 million.  With respect to the totalcharges expected to be incurred pursuant to the restructuring, approximately $46.1million relates to non-cash charges, approximately $0.3 million relates to cashexpenditures during the third quarter of fiscal 2009, and approximately $13.2million relates to future cash expenditures related to lease terminations andone-time employee benefits.  

 

The Company recordedrestructuring charges of approximately $53.3 million during the period endedDecember 27, 2008 and expects to incur an additional $0.6 million in charges duringthe Company’s fourth quarter of fiscal 2009.  The Company will continue toevaluate the global macroeconomic environment and determine appropriate actionsover the next several quarters.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

29

 

 
 
**ITEM 6.  EXHIBITS  **

10.1

Employment Agreement, dated  as of November 12, 2008, between RF Micro Devices, Inc. and  Robert A.  Bruggeworth, incorporated by reference to Exhibit 10.1 to the Current Report  on Form 8-K filed by RF Micro Devices, Inc. on November 14, 2008*

 

 

10.2

Second Amended and Restated  Change in Control Agreement, effective as of December 31, 2008, by and  between RF Micro Devices, Inc. and Robert A. Bruggeworth*

 

 

10.3

Amended and Restated Change  in Control Agreement, effective as of December 31, 2008, by and between RF  Micro Devices, Inc. and Barry D. Church*

 

 

10.4

Amended and Restated Change  in Control Agreement, effective as of December 31, 2008, by and between RF  Micro Devices, Inc. and Steven E. Creviston*

 

 

10.5

Amended and Restated Change  in Control Agreement, effective as of December 31, 2008, by and between RF  Micro Devices, Inc. and Jerry D. Neal*

 

 

10.6

Amended and Restated Change  in Control Agreement, effective as of December 31, 2008, by and between RF  Micro Devices, Inc. and William A. Priddy, Jr.*

 

 

10.7

Amended and Restated Change  in Control Agreement, effective as of December 31, 2008, by and between RF  Micro Devices, Inc. and Suzanne B. Rudy*

 

 

10.8

Amended and Restated Change  in Control Agreement, effective as of December 31, 2008, by and between RF  Micro Devices, Inc. and James D. Stilson*

 

 

10.9

Amended and Restated Change  in Control Agreement, effective as of December 31, 2008, by and between RF  Micro Devices, Inc. and Robert Van Buskirk *

 

 

31.1

Certification of Periodic  Report by Robert A. Bruggeworth, as Chief Executive Officer,

pursuant to Rule 13a-14(a)  or 15d-14(a) of the Exchange Act, as adopted pursuant to Section

302 of the Sarbanes-Oxley  Act of 2002

 

 

31.2

Certification of Periodic  Report by William A. Priddy, Jr., as Chief Financial Officer, pursuant

to Rule 13a-14(a) or  15d-14(a) of the Exchange Act, as adopted pursuant to Section 302 of the

Sarbanes-Oxley Act of 2002

 

 

32.1

Certification of Periodic  Report by Robert A. Bruggeworth, as Chief Executive Officer,

pursuant to 18 U.S.C.  Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley

Act of 2002   

 

 

32.2

Certification  of Periodic Report by William A. Priddy, Jr., as Chief Financial Officer,  pursuant

to  18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the  Sarbanes-Oxley Act of

2002  

 

*   Executive compensation plan or agreement

****

30

 

 

 

 

 

 

**SIGNATURES**

** **

                 Pursuant to therequirements of the Securities Exchange Act of 1934, the registrant has dulycaused this report to be signed on its behalf by the undersigned thereunto dulyauthorized.

 

 
RF Micro Devices, Inc.

Date:  February 5, 2009

 
/s/ William A. Priddy, Jr.

 
William A. Priddy, Jr.
 
Chief Financial Officer, Corporate

 
Vice President of  Administration and Secretary  (Principal Financial Officer)

     

 

Date:  February 5, 2009

 
/s/ Barry D. Church

 
Barry D. Church
 
Vice President and Corporate  Controller

 
(Principal Accounting  Officer)

 

 

31

 

 
 
**EXHIBIT INDEX**

 

 

            10.1

Employment Agreement, dated  as of November 12, 2008, between RF Micro Devices, Inc. and  Robert A.  Bruggeworth, incorporated by reference to Exhibit 10.1 to the Current Report  on Form 8-K filed by RF Micro Devices, Inc. on November 14, 2008*

 

 

            10.2

Second Amended and Restated  Change in Control Agreement, effective as of December 31, 2008, by and  between RF Micro Devices, Inc. and Robert A. Bruggeworth*

 

 

            10.3

Amended and Restated Change  in Control Agreement, effective as of December 31, 2008, by and between RF  Micro Devices, Inc. and Barry D. Church*

 

 

            10.4

Amended and Restated Change  in Control Agreement, effective as of December 31, 2008, by and between RF  Micro Devices, Inc. and Steven E. Creviston*

 

 

            10.5

Amended and Restated Change  in Control Agreement, effective as of December 31, 2008, by and between RF  Micro Devices, Inc. and Jerry D. Neal*

 

 

            10.6

Amended and Restated Change  in Control Agreement, effective as of December 31, 2008, by and between RF  Micro Devices, Inc. and William A. Priddy, Jr.*

 

 

            10.7

Amended and Restated Change  in Control Agreement, effective as of December 31, 2008, by and between RF  Micro Devices, Inc. and Suzanne B. Rudy*

 

 

            10.8

Amended and Restated Change  in Control Agreement, effective as of December 31, 2008, by and between RF  Micro Devices, Inc. and James D. Stilson*

 

 

            10.9

Amended and Restated Change  in Control Agreement, effective as of December 31, 2008, by and between RF  Micro Devices, Inc. and Robert Van Buskirk *

 

 

            31.1

Certification of Periodic  Report by Robert A. Bruggeworth, as Chief Executive Officer,

pursuant to Rule 13a-14(a)  or 15d-14(a) of the Exchange Act, as adopted pursuant to Section

302 of the Sarbanes-Oxley  Act of 2002

 

 

            31.2

Certification of Periodic  Report by William A. Priddy, Jr., as Chief Financial Officer, pursuant

to Rule 13a-14(a) or  15d-14(a) of the Exchange Act, as adopted pursuant to Section 302 of the

Sarbanes-Oxley Act of 2002

 

 

            32.1

Certification of Periodic  Report by Robert A. Bruggeworth, as Chief Executive Officer,

pursuant to 18 U.S.C.  Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley

Act of 2002   

 

 

            32.2

Certification  of Periodic Report by William A. Priddy, Jr., as Chief Financial Officer,  pursuant

to  18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the  Sarbanes-Oxley Act of

2002  

 

 

*  Executive  compensation plan or agreement

 

 

OurSEC file number for documents filed with the SEC pursuant to the SecuritiesExchange Act of 1934, as amended, is 000-22511.

 

 

32

 

 

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