EXCELLENCE
Hittite Microwave Corporation
2013 Annual Report to Shareholders
OUR MARKETS
4 12.2014
Dear Shareholders,
I am pleased to report our 2013 financial and operating results. Revenue for the year was $273.8 million, a 3.6%
• Automotive
• Broadband
• Cellular Infrastructure
increase from $264.4 million for 2012, and the company’s net income was $70.0 million, or $2.25 per diluted
OUR PRODUCT LINES
share. The growth in 2013 was primarily in our cellular infrastructure and microwave communications markets and
• Amplifiers
• Attenuators
• Automatic Gain Control
• Broadband Time Delays
• Clocks & Timing
• Comparators
• Crosspoint Switches
• Data Converters
• DC Power Conditioning
• DC Power Management
• DROs
• Filters - Tunable
in the Asia Pacific region.
• Fiber Optics
• MW & mmW Communications
• Military
• Space
• Test & Measurement
• Freq. Dividers & Detectors
• Freq. Multipliers
• High Speed Digital Logic
• IF Signal Processing
• Interface
• Limiting Amplifiers
• Mixers & Converters
• Modulators & Demodulators
• Multiplexers & Demultiplexers
• Optical Modulator Drivers
• Passives
• Phase Shifters
• PLLs
• PLLs with Integrated VCOs
• Power Detectors
• SDLVAs
• Sensors
• Signal Conditioners
• Signal Generators
• Switches
• Transceivers
• Transimpedance Amplifiers
• Variable Gain Amplifiers
• VCOs & PLOs
In February 2014, our Board of Directors approved the
ever growing product portfolio and we expanded the number
initiation of a quarterly cash dividend of $0.15 per share, with
of parts we sell through Digi-Key.
the first payment on March 27. Our operating model provides
The company’s success is built around key principles that
the financial foundation to support both our growth plans
I believe are still valid and will serve us well in the future.
and a quarterly dividend. The Board’s decision to initiate a
We focus on non-consumer markets, we partner with leading
dividend reflects our confidence in our financial position and
customers, we focus on difficult-to-solve technical challenges
in our future prospects.
and our world class engineering teams develop the innovative
When I joined as CEO, I knew that I was going to lead a high
solutions that make our customers successful. We continue to
performing organization with an exceptional track record of
capitalize on our fabless semiconductor strategy by utilizing
OUR PRODUCT PORTFOLIO
accomplishments, having previously served for eight years
best in class technologies and fabrication facilities worldwide
Integrated Circuits
on the Board of Directors. My role is to lead this successful
to produce our unique solutions.
company to continue to grow in the global markets, to
Our customers are changing the world as it evolves to the
increase its ability to adapt to an ever changing business
“Internet of Things” and we play a key role in supporting this
environment and to achieve new heights.
vision. We are focused on accomplishing our future growth
Our expertise is in high performance RF, analog mixed signal,
strategy while maintaining our excellent financial model.
and microwave solutions and we operate in commercial and
We continue to develop our strategic plans in response
military markets that have excellent growth prospects, driven
to changes in the business environment to strengthen our
by the increasing demand for wired and wireless broadband
presence at key customers and in our strategic markets.
communication, sensing, and data storage. I believe we are
We will continue to pursue new market opportunities as
focusing on the right markets to support our growth plans
they arise. We will keep expanding our technology breadth
and our operating model. In 2013, we initiated organizational
and design capability as well as market reach through both
changes and expanded the management team to continue
organic growth and, when appropriate, strategic acquisitions.
to leverage our internal strengths and further enhance our
I am proud to have the opportunity to lead this successful
execution capabilities. In today’s global economy, quality is
company and excited about the growth opportunities in our
a strategic asset. We have enhanced the role of our quality
future. On behalf of our employees, management team and
organization by recruiting a new VP of Quality, reporting
Board of Directors, I want to take this opportunity to thank
to me, from a major US semiconductor company. We have
you, our shareholders, for your support during 2013.
realigned the product development organization to further
improve our ability to align with and solve customer needs.
We have created a technology and market development
organization to make sure we stay ahead of the curve in
innovation, market understanding and customer engagement.
We have also recruited a new VP of Sales, we are working on
expanding our sales and distribution channels to leverage our
Rick D. Hess
President, Chief Executive Officer
Hittite Microwave Corporation
Modules
Subsystems & Instrumentation
Board of Directors
Franklin Weigold
Chairman of the Board
Gregory R. Beecher
Director
Adrienne M. Markham
Director
Steve Sanghi
Director
Rick D. Hess
Director, President, and
Chief Executive Officer
Ernest L. Godshalk
Director
Brian P. McAloon
Director
Cosmo S. Trapani
Director
Bryan Goldstein
Vice President
Gregory Henderson
Vice President
Görkem Guven
Vice President
Jason Lynch
Managing Director
HMI Limited
Antonio Visconti
Vice President
Technology & Market
Development
Executive Management
Rick D. Hess
President
Chief Executive Officer
William W. Boecke
Vice President
Chief Financial Officer
& Treasurer
Susan DiCecco
Vice President
Human Resources
William D. Hannabach
Vice President
Global Operations
Larry Ward
Vice President
Sales
Mike McCullar
Vice President
Quality Assurance
Corporate Information
Corporate Counsel
Foley Hoag LLP
Seaport World Trade Center West
155 Seaport Boulevard
Boston, MA 02110
Independent Auditors
PricewaterhouseCoopers
125 High Street
Boston, MA 02110
Transfer Agent
American Stock Transfer & Trust Company
6201 15th Avenue
Brooklyn, NY 11219
Stock Listing
Our common stock is listed on the NASDAQ Global Select Market under the symbol “HITT”.
Hittite Microwave Corporation
2 Elizabeth Drive, Chelmsford, MA 01824 • 978-250-3343 tel • 978-250-3373 fax • IR@hittite.com • www.hittite.com