RF Micro Devices Announces Results Of Annual Meeting And Comments On Outlook For Fiscal 2002.

Business Editors/High Tech Writers

GREENSBORO, N.C.--(BUSINESS WIRE)--July 24, 2001

At the annual meeting of shareholders of RF Micro Devices (Nasdaq: RFMD) held today, President and Chief Executive Officer David A. Norbury discussed the Company's record results for fiscal 2001, ended March 31, 2001, and reiterated the Company's outlook for growth in fiscal 2002.

Results of Annual Meeting

During the meeting, shareholders re-elected Mr. Norbury, William J. Pratt, Dr. Albert E. Paladino, Erik H. van der Kaay and Walter H. Wilkinson, Jr. to RF Micro Devices' Board of Directors for one-year terms.

Comments from Management

"Fiscal 2001 was a year of significant financial and strategic achievements," said Mr. Norbury. "In addition to posting record revenues of $335.4 million, we improved upon our leading position in the industry by carrying out aggressive module design and manufacturing initiatives. Increasingly, major cell phone manufacturers are requiring these highly integrated, multi-chip modules, which provide greater ease of assembly, smaller size, accelerated time-to-market and lower cost.

"The success of our module strategy is clear. Module revenues grew rapidly from 1% of total sales in the first quarter of fiscal 2001 to 32% of total sales in the fourth quarter of fiscal 2001. We believe module revenues will continue to increase and will account for approximately 50% of total revenues in the current quarter, ending September 30, 2001."

Mr. Norbury continued, "In our fiscal 2002 first quarter earnings release and conference call last week, we were pleased to report better-than-forecasted sequential revenue growth for the June quarter in spite of a very challenging macro environment. Given our improved visibility, increased design activity and relative strength within the industry, we continue to expect near-term revenue growth and market share gains for the September quarter.

"Specifically, we anticipate September revenues will increase approximately ten percent sequentially, and, as I indicated on our conference call last week, we are very pleased to be fully booked to reach that goal. We also continue to expect to return to profitability in the second half of the calendar year, as our revenue growth continues and margin improvement programs proceed. Finally, given the information currently available, we continue to expect to post year-over-year revenue growth for fiscal 2002, ending March 31, 2002."

RF Micro Devices, Inc., an ISO 9001-certified manufacturer, designs, develops, manufactures and markets proprietary radio frequency integrated circuits (RFICs) primarily for wireless communications products and applications such as cellular and PCS phones, base stations, wireless LANs, and cable television modems. The Company offers a broad array of products - including amplifiers, mixers, modulators/demodulators, and single-chip receivers, transmitters and transceivers - representing a substantial majority of the RFICs required in wireless subscriber equipment. The Company's strategy is to focus on wireless markets by offering a broad range of standard and custom-designed RFICs in order to position itself as a "one-stop" solution for its customers' RFIC needs. In the September 4, 2000 issue of Fortune Magazine, RF Micro Devices was ranked second among Fortune's "100 Fastest Growing Companies." RF Micro Devices, Inc., is traded on the Nasdaq National Market under the symbol RFMD.

This press release contains forward-looking statements that relate to RF Micro Devices' plans, objectives, estimates and goals. Words such as "expects," "anticipates," "intends," "plans," "projects," "believes," and "estimates," and variations of these words and similar expressions, identify these forward-looking statements. RF Micro Devices' business is subject to numerous risks and uncertainties, including probable variability in quarterly operating results, the rate of growth and development of wireless markets, risks associated with the operation of wafer fabrication facilities, its ability to manage rapid growth and to attract and retain skilled personnel, variability in production yields, raw material availability, manufacturing capacity constraints, dependence on a limited number of customers and dependence on third parties. These and other risks and uncertainties, which are described in more detail in RF Micro Devices' most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, could cause actual results and developments to be materially different from those expressed or implied by any of these forward-looking statements.

RF MICRO DEVICES(R) and RFMD(R) are trademarks of RFMD, LLC. All other tradenames, trademarks and registered trademarks are the property of their respective owners.

For further information about RFMD, please visit our web site at http://www.rfmd.com.