WJ Communications Announces First Quarter 2008 Financial Results

For those of you who are Stockholders of WJ Communications, Inc. please read the information below:

Additional Information and Where to Find It

In connection with the proposed TriQuint transaction, a proxy statement of WJ Communications, Inc. and other materials have been filed with the SEC. WE URGE INVESTORS TO READ THE PROXY STATEMENT AND THESE OTHER MATERIALS CAREFULLY BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors can obtain free copies of the proxy statement as well as other filed documents containing information at http://www.sec.gov, the SECs free Internet site. Free copies of WJ Communications, Inc.s SEC filings are also available on its Internet site at http://www.wj.com.

WJ Communications, Inc. and its executive officers and directors may be deemed, under SEC rules, to be participants in the solicitation of proxies from WJ Communications, Inc.s stockholders with respect to the proposed transaction. Information regarding the officers and directors of WJ Communications, Inc. is included in its definitive proxy statement for its 2007 annual meeting filed with the SEC on June 20, 2007. More detailed information regarding the special interests of the executive officers and directors in the transaction, if any, is set forth in the proxy statement and other materials filed with SEC in connection with the proposed transaction.

About WJ Communications

WJ Communications, Inc. is a leading provider of radio frequency (RF) solutions serving multiple markets targeting wireless communications, RF identification (RFID), and WiMax. WJ addresses the RF challenges in these multiple markets with its highly reliable amplifiers, mixers, RF integrated circuits (RFICs), RFID reader modules, chipsets, and multi-chip (MCM) modules. For more information visit www.wj.com.

All trademarks used, referenced, or implicitly contained herein are used in good faith and highlighted to give proper public recognition to their respective owners.

 
WJ COMMUNICATIONS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
   
Three Months Ended
March 30,

April 1,

2008 2007
   
 
Net sales $ 10,253 $ 10,757
 
Cost of goods sold   5,622     5,988  
Gross profit   4,631     4,769  
Operating expenses:
Research and development 2,737 5,497
Selling and administrative 4,842 3,830
Restructuring charges (credits)   (4 )   212  
Total operating expenses   7,575     9,539  
Loss from operations (2,944 ) (4,770 )
Interest income 97 263
Interest expense (16 ) (14 )
Other income - net   5     120  
Loss before income taxes (2,858 ) (4,401 )
Income tax provision   25     -  
Net loss $ (2,883 ) $ (4,401 )
 
Basic and diluted net loss per share $ (0.04 ) $ (0.07 )
Basic and diluted average weighted shares   68,667     67,484  
 
WJ COMMUNICATIONS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
   
March 30, December 31,
  2008     2007  
 
ASSETS
 
CURRENT ASSETS:
Cash and cash equivalents $ 13,844 $ 14,018
Short-term investments 1,303 2,698
Receivables (net of allowances of $445 and $440, respectively) 7,351 6,977
Inventories 6,375 6,443
Other current assets   984     1,144  
Total current assets   29,857     31,280  
PROPERTY, PLANT AND EQUIPMENT, net 5,285 5,511
Goodwill 6,834 6,834
Intangible assets, net 625 692
Other assets   179     179  
$ 42,780   $ 44,496  
 
LIABILITIES AND STOCKHOLDERS EQUITY
 
CURRENT LIABILITIES:
Accounts payable 5,911 3,926
Accrued liabilities 3,089 3,262
Income tax contingency liability 71 54
Deferred margin on distributor inventory 2,027 2,687
Restructuring accrual   3,310     3,182  
Total current liabilities   14,408     13,111  
Restructuring accrual 7,084 7,941
Other long-term obligations   556     597  
Total liabilities   22,048     21,649  
 
STOCKHOLDERS EQUITY:
Preferred stock
Common stock 712 709
Treasury stock (25 ) (24 )
Additional paid-in capital 213,737 212,972
Accumulated deficit (193,693 ) (190,810 )
Other comprehensive gain   1     -  
Total stockholders equity   20,732     22,847  
$ 42,780   $ 44,496  
 
WJ Communications Inc. and Subsidiaries
Unaudited Reconciliation of Non-GAAP Financial Measures
(in thousands)
   
Three Months Ended

March 30,
2008

 

April 1,
2007

 

 
GAAP loss from operations $ (2,944 ) $ (4,770 )
 
Depreciation and amortization expense 539 1,202
 
Stock-based compensation 822 875
   
EBITDA (1,583 ) (2,693 )
 
Merger transaction expenses 1,233 -
 
Restructuring charges (credits) (4 ) 212
   
Adjusted EBITDA $ (354 ) $ (2,481 )




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