ANADIGICS Announces First Quarter 2009 Results

WARREN, NJ -- (MARKET WIRE) -- Apr 28, 2009 -- ANADIGICS, Inc. (NASDAQ: ANAD), a leading provider of semiconductor solutions in the broadband wireless and wireline communications markets, reported first quarter 2009 net sales of $30.5 million, a decrease of 33% sequentially and 59% from the first quarter of 2008. As of April 4, 2009, cash, cash equivalents and short and long-term marketable securities totaled $132.5 million.

GAAP net loss for the first quarter of 2009 was $22.0 million, or ($0.36) per share. Non-GAAP net loss for the first quarter of 2009 was $12.8 million, or ($0.21) per share. Non-GAAP financial measures exclude charges of $9.2 million, or ($0.15) per share, associated with stock-based compensation, inventory, impairment of auction rate securities and a reduction in workforce. The details of the Non-GAAP adjustments are available in the accompanied financial schedules.

"Our results reflect typical wireless seasonality and the effects of the economic downturn on our cable and WiFi customers," commented Mario Rivas, President and Chief Executive Officer. "While I am not satisfied with our financial guidance for the second quarter, which continues to reflect the impact of the economic downturn on our customers, we are confident that we have the leading technologies to service our end markets and are focused on execution, both strategically and operationally. I am encouraged by our high level of design win activity and, as a result, expect a return to revenue growth in the second half of 2009."

Outlook for the Second Quarter 2009

Net sales for the second quarter of 2009 are expected to decline approximately 8% to 10% from the first quarter of 2009. Net loss per share on a GAAP basis for the second quarter is expected to be approximately ($0.29). Non-GAAP loss per share, excluding non-cash stock compensation expense, is expected to be approximately ($0.24). The net loss and non-GAAP loss per share are based on an estimated diluted weighted average outstanding common share count of 62 million.

The statements regarding the Company's anticipated future performance are forward looking and actual results may differ materially. Please see safe harbor statement at the end of this press release.

This press release includes financial measures that are not in accordance with GAAP, consisting of non-GAAP net income or loss and non-GAAP income or loss per share. Management uses non-GAAP net income or loss and non-GAAP income or loss per share to evaluate the company's operating and financial performance in light of business objectives, for planning purposes, when publicly providing our business outlook and to facilitate period-to-period comparisons. ANADIGICS believes that these measures are useful to investors because they enhance investors' ability to review the company's business from the same perspective as the company's management and facilitate comparisons of this period's results with prior periods. These non-GAAP measures exclude charges related to stock-based compensation, restructuring charges, impairment of auction rate securities and non-comparative charges in the first quarter of 2009 resulting from inventory reserves associated with reduced demand. Non-GAAP measures are used by some investors when assessing the ongoing operating and financial performance of our Company. These financial measures are not in accordance with GAAP and may differ from non-GAAP methods of accounting and reporting used by other companies. Management acknowledges that stock-based compensation is a recurring cost and is an important part of our employee's compensation and impacts their performance. However the expense is non-cash in nature and there are various valuation methodologies and assumptions used in determining stock-based compensation that may be unrelated to operations, such as volatility and current interest rates. The presentation of the additional information should not be considered a substitute for net income or loss or income or loss per share prepared in accordance with GAAP.

Limitations of non-GAAP financial measures. The primary material limitations associated with the use of non-GAAP measures as compared to the most directly comparable GAAP financial measures are (i) they may not be comparable to similarly titled measures used by other companies in ANADIGICS industry, and (ii) they exclude financial information that some may consider important in evaluating our performance. We compensate for these limitations by providing reconciliations of reported net income or loss and income or loss per share to non-GAAP net income or net loss and non-GAAP income or loss per share, respectively, within this press release.

Conference Call

ANADIGICS' senior management will conduct a conference call today at 5:00 PM Eastern Time. A live audio Webcast will be available at www.anadigics.com/investors. A recording of the call will be available approximately two hours after the end of the call on the ANADIGICS Web site or by dialing 800-642-1687 conference ID 94201908 (available until May 4, 2009).

Recent Highlights

March 23 - ANADIGICS Introduces Line of Hybrid RF Line Amplifiers for CATV

April 23 - ANADIGICS Powers Leading Global Broadband Embedded Device

About ANADIGICS, Inc.

ANADIGICS, Inc. (NASDAQ: ANAD) is a leading provider of semiconductor solutions in the growing broadband wireless and wireline communications markets. The Company's products include power amplifiers, tuner integrated circuits, active splitters, line amplifiers, and other components, which can be sold individually or packaged as integrated radio frequency and front end modules.

Safe Harbor Statement

Except for historical information contained herein, this press release contains projections and other forward-looking statements (as that term is defined in the Securities Exchange Act of 1934, as amended). These projections and forward-looking statements reflect the Company's current views with respect to future events and financial performance and can generally be identified as such because the context of the statement will include words such as "believe," "anticipate," "expect," or words of similar import. Similarly, statements that describe our future plans, objectives, estimates or goals are forward-looking statements. No assurances can be given, however, that these events will occur or that these projections will be achieved and actual results and developments could differ materially from those projected as a result of certain factors. Important factors that could cause actual results and developments to be materially different from those expressed or implied by such projections and forward-looking statements include those factors detailed from time to time in our reports filed with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2008, and those discussed elsewhere herein.



                              ANADIGICS, INC.
                  Consolidated Statements of Operations
             (Amounts in thousands, except per share amounts)


                                                     Three months ended
                                                 -------------------------
                                                   April 4,     March 29,
                                                     2009          2008
                                                 -----------   -----------
                                                 (Unaudited)   (Unaudited)
Net sales                                        $    30,495   $    74,369
Cost of sales                                                     29,245                47,764
                                                                                                  -----------      -----------
Gross  profit                                                                                      1,250                26,605
Research  and  development  expenses                                          11,625                14,331
Selling  and  administrative  expenses                                        7,432                  8,880
Restructuring  charge                                                                      2,598                          -
                                                                                                  -----------      -----------
Operating  (loss)  income                                                            (20,405)                3,394
Interest  income                                                                                    559                  1,938
Interest  expense                                                                                (591)                  (591)
Other  expense,  net                                                                        (1,545)                  (812)
                                                                                                  -----------      -----------
Net  (loss)  income                                                                $      (21,982)    $          3,929
                                                                                                  ===========      ===========

Net  (loss)  earnings  per  share
                                                                                                  -----------      -----------
Basic                                                                                        $          (0.36)    $            0.07
                                                                                                  ===========      ===========
Diluted                                                                                    $          (0.36)    $            0.07
                                                                                                  ===========      ===========

Basic  shares  outstanding                                                            61,742                59,310
                                                                                                  ===========      ===========
Basic  &  dilutive  shares  outstanding                                      61,742                60,430
                                                                                                  ===========      ===========

Unaudited  Reconciliation  of  GAAP  to  Non-GAAP
  Financial  Measures

GAAP  net  (loss)  income                                                      $      (21,982)    $          3,929
Stock  compensation  expense  in  continuing
  operations
          Cost  of  sales                                                                              725                      726
          Research  and  development                                                    1,431                  1,896
          Selling  and  administrative                                                1,445                  1,784
Cost  of  sales  adjustment  (1)                                                      1,410                          -
Auction  rate  securities  impairment                                          1,565                      823
Restructuring  charge                                                                      2,598                          -
                                                                                                  -----------      -----------
Non-GAAP  net  (loss)  income                                              $      (12,808)    $          9,158
                                                                                                  ===========      ===========

Non-GAAP  earnings  (loss)  per  share  *
Basic                                                                                        $          (0.21)    $            0.15
                                                                                                  ===========      ===========
Diluted                                                                                    $          (0.21)    $            0.15
                                                                                                  ===========      ===========

(*)  Calculated  using  related  GAAP  shares  outstanding

(1)  Three  months  ended  April  4,  2009  includes  $1,410  inventory  reserves
      charge  for  products  with  reduced  demand.




                                                            ANADIGICS,  INC.
                                    Condensed  Consolidated  Balance  Sheets
                                                    (Amounts  in  thousands)


                                                                                                      April  4,        December  31,
                                                                                                        2009                    2008
                                                                                              -------------    -------------
Assets                                                                                      Unaudited
Current  assets:
      Cash  and  cash  equivalents                                      $            99,697    $          123,552
      Marketable  securities                                                            25,502                  13,340
      Accounts  receivable                                                                13,935                  25,384
      Inventory                                                                                    28,660                  33,578
      Prepaid  expenses  and  other  current  assets                      4,118                    3,121
                                                                                              -------------    -------------
Total  current  assets                                                                  171,912                198,975

Marketable  securities                                                                    7,267                    8,832
Plant  and  equipment,  net                                                            93,648                  95,671
Other  assets                                                                                          290                        299
                                                                                              -------------    -------------
                                                                                              $          273,117    $          303,777
                                                                                              =============    =============

Liabilities  and  stockholders'  equity
Current  liabilities:
      Accounts  payable                                                        $            10,913    $            18,267
      Accrued  liabilities                                                                  7,385                  13,203
      Accrued  restructuring  costs                                                  2,392                    1,165
      Convertible  notes                                                                    38,000                  38,000
Total  current  liabilities                                                          58,690                  70,635

Other  long-term  liabilities                                                        3,107                    3,134

Stockholders'  equity                                                                  211,320                230,008
                                                                                              -------------    -------------
                                                                                              $          273,117    $          303,777
                                                                                              =============    =============

*  The  condensed  balance  sheet  at  December  31,  2008  has  been  derived  from
    the  audited  financial  statements  at  such  date  but  does  not  include  all
    the  information  and  footnotes  required  by  U.S.  generally  accepted
    accounting  principles  for  complete  financial  statements.

 

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