AnalogicTech Reports Q1 2006 Revenue of $18.3 Million, Up 28% Year-Over-Year

SUNNYVALE, Calif., May 4 /PRNewswire-FirstCall/ -- Advanced Analogic Technologies Incorporated (AnalogicTech) (NASDAQ: AATI), a developer of power management semiconductors for mobile consumer electronic devices, today reported financial results for the first quarter ended March 31, 2006.

(Logo: http://www.newscom.com/cgi-bin/prnh/20050829/SFTU089LOGO )

Revenue for the first quarter of 2006 was $18.3 million, an increase of 28% over revenue of $14.3 million for the first quarter of 2005 and a 15% sequential decrease from the fourth quarter of 2005 revenue of $21.6 million.

Net income for the first quarter of 2006 was $0.7 million, or $0.02 per diluted share, inclusive of $0.7 million in incremental litigation costs and expenses associated with a contemplated secondary offering that stockholders and AnalogicTech decided not to pursue. This compares to $0.2 million, or $0.01 per diluted share, for the first quarter of 2005, and compared to $1.7 million, or $0.04 per diluted share, for the fourth quarter of 2005. On a non- GAAP basis, excluding stock-based compensation expense, net of tax, net income for the first quarter of 2006 was $2.1 million, or $0.04 per diluted share. This compares to non-GAAP net income of $0.8 million, or $0.02 per diluted share, for the first quarter of 2005.

AnalogicTech reported gross margins of 61.0% for the first quarter of 2006, compared to 62.2% for the first quarter of 2005 and compared to 62.2% for the fourth quarter of 2005. The company ended the quarter with $125.7 million in cash and cash equivalents.

"For the first three months of 2006, revenue reached an all-time high for a first quarter, increasing 28% year-over-year," stated Richard K. Williams, President, CEO and CTO of AnalogicTech. "We continued to experience strong demand for our Total Power Management(TM) products, particularly in Korea. In engineering, our sustained product development activity resulted in the introduction of several new battery management and switching regulator products during the quarter. Furthermore, the implementation of our ModularBCD(TM) process technology enabled us to shift significant design activity to this new proprietary process."

Business Outlook

The following statements are based upon management's current expectations. These statements are forward-looking, and actual results may differ materially. AnalogicTech undertakes no obligation to update these statements.

For the second quarter ended June 30, 2006, AnalogicTech estimates revenue in the range of $20 to $22 million, and, on a GAAP basis, earnings per share of $0.02 to $0.04 per diluted share. The second quarter 2006 GAAP estimates include pre-tax quarterly stock-based compensation expense of $1.5 to $1.8 million.

AnalogicTech adopted SFAS 123R during the first quarter of fiscal 2006. This will have a significant impact on GAAP reported results as the company continues to grant stock options and other stock-based compensation awards to individuals. SFAS 123R requires companies to estimate the value of stock options by using the Black Scholes or other option valuation techniques. These techniques require management to make certain assumptions such as volatility, expected forfeiture rate, dividend yield rates, risk-free rates and expected option term.

Non-GAAP Reporting

In addition to GAAP reporting, AnalogicTech reports net income on a non- GAAP basis. This non-GAAP earnings information excludes stock-based compensation expense and its tax-related effects. AnalogicTech believes this non-GAAP earnings information provides meaningful insight into the company's ongoing operational performance and has therefore chosen to provide this information to investors for a more consistent basis of comparison. AnalogicTech also uses this information internally to evaluate and manage company operations and to determine incentive compensation. A reconciliation between GAAP and non-GAAP net income is included in the tables below.

Conference Call Details

The AnalogicTech first quarter teleconference and webcast is scheduled to begin at 5:00 p.m. Eastern Time on Thursday, May 4, 2006. To participate in the live call, analysts and investors should dial 800-218-9073 at least ten minutes prior to the call. AnalogicTech will also offer a live and archived webcast of the conference call, accessible from the company's investor relations website at www.aati.com or via the corporate website, www.analogictech.com. A telephonic replay of the conference call will also be available until 11:59 p.m. Pacific Time on Monday, May 8, 2006, by dialing 800-405-2236 and entering the passcode: 11058142#. Callers outside the U.S. and Canada may access the replay by dialing 303-590-3000 and entering the passcode 11058142#.

About AnalogicTech

Advanced Analogic Technologies Incorporated (AnalogicTech) is a supplier of Total Power Management(TM) semiconductor solutions for mobile consumer electronic devices, such as wireless handsets, notebook and tablet computers, smartphones, digital cameras, wireless LAN, and personal media players. The company focuses its design and marketing efforts on the application-specific power management needs of consumer, communications, and computing applications in these rapidly evolving devices. AnalogicTech also develops and licenses device, process, package, and application-related technology. AnalogicTech is headquartered in Sunnyvale, California, with offices in South Korea, Taiwan, Hong Kong, Macau, Shanghai, Shenzhen, Beijing, Japan, Sweden, UK, and France, as well as a worldwide network of sales representatives and distributors. The company is listed on the NASDAQ exchange under the ticker symbol AATI. For more information, please visit the AnalogicTech website: www.analogictech.com. (AnalogicTech - F)

"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995

Statements contained in this release that are not historical facts are forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements, including financial projections and forecasts, involve risks and uncertainties that could cause AnalogicTech's actual results to differ materially from our current expectations. Factors that could cause AnalogicTech's results to differ materially from those set forth in these forward-looking statements include customers' cancellation or modification of their orders; our failure to accurately forecast demand for our products; the loss of, or a significant reduction in orders from, any of our significant customers; fluctuations in our operating results; our inability to develop and sell new products; defects in or failures of our products; the expense and uncertainty involved in our customer design-win efforts; the financial viability of the distributors of our products; consumer demand for cellular phones and other mobile consumer electronic devices; worldwide economic and political conditions, particularly in Asia; fluctuations in our costs to manufacture our products; our reliance on third parties to manufacture, test, assemble and ship our products; our ability to retain and attract key personnel; our ability to compete with our competitors; and our ability to protect our intellectual property rights and not infringe the intellectual property rights of others. Other factors that may cause our actual results to differ from those set forth in the forward- looking statements contained in this press release and that may affect our prospects in general are described in our filings with the Securities and Exchange Commission, including our Registration Statement on Form S-1 related to our initial public offering and our Annual Report on Form 10-K for the year ended December 31, 2005. AnalogicTech undertakes no obligation to update or revise forward-looking statements to reflect subsequent events or changed assumptions or circumstances.

NOTE: AnalogicTech and the AnalogicTech logo are trademarks of Advanced Analogic Technologies Incorporated. All other brand and product names appearing in this document are registered trademarks or trademarks of their respective holders.

                 Advanced Analogic Technologies Incorporated
                     CONDENSED CONSOLIDATED BALANCE SHEET
                                (in thousands)
                                 (unaudited)

                                                           March  31,                December  31,
                                                                                                        2006                              2005
        ASSETS
            CURRENT  ASSETS
                Cash  and  cash  equivalents                                    $125,710                    $124,377
                Accounts  receivable,  net  of  allowances
                  of  $306  in  2006  and  $306  in  2005                        11,056                        10,496
                Inventories                                                                      6,776                          6,561
                Prepaid  expenses  and  other  current  assets          1,532                          1,656
                Deferred  income  tax  assets-current                        4,622                          3,780
                    Total  current  assets                                            149,696                      146,870
                Property  and  equipment,  net                                      2,507                          2,257
                Other  assets                                                                        406                              384
                Deferred  income  tax  assets-noncurrent                  1,812                          1,812
            TOTAL  ASSETS                                                                  $154,421                    $151,323

        LIABILITIES  AND  STOCKHOLDERS'  EQUITY
            CURRENT  LIABILITIES
                Accounts  payable                                                          $5,973                        $5,196
                Accrued  liabilities                                                      3,801                          4,738
                Income  tax  payable                                                            786                              963
                    Total  current  liabilities                                    10,560                        10,897
                Other  long  term  liabilities                                            15                                24
                    Total  liabilities                                                    10,575                        10,921

            Total  stockholder's  equity                                        143,846                      140,402

        TOTAL  LIABILITIES  AND  STOCKHOLDERS'  EQUITY          $154,421                    $151,323


                                  Advanced  Analogic  Technologies  Incorporated
                                CONDENSED  CONSOLIDATED  STATEMENT  OF  OPERATIONS
                                      (in  thousands,  except  per  share  amounts)
                                                                  (unaudited)

                                                                                                              Three  Months  Ended
                                                                                                                        March  31,
                                                                                                            2006                            2005
        NET  SALES                                                                              $18,289                      $14,272
        Cost  of  revenues  (including  stock-based
          compensation  of  $87  and  $25  for  the
          three  months  ended  March  31,  2006  and  2005)            7,134                          5,395
        GROSS  PROFIT                                                                          11,155                          8,877

        OPERATING  EXPENSES:
            Research  and  development  (including
              stock-based  compensation  of  $557  and
              $187  for  the  three  months  ended
              March  31,  2006  and  2005)                                              6,055                          4,448
            Sales,  general  and  administrative
              (including  stock-based  compensation
                of  $762  and  $372  for  the  three  months
                ended  March  31,  2006  and  2005  )                              5,556                          4,045
        Total  operating  expenses                                                  11,611                          8,493

        INCOME  (LOSS)  FROM  OPERATIONS                                            (456)                            384

        OTHER  INCOME  AND  EXPENSES,  NET                                        1,248                                94

        INCOME  BEFORE  INCOME  TAXES                                                    792                              478
        PROVISION  FOR  INCOME  TAXES                                                      46                              239
        NET  INCOME                                                                                  $746                            $239

        NET  INCOME  PER  SHARE:

            Basic                                                                                      $0.02                          $0.04
            Diluted                                                                                  $0.02                          $0.01

        WEIGHTED  AVERAGE  SHARES  USED  IN  NET
          INCOME  PER  SHARE  CALCULATION:
            Basic                                                                                    42,994                          6,368
            Diluted                                                                                46,927                        35,594


                                  Advanced  Analogic  Technologies  Incorporated
                      NON-GAAP  CONDENSED  CONSOLIDATED  STATEMENT  OF  OPERATIONS
                                      (in  thousands,  except  per  share  amounts)
                                                                  (unaudited)

                                                                                                              Three  Months  Ended
                                                                                                                        March  31,
                                                                                                          2006                            2005
        NET  SALES                                                                            $18,289                      $14,272
        Cost  of  revenues                                                                  7,047                          5,370
        GROSS  PROFIT                                                                        11,242                          8,902

        OPERATING  EXPENSES:
            Research  and  development                                              5,498                          4,261
            Sales,  general  and  administrative                            4,794                          3,673
        Total  operating  expenses                                                10,292                          7,934

        INCOME  FROM  OPERATIONS                                                          950                              968

        OTHER  INCOME  AND  EXPENSES,  NET                                      1,248                                94

        INCOME  BEFORE  INCOME  TAXES                                              2,198                          1,062
        PROVISION  FOR  INCOME  TAXES                                                  137                              239
        NET  INCOME                                                                            $2,061                            $823

        NET  INCOME  PER  SHARE:
            Basic                                                                                    $0.05                          $0.13
            Diluted                                                                                $0.04                          $0.02

        WEIGHTED  AVERAGE  SHARES  USED  IN  NET
          INCOME  PER  SHARE  CALCULATION:
            Basic                                                                                  42,994                          6,368
            Diluted                                                                              46,927                        35,594




        GAAP  to  Non-GAAP  Reconciliation

        Net  Income  -  GAAP  Basis                                                      $746                            $239
        Non-GAAP  Adjustments  for  Stock-Based
          Compensation
            Cost  of  revenues                                                                    87                                25
            Research  and  development                                                  557                              187
            Sales,  general  and  administrative                                762                              372
            Tax  effect  of  adjustments                                                (91)                              --
        Net  Income  -  Non-GAAP  Basis                                          $2,061                            $823
 


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