ANADIGICS Reports Fourth Quarter and Fiscal Year 2006 Results

Expects first quarter 2007 net sales to be unaffected by typical seasonality; guides equal to up 3% sequentially

WARREN, N.J., Feb. 12 /PRNewswire-FirstCall/ -- ANADIGICS, Inc. (NASDAQ: ANAD), a leading supplier of wireless and broadband communications solutions, reported fourth quarter 2006 net sales of $49.1 million, an increase of 10% compared with net sales of $44.8 million in the prior quarter, and an increase of 48% compared to net sales of $33.3 million in the year ago quarter.

Net loss calculated in accordance with generally accepted accounting principles in the U.S. ("GAAP") for the fourth quarter was $0.1 million, or $0.00 per share, compared with a GAAP net loss of $1.3 million, or $0.03 per share, in the prior quarter, and a GAAP net loss of $3.9 million, or $0.11 per share, in the year ago quarter. Pro forma income for the fourth quarter, which excludes non-cash stock compensation expense, was $2.8 million, or $0.06 per share.

Reported full-year 2006 net sales were $169.9 million, an increase of 57% compared with net sales of $108.3 million for full-year 2005. Full-year 2006 GAAP net loss was $8.9 million, or $0.20 per share, compared with a GAAP net loss of $31.2 million, or $0.92 per share in the year-ago period. Full-year 2006 Pro forma loss, which excludes non-cash stock compensation expense, was $0.5 million or $0.01 per share.

"ANADIGICS achieved another important milestone as the Company delivered its seventh consecutive quarter of net sales growth and posted pro forma profitability ahead of the Street " said Dr. Bami Bastani, President and Chief Executive Officer of ANADIGICS. " We believe that the company is positioned to capitalize on the rapidly-growing voice, data and video segments of the wireless and broadband communications markets, where we offer 3G/3.5G products that use the W-CDMA, the HSDPA, HSUPA & EDGE standards, 4G products for WiMAX and WiBRO systems, WiFi products that use the 802.11 a/b/g and 802.11 n (draft-n, MIMO) standards, CATV set-top box and infrastructure and FTTP products."

As of December 31, 2006, cash and short and long-term marketable securities totaled $83.5 million compared with $130.5 million as of September 30, 2006. The reduction of $47.0 million resulted from the repayment in full of the company's $46.7 million of convertible notes which matured on November 15, 2006.

"The financial accomplishments demonstrated during 2006 were important achievements for ANADIGICS," said Tom Shields, Executive Vice President and Chief Financial Officer. "Our effectiveness in significantly improving our financial results year-over-year is an acknowledgment of the company's leverage and commitment to our shareholders."

This press release includes financial measures that are not in accordance with GAAP, consisting of non-GAAP, or pro forma, net income or loss and non- GAAP, or pro forma, 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 and for planning purposes. 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 equity-based compensation. These financial measures are not in accordance with GAAP and may differ from non-GAAP methods of accounting and reporting used by other companies. The presentation of this additional information should not be considered a substitute for net loss or loss per share prepared in accordance with GAAP. Reconciliations of reported net loss and reported loss per share to non-GAAP net income or loss and non- GAAP income or loss per share, respectively, are included at the end of this press release.

Outlook for the First Quarter 2007

Net sales for the first quarter of 2007 are expected to be unaffected by the typical industry seasonality and are estimated to be equal to up approximately 3% sequentially. Net sales within this expected range would represent a 38% to 42% increase over first quarter 2006. Net loss per share on a GAAP basis for the first quarter of 2007 is expected to approximate $0.01. However, on a pro forma basis, we expect to generate net income of approximately $0.06 per share.

The statements regarding outlook are forward looking and actual results may differ materially. Please see safe harbor statement at the end of the 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 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) 388-9064 (available until February 28).

Recent Highlights

January 31 - ANADIGICS Announces Production Shipments of WLAN 802.11n Power Amplifiers

January 8 - ANADIGICS' PA Powers Samsung's Blackjack(TM) Windows Mobile UMTS and HSDPA Smartphone

December 4 - ANADIGICS' Advanced Power Amplifiers Support QUALCOMM's HSPA Solutions

November 17 - ANADIGICS Drop Amplifiers Enable Humax Set-Top Box


ANADIGICS, Inc. (NASDAQ: ANAD) is a leading provider of radio frequency integrated circuits and radio frequency front end solutions in the rapidly growing wireless handset and broadband communications markets. The Company's products include power amplifiers, tuner integrated circuits, active splitters and other components, which can be sold individually or packaged as integrated RF 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, 2005, and those discussed elsewhere herein.

    Condensed Consolidated Balance Sheets
    (Amounts in thousands)

                                               December 31,       December 31,
                                                    2006              2005
    Assets                                     (Unaudited)

    Current assets:
       Cash and cash equivalents                  $13,706           $11,891
       Marketable securities                                    60,892                        70,364
              Accounts  receivable                                                  27,311                        18,755
              Inventory                                                                      20,355                        16,009
              Prepaid  expenses  and  other
                current  assets                                                            2,662                          2,188
        Total  current  assets                                                    124,926                      119,207

        Marketable  securities                                                      8,884                          4,102
        Plant  and  equipment,  net                                              41,368                        36,307
        Goodwill  and  other  intangibles,
          net  of  amortization                                                        5,929                          6,044
                  Other  assets                                                              1,495                          2,613
                                                                                                  $182,602                    $168,273

        Liabilities  and  stockholders'  equity

        Current  liabilities:
              Accounts  payable                                                      $18,031                      $15,519
              Accrued  liabilities                                                    5,688                          4,672
              Accrued  restructuring  costs                                        -                                    40
              Current  portion  of  long-term  debt                            -                            46,700
              Capital  lease  obligations                                            312                              269
        Total  current  liabilities                                            24,031                        67,200

        Other  long-term  liabilities                                          3,348                          3,175
        Long-term  debt                                                                  38,000                        38,000
        Long-term  capital  lease  obligations                          1,463                          1,763

        Stockholders'  equity                                                    115,760                        58,135
                                                                                                  $182,602                    $168,273

        *    The  condensed  balance  sheet  at  December  31,  2005  has  been  derived
              from  the  audited  financial  statements  at  such  date  but  does  not
              include  all  the  information  and  footnotes  required  by  generally
              accepted  accounting  principles  for  complete  financial  statements.

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

                                                        Three  months  ended                  Twelve  months  ended
                                                December  31,    December  31,    December  31,    December  31,
                                                        2006                    2005                    2006                    2005
                                                  (Unaudited)      (Unaudited)      (Unaudited)

        Net  sales                              $49,124              $33,301            $169,885            $108,281
        Cost  of  sales                        32,916                24,475              119,175                85,929
        Gross  profit                          16,208                  8,826                50,710                22,352
        Research  and
          development  expenses          9,834                  7,179                35,628                29,906
        Selling  and
          expenses                                  6,872                  5,001                24,562                21,293
        Restructuring  and
          other  charges                                -                          -                          -                    (120)
        Operating  loss                          (498)              (3,354)              (9,480)            (28,727)
        Interest  income                      1,365                      690                  5,450                  2,473
        Interest  expense                      (956)              (1,249)              (4,816)              (4,997)
        Other  (expense)
          income                                          (25)                        -                        (4)                      18
        Net  loss                                    $(114)            $(3,913)            $(8,850)          $(31,233)

        Basic  and  diluted  loss
          per  share                                    $  -                $(0.11)              $(0.20)              $(0.92)

        Weighted  average  common
          and  dilutive
          outstanding                          45,649                34,405                43,814                34,012

          Reconciliation  of  GAAP
          to  Pro  Forma  Non-GAAP
          Financial  Measures

        GAAP  net  loss                          $(114)            $(3,913)            $(8,850)          $(31,233)
        Less:  Stock
          compensation  expense
              Cost  of  sales                        655                      141                  1,829                      596
              Research  and
                development                      1,134                      262                  3,287                  1,185
              Selling,  general
                and  administrative        1,109                      193                  3,238                      868
        Pro  forma  net
          income  (loss)                      $2,784              $(3,317)                $(496)          $(28,584)

        Pro  forma  basic  net
          income  (loss)  per
          share                                        $0.06                $(0.10)              $(0.01)              $(0.84)

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