ANADIGICS Announces Fourth Quarter And Full Year 2012 Results
Quarterly Net Sales of $30.5 Million; a sequential increase of 6.4%
Full Year Net Sales $112.6 Million
Quarterly GAAP EPS ($0.23); Non-GAAP EPS ($0.20)
Full year GAAP EPS ($0.99); Non-GAAP EPS ($0.88)
WARREN, N.J., Feb. 19, 2013
WARREN, N.J., Feb. 19, 2013 /PRNewswire/ -- ANADIGICS, Inc. (Nasdaq: ANAD), a
leading provider of semiconductor solutions in the broadband wireless and
wireline communications markets, reported fourth quarter 2012 net sales of
$30.5 million, an increase of 6.4% sequentially and a decrease of 16.5% from
the fourth quarter of 2011. Revenue for the full year 2012 of $112.6 million
decreased 26.3% on an annual basis.
(Logo: http://photos.prnewswire.com/prnh/20110601/MM12287LOGO )
As of December 31, 2012, cash, cash equivalents and short and long-term
marketable securities totaled $51.5 million.
GAAP net loss for the fourth quarter of 2012 was $16.1 million, or ($0.23) per
diluted share, a sequential improvement of 5.7%. GAAP net loss for 2012 was
$69.9 million, or ($0.99) per share. Non-GAAP net loss for the fourth quarter
of 2012 was $13.9 million, or ($0.20) per share, representing a sequential
improvement of 8.8%. Non-GAAP net loss for the year was $62.0 million or
($0.88) per diluted share.
"We are very pleased with our overall fourth quarter financial performance, as
we continue to execute to our growth strategy," said Ron Michels, president &
CEO of ANADIGICS. "ANADIGICS' new cellular wireless, WiFi, and infrastructure
solutions provide manufacturers with compelling performance and integration
advantages, evidenced by our sequential 6.4% increase in sales and continued
design win momentum. By further strengthening our relationships with leading
OEMs and reference design icons, we believe that ANADIGICS is well positioned
for continued success in 2013."
"Sequential growth and expense control continued to contribute to improvements
in our operational metrics and delivered a $1.3M reduction in our Non-GAAP net
loss," said Terry Gallagher, vice president and CFO. "In commenting on the
first quarter, we expect revenue growth in WiFi to offset some of the seasonal
softness in cellular wireless."
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 amounts
related to stock-based compensation, marketable securities' adjustments,
certain non-recurring charges to cost of goods, restructuring, and management
separation charges. 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.
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 855-859-2056 conference ID 99160808 (available until February 26,
December 11 - ANADIGICS Receives Prestigious Supplier Award from ZTE
November 27 - ANADIGICS Introduces New Small-Cell Wireless Infrastructure
November 15 - ANADIGICS' WiFi Front-End Solutions Specified on Leading
Reference Designs to Start Production Shipments in First Quarter of 2013
November 13 - ANADIGICS Expands Hybrid Line Amplifier Module Family
November 7 - ANADIGICS Powers Samsung Galaxy Note II
About ANADIGICS, Inc.
ANADIGICS, Inc. (NASDAQ: ANAD) delivers integrated radio frequency (RF)
solutions that OEMs and ODMs demand to optimize the performance of wireless,
broadband and cable applications across all major networks and standards.
ANADIGICS features a diverse portfolio of highly linear, highly efficient
RFICs. Headquartered in Warren, NJ, the company's award-winning products
include power amplifiers, tuner integrated circuits, active splitters, line
amplifiers and other components that can be purchased individually or packaged
as integrated RF and front-end modules. For more information, visit
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. You are cautioned that any such
forward-looking statements are not guarantees of future performance and
involve risk and uncertainties, as well as assumptions that if they
materialize or prove incorrect, could cause results to differ materially from
those expressed or implied by such forward-looking statements. Further, all
statements, other than statements of historical fact, are statements that
could be deemed forward-looking statements. We assume no obligation and do
not intend to update these forward-looking statements, except as may be
required by law. 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, 2011, and those discussed elsewhere herein.
thousands, except per
Three months ended Twelve months ended
December December September December December
31, 2012 31, 2011 29, 2012 31, 2012 31, 2011
Unaudited Unaudited Unaudited Unaudited Audited
Net sales $30,476 $36,517 $28,642 $112,643 $152,827
Cost of sales 31,017 31,148 28,809 113,869 121,724
Gross (loss) profit (541) 5,369 (167) (1,226) 31,103
Research and 10,145 10,186 10,823 43,892 45,037
administrative 5,516 11,013 5,597 24,289 35,138
Restructuring - - 605 2,338 1,047
Operating loss (16,202) (15,830) (17,192) (71,745) (50,119)
Interest income 117 159 128 528 576
Interest expense - - - 0 (25)
Other income, net 24 90 25 1,364 245
Net loss ($16,061) ($15,581) ($17,039) ($69,853) ($49,323)
Net loss per share
Basic and diluted ($0.23) ($0.23) ($0.24) ($0.99) ($0.73)
Basic and dilutive 71,324 68,431 71,143 70,721 67,771
GAAP to Non-GAAP
GAAP net loss ($16,061) ($15,581) ($17,039) ($69,853) ($49,323)
Cost of sales 151 195 208 888 1,798
Research and 253 196 387 1,626 2,413
Selling and 613 1,052 598 3,218 4,924
Research and - - - - 838
Selling and - 4,234 - - 6,345
Cost of sales charge 1,145 - 1,145 -
Thailand flood (3) 448 - 448
securities (28) (43) (29) (1,393) (208)
Restructuring - - 605 2,338 1,047
Non-GAAP net loss ($13,927) ($9,499) ($15,270) ($62,031) ($31,718)
Non-GAAP loss per
Basic and diluted ($0.20) ($0.14) ($0.21) ($0.88) ($0.47)
(*) Calculated using
related GAAP shares
(1) Management separation charges for three months ended December
31,2011 included non-cash stock compensation of $1,775 in Selling
Management separation charges for twelve months ended
December 31, 2011 included non-cash stock compensation of $568 and
$1,891 in Research
and development and Selling and administrative,
Restructuring charges for the twelve months ended December
31, 2012 includes non-cash stock compensation of $65.
(2) Charge resulting from product scrap and replacement costs
following an equipment change.
(3) Charges associated with damages from the Thailand floods.
(4) Marketable securities adjustments include realized gains upon
redemptions and interest accretion.
Condensed Consolidated Balance
(Amounts in thousands)
December 31, 2012 December 31, 2011 (*)
Cash and cash equivalents $24,949 $32,695
Marketable securities 17,750 24,127
Accounts receivable 12,233 17,329
Inventory 18,840 19,733
Prepaid expenses and other 3,031 3,198
Total current assets 76,803 97,082
Marketable securities 8,811 36,756
Plant and equipment, net 41,048 54,724
Other assets 219 239
Liabilities and stockholders'
Accounts payable $14,099 $11,905
Accrued liabilities 4,345 7,946
Accrued restructuring costs 395 -
Total current liabilities 18,839 19,851
Other long-term liabilities 2,017 2,425
Stockholders' equity 106,025 166,525
(*) The condensed balance sheet at December 31, 2011 has been derived from the
statements at such date but does not include all the information and
footnotes required by U.S.
generally accepted accounting principles for complete financial
SOURCE ANADIGICS, Inc.
Contact: Investor Relations, Terry Gallagher, Vice President and CFO,
ANADIGICS, Inc., +1-908-668-5000, email@example.com
Press spacebar to pause and continue. Press esc to stop.