ANADIGICS Announces Fourth Quarter And Full Year 2012 Results

        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)

PR Newswire

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: )

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.

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 855-859-2056 conference ID 99160808 (available until February 26,

Recent Highlights

December 11 - ANADIGICS Receives Prestigious Supplier Award from ZTE
November 27 - ANADIGICS Introduces New Small-Cell Wireless Infrastructure
Power Amplifier
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


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.

Statements of
(Amounts in
thousands, except per
share amounts)
                      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
development expenses
Selling and
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
shares outstanding
Reconciliation of
Financial Measures
GAAP net loss       ($16,061)  ($15,581)  ($17,039)    ($69,853) ($49,323)
Stock compensation
expense (excluding
Restructuring and
Management separation
 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
separation charges
 Research and    -          -          -            -         838
development (1)
 Selling and     -          4,234      -            -         6,345
administrative (1)
Cost of sales charge 1,145      -                       1,145     -
Thailand flood (3)             448                     -         448
securities            (28)       (43)       (29)         (1,393)   (208)
redemptions and
accretion (4)
Restructuring        -          -          605          2,338     1,047
charges (1)
Non-GAAP net loss   ($13,927)  ($9,499)   ($15,270)    ($62,031) ($31,718)
Non-GAAP loss per
share (*)
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
and administrative.
 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  (*)
Assets                            Unaudited
Current assets:
 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
current assets
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
                                  $126,881             $188,801
Liabilities and stockholders'
Current liabilities:
 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
                                  $126,881             $188,801
(*) The condensed balance sheet at December 31, 2011 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


Contact: Investor Relations, Terry Gallagher, Vice President and CFO,
ANADIGICS, Inc., +1-908-668-5000,
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