ANADIGICS Announces First Quarter 2013 Results
Net Sales of $26.4 Million
GAAP EPS ($0.26); Non-GAAP EPS ($0.20)
WARREN, N.J., April 29, 2013 (GLOBE NEWSWIRE) -- ANADIGICS, Inc.
(Nasdaq:ANAD), a leading provider of semiconductor solutions in the broadband
wireless and wireline communications markets, reported first quarter 2013 net
sales of $26.4 million, a decrease of 13.4% sequentially and 7.2% from the
first quarter of 2012. Net sales for the first quarter 2013 included $4.8
million for WiFi products, a sequential increase of $3.7 million.
As of March 30, 2013, cash, cash equivalents and short and long-term
marketable securities totaled $50.9 million.
GAAP net loss for the first quarter of 2013 was $19.0 million, or ($0.26) per
diluted share compared to $15.8 million, or ($0.23) in the first quarter of
2012. Non-GAAP net loss for the first quarter of 2013 was $14.8 million, or
($0.20) per share compared to $14.9 million, or ($0.21) in the first quarter
"We believe that the aggressive ramp of our WiFi products to meet accelerating
customer demand, coupled with design win momentum of our new Cellular and
Infrastructure products, should drive higher factory utilization and
significantly improve our financial performance," said Ron Michels, Chairman,
President and CEO of ANADIGICS.
"During the first quarter, we repositioned the Company to grow revenues with
an improved cost structure," said Terry Gallagher, vice president and CFO. "In
commenting on the second quarter, we are seeing strong bookings to date,
driven by design wins of our cellular and WiFi products."
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 and restructuring 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 33872071 (available until May 6, 2013).
March 22 - ANADIGICS, Inc. Announces the Appointment of Ron Michels as
March 20 - ANADIGICS Expands Surface Mount Line Amplifier Family
March 14 - ANADIGICS Prices Underwritten Public Offering of Common Stock
February 27 - ANADIGICS Expands Dual-Band ProEficient-Plus Power Amplifier
February 26 - ANADIGICS FEIC Powers 802.11ac Router
February 25 - ANADIGICS' ProEficient Solution Powers Samsung Galaxy Music Duos
February 21 - ANADIGICS Extends Frequency Band Coverage of its Small-Cell
Power Amplifier Family
About ANADIGICS, Inc.
ANADIGICS, Inc. (ANAD) designs and manufactures innovative radio frequency
solutions for the growing cellular, WiFi, and infrastructure markets.
Headquartered in Warren, NJ, ANADIGICS offers RF products with exceptional
performance and integration to deliver a unique competitive advantage to OEMs
and ODMs for mobile device, base station, CATV infrastructure, CATV
subscriber, and industrial applications. The Company's award-winning solutions
include power amplifiers, front-end ICs, front-end modules, line amplifiers,
active splitters, tuners, and other RF components. 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, 2012, and those discussed elsewhere herein.
Consolidated Statements of Operations
(Amounts in thousands, except per share amounts)
Three months ended
March 30, 2013 March 31, 2012 December 31,
Unaudited Unaudited Unaudited
Net sales $26,380 $28,426 $30,476
Cost of sales 27,101 26,747 31,017
Gross (loss) profit (721) 1,679 (541)
Research and development 10,280 11,614 10,145
Selling and administrative 6,242 6,855 5,516
Restructuring charges 1,915 494 --
Operating loss (19,158) (17,284) (16,202)
Interest income 93 150 117
Other income, net 46 1,314 24
Net loss ($19,019) ($15,820) ($16,061)
Net loss per share
Basic and diluted ($0.26) ($0.23) ($0.23)
Basic and dilutive shares 73,158 69,669 71,324
Unaudited Reconciliation of GAAP to Non-GAAP
GAAP net loss ($19,019) ($15,820) ($16,061)
Stock compensation expense
Cost of sales 179 217 151
Research and development 345 412 253
Selling and administrative 1,048 1,097 613
Cost of sales charge (1) 730 -- 1,145
Marketable securities (27) (1,306) (28)
redemptions and accretion (2)
Restructuring charges (3) 1,915 494 --
Non-GAAP net (loss) income ($14,829) ($14,906) ($13,927)
Non-GAAP loss per share (*)
Basic and diluted ($0.20) ($0.21) ($0.20)
(*) Calculated using related GAAP shares outstanding
(1) Cost of sales charge for the three months ended March 30, 2013 included
charges for repair and product scrap from accelerated production ramp. Cost of
sales charge for the three months ended December 31, 2012 included charges for
product scrap andreplacement costs following an equipment change.
(2) Marketable securities adjustments include realized gains upon redemptions
and interest accretion.
(3) Restructuring charges for the three months ended March 30, 2013 included
non-cash stock compensation of ($71).
Restructuring charges for the three months ended March 31, 2012 included
non-cash stock compensation of $49.
Condensed Consolidated Balance Sheets
(Amounts in thousands)
March 30, 2013 December 31, 2012 (*)
Cash and cash equivalents $35,082 $24,949
Marketable securities 8,906 17,750
Accounts receivable 12,679 12,233
Inventory 20,313 18,840
Prepaid expenses and other 4,419 3,031
Total current assets 81,399 76,803
Marketable securities 6,939 8,811
Plant and equipment, net 38,733 41,048
Other assets 219 219
Liabilities and stockholders'
Accounts payable $11,323 $14,099
Accrued liabilities 5,260 4,345
Accrued restructuring costs 778 395
Total current liabilities 17,361 18,839
Other long-term liabilities 1,914 2,017
Stockholders' equity 108,015 106,025
(*) The condensed balance sheet at December 31, 2012 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.
CONTACT: Investor Relations
Vice President and CFO
141 Mt. Bethel Road
Warren, NJ 07059
Tel: +1 908 668-5000
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