ANADIGICS Announces Third Quarter 2013 Results

ANADIGICS Announces Third Quarter 2013 Results

          Net Sales of $37.0 Million, a Sequential Increase of 7.1%

                    GAAP EPS ($0.13); Non-GAAP EPS ($0.11)

WARREN, N.J., Nov. 4, 2013 (GLOBE NEWSWIRE) -- ANADIGICS, Inc. (Nasdaq:ANAD),
a leading provider of semiconductor solutions in the broadband wireless and
wireline communications markets, reported third quarter 2013 net sales of
$37.0 million, an increase of 7.1% sequentially and 29.2% from the third
quarter of 2012. Net sales for the third quarter 2013 included $23.0 million
for cellular products, a sequential increase of 27.8%.

As of September 28, 2013, cash, cash equivalents and short and long-term
marketable securities totaled $32 million.

GAAP net loss for the third quarter of 2013 was $11.2 million, or ($0.13) per
diluted share, compared to $17.0 million, or ($0.24) for the third quarter of
2012. Non-GAAP net loss for the third quarter of 2013 was $9.5 million, or
($0.11) per share compared to $15.3 million, or ($0.21) for the third quarter
of 2012.

"I am proud of our continued ability to deliver innovative new products for
high growth market segments," said Ron Michels, Chairman and CEO. "This sharp
focus combined with our strong industry relationships fueled customer demand
during the third quarter, especially in our cellular products group. Moving
forward, we remain dedicated to operational excellence and cost efficiency
improvements that we believe will further expand our gross margins. We
anticipate that these efforts, in addition to continued enhancements in
product mix, position ANADIGICS for long-term profitable growth."

"I am pleased with this quarter's impressive revenue growth, more efficient
production and outstanding leverage on our largely fixed expense base," said
Terry Gallagher, Vice President and CFO. "For the fourth quarter, we are
seeing an uptick in infrastructure and WiFi orders offset by market softness
in cellular. Overall, we expect revenues in the fourth quarter to be flat to
down five percent sequentially, while the revised mix supports an improvement
in gross margin."

The statements regarding the Company's anticipated future performance are
forward-looking in nature and actual results may differ materially. Please see
the safe harbor statement at the end of this press release for additional

This press release includes financial measures that are not in accordance with
GAAP, consisting of non-GAAP net income and loss per share. Management uses
these measures 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.

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 To listen to the conference via telephone, please
call 866-459-1514, conference ID 87698373.A recording of the call will be
available approximately two hours after the end of the call on the ANADIGICS
Web site at or by dialing 855-859-2056 conference
ID 87698373 (available until November 11, 2013).

Recent Highlights

October 23 - ANADIGICS Introduces DOCSIS 3.1 Edge QAM Amplifier

October 22 - ANADIGICS Expands DOCSIS 3.1 Line Amplifier Family

October 2 - Samsung GALAXY Note 3 Powered by ANADIGICS WiFi and Cellular

September 5 - ANADIGICS Launches ProVantage Power Amplifier Family

August 15 - LG Electronics G2 Powered by ANADIGICS 802.11ac WiFi FEIC

August 8 - Samsung Selects ANADIGICS' ProEficient-Plus Solutions for Galaxy


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.

ANADIGICS, INC.                                                           
Consolidated Statements of Operations                                     
(Amounts in thousands, except per share amounts, unaudited)               
                        Three months ended      Nine months ended
                        September   September   September  September
                         28, 2013    29, 2012    28, 2013   29, 2012
Net sales               $37,011     $28,642     $97,956    $82,167
Cost of sales           32,912      28,809      94,282     82,852
Gross profit (loss)     4,099       (167)       3,674      (685)
Research and development 9,551       10,823      29,264     33,747
Selling and              5,782       5,597       18,239     18,773
administrative expenses
Restructuring charges   --        605        1,915     2,338
Operating loss          (11,234)    (17,192)    (45,744)   (55,543)
Interest income         46          128         204        411
Interest expense        (31)       --        (51)       --
Other income, net       15          25          1,569      1,340
Net loss                ($11,204)   ($17,039)   ($44,022)  ($53,792)
Net loss per share                                       
Basic and diluted       ($0.13)     ($0.24)     ($0.55)    ($0.76)
Basic and dilutive       83,723      71,143      79,974     70,520
shares outstanding
Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures           
GAAP net loss           ($11,204)   ($17,039)   ($44,022)  ($53,792)
Stock compensation
expense (excluding                                       
Restructuring charges)
Cost of sales           322         208         914        737
Research and             613         387         1,653      1,373
Selling and              796         598         2,792      2,605
Cost of sales charge (1) --        --        1,924     --
Marketable securities
redemptions and          (25)       (29)       (1,474)   (1,365)
accretion (2)
Restructuring charges    --        605        1,915      2,338
Non-GAAP net loss       ($9,498)    ($15,270)   ($36,298)  ($48,104)
Non-GAAP loss per share                                  
Basic and diluted       ($0.11)     ($0.21)     ($0.45)    ($0.68)
(*) Calculated using related GAAP shares outstanding                      
(1) Cost of sales charge for the nine months ended September 28, 2013
includes $756 for customer cost reimbursement, $438 for costsfrom
power interruptions, and $730 charges for repair and product scrap
from accelerated production ramp.
(2) Marketable securities adjustments include realized gains upon        
redemptions and interest accretion.
(3) Restructuring charges for the nine months ended September 28, 2013
included non-cash stock compensation of ($71). Restructuring charges
for the nine months ended September 29, 2012 included non-cash stock
compensation of $65.

ANADIGICS, INC.                                                            
Condensed Consolidated Balance Sheets                                     
(Amounts in thousands)                                                     
                             September 28, 2013    December 31,   (*)
Assets                        Unaudited                           
Current assets:                                                  
Cash and cash equivalents     $26,171               $24,949        
Marketable securities         700                   17,750         
Accounts receivable           15,969                12,233         
Inventory                     22,735                18,840         
Prepaid expenses and other    4,276                 3,031          
current assets
Total current assets          69,851                76,803         
Marketable securities        5,120                8,811         
Plant and equipment, net      35,339                41,048         
Other assets                  213                   219            
                             $110,523              $126,881       
Liabilities and stockholders' equity                              
Current liabilities:                                             
Accounts payable              $15,274               $14,099        
Accrued liabilities           6,240                 4,345          
Accrued restructuring costs   375                  395           
Total current liabilities     21,889                18,839         
Other long-term liabilities   1,707                 2,017          
Stockholders' equity          86,927                106,025        
                             $110,523              $126,881       
(*) 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
         Terry Gallagher
         Vice President and CFO
         ANADIGICS, Inc.
         141 Mt. Bethel Road
         Warren, NJ  07059
         Tel: +1 908 668-5000

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