ANADIGICS ANNOUNCES FIRST QUARTER RESULTS
April 24, 2007
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WARREN, N.J., April 24, 2007—ANADIGICS, Inc. (Nasdaq: ANAD), a leading supplier of wireless and broadband communications solutions, reported first quarter 2007 net sales of $49.6 million, an increase of 2.3% compared with net sales of $48.5 million in the prior quarter, and an increase of 43% compared to net sales of $34.7 million in the year ago quarter, reflecting the exclusion of net sales of $0.5 million for first quarter 2007, $0.7 million for fourth quarter 2006, and $1.0 million for first quarter 2006 attributable to the discontinued operations of Telcom Devices, Inc.(a fiber optic subsidiary) sold in April 2007. Net loss, including discontinued operations, was $1.2 million, or $0.02 per share, compared with net loss of $0.1 million, or $0.00 per share, in the prior quarter, and net loss of $4.6 million, or $0.12 per share, in the year ago quarter. Pro forma income from continuing operations for the first quarter 2007, which excludes non-cash stock compensation expense, was $3.7 million or $0.08 per share. "I am very pleased with ANADIGICS performance in the first quarter bucking typical seasonality” said Dr. Bami Bastani, President and Chief Executive Officer of ANADIGICS. “We are positioned for growth in the attractive Broadband wireless and wireline markets, and have announced our plans to jointly build, with Kunshan New and Hi-Tech Industrial Development Zone, the first world class GaAs wafer fab in China.” As of March 31, 2007 cash and short and long-term marketable securities totaled $179.2 million compared with $83.5 million as of December. The increase of $95.7 million resulted primarily from the proceeds received from the public offering of common stock completed on March 14, 2007. “Our continued improving financial results highlight a richer product mix and the latest public common stock offering that strengthens our balance sheet,” said Tom Shields, Executive Vice President and Chief Financial Officer. “The focus on core products balanced with continued strong market demand is expected to further strengthen our financial leverage.” Outlook for the Second Quarter 2007
Net sales for the second quarter 2007 are expected to grow 5% to 7% sequentially. Net sales within this expected range would represent a 33% to 35% increase on a comparable basis with second quarter 2006 (excluding net sales of $0.9 million on discontinued operations for the second quarter 2006). Net income per share on a GAAP basis for the second quarter 2007 is expected to approximate $0.01 to $0.02 which, on a pro forma basis, excluding non-cash stock compensation expense, approximates $0.09 to $0.10 per share on an estimated weighted average common shares outstanding of 56.3 million. 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 and discontinued operations. 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. 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 www.anadigics.com. 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) 909-5202 (available until May 1). Recent Highlights
February 13 - ANADIGICS Extends HELP3™ Family with Dual-Band WCDMA PA
About ANADIGICS, Inc.
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