WARREN, N.J., February 19, 2013—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.
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, 2013).
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