ANADIGICS ANNOUNCES SECOND QUARTER 2007 RESULTS
Achieves Record Quarterly Net Sales of $53.9 million; up 8.7% sequentially and 37% From Year Ago Quarter. Delivers GAAP EPS of $0.03; Pro Forma Diluted EPS of $0.10. Expects Sequential Third Quarter Net Sales Growth of 10%; GAAP Diluted EPS of $0.06 and Pro Forma Diluted EPS of $0.12.
July 24, 2007
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WARREN, N.J., July 24, 2007—ANADIGICS, Inc. (Nasdaq: ANAD), a leading provider of semiconductor solutions in the rapidly growing broadband wireless and wireline communications markets, reported record quarterly second quarter 2007 net sales of $53.9 million, an increase of 8.7% compared with net sales of $49.6 million in the prior quarter, and an increase of 37% compared to net sales of $39.3 million in the year ago quarter. Net income was $1.9 million, or $0.03 per share, compared with net loss of $1.2 million, or $0.02 per share in the prior quarter and net loss of $2.8 million, or $0.06 per share in the year ago quarter. Pro forma income for the second quarter 2007, which excludes non-cash stock compensation expense, increased $2.0 million sequentially to $5.7 million or $0.10 per diluted share. "We achieved significant milestones in the second quarter with record revenue, led by our 3G portfolio with revenue growth of 38% sequentially and 83% year-over-year, and GAAP net income,” said Dr. Bami Bastani, President and Chief Executive Officer of ANADIGICS. “ANADIGICS is well positioned strategically in the three-mega trend growth markets of 3G, WLAN and CATV to capitalize on our strong market position to fuel our revenue growth and financial performance.” As of June 30, 2007 cash and short and long-term marketable securities totaled $181.1 million compared with $179.2 million at March 31, 2007. “Our resolve to accelerate our financial performance through a strategically aligned product portfolio and a balanced operating base is a testament of our commitment to building shareholder value,” said Tom Shields, Executive Vice President and Chief Financial Officer. “Our financial leverage continues to improve, which is expected to further strengthen our financial results over the foreseeable future.” Outlook for the Third Quarter 2007 Net sales for the third quarter 2007 are expected to increase sequentially by approximately 10%. Net sales at this level would represent a 35% increase on a comparable basis with third quarter 2006. Net income per share on a GAAP basis for the third quarter 2007 is expected to approximate $0.06. Pro forma diluted earnings per share, excluding non-cash stock compensation expense, are expected to increase sequentially to approximately $0.12. The net income and pro forma diluted earnings per share is based upon an estimated diluted weighted average outstanding common share count of 61.0 million. The statements regarding outlook are forward looking and actual results may differ materially. Please see safe harbor statement at the end of the press release. 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) 839-2417 (available until July 31). Recent Highlights July 09, 2007 - ANADIGICS and Kunshan New and Hi-Tech Industrial Development Zone Break Ground for GaAs Wafer Fabrication Facility in China June 27, 2007 - ANADIGICS’ 3G Penta-band Power Amplifier Slides Into Samsung’s Sleek Smartphone Ultra-Thin, Stylish Slider Handset SGH-I520 June 13, 2007 - Beceem Selects ANADIGICS Amplifiers for Mobile WiMAX ANADIGICS PAs Power Beceem’s BCS200 Wave 2 Reference Designs June 13, 2007 - ANADIGICS’ New ZeroIC™ CDMA Power Amplifiers Compatible with QUALCOMM CDMA2000™ and 1xEVDO™ Reference Designs June 12, 2007 - ANADIGICS Ships WCDMA PAs for Huawei’s Music Optimized 3G Handset ANADIGICS’ AWT6279 PA Selected for Stylish, Feature-Rich U120 Mobile Phone June 05, 2007 - ANADIGICS Powers Emerging Markets CDMA450 3G Cell Phones with Small and Efficient Linear PA May 22, 2007 - ANADIGICS Lights Up Samsung’s Thin Neon 3G Handset May 21, 2007 - ANADIGICS Introduces New Integrated 1GHz RF Amplifier to Enhance Tuner Performance in Cable Boxes and TVs May 21, 2007 - ANADIGICS Announces the Appointment of David Fellows to the Company’s Board of Directors May 16, 2007 - ANADIGICS’ Power Amplifier Enables Samsung’s Ultra-Slim 3G EVDO Handset May 15, 2007 - ANADIGICS’ PA Equips Samsung’s Ultra MPEG4 Video 3G Phone May 10, 2007 - ANADIGICS Introduces First Complete RF Front-End Chip Set for DOCSIS® 3.0 Cable Modems May 09, 2007 - ANADIGICS Supplies 3G Power Amplifiers for LG Electronics’ VX9400 TV Capable Phone May 07, 2007 - ANADIGICS Powers LG Electronics Stylish Shine 3G Mobile Phone
About ANADIGICS, Inc. ANADIGICS, Inc. (Nasdaq: ANAD - News) is a leading provider of semiconductor solutions in the rapidly growing broadband wireless and wireline communications markets. The Company's products include power amplifiers, tuner integrated circuits, active splitters, line amplifiers, and other components, which can be sold individually or packaged as integrated radio frequency and front end modules. 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. 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, 2006, and those discussed elsewhere herein. Press Contact Corporate Contact Investor Relations
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