ANADIGICS Reports Results For First Quarter 2005
April 25, 2005
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ANADIGICS, Inc. (Nasdaq: ANAD), a leading supplier of wireless and broadband communications solutions, reported first quarter 2005 net sales of $21.8 million compared to net sales of $22.4 million in the prior quarter and $21.2 million in the year ago quarter. The net loss for the quarter was $11.5 million or $0.34 per share compared with a net loss of $10.3 million or $0.31 per share in the prior quarter and $12.8 million or $0.40 per share in the year ago quarter. As of April 2, 2005, cash and short and long-term marketable securities totaled $97.3 million compared with $104.1 million at the end of the fourth-quarter 2004. "ANADIGICS continues to grow its portfolio of new products, and its customer base. Our leadership in the broadband communication market is reinforced by the recent introduction of our active splitter for TV, DVR, & PVR applications and receipt of production orders for our new leading-edge WiMAX power amplifiers. In addition, we expanded our wireless product portfolio with new WCDMA and EDGE power amplifiers, as well as our latest generation of PowerPlexer™ GSM/GPRS integrated 6 mm by 6 mm transmit modules which we demonstrated at the 3GSM World Congress," said Dr. Bami Bastani, President and CEO of ANADIGICS. "While I am encouraged by our rapid growth in these key markets, we continue to focus on new opportunities to improve gross margins and reduce operating expenses." Outlook for Second Quarter 2005 Net sales for the second quarter of 2005 are expected to increase by 5% - 8% compared with the first quarter of 2005. The loss per share for the second quarter of 2005 is expected to decrease by 3% - 6%. RECENT HIGHLIGHTS
April 20, 2005 - ANADIGICS Introduces 1 GHz Active Splitter for TVs, DVRs & PVRs
April 13, 2005 - ANADIGICS Receives Production Orders for WiMAX Power Amplifiers
April 11, 2005 - ANADIGICS Ships 25 Millionth InGaP HBT WLAN Power Amplifier
March 7, 2005 - ANADIGICS Announces Production Shipments to LG Electronics for the VX8000 EV-DO Multimedia Handset
February 14, 2005 - ANADIGICS Announces 7 mm by 7 mm GSM/GPRS/EDGE Power Amplifier Module
February 14, 2005 - ANADIGICS Introduces New Generation 6 mm by 6 mm PowerPlexerâ„¢ Quad-Band GSM/GPRS Transmit Module
February 14, 2005 - ANADIGICS Introduces Industry's Most Efficient WCDMA Power Amplifier Modules
CONFERENCE CALL
ANADIGICS, INC. April 2, 2005 December 31, 2004
Assets (Unaudited)
Current assets:
Cash and cash equivalents $7,718 $11,171
Marketable securities 69,950 63,615
Accounts receivable 10,527 10,770
Inventory 12,930 14,436
Prepaid expenses and other current
assets 4,839 3,073
Total current assets 105,964 103,065
Marketable securities 19,627 29,265
Plant and equipment, net 40,193 43,038
Goodwill and other intangibles, net
of amortization 6,248 6,297
Other assets 3,878 4,230
$175,910 $185,895
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $10,186 $8,021
Accrued liabilities 3,981 4,783
Accrued restructuring costs 308 726
Capital lease obligations 12 18
Total current liabilities 14,487 13,548
Other long-term liabilities 3,056 3,032
Long-term debt 84,700 84,700
Stockholders' equity 73,667 84,615
$175,910 $185,895
ANADIGICS, INC. Three Months Ended
April 2, 2005 April 3, 2004
Net sales $21,773 $21,195
Cost of sales 19,252 19,175
Gross profit 2,521 2,020
Research and development expenses 7,862 8,902
Selling and administrative
expenses 5,552 5,790
Restructuring and other charges (120) -
Operating loss (10,773) (12,672)
Interest income 577 659
Interest expense (1,249) (940)
Other (expense) income (6) 201
Net loss $(11,451) $(12,752)
Net loss $(0.34) $(0.40)
Weighted average common
shares outstanding 33,579 31,658 ANADIGICS, Inc. (Nasdaq: ANAD) designs and manufactures radio frequency integrated circuit (RFIC) solutions for growing broadband and wireless communications markets. The Company's innovative high frequency RFICs enable manufacturers of communications equipment to enhance overall system performance, and reduce manufacturing cost and time to market. By utilizing state-of-the-art manufacturing processes for its RFICs, ANADIGICS achieves the high-volume and cost-effective products required by leading companies in its targeted high-growth communications markets. ANADIGICS was the first GaAs IC manufacturer to receive ISO 9001 certification and is certified to the ISO 9001:2000 and ISO 14001:1996 quality standards. Except for historical information contained herein, this press release contains forward-looking statements that involve risks and uncertainties, including, but not limited to, order rescheduling or cancellation, changes in customers' forecasts of product demand, timely product and process development and protection of the associated intellectual property rights, individual product pricing pressure, variation in production yield, changes in estimated product lives, difficulties in obtaining components and assembly and test services needed for production of integrated circuits, change in economic conditions of the various markets the Company serves, as well as the other risks detailed from time to time in the Company's reports filed with the Securities and Exchange Commission, including the report on Form 10-K for the year ended December 31, 2004. Actual results could differ materially from the Company's forward-looking statements. These forward-looking statements 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 the Company's future plans, objectives, estimates, or goals are forward-looking statements. Important factors that could cause actual results and developments to be materially different from those expressed or implied by such statements include those factors discussed herein. |
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