ANADIGICS Reports Results For Second Quarter 2003
July 28, 2003
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ANADIGICS, Inc. (Nasdaq:ANAD), a leading supplier of wireless and broadband communications solutions, today announced second quarter 2003 net sales of $18.0 million. This compares to revenues of $16.1 million in the first quarter of 2003. The "GAAP" EPS loss was ($0.45) and included a charge of $1.7 million or $0.06 per share relating to the purchased in-process research and development resulting from the acquisition of the WLAN Power Amplifier business from RF Solutions. Wireless revenues were $9.0 million, up 4.9% from first quarter 2003 revenues of $8.6 million. CDMA revenues accounted for greater than 90% of Wireless revenues. Broadband revenues were $9.0 million, up 20% from first quarter 2003 revenues of $7.5 million. The favorable revenue increase was achieved both through the shipments of WLAN power amplifiers and increased revenue growth in cable infrastructure products. "In 2003, ANADIGICS introduced several new products that will play a critical role in driving our CDMA and GSM revenue growth," said Dr. Bami Bastani, President & CEO of ANADIGICS, Inc. "The Company has attained a leadership position in WLAN as demonstrated by achieving an industry milestone with the shipment of over 1 million InGaP power amplifiers in less than 100 days". The Company's gross profit increased to $0.6 million, up from breakeven in the first quarter 2003. Total operating expenses (including R&D and SG&A) were $12.6 million, reflecting the additional quarterly expense following the acquisition of RF Solutions' Power Amplifier business. The Company's balance sheet remains strong. The cash balance (including marketable securities) was $135.1 million at June 28, 2003 compared to $144.6 million on March 29, 2003. During the quarter, the company used $2.9 million in cash to fund the RF Solutions acquisition and $0.6 million for capital expenditures. HIGHLIGHTS OF THE QUARTER
ANADIGICS Leads the WLAN Industry in InGaP HBT Power Amplifier Shipments
ANADIGICS Announces Measure to Reduce Issued Stock Options as a Percentage of Total Options and Shares Outstanding
ANADIGICS Offers High-Performance Power Amplifier Module for 2.4 GHz Wireless LAN Applications
ANADIGICS Expands Portfolio of Gain Block Amplifiers for Wireless Infrastructure Systems
ANADIGICS' Two New Patents Reward Wafer Processing Innovation
ANADIGICS' New Infrastructure Amplifiers Enhance Performance for Advanced CATV Service
ANADIGICS Expands CATV Product Offering To Deliver Higher Performance and Greater Functionality in Set-Top Boxes
ANADIGICS Introduces New Family of 3mm x 3mm InGaP HBT Power Amplifier Modules CONFERENCE CALL ANADIGICS' senior management will conduct a conference call today at 8:30 AM 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 (888) 276-5316 (available until August 4).
ANADIGICS, Inc. June 28, 2003 December 31, 2002
Assets (unaudited)
Current assets:
Cash and short-term
investments $95,667 $98,381
Accounts receivable 10,019 9,016
Inventory 12,660 13,277
Prepaid expenses and other
current assets 3,797 4,600
Total current assets 122,143 125,274
Marketable securities 39,440 57,137
Plant and equipment, net 61,487 68,600
Goodwill and other intangibles,
net of amortization 1,280 --
Other assets 4,115 4,660
$228,465 $255,671
Liabilities and stockholders'
equity
Current liabilities:
Accounts payable $6,449 $7,434
Accrued liabilities 4,776 4,733
Accrued restructuring costs 2,525 2,956
Current maturities of capital
lease obligations 113 --
Total current liabilities 13,863 15,123
Other long-term liabilities 2,918 2,760
Long-term debt, less current
portion 66,700 66,700
Stockholders' equity 144,984 171,088
$228,465 $255,671
ANADIGICS, Inc. Three Months Ended Six Months Ended
June 28, June 29, June 28, June 29,
2003 2002 2003 2002
Net sales $18,037 $23,021 $34,124 $42,542
Cost of sales 17,430 18,832 33,509 37,837
Gross profit 607 4,189 615 4,705
Research and
development expenses 8,170 7,699 15,327 15,277
Selling and
administrative
expenses 4,450 5,656 8,968 10,935
Restructuring and
other charges -- -- 625 5,959
Purchased in-process
research and
development 1,690 -- 1,690 --
Operating loss (13,703) (9,166) (25,995) (27,466)
Interest income 874 1,735 1,887 3,416
Interest expense (940) (1,422) (1,881) (2,864)
Other (expense)
income (2) -- (23) 2
Net loss before
cumulative effect of
accounting change (13,771) (8,853) (26,012) (26,912)
Cumulative effect of
accounting change -- -- -- (8,010)
Net loss $(13,771) $(8,853) $(26,012) $(34,922)
Basic and diluted
loss per share
Net loss before
cumulative effect of
accounting change $(0.45) $(0.29) $(0.85) $(0.88)
Net loss $(0.45) $(0.29) $(0.85) $(1.14)
Weighted average
common and
dilutive
securities
outstanding 30,674,033 30,579,575 30,674,033 30,575,202 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. 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, 2002. 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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