ANADIGICS Reports Results For Second Quarter 2005
July 25, 2005
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ANADIGICS, Inc. (Nasdaq: ANAD), a leading supplier of wireless and broadband communications solutions, reported second quarter 2005 net sales of $23.9 million compared to net sales of $21.8 million in the prior quarter and $22.7 million in the year ago quarter. The net loss for the quarter was $9.1 million or $0.27 per share compared with a net loss of $11.5 million or $0.34 per share in the prior quarter and $11.7 million or $0.36 per share in the year ago quarter. For the six months ended July 2, 2005 net sales were $45.7 million compared with $43.9 million in the six months ended July 3, 2004. The net loss was $20.5 million or $0.61 per share compared with $24.5 million or $0.77 per share in the prior year. As of July 2, 2005, cash and short and long-term marketable securities totaled $90.0 million compared with $97.3 million at the end of the first quarter 2005. "Our revenue growth and improved operating performance were led by a 25% sequential increase in Broadband and highlights our leadership position with Tier 1 OEMs," said Dr. Bami Bastani, President and CEO of ANADIGICS. "Our design wins and subsequent production orders for GSM/GPRS, EDGE and W-CDMA wireless handset products with Tier 1 customers in recent quarters are strong catalysts for additional revenue growth in the second half of 2005." The second quarter performance of the company benefited from the market trend toward digital video recording (DVR) / personal video recording (PVR) functionality in set-top boxes, which is expected to continue. The Company also achieved sequential WLAN revenue growth fueled by the favorable attachment rates for WLAN to mobile processors and by ANADIGICS' strong working relationships with notebook PC market leaders. Outlook for Third Quarter 2005 Net sales and the loss per share for the third quarter of 2005 are expected to improve by approximately 10% compared with the second quarter of 2005. The Company's Wireless product line is expected to grow 15%-20% in revenues. RECENT HIGHLIGHTS July 18, 2005 - ANADIGICS Announces Production Shipments of CDMA Power Amplifiers to Samsung Electronics July 11, 2005 - ANADIGICS Supplies 3G Power Amplifiers to UTStarcom June 6, 2005 - ANADIGICS Introduces World's Smallest Integrated Digital and Analog Tuners May 19, 2005 - ANADIGICS Announces Production Shipments of WCDMA Power Amplifier Modules to Samsung Electronics May 11, 2005 - ANADIGICS Achieves Samsung Electronics' Eco-Partnership Certification May 10, 2005 - ANADIGICS Leads GaAs RF Semiconductor Technology by Integrating HBTs and pHEMTs on Single InGaP GaAs Die May 9, 2005 - ANADIGICS Receives Production Orders from Samsung Electronics for 6 mm by 6 mm GSM/GPRS Power Amplifiers 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) 566-0177 (available until August 3).
ANADIGICS, INC. July 2, 2005 December 31, 2004
Assets (Unaudited)
Current assets:
Cash and cash equivalents $9,203 $11,171
Marketable securities 71,081 63,615
Accounts receivable 13,370 10,770
Inventory 13,114 14,436
Prepaid expenses and other current
assets 3,686 3,073
Total current assets 110,454 103,065
Marketable securities 9,670 29,265
Plant and equipment, net 37,501 43,038
Goodwill and other intangibles, net
of amortization 6,112 6,297
Other assets 3,549 4,230
$167,286 $185,895
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable $9,999 $8,021
Accrued liabilities 3,893 4,783
Accrued restructuring costs 69 726
Capital lease obligations 0 18
Total current liabilities 13,961 13,548
Other long-term liabilities 3,089 3,032
Long-term debt 84,700 84,700
Total Stockholders’ equity 65,536 84,615
$167,286 $185,895
The condensed balance sheets at December 31, 2004 have been derived Three Months Ended Six Months Ended
July 2, 2005 July 3, 2004 July 2, 2005 July 3, 2004
Net sales $23,943 $22,687 $45,716 $43,882
Cost of sales 19,511 19,207 38,763 38,382
Gross profit 4,432 3,480 6,953 5,500
Research and development
expenses 7,374 8,866 15,236 17,768
Selling and administrative
expenses 5,506 6,099 11,058 11,889
Restructuring and other
charges - (120) -
Operating loss -8,448 -11,485 -19,221 -24,157
Interest income 599 551 1,176 1,210
Interest expense -1,249 -940 -2,498 -1,880
Other income 9 143 3 344
Net loss $(9,089) -11,731 (20,540) (24,483)
Loss Per Share $(0.27) $(0.36) $(0.61) $(0.77)
Weighted average common
shares outstanding 34,057 32,405 33,780 31,985 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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