ANADIGICS Reports Results For Third Quarter 2003
October 20, 2003
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ANADIGICS, Inc. (Nasdaq: ANAD), a leading supplier of wireless and broadband communications solutions, today reported net sales of $17.8 million and a loss per share of $0.41 for the third quarter ended September 27, 2003. This compares to revenues of $18.0 million in the second quarter of 2003. Wireless revenues in the quarter were $9.5 million, reflecting an increase of 5.6% over the prior quarter. CDMA PA revenues accounted for 82% of Wireless revenues. Total unit shipments in Wireless were up by 31%, with CDMA Power Amplifier (PA) unit shipments up 13% over the prior quarter. Broadband revenues of $8.3 million declined 8.4% from the previous quarter reflecting seasonal order patterns and continued industry softness for CATV products. WLAN revenue increased 47% sequentially. The combined revenue growth of Wireless and WLAN resulted in a sequential growth of 8.4% over the previous quarter. "We have continued to increase our share of the CDMA and WLAN markets as reflected by our third quarter results and we anticipate this growth will continue into the fourth quarter" remarked Dr. Bami Bastani. "We are now designed into a leading tier-one GSM/GPRS reference design and have passed field type approval for certain GSM handset platforms, which establishes our beachhead for growing market share in GSM, the largest handset market in the world." The Company's balance sheet remains strong as cash and marketable securities totaled $128.3 million at September 27, 2003. HIGHLIGHTS OF THE QUARTER
ANADIGICS Purchases TAVANZA CDMA Handset Power Amplifier Business from Celeritek
ANADIGICS Opens Taiwan Application Center
ANADIGICS Announces New Patent For Wireless Multi-Band Amplifier
CONFERENCE CALL September 27, 2003 December 31, 2002
Assets (unaudited)
Current assets:
Cash, short-term investments,
and cash equivalents $84,936 $98,381
Accounts receivable 10,879 9,016
Inventory 11,327 13,277
Prepaid expenses and other
current assets 3,457 4,600
Total current assets 110,599 125,274
Marketable securities 43,363 57,137
Plant and equipment, net 57,264 68,600
Goodwill and other intangibles,
net of amortization 1,351 --
Other assets 3,871 4,660
$216,448 $255,671
Liabilities and stockholders'
equity
Current liabilities:
Accounts payable $8,248 $7,434
Accrued liabilities 4,367 4,733
Accrued restructuring costs 2,103 2,956
Current maturities of capital
lease obligations 96 --
Total current liabilities 14,814 15,123
Other long-term liabilities 2,913 2,760
Long-term debt, less current portion 66,700 66,700
Stockholders' equity 132,021 171,088
$216,448 $255,671
Three Months Ended Nine Months Ended
Sept. 27, Sept. 28, Sept. 27, Sept. 28,
2003 2002 2003 2002
Net sales $17,750 $21,288 $51,874 $63,830
Cost of sales 17,690 21,225 51,199 59,062
Gross profit 60 63 675 4,768
Research and
development expenses 7,937 7,586 23,264 22,863
Selling and
administrative
expenses 4,735 5,463 13,703 16,398
Restructuring and
other charges -- 2,286 625 5,001
Asset impairment
charges -- 3,087 -- 6,331
Goodwill impairment charge -- 8,043 -- 8,043
Purchased in-process
research and
development -- -- 1,690 --
Operating loss (12,612) (26,402) (38,607) (53,868)
Interest income 741 1,543 2,628 4,959
Interest expense (940) (1,307) (2,821) (4,171)
Impairment on investments -- (390) -- (390)
Gain on notes repurchase -- 12,581 -- 12,581
Other income (expense) 183 (5) 160 (3)
Net loss before
cumulative effect of
accounting change (12,628) (13,980) (38,640) (40,892)
Cumulative effect of
accounting change -- -- -- (8,010)
Net loss $(12,628) $(13,980) $(38,640) $(48,902)
Basic and diluted
loss per share
Net loss before
cumulative effect of
accounting change $(0.41) $(0.46) $(1.26) $(1.34)
Net loss $(0.41) $(0.46) $(1.26) $(1.60)
Weighted average
common and dilutive
securities
outstanding 30,674,033 30,585,540 30,674,033 30,578,630
October 20, 2003
WLAN Revenue Grows 47% Over Last Quarter
Wireless CDMA PA Unit Shipments Increase 13% Over Last Quarter ANADIGICS (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 while reducing 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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