ANADIGICS REPORTS RESULTS FOR THIRD QUARTER 2005
- ANADIGICS, Inc. (Nasdaq: ANAD), a leading supplier of wireless and broadband communications solutions, reported third quarter 2005 net sales of $29.3 million
October 24, 2005
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ANADIGICS, Inc. (Nasdaq: ANAD), a leading supplier of wireless and broadband communications solutions, reported third quarter 2005 net sales of $29.3 million compared to net sales of $23.9 million in the prior quarter and $25.1 million in the year ago quarter. The net loss for the quarter was $6.8 million or $0.20 per share compared with a net loss of $9.1 million or $0.27 per share in the prior quarter and $8.3 million or $0.25 per share in the year ago quarter. For the nine months ended October 1, 2005 net sales were $75.0 million compared with $68.9 million in the nine months ended October 2, 2004. The net loss for the nine months ended October 1, 2005 was $27.3 million or $0.81 per share compared with $32.8 million or $1.02 per share in the prior year. As of October 1, 2005, cash and short and long-term marketable securities totaled $87.2 million compared with $90.0 million at the end of the second quarter 2005. "We are extremely pleased with our overall third quarter financial performance," said Dr. Bami Bastani, President and Chief Executive Officer of ANADIGICS. "Our 22.6% sequential revenue growth and improved operating results were led by a 45% sequential increase in Wireless that highlights our market share increase and expansion in GSM/GPRS, EDGE, and WCDMA handsets. Broadband also delivered solid results with a sequential revenue increase of 6% led by a 34% growth in WiFi sales." The Company also noted that the Strategic Planning Committee of the Company's Board of Directors continues to evaluate strategic initiatives as previously communicated. Outlook for Fourth Quarter 2005 Net sales are expected to grow by approximately 15% in the fourth quarter 2005 based on continued sequential growth in both Wireless and Broadband. Loss per share is estimated to improve by 35% for the fourth quarter of 2005. RECENT HIGHLIGHTS October 19, 2005 - ANADIGICS Unveils High Performance Fiber-to-the-Home/Fiber-to-the-Premises RF Amplifier September 26, 2005 - ANADIGICS Raises the Bar with HELP2™ CDMA Power Amplifiers September 12, 2005 - ANADIGICS Expands HELP™ WCDMA Power Amplifier Family August 4, 2005 - ANADIGICS Expands Intellectual Property Portfolio July 25, 2005 - ANADIGICS Unveils New Family of Dual-Band CDMA 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 (800) 688-7945 (available until October 31).
ANADIGICS, Inc. October 1, 2005 December 31, 2004
Assets (unaudited)
Current assets:
Cash and cash equivalents $ 10,727 $ 11,171
Marketable securities 71,829 63,615
Accounts receivable 17,816 10,770
Inventory 13,073 14,436
Prepaid expenses and other
current assets 2,674 3,073
Total current assets 116,119 103,065
Marketable securities 4,614 29,265
Plant and equipment 35,012 43,038
Goodwill and other intangibles, net
of amortization 6,079 6,297
Other assets 3,188 4,230
$165,012 $185,895
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $ 14,170 $ 8,021
Accrued liabilities 3,681 4,783
Accrued restructuring costs 52 726
Capital lease obligations - 18
Total current liabilities 17,903 13,548
Other long-term liabilities 3,132 3,032
Long-term debt 84,700 84,700
Total Stockholders' equity 59,277 84,615
$165,012 $185,895
The condensed balance sheets at December 31, 2004 has been derived from the audited financial statements at such date but does not include all the information and footnotes required by generally accepted accounting principles for complete financial statements. Three months ended
October 1, 2005 July 2, 2005 October 2, 2004
Net sales $29,264 $23,943 $25,053
Cost of sales 22,691 19,511 19,811
Gross profit 6,573 4,432 5,242
Research and development
expenses 7,491 7,374 7,884
Selling and administrative
expenses 5,234 5,506 5,482
Restructuring and other charges - - -
Operating loss (6,152) (8,448) (8,124)
Interest income 607 599 469
Interest expense (1,250) (1,249) (955)
Gain on notes repurchase - - 327
Other income (expense) 15 9 (36)
Net loss $(6,780) $(9,089) $(8,319)
Basic and diluted loss per share
Net loss $ (0.20) $ (0.27) $ (0.25)
Weighted average common
shares outstanding 34,067,204 34,057,232 32,770,442
Nine months ended
October 1, 2005 October 2, 2004
Net sales $ 74,980 $ 68,935
Cost of sales 61,454 58,193
Gross profit 13,526 10,742
Research and development expenses 22,727 25,652
Selling and administrative expenses 16,292 17,371
Restructuring and other charges (120) -
Operating loss (25,373) (32,281)
Interest income 1,783 1,679
Interest expense (3,748) (2,835)
Gain on notes repurchase - 327
Other income (expense) 18 308
Net loss $(27,320) $(32,802)
Basic and diluted loss per share
Net loss $ (0.81) $ (1.02)
Weighted average common shares
outstanding 33,871,838 32,251,721 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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