Anaren CEO Discusses F1Q2011 Results €“ Earnings Call Transcript

Anaren, Inc. (ANEN)

F1Q2011 Earnings Conference Call

October 28, 2010 5 PM ET

Executives

Larry Sala – Chairman, President and CEO

George Blanton – CFO, SVP and Treasurer

Joe Porcello – VP of Accounting

Analysts

Matt Ramsey – Canaccord Genuity

Stephen Zaconne – Needham

Chris McDonald – Kennedy Capital

Presentation

Operator

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Good day, ladies and gentlemen, and welcome to the Anaren, Inc. Q1 Earnings Conference Call. (Operator Instructions). As a reminder today’s conference may be recorded. I would now like to turn the conference over to your host for today, Mr. Larry Sala, President and CEO. Sir, you may begin.

Larry Sala

Thank you. Good afternoon and thank you for participating in the Anaren Fiscal 2011 Q1 conference call. I’m joined again today by George Blanton, our CFO, and Joe Porcello, our VP of Accounting. I’ll provide a brief overview of the results of the Q1, after which Joe will review the financial highlights. We will then take your questions.

Certain statements made during this conference call will be forward-looking statements. These statements involve risks and uncertainties that could cause actual results to differ materially from those discussed. You are encouraged to review our SEC reports and exhibits to those reports to learn more about the various risks and uncertainties facing our business, and the potential impact on our net sales, earnings, and our stock price.

Net sales for the Q1 were $44.5 million, up 10% from the Q1 of last year. Increased demand for Wireless standard components and the strong order backlog for the Space and Defense Group drove the overall increase in net sales from the Q1 of last year. Non-GAAP operating income for the quarter was a record $7.6 million, or 17% of net sales, up 45% from the Q1 of last year. The strong sales of Wireless standard components and an exceptionally favorable mix of shipments for the Space and Defense Group drove the record profitability for the Q1.