Anaren Reports 2nd Quarter Results

SYRACUSE, N.Y., Jan. 27, 2011 (GLOBE NEWSWIRE) -- Anaren, Inc. (Nasdaq:ANEN) today reported net sales for the fiscal 2011 second quarter ended December 31, 2010 of $43.4 million, up 5.9% from $41.0 million for the second quarter of last year.

GAAP (U.S. generally accepted accounting principles) net income for the second quarter of fiscal 2011 was $4.7 million, or $0.32 per diluted share, up 84.5% from $2.5 million, or $0.17 per diluted share for the second quarter of last year.

Non-GAAP diluted earnings per share, excluding non-cash equity based compensation and intangible amortization, was $0.38 for the second quarter of fiscal 2011, up 72.7% compared to non-GAAP earnings per share of $0.22 for the second quarter of fiscal 2010.

GAAP operating income for the second quarter of fiscal 2011 was $5.5 million, or 12.7% of net sales, up 42% from $3.9 million, or 9.5% of net sales for the second quarter of last year. Non-GAAP operating income for the second quarter of fiscal 2011, which excludes non-cash equity based compensation and acquisition related intangible amortization was $6.9 million, or 15.9% of net sales, up 35% from $5.1 million, or 12.5% of net sales for the second quarter of fiscal 2010.

Income taxes for the second quarter of fiscal 2011 were $1.0 million, representing an effective tax rate of 17.0%. This compares to income tax expense of $1.3 million for the second quarter of fiscal 2010, representing an effective tax rate of 34.4%. This decrease primarily resulted from the reinstatement of the Federal Research and Experimentation credit retroactive to January 1, 2010. The projected effective tax rate for fiscal 2011 is now expected to be approximately 30.0%.

Lawrence A. Sala, Anaren's Chairman, President and CEO, said, "Strong demand for our standard component products in the Wireless Group continued throughout the second quarter, resulting in strong revenue growth and improved profitability for the Group. Our Space & Defense Group also delivered another solid quarter and is experiencing a robust new business opportunity environment due to an increase in the number of satellite based applications."