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ANADIGICS' CEO Discusses Q2 2011 Results - Earnings Call Transcript

Stocks in this article: ANAD

This morning, we reported revenue for the second quarter of $35.6 million, which was sequentially down 18.1% but was in line with our previous range of guidance. As expected, wireless revenue declined sequentially by $10.6 million with the majority of this decline with RIM. Partially offsetting wireless in the quarter was an expected sequential increase in broadband revenue of $2.7 million attributing to strong shipments in cable infrastructure.

In regards to our third quarter outlook, I mentioned in our last earnings call that we – our hope was for revenue in the second quarter to be the trough in revenue for the company, but that I couldn’t be certain. Unfortunately, that uncertainty still exists with us today. The shift in our wireless customer mix, particularly to Korea and China, has led to very short order lead times.

Additionally, there is greater use of customers of hub arrangements – that’s consigned inventory are making it even more difficult to accurately forecast revenues. In light of these factors, although we continue to target our revenue plans on the basis of the second quarter being the revenue trough, we’ve decided to suspend our quarterly financial guidance. But let me repeat, we continue to target our revenue plans on the basis of the second quarter being the revenue trough.

As mentioned last quarter, achieving a competitive cost structure and aligning our expenses to the current revenue level are extremely important and we’ve made significant progress in this regard during the quarter and Tom will address these areas in more detail. I will focus my comments on the progress that we’ve achieved related to customers, reference design partnerships, new product development, as well as process development.

So let me begin with my top priority which is customers. During this last quarter I spent a great deal of time with all of our top customers and I would like to share some of the key takeaways as well as our company’s progress in each.

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