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ANADIGICS' CEO Discusses Q2 2012 Results - Earnings Call Transcript

Our non-GAAP loss in the second quarter increased sequentially by $3 million to $17.9 million, or $0.25 a share, which excludes stock based compensation and the Q2 restructuring. Our EBITDA loss also increased by $3 million to $13.8 million for the quarter.

We ended Q2 with a strong balance sheet including a solid $73.1 million in cash and marketable securities. Working capital was well-controlled, with a reduction in accounts receivable to 46 days, while inventory was reduced to a level that approximates five turns per year.

Capital spending in the quarter was $0.7 million, and depreciation expense was $4.2 million. Capacity utilization was approximately 40% during the quarter. As in past quarters, we will not be providing specific guidance. However, as indicated in our press release, we believe revenues have stabilized as new products and wireless ramp and offset the decline in legacy business.

We are pleased with the traction we continue to see in the development of our new products, and for further on products I’ll turn the call over to our CEO, Ron Michels, who can discuss it in more detail.

Ron Michels

Great, thank you Terry, and good afternoon everyone. Today I would like to review market dynamics, the progress that we’ve achieved with our new products, and catalysts that we anticipate will drive new revenue.

ANADIGICS growth strategy relies on three market drivers, all fueled by the increasing demand for wireless data consumption. The first driver is the accelerated transition to 3G/4G, which is accompanied by growing RF front-end content in mobile devices. The second driver is the increasing carrier deployment of small cell networks that utilize our infrastructure power amplifiers, and the third driver is the expanding use of high-performance wifi enabling higher data rate connectivity in mobile devices.

These market drivers are creating new applicational areas where we will be able to leverage a clear competitive advantage. Our first growth driver is the accelerated adoption of high-speed data devices in wireless markets. While overall mobile device shipments year to date have remained flat, our newest generation of products in the development pipeline are focused on high-performance 3G/4G devices.

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