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Anaren Reports 2nd Quarter Fiscal 2013 Results

SYRACUSE, N.Y., Jan. 22, 2013 (GLOBE NEWSWIRE) -- Anaren, Inc. (Nasdaq:ANEN) today reported net sales for the fiscal 2013 second quarter ended December 31, 2012 of $38.0 million, up 6.3% from $35.7 million for the second quarter of last year.

GAAP (U.S. generally accepted accounting principles) net income for the second quarter of fiscal 2013 was $3.5 million, or $0.27 per diluted share, up 199% from $1.2 million, or $0.08 per diluted share for the second quarter of last year.

Non-GAAP diluted earnings per share, excluding non-cash equity based compensation and intangible asset amortization, was $0.33 for the second quarter of fiscal 2013 compared to non-GAAP diluted earnings per share of $0.13 for the second quarter of fiscal 2012.

GAAP operating income for the second quarter of fiscal 2013 was $5.1 million, or 13.4% of net sales, up 261% from $1.4 million, or 3.9% of net sales for the second quarter of last year. Non-GAAP operating income for the second quarter of fiscal 2013, which excludes non-cash equity based compensation and intangible asset amortization, was $6.3 million, or 16.6% of net sales, up 134% from $2.7 million, or 7.5% of net sales for the second quarter of fiscal 2012. Both net income and operating income for the second quarter were enhanced by a one-time favorable adjustment of approximately $0.5 million to healthcare costs.

Income taxes for the second quarter of fiscal 2013 were $1.7 million, representing an effective tax rate of 32.0% compared to income tax expense of $0.3 million for the second quarter of fiscal 2012, representing an effective tax rate of 21.4%. The projected effective tax rate for fiscal 2013, absent one-time events and adjusted for the reinstatement of the Federal Research and Experimentation credit in January 2013, is expected to be approximately 28%. Lawrence A. Sala, Anaren's Chairman, President and CEO said, "We are very pleased with the significant improvement in operating profitability resulting from a favorable product mix, operational efficiencies, and cost reductions as we exceeded our 15% Non-GAAP operating profit target. While sales levels were down 2.7% sequentially, profitability improved in both of our business segments and we continue to focus on operating efficiency given the uncertainty in both defense and wireless infrastructure spending."

Stock quotes in this article: ANEN 

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