This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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."

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,122.01 +15.31 0.09%
S&P 500 2,000.12 +0.10 0.00%
NASDAQ 4,569.6210 -1.0160 -0.02%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs