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Net Sales of $26.4 Million GAAP EPS ($0.26); Non-GAAP EPS ($0.20)
WARREN, N.J., April 29, 2013 (GLOBE NEWSWIRE) -- ANADIGICS, Inc. (Nasdaq:ANAD), a leading provider of semiconductor solutions in the broadband wireless and wireline communications markets, reported first quarter 2013 net sales of $26.4 million, a decrease of 13.4% sequentially and 7.2% from the first quarter of 2012. Net sales for the first quarter 2013 included $4.8 million for WiFi products, a sequential increase of $3.7 million.
As of March 30, 2013, cash, cash equivalents and short and long-term marketable securities totaled $50.9 million.
GAAP net loss for the first quarter of 2013 was $19.0 million, or ($0.26) per diluted share compared to $15.8 million, or ($0.23) in the first quarter of 2012. Non-GAAP net loss for the first quarter of 2013 was $14.8 million, or ($0.20) per share compared to $14.9 million, or ($0.21) in the first quarter of 2012
"We believe that the aggressive ramp of our WiFi products to meet accelerating customer demand, coupled with design win momentum of our new Cellular and Infrastructure products, should drive higher factory utilization and significantly improve our financial performance," said Ron Michels, Chairman, President and CEO of ANADIGICS.
"During the first quarter, we repositioned the Company to grow revenues with an improved cost structure," said Terry Gallagher, vice president and CFO. "In commenting on the second quarter, we are seeing strong bookings to date, driven by design wins of our cellular and WiFi products."
The statements regarding the Company's anticipated future performance are forward looking and actual results may differ materially. Please see safe harbor statement at the end of this press release.
This press release includes financial measures that are not in accordance with GAAP, consisting of non-GAAP net income or loss and non-GAAP income or loss per share. Management uses non-GAAP net income or loss and non-GAAP income or loss per share to evaluate the company's operating and financial performance in light of business objectives, for planning purposes, when publicly providing our business outlook and to facilitate period-to-period comparisons. ANADIGICS believes that these measures are useful to investors because they enhance investors' ability to review the company's business from the same perspective as the company's management and facilitate comparisons of this period's results with prior periods. These non-GAAP measures exclude amounts related to stock-based compensation, marketable securities' adjustments, certain non-recurring charges to cost of goods and restructuring charges. Non-GAAP measures are used by some investors when assessing the ongoing operating and financial performance of our Company. These financial measures are not in accordance with GAAP and may differ from non-GAAP methods of accounting and reporting used by other companies. Management acknowledges that stock-based compensation is a recurring cost and is an important part of our employee's compensation and impacts their performance. However, the expense is non-cash in nature and there are various valuation methodologies and assumptions used in determining stock-based compensation that may be unrelated to operations, such as volatility and current interest rates. The presentation of the additional information should not be considered a substitute for net income or loss or income or loss per share prepared in accordance with GAAP.