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ANADIGICS Announces First Quarter 2013 Results

Limitations of non-GAAP financial measures. The primary material limitations associated with the use of non-GAAP measures as compared to the most directly comparable GAAP financial measures are (i) they may not be comparable to similarly titled measures used by other companies in ANADIGICS industry, and (ii) they exclude financial information that some may consider important in evaluating our performance. We compensate for these limitations by providing reconciliations of reported net income or loss and income or loss per share to non-GAAP net income or net loss and non-GAAP income or loss per share, respectively, within this press release.

Conference Call

ANADIGICS' senior management will conduct a conference call today at 5:00 PM Eastern Time. A live audio Webcast will be available at www.anadigics.com/investors . A recording of the call will be available approximately two hours after the end of the call on the ANADIGICS Web site or by dialing 855-859-2056 conference ID 33872071 (available until May 6, 2013).

Recent Highlights

March 22 - ANADIGICS, Inc. Announces the Appointment of Ron Michels as Chairman

March 20 - ANADIGICS Expands Surface Mount Line Amplifier Family

March 14 - ANADIGICS Prices Underwritten Public Offering of Common Stock

February 27 - ANADIGICS Expands Dual-Band ProEficient-Plus Power Amplifier Family

February 26 - ANADIGICS FEIC Powers 802.11ac Router

February 25 - ANADIGICS' ProEficient Solution Powers Samsung Galaxy Music Duos and Chat

February 21 - ANADIGICS Extends Frequency Band Coverage of its Small-Cell Power Amplifier Family

About ANADIGICS, Inc.

ANADIGICS, Inc. ( ANAD ) designs and manufactures innovative radio frequency solutions for the growing cellular, WiFi, and infrastructure markets. Headquartered in Warren, NJ, ANADIGICS offers RF products with exceptional performance and integration to deliver a unique competitive advantage to OEMs and ODMs for mobile device, base station, CATV infrastructure, CATV subscriber, and industrial applications. The Company's award-winning solutions include power amplifiers, front-end ICs, front-end modules, line amplifiers, active splitters, tuners, and other RF components. For more information, visit www.anadigics.com .

Safe Harbor Statement

Except for historical information contained herein, this press release contains projections and other forward-looking statements (as that term is defined in the Securities Exchange Act of 1934, as amended). These projections and forward-looking statements reflect the Company's current views with respect to future events and financial performance and can generally be identified as such because the context of the statement will include words such as "believe", "anticipate", "expect", or words of similar import. Similarly, statements that describe our future plans, objectives, estimates or goals are forward-looking statements. No assurances can be given, however, that these events will occur or that these projections will be achieved and actual results and developments could differ materially from those projected as a result of certain factors. You are cautioned that any such forward-looking statements are not guarantees of future performance and involve risk and uncertainties, as well as assumptions that if they materialize or prove incorrect, could cause results to differ materially from those expressed or implied by such forward-looking statements. Further, all statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. We assume no obligation and do not intend to update these forward-looking statements, except as may be required by law. Important factors that could cause actual results and developments to be materially different from those expressed or implied by such projections and forward-looking statements include those factors detailed from time to time in our reports filed with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2012, and those discussed elsewhere herein.

 
ANADIGICS, INC.
Consolidated Statements of Operations
(Amounts in thousands, except per share amounts)
       
  Three months ended
  March 30, 2013 March 31, 2012 December 31, 2012
  Unaudited Unaudited Unaudited
       
 Net sales  $26,380 $28,426 $30,476
 Cost of sales  27,101 26,747 31,017
 Gross (loss) profit  (721) 1,679 (541)
 Research and development expenses  10,280 11,614 10,145
 Selling and administrative expenses  6,242 6,855 5,516
 Restructuring charges   1,915  494  -- 
 Operating loss  (19,158) (17,284) (16,202)
 Interest income  93 150 117
 Other income, net  46 1,314 24
 Net loss  ($19,019) ($15,820) ($16,061)
       
Net loss per share      
 Basic and diluted  ($0.26) ($0.23) ($0.23)
       
Basic and dilutive shares outstanding 73,158 69,669 71,324
       
Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures    
       
 GAAP net loss  ($19,019) ($15,820) ($16,061)
 Stock compensation expense (excluding Restructuring charges)       
 Cost of sales  179 217 151
 Research and development  345 412 253
 Selling and administrative  1,048 1,097 613
 Cost of sales charge (1)  730  --   1,145
 Marketable securities redemptions and accretion (2)   (27)  (1,306)  (28)
 Restructuring charges (3)   1,915 494  -- 
 Non-GAAP net (loss) income  ($14,829) ($14,906) ($13,927)
       
Non-GAAP loss per share (*)      
Basic and diluted ($0.20) ($0.21) ($0.20)
       
(*) Calculated using related GAAP shares outstanding
       
(1) Cost of sales charge for the three months ended March 30, 2013 included charges for repair and product scrap from accelerated production ramp. Cost of sales charge for the three months ended December 31, 2012 included charges for product scrap and replacement costs following an equipment change.
(2) Marketable securities adjustments include realized gains upon redemptions and interest accretion.
(3) Restructuring charges for the three months ended March 30, 2013 included non-cash stock compensation of ($71).
 Restructuring charges for the three months ended March 31, 2012 included non-cash stock compensation of $49.
 
 
ANADIGICS, INC.
Condensed Consolidated Balance Sheets
(Amounts in thousands)
     
  March 30, 2013 December 31, 2012 (*)
Assets Unaudited  
     
Current assets:    
Cash and cash equivalents $35,082 $24,949
Marketable securities 8,906 17,750
Accounts receivable 12,679 12,233
Inventory 20,313 18,840
Prepaid expenses and other current assets 4,419 3,031
Total current assets 81,399 76,803
     
Marketable securities   6,939  8,811
Plant and equipment, net 38,733 41,048
Other assets 219 219
  $127,290 $126,881
     
Liabilities and stockholders' equity    
     
Current liabilities:    
Accounts payable $11,323 $14,099
Accrued liabilities 5,260 4,345
Accrued restructuring costs  778  395
Total current liabilities 17,361 18,839
     
Other long-term liabilities 1,914 2,017
     
Stockholders' equity 108,015 106,025
  $127,290 $126,881
     
(*) The condensed balance sheet at December 31, 2012 has been derived from the audited financial statements at such date but does not include all the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements.
CONTACT: Investor Relations
         Terry Gallagher
         Vice President and CFO
         ANADIGICS, Inc.
         141 Mt. Bethel Road
         Warren, NJ  07059
         Tel: +1 908 668-5000
         E-mail: tgallagher@anadigics.com

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