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TheStreet Open House

Anadigics Announces Second Quarter 2013 Results

Stocks in this article: ANAD

Net Sales of $34.6 Million, a sequential increase of 31.0%

GAAP EPS ($0.17); Non-GAAP EPS ($0.14)

WARREN, N.J., July 30, 2013 (GLOBE NEWSWIRE) -- ANADIGICS, Inc. (Nasdaq:ANAD), a leading provider of semiconductor solutions in the broadband wireless and wireline communications markets, reported second quarter 2013 net sales of $34.6 million, an increase of 31.0% sequentially and 37.7% from the second quarter of 2012. Net sales for the second quarter 2013 included $11.4 million for WiFi products, a sequential increase of $6.6 million.

As of June 29, 2013, cash, cash equivalents and short and long-term marketable securities totaled $41 million.

GAAP net loss for the second quarter of 2013 was $13.8 million, or ($0.17) per diluted share compared to $20.9 million, or ($0.30) in the second quarter of 2012. Non-GAAP net loss for the second quarter of 2013 was $12.0 million, or ($0.14) per share compared to $17.9 million, or ($0.25) in the second quarter of 2012 .

"I am extremely pleased by our substantial growth during the quarter. This level of performance was driven by the exceptional traction we have achieved with our WiFi and Cellular products, which now power some of the most popular wireless devices in the market," said Ron Michels, chairman & CEO. "We anticipate continued financial improvement as we take advantage of our operating and manufacturing leverage, and increasing design-win penetration with our new, more profitable, ILD products."

"In the second quarter, we effectively managed our cost structure while ramping production to meet increasing customer demand," said Terry Gallagher, vice president and CFO. "We continue to make operational progress by increasing yields in our manufacturing processes and transitioning our product portfolio to our more efficient ILD technology. For the third quarter, based on current bookings and revenue visibility, we expect continued sales growth in the range of 4 - 8%."

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