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ANADIGICS Announces Third Quarter 2013 Results

Stocks in this article: ANAD

Net Sales of $37.0 Million, a Sequential Increase of 7.1%

GAAP EPS ($0.13); Non-GAAP EPS ($0.11)

WARREN, N.J., Nov. 4, 2013 (GLOBE NEWSWIRE) -- ANADIGICS, Inc. (Nasdaq:ANAD), a leading provider of semiconductor solutions in the broadband wireless and wireline communications markets, reported third quarter 2013 net sales of $37.0 million, an increase of 7.1% sequentially and 29.2% from the third quarter of 2012. Net sales for the third quarter 2013 included $23.0 million for cellular products, a sequential increase of 27.8%.

As of September 28, 2013, cash, cash equivalents and short and long-term marketable securities totaled $32 million.

GAAP net loss for the third quarter of 2013 was $11.2 million, or ($0.13) per diluted share, compared to $17.0 million, or ($0.24) for the third quarter of 2012. Non-GAAP net loss for the third quarter of 2013 was $9.5 million, or ($0.11) per share compared to $15.3 million, or ($0.21) for the third quarter of 2012 .

"I am proud of our continued ability to deliver innovative new products for high growth market segments," said Ron Michels, Chairman and CEO. "This sharp focus combined with our strong industry relationships fueled customer demand during the third quarter, especially in our cellular products group. Moving forward, we remain dedicated to operational excellence and cost efficiency improvements that we believe will further expand our gross margins. We anticipate that these efforts, in addition to continued enhancements in product mix, position ANADIGICS for long-term profitable growth."

"I am pleased with this quarter's impressive revenue growth, more efficient production and outstanding leverage on our largely fixed expense base," said Terry Gallagher, Vice President and CFO. "For the fourth quarter, we are seeing an uptick in infrastructure and WiFi orders offset by market softness in cellular. Overall, we expect revenues in the fourth quarter to be flat to down five percent sequentially, while the revised mix supports an improvement in gross margin."

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