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ANADIGICS Announces Fourth Quarter And Year End Results

Stocks in this article: ANAD

Full Year Net Sales $134.2 Million; a Year-Over-Year increase of 19.2%

Full Year GAAP EPS ($0.67); Non-GAAP EPS ($0.55)

Quarterly Net Sales of $36.3 Million; a Sequential Decrease of 2%

Quarterly GAAP EPS ($0.12); Non-GAAP EPS ($0.10)

WARREN, N.J., Feb. 20, 2014 (GLOBE NEWSWIRE) -- ANADIGICS, Inc. (Nasdaq:ANAD), a leading provider of semiconductor solutions in the broadband wireless and wireline communications markets, reported fourth quarter 2013 net sales of $36.3 million, a sequential decrease of 2% and an increase of 19.1% from the fourth quarter of 2012. Revenue for the full year 2013 of $134.2 million increased 19.2% on an annual basis.

As of December 31, 2013, cash, cash equivalents and short-term marketable securities totaled $24.4 million.

GAAP net loss for the fourth quarter of 2013 was $10.0 million, or ($0.12) per diluted share, a sequential improvement of 11.1%. GAAP net loss for the full year 2013 was $54.0 million, or ($0.67) per share. Non-GAAP net loss for the fourth quarter of 2013 was $8.4 million, or ($0.10) per share, representing a sequential improvement of 11.9%. Non-GAAP net loss for the year was $44.7 million or ($0.55) per diluted share.

"ANADIGICS' non-GAAP gross margin increased by 1,250 basis points year over year in the fourth quarter of 2013 and 820 basis points for the full year 2013 as compared to 2012," said Terry Gallagher, vice president and CFO. "To sustain this forward momentum towards our EBITDA objectives, we have implemented efficiency and expense reduction initiatives that should provide an annual savings of over $10 million."

"I am very pleased by our fourth quarter results, which completes a year of consistent gross margin improvement," said Ron Michels, chairman & CEO. "While we are experiencing both seasonal and inventory-related softness in the first quarter, our WiFi, Cellular and Infrastructure solutions have strong design win traction. With a sharp focus on new product introduction, product mix improvements and prudent expense management, we believe ANADIGICS is well positioned on our path to profitability."

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