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ANADIGICS Announces First Quarter 2014 Results

Stocks in this article: ANAD

Net Sales of $23.3 Million

GAAP EPS ($0.14); Non-GAAP EPS ($0.11)

WARREN, N.J., April 30, 2014 (GLOBE NEWSWIRE) -- ANADIGICS, Inc. (Nasdaq:ANAD), a leading provider of semiconductor solutions in the broadband wireless and wireline communications markets, reported first quarter 2014 net sales of $23.3 million, a decrease of 35.9% sequentially and 11.8% from the first quarter of 2013.

As of March 29, 2014, cash, cash equivalents and short and long-term marketable securities totaled $14.1 million.

GAAP net loss for the first quarter of 2014 was $11.7 million, or ($0.14) per diluted share compared to $19.0 million, or ($0.26) in the first quarter of 2013. Non-GAAP net loss for the first quarter of 2014 was $9.6 million, or ($0.11) per share compared to $14.9 million, or ($0.20) in the first quarter of 2013 .

"I am encouraged by the progress we are making this year with strong design-win activity across a broader customer base," said Ron Michels, chairman & CEO of ANADIGICS. "Our improved manufacturing efficiency, substantial operating leverage and shift to a higher-margin product mix provides ANADIGICS with a foundation for profitable growth."

"ANADIGICS' non-GAAP gross margin increased by 1,020 basis points year over year in the first quarter of 2014," said Terry Gallagher, vice president and CFO. "We delivered overall cost reduction progress ahead of our plan and are well positioned for continued improvement. For the second quarter, we expect revenues to rise by 8-12% and gross margin to expand by 250 to 550 basis points, sequentially. Concurrent with this revenue and gross margin expansion, we expect a sequential reduction in operating expenses of greater than five percent."

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.

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