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Advanced Analogic Swings To Net Loss

Plunging revenue pushed the company to a net loss in the first quarter.

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On April 22, 2009,

Advanced Analogic Technologies

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reported that it swung to a net loss during Q1 FY09 on the back of lower revenue. Net loss during the latest first quarter stood at $5.21 million or $0.12 per share compared to a net profit of $446,000 or $0.01 per share in Q1 FY07. Excluding one-time items, net loss was $3.49 million or $0.08 per share compared to a net profit of $2.02 million or $0.04 per share. The latest quarterly consensus estimate was a loss of $0.10 per share.

Revenue plunged 34.1% to $16.55 million from $25.10 million in the comparable quarter of last year. ModularBCD products contributed 28.0% to the total sales. Meanwhile, gross margin contracted 980 basis points to 44.90% from 54.71%, despite a 19.8% drop in the cost of goods sold. Additionally, operating margin worsened to a negative 29.50% from a negative 2.53% in Q1 FY08. However, total operating expenses dipped 14.3% to $12.31 million from $14.37 million a year ago.

During the quarter under review, the company introduced the AAT4614, a new current-limited P-channel MOSFET power switch for high side load switching applications. It has also launched AAT3620, a fully integrated single-cell Lithium-ion battery charger capable of supplying up to 2A charge current in a small 3x3 mm TDFN package. Furthermore, AATI announced that it will offer AHK3292, a two-channel LED driver for LED indicators and LCD or keyboard backlighting in entry level mobile products. In addition, it launched AAT3691, a dual input battery charger IC with integrated over-voltage protection (OVP) up to 28V.

Looking forward to Q2 FY09, AATI expects its net loss to be in the range of $0.13 per share to $0.10 per share on revenue between $18.00 million to $21.00 million.