ANADIGICS, INC.
Consolidated Statements of Operations
(Amounts in thousands, except per share amounts, unaudited)
Three months ended Twelve months ended
December December December December
31, 2007 31, 2006 31, 2007 31, 2006
Net sales $67,569 $48,456 $230,556 $166,442
Cost of sales 44,131 32,407 151,768 116,211
Gross profit 23,438 16,049 78,788 50,231
Research and development
expenses 13,230 9,714 46,539 35,054
Selling and administrative
expenses 8,109 6,579 30,171 23,660
Operating income (loss) 2,099 (244) 2,078 (8,483)
Interest income 2,259 1,360 8,035 5,433
Interest expense (591) (956) (2,463) (4,816)
Other expense (907) (25) (734) (4)
Income (loss) from continuing
operations 2,860 135 6,916 (7,870)
Loss from discontinued
operations(1) - (249) (965) (980)
Net income (loss) $2,860 $(114) $5,951 $(8,850)
Basic earnings (loss) per share
Income (loss) from continuing
operations $0.05 $- $0.13 $(0.18)
Loss from discontinued
operations(1) $- $- $(0.02) $(0.02)
Net income (loss) $0.05 $- $0.11 $(0.20)
Diluted earnings (loss) per share
Income (loss) from continuing
operations $0.05 $- $0.12 $(0.18)
Loss from discontinued
operations(1) $- $- $(0.02) $(0.02)
Net income (loss) $0.05 $- $0.10 $(0.20)
Basic shares outstanding 58,414 45,649 55,189 43,814
Basic & dilutive shares
outstanding 60,802 45,649 58,621 43,814
Unaudited Reconciliation of GAAP
to Pro Forma Non-GAAP Financial
Measures
GAAP net income (loss) $2,860 $(114) $5,951 $(8,850)
Stock compensation expense in
continuing operations
Cost of sales 922 637 3,409 1,777
Research and development 1,517 1,129 5,855 3,271
Selling and administrative 1,564 1,078 6,012 3,121
Auction rate securities
impairment 957 - 957 -
Loss from discontinued
operations(1) - 249 965 980
Pro forma net income $7,820 $2,979 $23,149 $299
Pro forma earnings per share *
Basic $0.13 $0.07 $0.42 $0.01
Diluted $0.13 $0.07 $0.39 $0.01
(*) Calculated using related GAAP shares outstanding
(1) The loss from discontinued operations reflects the divestiture of
Telcom Devices, Inc., effective April 2, 2007.
ANADIGICS, INC.
Condensed Consolidated Balance Sheets
(Amounts in thousands, unaudited)
December 31, 2007 December 31, 2006
Assets
Current assets:
Cash and cash equivalents $57,786 $13,706
Marketable securities 103,778 60,892
Accounts receivable 45,664 26,707
Inventory 23,989 20,219
Prepaid expenses and other
current assets 3,277 2,114
Assets of discontinued
operations (1) - 1,429
Total current assets 234,494 125,067
Marketable securities 15,248 8,884
Plant and equipment, net 76,129 41,259
Goodwill and other intangibles,
net of amortization 6,524 5,929
Other assets 1,066 1,463
$333,461 $182,602
Liabilities and stockholders'
equity
Current liabilities:
Accounts payable $34,184 $17,879
Accrued liabilities 7,928 5,588
Capital lease obligations - 312
Liabilities of discontinued
operations (1) - 252
Total current liabilities 42,112 24,031
Other long-term liabilities 3,243 3,348
Long-term debt 38,000 38,000
Long-term capital lease
obligations - 1,463
Total Stockholders' equity 250,106 115,760
$333,461 $182,602
(1) The Company disposed of the assets of its subsidiary, Telcom Devices,
Inc., on April 2, 2007.
Web site: http://www.anadigics.com//
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