ANADIGICS, Inc. (NASDAQ: ANAD) is a leading provider of semiconductor solutions in the rapidly growing broadband wireless and wireline communications markets. The Company's products include power amplifiers, tuner integrated circuits, active splitters, line amplifiers, and other components, which can be sold individually or packaged as integrated radio frequency and front end modules.
Safe Harbor Statement
Except for historical information contained herein, this press release contains projections and other forward-looking statements (as that term is defined in the Securities Exchange Act of 1934, as amended). These projections and forward-looking statements reflect the Company's current views with respect to future events and financial performance and can generally be identified as such because the context of the statement will include words such as "believe", "anticipate", "expect", or words of similar import. Similarly, statements that describe our future plans, objectives, estimates or goals are forward-looking statements. No assurances can be given, however, that these events will occur or that these projections will be achieved and actual results and developments could differ materially from those projected as a result of certain factors. Important factors that could cause actual results and developments to be materially different from those expressed or implied by such projections and forward-looking statements include those factors detailed from time to time in our reports filed with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2007, and those discussed elsewhere herein.
Investor Relations
Thomas Shields
ANADIGICS, Inc.
141 Mt. Bethel Road
Warren, NJ 07059
Tel: +1 908 412-5995
E-mail: tshields@anadigics.com
ANADIGICS, INC.
Consolidated Statements of Operations
(Amounts in thousands, except per share amounts, unaudited)
Three months ended Six months ended
June 28, June 30, June 28, June 30,
2008 2007 2008 2007
Net sales $80,493 $53,869 $154,862 $103,442
Cost of sales 50,573 34,963 98,337 68,250
Gross profit 29,920 18,906 56,525 35,192
Research and development expenses 14,797 11,080 29,128 20,818
Selling and administrative
expenses 9,441 7,482 18,321 14,841
Operating income (loss) 5,682 344 9,076 (467)
Interest income 1,281 2,198 3,219 3,438
Interest expense (591) (655) (1,182) (1,280)
Other expense (324) - (1,136) -
Income from continuing operations 6,048 1,887 9,977 1,691
Loss from discontinued operations - - - (965)
Net income $ 6,048 $ 1,887 $ 9,977 $ 726
Basic earnings (loss) per share
Income from continuing operations $ 0.10 $ 0.03 $ 0.17 $ 0.03
Loss from discontinued operations $ - $ - $ - $ (0.02)
Net income $ 0.10 $0.03 $ 0.17 $ 0.01
Diluted earnings (loss) per share
Income from continuing operations $ 0.10 $ 0.03 $ 0.16 $ 0.03
Loss from discontinued operations $ - $ - $ - $ (0.02)
Net income $ 0.10 $ 0.03 $ 0.16 $ 0.01
Basic shares outstanding 60,027 56,523 59,669 52,419
Basic & dilutive shares
outstanding 69,351 59,604 68,596 55,774
Unaudited Reconciliation of GAAP to Pro Forma Non-GAAP Financial
Measures
GAAP net income $ 6,048 $ 1,887 $ 9,977 $ 726
Stock compensation expense in
continuing operations
Cost of sales 1,026 851 1,752 1,751
Research and development 1,905 1,392 3,801 2,892
Selling and administrative 2,010 1,597 3,794 3,073
Auction rate securities
impairment 614 - 1,437 -
Loss from discontinued
operations (1) - - - 965
Pro forma net income $11,603 $ 5,727 $ 20,761 $ 9,407
Pro forma earnings (loss) per
share *
Basic $ 0.19 $ 0.10 $ 0.35 $ 0.18
Diluted $ 0.18 $ 0.10 $ 0.32 $ 0.17
(*) Calculated using related GAAP shares outstanding
(1) The loss from discontinued operations reflected the divestiture of
Telcom Devices, Inc., comprising $490 from the loss on sale and
$475 loss on operations in the first quarter of 2007.
ANADIGICS, INC.
Condensed Consolidated Balance Sheets
(Amounts in thousands)
June 28, 2008 December 31, 2007
Assets (unaudited)
Current assets:
Cash and cash equivalents $124,149 $57,786
Marketable securities 17,043 103,778
Accounts receivable 50,340 45,664
Inventory 27,398 23,989
Prepaid expenses and other
current assets 4,648 3,277
Total current assets 223,578 234,494
Marketable securities 20,210 15,248
Plant and equipment, net 99,377 76,129
Goodwill and other intangibles,
net of amortization 6,394 6,524
Other assets 883 1,066
$350,442 $333,461
Liabilities and stockholders'
equity
Current liabilities:
Accounts payable $25,913 $34,184
Accrued liabilities 11,070 7,928
Total current liabilities 36,983 42,112
Other long-term liabilities 3,189 3,243
Long-term debt 38,000 38,000
Total Stockholders' equity 272,270 250,106
$350,442 $333,461
* The condensed balance sheet at December 31, 2007 has been derived
from the audited financial statements at such date but does not
include all the information and footnotes required by generally
accepted accounting principles for complete financial statements.
