ANAD ($12-$17) EPS -$2....Beat by 5 cents..Oh Gee...only lost 52 cents per share..how lovely..and maybe just maybe
they'll be profitiable next year!
Thursday November 1 4:11 PM ET
Anadigics Stock Up After Repeating Rosy View
CHICAGO (Reuters) - Shares of circuit and chipmaker Anadigics Inc. (Nasdaq:ANAD - news) jumped almost 16 percent on Thursday after company officials reiterated a rosy view of growth prospects at a Prudential Securities conference.
Shares of the Warren, New Jersey-based company rose as much as 15.7 percent to a session high of $17.20 on Nasdaq. It closed up $1.89, or 12.7 percent, at $16.75. Since the beginning of the week, the stock has risen 24 percent.
Anadigics repeated comments last week that it hit bottom in the third quarter, and earnings and revenues will start heading back up in the fourth quarter, led by demand for wireless and CDMA, or code division multiple access, products.
``We've been talking quite a bit about the progress we're making in power amplifiers for CDMA handsets,'' Anadigics spokesman Richard Hantke said. CDMA is a series of radio frequency standards for wireless communications.
He added that company executives, in meetings with investors, have emphasized strong growth prospects. At the conference in New York, officials showed new wireless telephones from Sweden's Ericsson (ERICb.ST) (Nasdaq:ERICY - news), Verizon Communications (NYSE:VZ - news), and Sprint Corp. (NYSE:FON - news) -- all sporting its power amplifiers.
Anadigics also reinforced at the conference that its wireless business will surge 80 percent in the fourth quarter from the third quarter, with the CDMA piece of the business almost tripling, Hantke said.
Lehman Brothers analyst Joseph To said Anadigics has seen strong demand in its CDMA business, as well as sales from a new customer, Kyocera Corp. (6971.T) of Japan.
To said company officials also will speak at an industry conference next week, when he expects positive comments about the wireless business.
The supplier of radio- and microwave-frequency integrated circuits last week posted a third-quarter net loss of $22.4 million, but said it expects to return to profitability in the second half of 2002.
Anadigics also reiterated that fourth-quarter revenues would be in the range of $18 million to $18.5 million, compared with $16.3 million in the third quarter. |
