ANADIGICS Announces First Quarter 2008 Results
biz.yahoo.com
Tuesday April 22, 4:00 pm ET
Achieves Record Quarterly Net Sales of $74.4 million; up 10% sequentially and 50% From Year Ago Quarter
Delivers Quarterly GAAP EPS of $0.07; Pro Forma Diluted EPS of $0.15
WARREN, N.J., April 22 /PRNewswire-FirstCall/ -- ANADIGICS, Inc. (Nasdaq: ANAD), a leading provider of semiconductor solutions in the rapidly growing broadband wireless and wireline communications markets, reported record first quarter 2008 net sales of $74.4 million, an increase of 10% compared with net sales of $67.6 million in the prior quarter, and an increase of 50% compared to net sales of $49.6 million in the year ago quarter.
Net income was $3.9 million, or $0.07 per share, compared with $2.9 million, or $0.05 per share, in the prior quarter and net loss of $1.2 million, or $0.02 per share, in the year ago quarter. Pro forma income for the first quarter 2008, which excludes non-cash stock compensation expense, discontinued operations and an impairment charge of $0.8 million on the company's investment in auction rate securities, was $9.2 million, or $0.15 per diluted share, compared with $7.8 million, or $0.13 per diluted share, in the prior quarter and $3.7 million, or $0.08 per diluted share, in the year ago quarter.
"ANADIGICS performance in the first quarter exemplifies our commitment to our business execution strategies," said Dr. Bami Bastani, President and Chief Executive Officer. "We continue to implement our market share expansion plans and have created deeper relationships with our customers and suppliers while providing the best of breed RF products on the market today."
As of March 29, 2008 cash and short and long-term marketable securities totaled $166.5 million compared with $176.8 million at December 31, 2007.
"We continue to focus on delivering improving financial performance as evidenced by our reported first quarter 2008 financial results," said Tom Shields, Executive Vice President and Chief Financial Officer. "Our business outlook remains positive as characterized by our financial guidance for the second quarter of 2008."
Outlook for the Second Quarter 2008
Net sales for the second quarter 2008 are estimated to be in the range of $77.0 million to $79.0 million. Net sales at this level would represent an approximate 43% to 47% increase on a comparable basis with second quarter 2007. Net income per share on a GAAP basis for the second quarter 2008 is expected to approximate $0.09 to $0.11. Pro forma diluted earnings per share, excluding non-cash stock compensation expense, are expected to be in the range of approximately $0.16 - $0.17. The net income and pro forma diluted earnings per share are based on an estimated diluted weighted average outstanding common share count of 69.0 million, which includes 7.6 million dilutive shares from the Convertible Notes due 2009. |
