ANADIGICS Announces Second Quarter 2008 Results
biz.yahoo.com
Tuesday July 22, 4:00 pm ET
Achieves Record Quarterly Net Sales of $80.5 million; up 8.2% sequentially and 49.4% From Year Ago Quarter
Delivers Quarterly GAAP EPS of $0.10; Pro Forma Diluted EPS of $0.18
Pro Forma Gross Margin hits 38.4%
Announces Increased Investments and Acceleration of Wafer Capacity Plans in Kunshan, China
WARREN, N.J., July 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 second quarter 2008 net sales of $80.5 million, an increase of 8.2% compared with net sales of $74.4 million in the prior quarter, and an increase of 49.4% compared to net sales of $53.9 million in the year ago quarter.
Net income was $6.0 million, or $0.10 per share, compared with $3.9 million, or $0.07 per share, in the prior quarter and net income of $1.9 million, or $0.03 per share, in the year ago quarter. Pro forma income for the second quarter 2008, which excludes non-cash stock compensation expense, discontinued operations and an impairment charge of $0.6 million on the company's investment in auction rate securities, was $11.6 million, or $0.18 per diluted share, compared with $9.2 million, or $0.15 per diluted share, in the prior quarter and $5.7 million, or $0.10 per diluted share, in the year ago quarter.
"Our second quarter 2008 results were driven by strong sequential revenue growth in Broadband for both WiFi and CATV including initial production shipments of our new digital tuner, FiOS and DOCSIS 3.0 products," said Dr. Bami Bastani, President and Chief Executive Officer. "As we enter the third quarter 2008, Broadband will continue to have strong momentum, which will partially offset an expected decline in Wireless as certain of our customers have lowered their demand expectations and are reducing inventory levels. However, we believe this to be temporary as design-in activity has increased and therefore, are aggressively pursuing our capacity expansion plans in China to meet future demand." |
