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Technology Stocks : Anaren Microwave

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To: robert b furman who wrote (127)	4/27/2011 6:02:12 PM
From: robert b furman	Read Replies (1) of 137

Q3 earnings: finance.yahoo.com First glance a light miss by 5 cents per analysts. Combination of increased R&D on an large irridium satellite contract and a military first phase satellite funded R&D.This contract just got approved lat week and they hired engineers Dec and January so cost went to R&D which dropped margins 340 basis points. Sala said future R&D woulkd go down. Wireless R&D is up for AIR radio which has potential to double sales but off in time 2012 due to software programing lags. Great business for future. Xinger for 4ge surprising in orders - coming on much faster than anticipated. Start up yields are low and will increase with continued experience and improved sales rates. Space and Satellite growing modestly new hires =R&D peaked this quarter with wireless growing faster and yield improvement will continue as new faciltiy expansion has been completed at unicircuit. next quarter the same as this and working on yields. Q3 2011vs Q3,2010 had a 7 cents IRS gain as overtaxed payments were acknowledged.This brought down tax rates in 2010,so that was a one of vs 2011. New product hiring and ramp for 4ge wireless drove margins down and R&D up. Same level of business with lower Opex will give better bottom line. 600,000 was recieved and will be in next quarter's other income.Legal expense of 200,000 has been previously expensed in past quarter and will show as other income also. If you note guidance gaap and non gaap are the same so the gain from AML merger termination will cover options expense and impairment write off. Book value will grow about 1.70 this year and cash grew about 7 million with few stocks bought back. only 453,000 authorized to be bought back and a 10,million debt payment must be coming in 2011 H2? Good future and not aware of any cancelation if government austerity hits!! Bob

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