the following information is a comparison of ANAD and PWAV fundamentals.
ANADIGICS, Inc. designs, develops and manufactures radio frequency and microwave frequency integrated circuits using gallium arsenide semiconductor material. For the nine months ended 9/28/97, revenues rose 61% to $74.6 million. Net income rose from $5.3 million to $10.7 million. Revenues reflect higher sales of integrated circuits for the digital GSM, CDMA and TDMA standards. Net income also benefited from manufac-turing efficiencies and higher invested cash balances
ANADIGICS' integrated circuits (ICs) grease the wheels of modern communication. The company produces radio frequency and microwave ICs from gallium arsenide, which can typically replace 30 to 100 discrete components and permit manufacturers to reduce the size and weight of end products. ANADIGICS' circuits are used to receive and transmit signals in a variety of high-volume communications applications, including cable television, direct broadcast satellite TV systems, and wireless and fiber-optic telecommunications systems. The company, a leading manufacturer, makes the ICs at its facility in New Jersey, and sells about 60% of them to Ericsson, General Instrument, Lucent, Nokia, and Nortel.
PWAV designs, manufactures and markets ultra-linear radio frequency power amplifiers for use in the wireless communications market. The Co's. amplifiers increase the signal strength of wireless transmissions while reducing interference. For the fiscal year ended 12/28/97, revenues rose 98% to $119.7 million. Net income rose from $7.6 million to $16.2 million. Results reflect shipments of the Company's new single carrier PCS amplifiers and an increased interest income.
Powerwave Technologies (formerly Milcom International) designs and manufactures ultra-linear radio frequency power amplifiers used in wireless communication networks, including cellular, PCS, and air-to-ground networks. The company manufactures both single and multichannel amplifiers. Powerwave's products support many digital and analog transmission protocols, including CDMA, TDMA, GSM, FHMA, AMPS, and TACS. Powerwave's primary market is South Korea. The company's customers have included Hyundai Electronics Industries, LG Information & Communications, Samsung Electronics, ADC Kentrox Industries, AirNet Communications, In-Flight Phone Corp., Metawave Communications, and Phoenix Wireless Group.
ANAD PWAV
book value 9.58 4.37
cash per share 2.41 3.91
price/sales 2.04 2.17
shares outstanding 14.6 m 17.1 m
float 11.5 m 7.5 m
LT debt to total cap 0% 1%
institutional ownership 65.3% 18.5%
50 day MA 21.00 14.00
200 day MA 34.00 27.00
ANAD:
Quarterly Results 4Q1997 3Q1997 2Q1997 1Q1997
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EPS 0.31 0.26 0.24 0.23
Dividend Per Share n/a n/a n/a n/a
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Quarterly Results 4Q1996 3Q1996 2Q1996 1Q1996
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EPS 0.51 0.11 0.16 0.14
Dividend Per Share n/a n/a n/a n/a
PWAV:
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Quarterly Results 4Q1997 3Q1997 2Q1997 1Q1997
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EPS 0.30 0.26 0.20 0.17
Dividend Per Share n/a n/a n/a n/a
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Quarterly Results 4Q1996 3Q1996 2Q1996 1Q1996
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EPS n/a 0.12 0.13 0.12
Dividend Per Share n/a n/a n/a n/a
FIRST CALL
ANAD:
QTR QTR FY FY
Mar 98 Jun 98 Dec 98 Dec 99
--- --- -- --
CURRENT MEAN EPS -0.03 0.03 0.30 0.85
Number of Brokers 7 7 7 3
Median -0.03 0.00 0.21 0.85
Standard Deviation 0.02 0.07 0.23 0.04
Current High 0.00 0.13 0.67 0.90
Current Low -0.06 -0.05 0.00 0.80
Year Ago EPS 0.23A 0.24A 1.02A 0.30
Current vs. Year Ago Change -113% -88% -71% 183%
Report Date wk/Apr 17 wk/Jul 17 wk/Jan 29 -
PWAV:
QTR QTR FY FY
Mar 98 Jun 98 Dec 98 Dec 99
--- --- -- --
CURRENT MEAN EPS 0.13 0.19 0.88 1.16
Number of Brokers 7 7 7 5
Median 0.13 0.19 0.87 1.17
Standard Deviation 0.02 0.02 0.05 0.09
Current High 0.17 0.23 0.97 1.27
Current Low 0.10 0.17 0.78 1.05
Year Ago EPS 0.17A 0.20A 0.92A 0.88
Current vs. Year Ago Change -24% -5% -4% 32%
Report Date wk/Apr 9 wk/Jul 8 wk/Jan 14 -
ANAD:
Ratios Relative To: Company Industry Sector WSJ/DJ
P/E on 1998 Cal Yr Mean 45.5 30.31 24.41 21.07
PEG on 1998 Cal Yr Mean 1.14 1.30 1.39 1.70
RECOMMENDATION AND GROWTH RATES
RECOMMENDATIONS LONG TERM GROWTH RATES
Current Mean 2.9 Next 5 yrs - Median 40%
Number of Brokers 7 Number of Brokers 1
Industry Recommendation: 2.0 Industry Growth Rate: 23%
PWAV:
Ratios Relative To: Company Industry Sector WSJ/DJ
P/E on 1998 Cal Yr Mean 16.4 30.31 24.41 21.07
PEG on 1998 Cal Yr Mean 0.71 1.30 1.39 1.70
RECOMMENDATION AND GROWTH RATES
RECOMMENDATIONS LONG TERM GROWTH RATES
Current Mean 1.5 Next 5 yrs - Median 23%
Number of Brokers 6 Number of Brokers 2
Industry Recommendation: 2.0 Industry Growth Rate: 23% |
