well ... u could chase it or
wait for another to run for ya
12/10/2001
06:59
ANADIGICS Updates Financial Guidance; The
Company Anticipates Fourth Quarter Revenues of
$20.5 Million
WARREN, N.J.--(BUSINESS WIRE)--Dec. 10, 2001--ANADIGICS, Inc.
(NASDAQ:ANAD), a leading supplier of wireless and broadband
communications solutions, today announced that it continues to see
increased demand in the 2001 fourth quarter for its CDMA and TDMA
wireless products.
The Company expects wireless revenues to reach approximately $13.5
million, at the high end of previous expectations. Broadband (Cable
and Fiber) revenue remains on track at $7.0 million. The EPS loss for
the fourth quarter, excluding special charges, is expected to be
approximately ($0.44) per share. The Company anticipates that it will
record special charges during the fourth quarter of approximately
$0.03 to $0.05 relating to its cost reduction initiatives.
"In the fourth quarter, we expect to have record sequential growth
in our wireless business," remarked Dr. Bami Bastani, President and
Chief Executive Officer of ANADIGICS. "We continue to grow our share
of the CDMA market, securing new design wins with our leading InGaP
HBT power amplifiers. Our traditional TDMA business is strong and we
have created a new beachhead in the GSM/GPRS/EDGE markets with our new
PowerPlexer(TM) family of products."
The Company is on track with its initiatives to reduce
manufacturing costs and to reduce operating expenses 30% by the 2002
first quarter. In addition to actions already implemented, the Company
has begun to partially outsource its test operations, which over time
is expected to improve gross margin by lowering test cost per unit.
Moreover, the Company is evaluating strategic alternatives for its
Fiber Optics product line, which could include a possible sale of its
Fiber Optics product line.
Currently, revenue visibility into the 2002 first quarter remains
limited as a result of shorter customer lead times, particularly in
wireless. As a result, the Company is presently estimating first
quarter revenues in the range of $16.0 million to $19.0 million,
reflecting seasonally lower wireless revenues. Wireless revenues are
expected in the range of $8.0 million to $10.0 million, a greater than
25% increase year-on-year, reflecting the Company's new CDMA customer
base. The EPS loss for the first quarter, excluding any special
charges, is anticipated to improve from the fourth quarter to a range
of ($0.38) to ($0.42) per share.
As a result of the strength in wireless revenues, combined with
cost reduction measures, the Company continues to target a return to
profitability during the second half of 2002.
ANADIGICS' senior management will conduct a conference call today
at 8:30 AM Eastern time to provide a fourth quarter update. A live
audio Webcast will be available at www.anadigics.com. A recording of
the call will be available approximately two hours after the end of
the call on the ANADIGICS Web site or by dialing (402) 530-9317.
ANADIGICS is scheduled to release its 2001 fourth quarter earnings
on Wednesday, January 30, 2002.
ANADIGICS, Inc. (NASDAQ:ANAD) designs and manufactures radio
frequency integrated circuit (RFIC) solutions for growing broadband
and wireless communications markets. The Company's innovative high
frequency RFICs enable manufacturers of communications equipment to
enhance overall system performance, and reduce manufacturing cost and
time to market. By utilizing state-of-the-art manufacturing processes
for its RFICs, ANADIGICS achieves the high-volume and cost-effective
products required by leading companies in its targeted high-growth
communications markets. ANADIGICS was the first GaAs IC manufacturer
to receive ISO 9001 certification.
Except for historical information contained herein, this press
release contains forward-looking statements that involve risks and
uncertainties, including, but not limited to, order rescheduling or
cancellation, changes in estimated product lives, timely product and
process development, individual product pricing pressure, variation in
production yield, difficulties in obtaining components and assembly
services needed for production of integrated circuits, change in
economic conditions of the various markets the Company and its
customers serve, as well as other risks detailed from time to time in
the Company's reports filed with the Securities and Exchange
Commission, including the report on Form 10-K for the year ended
December 31, 2000. Actual results could differ materially from the
Company's forward-looking statements. Forward-looking statements can
generally be identified as such because the context of the statement
will include words such as the Company "believes", "anticipates",
"expects", or words of similar import. Similarly, statements that
describe the Company's future plans, objectives, estimates, or goals,
including the statements in this press release regarding revenue
expectations, cost reduction initiatives, and strategic alternatives,
are forward-looking statements. |
