Cost-cutting measures reduce losses at Anadigics
Sales were down 12% sequentially from $21.2 million in the September 2002 quarter. In the year-ago period, Anadigics recorded net sales of $21.0 million and a loss of $24.73 million, or 81 cents a share.
In the December 2002 quarter, wireless revenues were $11.4 million, a slight improvement over the $11.0 million recorded in the September 2002 quarter. Compared with December 2001 quarter, CDMA revenue grew by $3.0 million or 41.2%, while as expected TDMA revenue declined $5.7 million or 84.0%.
Broadband revenues were $7.3 million, down 28% sequentially from $10.2 million in the September 2002 quarter, and $0.2 million better than the fourth quarter of 2001.
For the year ended December 31, 2002, revenues of $82.6 million were down $2.2 million compared to 2001. Wireless revenues increased $12.3 million due to CDMA revenue growth of $28.5 million more than offsetting the TDMA revenue decline. Broadband revenue for 2002 declined by $14.5 million due to lower spending by telecom and cable service providers.
"In 2002, we repositioned the company as a major CDMA PA provider with $28.5 million year-over-year CDMA business growth," said Bami Bastani, president and CEO of Anadigics. "At the same time, we aligned our cost structure with the market conditions as demonstrated by the significant reduction in the loss per share compared to the fourth quarter of the prior year.
"Looking ahead, 2003 will provide us with further opportunities with the launch of our new GSM portfolio as we continue to increase our CDMA market share," said Bastani.
