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Wider losses and lower revenues at Anadigics

Anadigics reported a larger than expected loss and lower revenues as the seasonal downturn in the wireless industry hit hard.
Anadigics announced net sales of $16.1 million for the first quarter of 2003, down 14% sequentially from $18.7 million in the fourth quarter of 2002, and down 17% from $19.5 million in the March 2002 quarter.

The company also reported an earnings per share (EPS) loss of $0.40, compared to an EPS loss of $0.23 in the previous quarter and a loss of $0.85 in the first quarter of 2002. During the March 2003 quarter, the company recorded a charge of $0.6 million or $0.02 per share relating to a reduction in force in manufacturing and administration functions.

Wireless revenues were $8.6 million in the March 2003 quarter, seasonally down versus $11.2 million in the fourth quarter of 2002. CDMA revenue accounted for 95% of all wireless revenues in the March 2003 quarter and was down sequentially by 20.6%, but was up year-over-year by 30.2%. TDMA revenue of $0.4 million was down sequentially by 56% and down versus the prior year by 85%.

Broadband revenues were flat on a sequential basis at $7.5 million, and down $3.0 million versus prior year. Cable infrastructure revenue of $4.3 million was up 20% sequentially, while the cable subscriber revenue of $3.2 million was down 18.5% sequentially, reflecting the continued softness being experienced within the telecommunications market.

"The company continues to manage its costs while strategically investing in R&D as well as advanced manufacturing operations to expand its technology base and product breadth across the wireless and broadband product lines," remarked Bami Bastani, president & CEO of Anadigics. "Customer feedback and design win activity remain strong at all levels and we are optimistic that our new GSM and CDMA products will be the major drivers of future growth."

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