Financial Round-up: Anadigics, Hittite, Skyworks
Anadigics teeters on edge of profit
GaAs RFIC specialist Anadigics has bucked the usual seasonal first quarter downturn by adding a modest two percent sequential growth to the strong revenues delivered at the end of 2006.
Revenues and loss in the first quarter of 2007 were $49.6 and $1.2 million respectively, compared with $48.5 and $0.1 million in the previous three months.
Drawn into losses over this period by $4.9 million worth of expenses associated with the sale of Telcom Devices and stock compensation, the company was quick to point out the effective $3.7 million profit that it would have otherwise earned.
With more stock compensation expenses to come, Anadigics boldly predicts a further five to seven percent growth in revenues and net profit for the second quarter.
Hittite flying without fab
Hittite Microwave continues to thrive on its fabless status, recording first quarter 2007 revenues 30 percent higher than the previous year and 2.6 percent higher than the closing quarter of 2006.
The chip designer recorded quarterly profit of $12 million, down slightly sequentially from $12.1 million, but up 36% compared to the $8.8 million recorded in the same period in 2006.
The company s design pipeline remains in full flow, introducing 21 new products in the last three months, allowing confident forecasts for the next quarter of $11.9 to $12.5 million profit from $36.5 to $37.5 million revenue.
Divestment paying off at Skyworks
Chip and component maker Skyworks has delivered profit of $12.2 million in the first three months of 2007, a giant step up from the $0.9 million recorded for the same period of 2006.
Overall sales for the two periods were similar, down from $185 million in 2006 to $180 million in 2007, with the lower revenues and higher profitability both resulting from Skyworks departure from the non-GaAs baseband market.
Skyworks president and CEO David Aldrich said, “Skyworks second fiscal quarter results demonstrate the strength of our new business model and reflect our efforts since exiting the baseband product area two quarters ago."
The company's highlights for the quarter featured the inclusion of the company's Helios devices in a number of popular phones, such as LG s Chocolate, and receipt of production orders for an unnamed forthcoming multimedia and music platform "“ possibly Apple's eagerly-anticipated iPhone.