Anadigics Back In Business With Net Sales Up 64.2%
Anadigics, a global provider of semiconductor broadband wireless and wireline communications markets has announced its second quarter 2010 results.
The company enjoyed net sales of $51.7 million, a sequential increase of 18.7% and an increase of 64.2% above the second quarter of 2009. For the six months ended July 3, 2010, net sales were $95.2 million, up approximately 54% over the prior year. As of July 3, 2010, cash, cash equivalents and short and long-term marketable securities totaled $91.8 million. GAAP net income for the second quarter of 2010 was $0.8 million, or $0.01 per diluted share.
"The results of our second quarter reflect the continued execution of our business initiatives highlighting increasing revenue, operational excellence, expanded market share and achieving profitability," commented Mario Rivas, President and CEO. "Our participation in a fast-growing 3G & 4G wireless market, which will require increasing power amplifier content over time, coupled with our strong product breadth provides for continued opportunities to build our revenue, increase our market share and improve our financial results."
Net sales for the third quarter of 2010 are expected to increase approximately 11% sequentially to approximately $57.5 million from the second quarter revenue of $51.7 million. GAAP EPS for the third quarter is expected to approximate breakeven. The diluted weighted average outstanding shares estimated for the third quarter approximates 67.5 million.
Conference Call
ANADIGICS' senior management will conduct a conference call today at 5:00 PM Eastern Time. A live audio Webcast will be available at www.anadigics.com/investors.
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 800-642-1687 conference ID 86002971 (available until August 5, 2010).
