News Article
Anadigics Announces Revenues up 54.3% Over 2009
The firm expects continued growth in the 3G and 4G markets as it strives to expand its market share with new and existing customers.
Anadigics, a producer of radio frequency (RF) and mixed signal semiconductor products, has announced its quarterly and 2010 financial results.
Quarterly net sales of $60.2million were up 44.1% Year-Over-Year but a decrease of 1.7% compared to the last quarter. Net sales in 2010 were up by 54.3% over 2009 to $216.7 million.
Quarterly GAAP EPS was $0.05 and full year GAAP EPS was $0.02.
As of December 31, 2010, cash, cash equivalents and short and long-term marketable securities totalled $106.1 million, an increase of $13.6 million over 2009.
Net income for the fourth quarter of 2010 was $3.4 million, or $0.05 per diluted share. Net income for 2010 was $1.3 million, or $0.02 per share.
“I am very proud of our accomplishments during this past year in which we significantly increased revenue by 54.3%, consisting of 72% growth in our Wireless business and 20% in Broadband. We also exceeded our goals for both profitability and free cash flow,” said Mario Rivas, president and CEO.
“Our strong performance in 2010 is a result of successful execution on the strategic initiatives that we outlined at the beginning of the year. Looking forward, we remain well positioned to benefit from the continued growth in the 3G and 4G markets as we strive to expand our market share at new and existing customers, execute on design wins and continue to introduce superior new products.”
Outlook for the Q1 2011
Tom Shields, chief financial officer commented, “We are seeing indications of greater than normal seasonality in the first quarter of 2011 primarily due to softness in China and through our distribution channels relating to excess inventories, coupled with a continued market correction expected to further impact our Cable and WiMax revenue. As a result, we currently anticipate total revenue to be in the range of $42 million to $44 million. Net loss per share on a GAAP basis for the first quarter of 2011 is expected to be ($0.11) to ($0.12). Non-GAAP loss per share, excluding non-cash stock compensation expense, is expected to be between ($0.07) and ($0.08). The GAAP net loss and non-GAAP loss per share are based on an estimated weighted average outstanding common share count of 69.2 million.”
Anadigics' senior management conducted a conference call discussing its results and outlook and recording of the call can be accessed on the Anadigics website.
The call may also be accessed by dialling
800-642-1687 and highlighting conference ID 42515180
The call will be accessible until February 24, 2011.
