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Anadigics Q3 results are 'on target'

Sales of $18.9 million are in line with expectations but revenue is down

Anadigics has reported third quarter 2014 net results with sales of $18.9 million, in line with guidance. While revenue was down 18.9 percent, sequentially, non-GAAP gross margin expanded 321 basis points to 16.0 percent, exceeding guidance.

As of September 27, 2014, cash and cash equivalents totaled $13.5 million, or net cash of $9.5 million, after excluding $4.0 million drawn under the company's credit facility.

"Anadigics has made tremendous progress during the last three months towards realising both our financial and market goals," said Ron Michels, chairman and CEO of Anadigics . "Our new product launches have been very well received in their targeted markets, and have led us to enjoy a significant increase in customer engagements and strategic design win activity.  Due to these improvements, we believe we are on target to realise the strategic goals I outlined last June."

GAAP net loss for the third quarter of 2014 was $6.7 million, or ($0.08) per diluted share compared to $11.2 million, or ($0.13) per diluted share in the third quarter of 2013.  Non-GAAP net loss for the third quarter of 2014 was $5.7 million, or ($0.07) per share compared to $9.5 million, or ($0.11) in the third quarter of 2013.

 "I am pleased with our improving financial performance driven by a 321 basis-point increase in non-GAAP gross margin and a greater-than 18 percent reduction in non-GAAP operating expenses.  These operational improvements helped enable net cash of $9.5 million at quarter end, and looking ahead, we expect only a modest further reduction in net cash by year end," said Terry Gallagher, vice president and CFO.  "Lastly, we recently closed with Silicon Valley Bank on a new, more flexible $10 million credit facility that, if needed, provides additional capital to fund growth."

Anadigics' financial outlook for Q4 is that revenue will increase sequentially by 8 "“ 12 percent; non-GAAP gross margin is expected to improve sequentially by approximately 200 basis points; and operating expenses will be approximately flat sequentially

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