Anadigics posts Q4 results with 10.6 percent sales increase on Q3
Anadigics, the manufacturer of RF products, has reported Q4 2014 net sales of $20.9 million, a sequential increase of 10.6 percent on Q3. Revenue for the full year 2014 was $86.3 million compared to $134.2 million for 2013. The market responded with a -0.79 percent drop in share price.
GAAP net loss for Q4 2014 was $5.4 million, or ($0.06) per diluted share, a sequential improvement of 18.5 percent. GAAP net loss for the full year 2014 was $38.9 million, or ($0.45) per share, compared with $54.0 million ($0.67) per share in 2013. Non-GAAP net loss for the Q4 was $4.7 million, or ($0.05) per share, representing a sequential improvement of 17.4 percent. Non-GAAP net loss for the year was $27.8 million or ($0.32) per diluted share compared to $0.55 in 2013.
As of December 31, 2014, cash and cash equivalents totaled $18.4 million, or net cash of $14.4 million, after excluding $4.0 million drawn under the company's credit facility.
"We have made remarkable progress since we announced our strategic restructuring late last June, and in virtually all aspects, outperformed our stated objectives in the second half of 2014," said Ron Michels, chairman and CEO. "Infrastructure is taking the leadership position in the company with strength across all of our key target markets, and we believe the company is well positioned for success."
"The benefits of our new business model are evident in our improving metrics, including cash efficiency and expanding gross margin," said Terry Gallagher, vice president and CFO. "Our expense base, particularly R&D investments, is very well aligned with our growth plan."
Outlook for Q1
Revenue growth in Infrastructure is expected to offset some of the normal seasonal decrease in mobile revenue, which should result in a less-than-typical sequential decline in total revenue of only 10 to 13 percent. The company expects Non-GAAP gross margin to improve sequentially by approximately 400 basis points in Q1. Operating expenses are expected to be approximately flat, sequentially