News

25 October 2006

Anadigics sales up 53.2% year-on-year yield pro forma net profit

Anadigics Inc of Warren, NJ, USA, which makes radio-frequency ICs and front-end solutions for wireless handsets and broadband communications, has reported third-quarter 2006 net sales of $44.8m, up 11.5% on the prior quarter and 53.2% on a year ago.

Net loss was cut from $6.8m a year ago and $2.8m last quarter to $1.3m. Pro forma net income, excluding non-cash stock compensation expense, was $0.9m, compared to a loss of $6.2m a year ago.

"Anadigics achieved an important milestone as the Company delivered on pro forma profitability in its sixth consecutive quarter of net sales growth" said Dr Bami Bastani, president and CEO. "Our strong product portfolio in both the wireless and broadband growth markets, including 3G mobile phones, Wi-Fi, and tuner ICs and our tier I relationships continue to drive revenue growth and momentum in operating leverage."

As of end-September, cash and short and long-term marketable securities totaled $130.5m compared with $128.9m at end-June. "The execution of our strategy has resulted in significant financial leverage in recent quarters,"
said Tom Shields, executive vice president and chief financial officer. "Our success in delivering both pro forma income and positive cash flow are important events that exemplify our commitment to increasing shareholder
value."

Net sales for fourth-quarter 2006 are expected to rise sequentially for the seventh consecutive quarter by 4-7% and by 40-44% year-on-year.

Visit: http://www.anadigics.com