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News

25 April 2007

 

Anadigics continues 40% year-on-year growth and cuts losses after shedding fiber-optic subsidiary

Anadigics Inc of Warren, NJ, USA, which manufactures wireless and broadband communications components and modules, has reported first-quarter 2007 net sales of $49.6m, up 2.3% on the prior quarter and up 43% on $34.7m a year ago. (This excludes $0.5m for Q1/2007, $0.7m for Q4/2006 and $1.0m for Q1/2006 from the discontinued fiber-optic subsidiary Telcom Devices Inc, which was sold this month.)

Excluding a loss from discontinued operations of $965m, the loss from continuing operations was $196m (reduced from $4.3m a year ago). At the end of the quarter, cash and short- and long-term marketable securities totaled $179.2m, up from $83.5m at the end of December (mainly due to the proceeds of a public offering of common stock completed in mid-March).

“We are positioned for growth in the attractive broadband wireless and wireline markets, and have announced plans [announced in early April] to jointly build, with Kunshan New and Hi-Tech Industrial Development Zone, the first world-class GaAs wafer fab in China,” says Dr Bami Bastani, president and CEO.

“Our continued improving financial results highlight a richer product mix,” says executive VP and chief financial officer Tom Shields. “The focus on core products balanced with continued strong market demand is expected to further strengthen our financial leverage,” he adds.

Net sales for second-quarter 2007 are expected to grow 5-7% sequentially (and up 33-35% on a comparable basis with Q2/2006, excluding $0.9m from discontinued operations).

See related items:

Anadigics to build 6-inch GaAs fab in China

Anadigics eliminates losses after seventh quarter of growth

Visit: http://www.anadigics.com