8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported)

April 28, 2008

ADVANCED ANALOGIC TECHNOLOGIES INCORPORATED

(Exact name of registrant as specified in its charter)

Delaware	000-51349	77-0462930
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

3230 Scott Boulevard, Santa Clara, California 95054

(Address of principal executive offices, including zip code)

(408) 737-4600

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On April 28, 2008, Advanced Analogic Technologies Incorporated issued a press release regarding its financial results for the first quarter ended March 31, 2008 and certain other information. The full text of the press release concerning the foregoing is furnished herewith as Exhibit 99.1.

The press release refers to certain non-GAAP financial measures. A reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures is contained in the press release.

The information in this Form 8-K and the Exhibit attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number	Description
99.1	Text of press release issued by Advanced Analogic Technologies Incorporated, dated April 28, 2008, reporting the results of operations for the first quarter ended March 31, 2008 and certain other information (furnished herewith).

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

ADVANCED ANALOGIC TECHNOLOGIES INCORPORATED

/s/ Brian R. McDonald

Brian R. McDonald

Chief Financial Officer, Vice President of Worldwide Finance and Secretary

Date: April 28, 2008

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EXHIBIT INDEX

Exhibit Number	Description
99.1	Text of press release issued by Advanced Analogic Technologies Incorporated, dated April 28, 2008, reporting the results of operations for the first quarter ended March 31, 2008 and certain other information (furnished herewith).

EX-99.1

Exhibit 99.1

PRESS RELEASE

FOR RELEASE 4/28/08 @ 1:05PM

AnalogicTech Reports First Quarter 2008 Financial Results

• Q108 margins of 54.7% versus 52.9% for Q107 and 52.6% for Q407

• Q108 revenue of $25.1 million; up 18.9% year-over-year

Santa Clara, CA – April 28, 2008 – Advanced Analogic Technologies, Inc. (“AnalogicTech” or the “Company”) (Nasdaq: AATI), a developer of power management semiconductors for mobile consumer electronic devices, today reported financial results for the first quarter ended March 31, 2008.

For the first quarter of 2008 net revenue was $25.1 million, an increase of 18.9% compared to net revenue of $21.1 million for the first quarter of 2007 and a sequential decrease of 21.7% compared to net revenue of $32.1 million for the fourth quarter of 2007.

Net income for the first quarter of 2008 was $0.4 million or $0.01 per diluted share. This compares to a net loss of $(2.8) million, or $(0.06) per diluted share, for the first quarter of 2007, and net income of $3.0 million, or $0.06 per diluted share, for the fourth quarter of 2007. On a non-GAAP basis, excluding stock-based compensation expense and amortization of acquired intangibles associated with the APSemi acquisition, net of taxes, net income for the first quarter of 2008 was $2.0 million, or $0.04 per diluted share. This compares to a non-GAAP net loss of $(1.0) million, or $(0.02) per diluted share, for the first quarter of 2007 and a non-GAAP net income of $4.6 million, or $0.10 per diluted share, for the fourth quarter of 2007. Non-GAAP net loss for the first quarter of 2007 excluded stock-based compensation expense, amortization of acquired intangibles and loss on liquidation of a foreign branch office, net of taxes. Non-GAAP net income for the fourth quarter of 2007 excluded stock-based compensation expense and amortization of acquired intangibles, net of taxes.

AnalogicTech reported gross margins of 54.7% for the first quarter of 2008, compared to 52.9% for the first quarter of 2007 and 52.6% for the fourth quarter of 2007. Non-GAAP gross margin was 56.0% for the first quarter of 2008, compared to 54.4% for the first quarter of 2007 and 53.6% for the fourth quarter of 2007. First quarter gross margin increased sequentially, primarily due to favorable product mix and yields. The Company ended the quarter with $111.2 million in cash, cash equivalents, and short-term investments.

© Advanced Analogic Technologies, Inc. Page 1

“Seasonality combined with a decline in sales from China-based handset manufacturers resulted in lower than anticipated revenue for the first quarter,” stated Richard K. Williams, President, CEO and CTO of AnalogicTech. “Despite challenging industry conditions, we achieved our expectations for earnings as we increased our margins through improvements in product mix and yields. While concerns remain about the macro-economic environment, we are encouraged by the traction we are experiencing across our product lines and the volume of recent design wins, including several in high profile handset models. We continue to benefit from multiple growth drivers which gives us confidence in our prospects for the second half of the year.”

Business Outlook

The following statements are based upon management’s current expectations. These statements are forward-looking, and actual results may differ materially. AnalogicTech undertakes no obligation to update these statements.

For the second quarter ending June 30, 2008, AnalogicTech estimates revenue in the range of $24.0 million to $26.0 million, and net loss of $(0.01) to net income of $0.01 per diluted share. The second quarter 2008 estimates include pre-tax quarterly share-based compensation expense of $1.9 to $2.1 million.

Non-GAAP Reporting

In addition to GAAP reporting, AnalogicTech reports net income, gross margin and earnings per share on a non-GAAP basis. This non-GAAP earnings information excludes certain items and their tax-related effects. AnalogicTech believes this non-GAAP earnings information provides meaningful insight into the company’s ongoing operational performance and has therefore chosen to provide this information to investors as an additional dimension of comparability to similar companies. AnalogicTech also uses this information internally to evaluate and manage company operations and to determine incentive compensation. A reconciliation between GAAP and non-GAAP net income, gross margin and earnings per share are included in the tables below.

The non-GAAP information included in this press release is not necessarily comparable to non-GAAP information of other companies. Non-GAAP information should not be viewed as a substitute for, or superior to, net income or other data prepared in accordance with GAAP as measures of our profitability or liquidity. Users of this financial information should consider the types of events and transactions for which adjustments have been made.

Conference Call Details

The AnalogicTech first quarter 2008 teleconference and webcast is scheduled to begin at 4:30 p.m. Eastern Time on Monday, April 28, 2008. To participate in the live call, analysts and

© Advanced Analogic Technologies, Inc. Page 2

investors should dial 800-240-2134 or 303-262-2140 at least ten minutes prior to the call. AnalogicTech will also offer a live and archived webcast of the conference call, accessible from the Company’s investor relations website at www.aati.com or via the corporate website, www.analogictech.com. A telephonic replay of the conference call will also be available until Friday, May 2, 2008, by dialing 800-405-2236 and entering the passcode 11111974#. Callers outside the U.S. and Canada may access the replay by dialing 303-590-3000 and entering the passcode 11111974#.

# # #

About AnalogicTech

Advanced Analogic Technologies, Inc. (AnalogicTech) is a supplier of Total Power Management(TM) semiconductor solutions for mobile consumer electronic devices, such as wireless handsets, notebook and tablet computers, smartphones, digital cameras, wireless LAN, and personal media players. The company focuses its design and marketing efforts on the application-specific power management needs of consumer, communications, and computing applications in these rapidly evolving devices. AnalogicTech also develops and licenses device, process, package, and application-related technology. AnalogicTech is headquartered in Santa Clara, California and Macau, S.A.R., with offices in China (Beijing, Shanghai and Shenzhen), Hong Kong, Taiwan, Japan, South Korea, Sweden, France and United Kingdom, as well as a worldwide network of sales representatives and distributors. The company is listed on the NASDAQ exchange under the ticker symbol AATI. For more information, please visit the AnalogicTech website: http://www.analogictech.com. (AnalogicTech - F)

For More Information

Investor Contacts:

Brian McDonald	Lisa Laukkanen
Chief Financial Officer	The Blueshirt Group
AnalogicTech	415-217-4967
408-737-4788

“Safe Harbor” Statement Under the Private Securities Litigation Reform Act of 1995

Statements contained in this release that are not historical facts are forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements, including financial projections and forecasts, involve risks and uncertainties that could cause AnalogicTech’s actual results to differ materially from our current expectations. Factors that could cause AnalogicTech’s results to differ materially from those set forth in these forward-looking statements include customers’ cancellation or modification of their orders; our failure to accurately forecast demand for our products; the loss of, or a significant reduction in orders from, any of our significant customers; fluctuations in our operating results; our inability to develop and sell new products; defects in or failures of our products; the expense and uncertainty involved in our customer design-win efforts; the financial viability of the distributors of our products; consumer demand for cellular phones and other mobile consumer electronic devices; worldwide economic and political conditions, particularly in Asia; fluctuations in our costs to manufacture our products; our reliance on third parties to manufacture, test, assemble and ship our products; our ability to retain and attract key personnel; our ability to compete with our competitors; and our ability to protect our intellectual property rights and not infringe the intellectual property rights of others. Other factors that may cause our actual results to differ from those set forth in the forward-looking statements contained in this press release and that may affect our prospects in general are described in our filings with the Securities and Exchange Commission, including our Registration

© Advanced Analogic Technologies, Inc. Page 3

Statement on Form S-1 related to our initial public offering and our Annual Report on Form 10-K for the year ended December 31, 2007. AnalogicTech undertakes no obligation to update or revise forward-looking statements to reflect subsequent events or changed assumptions or circumstances.

NOTE: AnalogicTech and the AnalogicTech logo are trademarks of Advanced Analogic Technologies, Inc. All other brand and product names appearing in this document are registered trademarks or trademarks of their respective holders.

© Advanced Analogic Technologies, Inc. Page 4

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

(in thousands)

	Mar. 31 2008		Dec. 31 2007 (*)
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	75,879	$	53,779
Short-term investments		35,350		60,448
Total cash, cash equivalents and short term investments		111,229		114,227
Accounts receivable, net of allowances		13,853		14,428
Inventories		14,056		12,214
Prepaid expenses and other current assets		1,692		2,273
Notes receivable		2,000		2,000
Deferred income taxes - current		591		591
Total current assets		143,421		145,733
Property and equipment, net		5,593		4,699
Goodwill		15,717		15,717
Intangible assets, net		1,837		2,127
Other assets		4,120		1,377
Deferred income taxes - noncurrent		6,718		6,815
	$	177,406	$	176,468
TOTAL ASSETS
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable	$	10,768	$	7,938
Accrued liabilities		4,270		8,623
Income tax payable		821		1,367
Total current liabilities		15,859		17,928
Long-term income tax payable		1,353		1,053
Long-term debt and capital lease obligations		1		41
Other long-term liabilities		176		155
Total liabilities		17,389		19,177
Total stockholders’ equity		160,017		157,291
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	177,406	$	176,468

* Amounts as of December 31, 2007 were derived from the December 31, 2007 audited financial statements.

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)

	Three Months Ended
	Mar. 31, 2008			Mar. 31, 2007			Dec. 31, 2007
NET REVENUE	$	25,101		$	21,108		$	32,065
Cost of revenue		11,369			9,932			15,186
GROSS PROFIT		13,732			11,176			16,879
OPERATING EXPENSES:
Research and development		7,659			7,103			8,368
Sales, general and administrative		6,445			6,202			6,585
Patent litigation		262			1,589			136
Total operating expenses		14,366			14,894			15,089
INCOME (LOSS) FROM OPERATIONS		(634	)		(3,718	)		1,790
OTHER INCOME (EXPENSES), NET		1,144			1,098			1,221
INCOME (LOSS) BEFORE INCOME TAXES		510			(2,620	)		3,011
PROVISION FOR INCOME TAXES		64			131			60
NET INCOME (LOSS)	$	446		$	(2,751	)	$	2,951
NET INCOME (LOSS) PER SHARE:
Basic	$	0.01		$	(0.06	)	$	0.07
Diluted	$	0.01		$	(0.06	)	$	0.06
WEIGHTED AVERAGE SHARES USED IN
NET INCOME (LOSS) PER SHARE CALCULATION:
Basic		45,491			44,319			45,158
Diluted		47,060			44,319			47,767
Note: FAS123R was adopted at the beginning of fiscal 2006. Stock compensation recorded in each expense classification above is as follows:
Cost of revenues	$	77		$	65		$	73
Research and development		790			611			735
Sales, general and administrative		860			1,034			1,011
	$	1,727		$	1,710		$	1,819

Financial Summary (Non-GAAP)

(in thousands, except per share amounts)

(unaudited)

	Three Months Ended
	Mar. 31, 2008			Mar. 31, 2007			Dec. 31, 2007
GAAP TO NON-GAAP RECONCILIATION
GROSS MARGIN:
GAAP GROSS MARGIN		13,732			11,176			16,879
GAAP GROSS MARGIN %		54.7	%		52.9	%		52.6	%
Amortization of acquired intangibles		242			242			242
Stock-based compensation		77			65			73
NON-GAAP GROSS MARGIN		14,051			11,483			17,194
NON-GAAP GROSS MARGIN %		56.0	%		54.4	%		53.6	%
NET INCOME (LOSS):
NET INCOME (LOSS) ON GAAP BASIS:	$	446		$	(2,751	)	$	2,951
Stock-based compensation	$	1,727		$	1,710		$	1,819
Amortization of acquired intangibles		290			290			290
Loss on liquidation of a foreign branch office		—			266			—
Associated tax effects		(446	)		(496	)		(462	)
NET INCOME (LOSS) ON NON-GAAP BASIS:	$	2,017		$	(981	)	$	4,598
EPS:
GAAP EPS, DILUTED	$	0.01		$	(0.06	)	$	0.06
NON-GAAP EPS, DILUTED	$	0.04		$	(0.02	)	$	0.10