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)

February 2, 2011

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 February 3, 2011, Advanced Analogic Technologies Incorporated (the “Company”) issued a press release regarding its financial results for the fourth quarter and fiscal year ended December 31, 2010 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 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(b) On February 2, 2011, Thomas Weatherford retired from his position as a member of the Company’s Board of Directors (the “Board”), as Chair of the Audit Committee, and as a member of the Corporate Governance and Nominating Committee, effective as of such date. The Board has appointed Jason L. Carlson, a current member of the Board and a member of the Audit Committee, to succeed Mr. Weatherford as Chair of the Audit Committee.

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 February 3, 2011, reporting the results of operations for the fourth quarter and fiscal year ended December 31, 2010 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: February 3, 2011

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EXHIBIT INDEX

Exhibit Number	Description
99.1	Text of press release issued by Advanced Analogic Technologies Incorporated, dated February 3, 2011, reporting the results of operations for the fourth quarter and fiscal year ended December 31, 2010 and certain other information (furnished herewith).

EX-99.1

Exhibit 99.1

AnalogicTech Reports Financial Results for the

Fourth Quarter and Fiscal Year 2010

Santa Clara, CA – February 3, 2011 – Advanced Analogic Technologies, Inc. (AnalogicTech,™ Nasdaq: AATI), an analog semiconductor company focused on powering innovative solutions in consumer electronics, computing, and communications markets, today reported financial results for the fourth quarter and fiscal year ended December 31, 2010.

Net revenue for the fourth quarter of 2010 was $24.0 million, an increase of 15.2% over net revenue of $20.8 million for the fourth quarter of 2009, and a decrease of 3.9% from net revenue of $25.0 million for the third quarter of 2010. Net revenue for the fiscal year ended December 31, 2010, was $94.1 million, up 8.7% from net revenue of $86.5 million for 2009.

In accordance with U.S. generally accepted accounting principles (GAAP), net loss for the fourth quarter of 2010 was $3.3 million, or $0.08 per diluted share. This compares to a GAAP net loss of $4.0 million, or $0.09 per diluted share, for the fourth quarter of 2009 and a GAAP net loss of $1.3 million, or $0.03 per diluted share, for the third quarter of 2010. The results for the third quarter of 2010 included a one-time tax benefit of $3.4 million as a result of a settlement with the IRS for the 2005 and 2006 tax years. Net loss for fiscal year 2010 was $12.8 million, or $0.30 per diluted share, compared to net loss of $12.7 million, or $0.29 per diluted share, for fiscal year 2009.

On a non-GAAP basis, net loss for the fourth quarter of 2010 was $1.8 million, or $0.04 per diluted share. This compares to a non-GAAP net loss of $2.0 million, or $0.05 per diluted share, for the fourth quarter of 2009, and a non-GAAP net loss of $2.4 million, or $0.06 per diluted share, for the third quarter of 2010.

Non-GAAP net loss for fiscal year 2010 was $9.7 million, or $0.23 per diluted share, compared to non-GAAP net loss of $5.4 million, or $0.13 per diluted share, for fiscal year 2009.

Please refer to the tables below for a reconciliation between GAAP and non-GAAP financial measures.

© Advanced Analogic Technologies Incorporated Page 1

AnalogicTech reported gross profit of 42.8% for the fourth quarter of 2010, compared to 47.6% for the fourth quarter of 2009 and 43.5% for the third quarter of 2010. Non-GAAP gross profit was 43.1% for the fourth quarter of 2010, compared to 48.1% for the fourth quarter of 2009 and 44.2% for the third quarter of 2010. The Company ended the quarter with $87.4 million in cash, cash equivalents, and short-term investments.

“Our fourth quarter results were in line with expectations,” stated Richard K. Williams, President, CEO and CTO of AnalogicTech. “Our product momentum continued with significant design-in and design-win activities in the fourth quarter. We experienced continued strong interest in our products across our end markets, including newer segments such as large screen LCD TVs, low-power computing, handheld devices and, our newest market segment, GreenPower. We are encouraged by the promising market opportunities in these new segments and believe we are well positioned to capture future growth.”

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 first quarter of 2011, AnalogicTech estimates net revenue in the range of $21 million to $23 million, and a net loss in the range of $0.09 to $0.07 per diluted share on a GAAP basis. The first quarter 2011 estimates include pre-tax quarterly stock-based compensation expense of approximately $1.1 million.

Non-GAAP Reporting

In addition to GAAP reporting, AnalogicTech reports net loss, gross profit and net loss per diluted 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 loss, gross profit and loss per diluted share is included in the tables below.

© Advanced Analogic Technologies Incorporated Page 2

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 fourth quarter and fiscal year 2010 teleconference and webcast is scheduled to begin at 5:30 p.m. Eastern Time on Thursday, February 3, 2011. To participate in the live call, analysts and investors should dial 877-941-8416 or 480-629-9808 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 http://www.aati.com in the “Webcasts” section. A telephonic replay of the conference call will also be available through February 10, 2011, by dialing 800-406-7325 and entering the passcode 4406383#. Callers outside the U.S. and Canada may access the replay by dialing 303-590-3030 and entering the passcode 4406383#.

# # #

For More Information
Investor Contacts:
Brian McDonald	Lisa Laukkanen
Chief Financial Officer	The Blueshirt Group
AnalogicTech	415-217-4967
408-737-4788

About Advanced Analogic Technologies, Inc.:

Advanced Analogic Technologies, Inc. (AATI) develops advanced semiconductor system solutions that play a key role in the continuing evolution of feature-rich, energy efficient electronic devices. The company focuses on addressing the application-specific power management needs of consumer devices such as mobile handsets, digital cameras, and netbooks/notebooks, as well as devices in a broad range of industrial, medical and telecom applications. AATI also licenses device, process, package, and application-related technologies. Headquartered in Silicon Valley, AATI has design centers in Santa Clara and Shanghai, and Asia-based operations and logistics. For more information, please visit www.analogictech.com. (AnalogicTech - F)

“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.

© Advanced Analogic Technologies Incorporated Page 3

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; consumer demand for cellular phones and other mobile consumer electronic devices; worldwide economic and political conditions, particularly in Asia; our ability to manage inventory levels, 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; 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 Annual Report on Form 10-K for the year ended December 31, 2009. AnalogicTech undertakes no obligation to update or revise forward-looking statements to reflect subsequent events or changed assumptions or circumstances.

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 Incorporated Page 4

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

(in thousands)

	Dec. 31, 2010		Dec. 31 2009 (*)
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	37,158	$	36,120
Short-term investments		50,245		65,883
Total cash, cash equivalents and short term investments		87,403		102,003
Accounts receivable, net of allowances		13,629		9,348
Inventories		11,390		7,234
Prepaid expenses and other current assets		1,803		4,291
Total current assets		114,225		122,876
Property and equipment, net		5,061		4,607
Other assets		3,182		3,110
Deferred income taxes		188		318
Intangible assets, net		50		117
Goodwill		16,116		16,116
TOTAL ASSETS	$	138,822	$	147,144
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	9,315	$	6,614
Accrued liabilities		4,481		3,726
Income tax payable		146		114
Total current liabilities		13,942		10,454
Long-term income tax payable		2,221		4,365
Other long-term liabilities		297		275
Total liabilities		16,460		15,094
Total stockholders’ equity		122,362		132,050
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	138,822	$	147,144

* Amounts as of December 31, 2009 were derived from the December 31, 2009 audited consolidated financial statements included in our Form 10-K.

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)

	Three Months Ended						Three Months Ended			Years Ended
	Dec. 31, 2010			Dec. 31, 2009			Sep. 30, 2010			Dec. 31, 2010			Dec. 31, 2009
NET REVENUE	$	24,015		$	20,845		$	24,982		$	94,061		$	86,512
Cost of revenue		13,725			10,923			14,111			51,760			44,686
GROSS PROFIT		10,290			9,922			10,871			42,301			41,826
OPERATING EXPENSES:
Research and development		6,709			7,149			8,679			30,326			27,468
Sales, general and administrative		6,237			6,085			6,546			25,053			24,132
Patent litigation		125			1,346			41			1,495			3,045
Total operating expenses		13,071			14,580			15,266			56,874			54,645
LOSS FROM OPERATIONS		(2,781	)		(4,658	)		(4,395	)		(14,573	)		(12,819	)
INTEREST AND OTHER INCOME (EXPENSE), NET		(2	)		106			(12	)		70			915
LOSS BEFORE INCOME TAXES		(2,783	)		(4,552	)		(4,407	)		(14,503	)		(11,904	)
PROVISION FOR (BENEFIT FROM) INCOME TAXES		561			(592	)		(3,114	)		(1,751	)		769
NET LOSS	$	(3,344	)	$	(3,960	)	$	(1,293	)	$	(12,752	)	$	(12,673	)
NET LOSS PER SHARE:
Basic	$	(0.08	)	$	(0.09	)	$	(0.03	)	$	(0.30	)	$	(0.29	)
Diluted	$	(0.08	)	$	(0.09	)	$	(0.03	)	$	(0.30	)	$	(0.29	)
WEIGHTED AVERAGE SHARES USED IN
NET LOSS PER SHARE CALCULATION:
Basic		42,252			42,947			42,156			42,561			42,973
Diluted		42,252			42,947			42,156			42,561			42,973
Note: Stock-based compensation expense recorded in each expense classification above is as follows:
Cost of revenue	$	68		$	83		$	120		$	325		$	309
Research and development		469			963			832			2,438			3,163
Sales, general and administrative		688			942			825			2,813			3,456
	$	1,225		$	1,988		$	1,777		$	5,576		$	6,928

Financial Summary (Non-GAAP)

(in thousands, except per share amounts)

(unaudited)

	Three Months Ended						Three Months Ended			Years Ended
GAAP TO NON-GAAP RECONCILIATION	Dec. 31,			Dec. 31,			Sep. 30,			Dec. 31,			Dec. 31,
	2010			2009			2010			2010			2009
GROSS PROFIT:
GAAP GROSS PROFIT	$	10,290		$	9,922		$	10,871		$	42,301		$	41,826
GAAP GROSS PROFIT %		42.8	%		47.6	%		43.5	%		45.0	%		48.3	%
Amortization of acquired intangibles		—			18			—			—			176
Stock-based compensation		68			83			120			325			309
Restructuring and other severance expenses		—			—			49			49			—
NON-GAAP GROSS PROFIT		10,358			10,023			11,040			42,675			42,311
NON-GAAP GROSS PROFIT %		43.1	%		48.1	%		44.2	%		45.4	%		48.9	%
NET LOSS:
NET LOSS ON GAAP BASIS:	$	(3,344	)	$	(3,960	)	$	(1,293	)	$	(12,752	)	$	(12,673	)
Reserve release due to settlement of an IRS audit		—			—			(3,407	)		(3,407	)		—
Foreign tax reserve adjustment		304			—			—			304			—
Stock-based compensation		1,225			1,988			1,777			5,576			6,928
Amortization of acquired intangibles		—			21			—			—			212
Restructuring and other severance expenses		—			—			532			532			127
Associated tax effects of above adjustments		(236	)		(359	)		(527	)		(1,216	)		(1,324	)
Deferred tax asset valuation allowance		236			359			527			1,216			1,281
Total adjustments		1,529			2,009			(1,098	)		3,005			7,224
NET LOSS ON NON-GAAP BASIS:	$	(1,815	)	$	(1,951	)	$	(2,391	)	$	(9,747	)	$	(5,449	)
EPS:
GAAP EPS, DILUTED	$	(0.08	)	$	(0.09	)	$	(0.03	)	$	(0.30	)	$	(0.29	)
NON-GAAP EPS, DILUTED	$	(0.04	)	$	(0.05	)	$	(0.06	)	$	(0.23	)	$	(0.13	)
Weighted average shares used to calculate Non-GAAP diluted EPS:		42,252			42,947			42,156			42,561			42,973