-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LcetTNzIMy4F2FQuqYVoSvKq1AWlk7bmefZwuls3qyaewiunu0egiLohHpd09/8U svuWxA8ux+PWqq8dgxk2eA== 0000940332-08-000045.txt : 20081105 0000940332-08-000045.hdr.sgml : 20081105 20081105083345 ACCESSION NUMBER: 0000940332-08-000045 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20081105 ITEM INFORMATION: Cost Associated with Exit or Disposal Activities ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20081105 DATE AS OF CHANGE: 20081105 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ANADIGICS INC CENTRAL INDEX KEY: 0000940332 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 222582106 STATE OF INCORPORATION: DE FISCAL YEAR END: 0122 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-25662 FILM NUMBER: 081162448 BUSINESS ADDRESS: STREET 1: 141 MT. BETHEL ROAD CITY: WARREN STATE: NJ ZIP: 07059 BUSINESS PHONE: 9086685000 MAIL ADDRESS: STREET 1: 141 MT. BETHEL ROAD CITY: WARREN STATE: NJ ZIP: 07059 8-K 1 costreduction.htm ANAD ANNOUNCES COST REDUCTIONS costreduction.htm

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): November 5, 2008

 
————————————
 

ANADIGICS, INC.
(Exact name of registrant as specified in its charter)

 
————————————
 

Delaware
0-25662
22-2582106
(State or other jurisdiction
of incorporation)
(Commission File Number)
(I.R.S. Employer Identification No.)

141 Mt. Bethel Road, Warren, New Jersey                                                                                                                                 07059
          (Address of principal executive offices)                                                                                                                                (zip code)

Registrant’s telephone number, including area code: (908) 668-5000

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 2.05                      Costs Associated with Exit or Disposal Activities.

On November 5, 2008, ANADIGICS, Inc. (the “Company”) announced that it is implementing cost reduction measures across the Company to align its cost structure with near-term demand while preserving its competitive advantage in technology and product performance.  As a result, the Company anticipates eliminating about 100 jobs, approximately a 15% reduction in its workforce worldwide, which it expects to complete by the end of this week.

The reduction in workforce is expected to result in pretax charges related to severance costs and one-time benefits of approximately $2.2 million to $2.4 million in the fourth quarter of this year, substantially all of which will result in cash expenditures.  A copy of the Company’s press release announcing this information and certain other information is attached as Exhibit 99.1 to this filing on form 8-K and incorporated herein by reference.

Item 9.01.                      Financial Statements and Exhibits.

(d)           Exhibits

Exhibit No.                                Description     
 
99.1
Press release of the Company dated November 5, 2008.





 
 

 


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.
 
Date:                      November 5, 2008
 
ANADIGICS, Inc.
 
By:  /s/  Thomas C. Shields
 
Name:  Thomas C. Shields
                                        Title:   Executive Vice President and Chief Financial Officer

 
 

 

EXHIBIT INDEX
 
Exhibit No.                                                                            Description of Exhibit

99.1
Press release of the Company dated November 5, 2008.
EX-99.1 2 costreductionpressrelease.htm COST REDUCTION PRESS RELEASE costreductionpressrelease.htm
ANADIGICS ANNOUNCES COST REDUCTIONS

 
Warren, NJ, November 5, 2008 -- ANADIGICS, Inc. (Nasdaq: ANAD), announced today it is implementing cost reduction measures across the company that include the elimination by the end of this week of about 100 jobs, which is approximately a 15% reduction in its workforce worldwide.

“These cost reduction measures, as we mentioned on our October 22 conference call, align our cost structure with near-term demand while preserving our competitive advantage in technology and product performance,” said Gilles Delfassy, chairman and interim chief executive officer, “This was a difficult decision because of the impact it has on people, but was a necessary step in our plan to return the company to growth and profitability as soon as possible. We are continuing critical investments in new products and other strategic initiatives that focus on making our customers successful.”

“With the reduction in workforce and other identified cost reduction actions in process, the company’s goal is to achieve a savings of  between $15 million and $20 million on an annual basis starting late in the fourth quarter,” said Tom Shields, executive vice president and chief financial officer. “We believe these actions are prudent in light of the change in quarterly revenue, while preserving our capabilities to meet future customer demand and maintain a strong balance sheet.”

The reduction in workforce is expected to result in pre-tax charges related to severance costs and one-time benefits of approximately $2.2 million to $2.4 million in the fourth quarter of this year, substantially all of which will result in cash expenditures.

       About ANADIGICS, Inc.

ANADIGICS, Inc. (Nasdaq: ANAD - News) is a leading provider of semiconductor solutions in the rapidly growing broadband wireless and wireline communications markets. Founded in 1985 and headquartered in Warren, NJ, the company's award-winning products include power amplifiers, tuner integrated circuits, active splitters, line amplifiers, and other components, which can be sold individually or packaged as integrated radio frequency and front end modules.  For more information, visit www.anadigics.com.

Safe Harbor Statement
 
Except for historical information contained herein, this press release contains projections and other forward-looking statements (as that term is defined in the Securities Exchange Act of 1934, as amended). These projections and forward-looking statements reflect the Company's current views with respect to future events and financial performance and can generally be identified as such because the context of the statement will include words such as "believe", "anticipate", "expect", or words of similar import. Similarly, statements that describe our future plans, objectives, estimates or goals are forward-looking statements. No assurances can be given, however, that these events will occur or that these projections will be achieved and actual results and developments could differ materially from those projected as a result of certain factors. Important factors that could cause actual results and developments to be materially different from those expressed or implied by such projections and forward-looking statements include those factors detailed from time to time in our reports filed with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2007, and those discussed elsewhere herein.
 

-----END PRIVACY-ENHANCED MESSAGE-----