ANADIGICS, Inc.
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(Exact name of registrant as specified in its charter)
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Delaware
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22-2582106
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(State or other jurisdiction of incorporation or organization)
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(IRS Employer Identification Number)
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141 Mt. Bethel Road, Warren, NJ
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07059
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(Address of prinicipal executive offices)
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(Zip Code)
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908-668-5000
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(Registrants telephone number, including area code)
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Exhibit No.
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Description
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99.1
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Press Release issued by ANADIGICS, Inc., dated February 22, 2012
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ANADIGICS, INC.
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Consolidated Statements of Operations
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(Amounts in thousands, except per share amounts, unaudited)
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Three months ended
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Twelve months ended
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December 31, 2011
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December 31, 2010
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December 31, 2011
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December 31, 2010
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Unaudited
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Unaudited
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Unaudited
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Net sales
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$ | 36,517 | $ | 60,229 | $ | 152,827 | $ | 216,714 | ||||||||
Cost of sales
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31,148 | 37,920 | 121,724 | 140,869 | ||||||||||||
Gross profit
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5,369 | 22,309 | 31,103 | 75,845 | ||||||||||||
Research and development expenses
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10,186 | 12,799 | 45,037 | 50,120 | ||||||||||||
Selling and administrative expenses
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11,013 | 6,992 | 35,138 | 27,977 | ||||||||||||
Restructuring and impairment (recovery) charges
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- | - | 1,047 | (1,717 | ) | |||||||||||
Operating (loss) income
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(15,830 | ) | 2,518 | (50,119 | ) | (535 | ) | |||||||||
Interest income
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159 | 492 | 576 | 784 | ||||||||||||
Interest expense
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- | (25 | ) | (25 | ) | (154 | ) | |||||||||
Other income, net
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90 | 380 | 245 | 868 | ||||||||||||
(Loss) income before income taxes
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(15,581 | ) | 3,365 | (49,323 | ) | 963 | ||||||||||
Benefit from income taxes
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- | - | - | (297 | ) | |||||||||||
Net (loss) income
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$ | (15,581 | ) | $ | 3,365 | $ | (49,323 | ) | $ | 1,260 | ||||||
Net (loss) earnings per share
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Basic
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$ | (0.23 | ) | $ | 0.05 | $ | (0.73 | ) | $ | 0.02 | ||||||
Diluted
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$ | (0.23 | ) | $ | 0.05 | $ | (0.73 | ) | $ | 0.02 | ||||||
Basic shares outstanding
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68,431 | 65,911 | 67,771 | 65,084 | ||||||||||||
Basic & dilutive shares outstanding
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68,431 | 68,711 | 67,771 | 67,554 | ||||||||||||
Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures
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GAAP net (loss) income
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$ | (15,581 | ) | $ | 3,365 | $ | (49,323 | ) | $ | 1,260 | ||||||
Stock compensation expense (excluding Management separation charges)
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Cost of sales
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195 | 421 | 1,798 | 2,173 | ||||||||||||
Research and development
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196 | 666 | 2,413 | 3,228 | ||||||||||||
Selling and administrative
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1,052 | 864 | 4,924 | 3,834 | ||||||||||||
Management separation charges
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Research and development (1)
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- | - | 838 | - | ||||||||||||
Selling and administrative (1)
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4,234 | - | 6,345 | - | ||||||||||||
Thailand flood (2)
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448 | - | 448 | - | ||||||||||||
Marketable securities recovery and accretion (3)
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(43 | ) | (429 | ) | (208 | ) | (808 | ) | ||||||||
Restructuring and impairment (recovery) charges
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- | - | 1,047 | (1,717 | ) | |||||||||||
Benefit for income taxes
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- | - | - | (297 | ) | |||||||||||
Non-GAAP net (loss) income
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$ | (9,499 | ) | $ | 4,887 | $ | (31,718 | ) | $ | 7,673 | ||||||
Non-GAAP (loss) earnings per share (*)
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Basic
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$ | (0.14 | ) | $ | 0.07 | $ | (0.47 | ) | $ | 0.12 | ||||||
Diluted
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$ | (0.14 | ) | $ | 0.07 | $ | (0.47 | ) | $ | 0.11 | ||||||
(*) Calculated using related GAAP shares outstanding
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(1) Management separation charges for three months ended December 31,2011 include non-cash stock compensation of $1,775 in Selling and administrative.
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Management separation charges for twelve months ended October 1, 2011 include non-cash stock compensation of $568 and $1,891 in Research
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and development and Selling and administrative, respectively.
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(2) Charges associated with damages from the Thailand floods.
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(3) Marketable securities adjustments include recoveries upon sale and interest accretion.
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ANADIGICS, INC.
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Condensed Consolidated Balance Sheets
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(Amounts in thousands)
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December 31, 2011
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December 31, 2010(*)
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Assets
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Unaudited
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Current assets:
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Cash and cash equivalents
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$ | 32,695 | $ | 97,129 | ||||
Marketable securities
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24,127 | - | ||||||
Accounts receivable
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17,329 | 35,299 | ||||||
Inventory
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19,733 | 20,734 | ||||||
Prepaid expenses and other current assets
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3,198 | 3,319 | ||||||
Total current assets
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97,082 | 156,481 | ||||||
Marketable securities
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36,756 | 8,964 | ||||||
Plant and equipment, net
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54,724 | 68,119 | ||||||
Other assets
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239 | 248 | ||||||
$ | 188,801 | $ | 233,812 | |||||
Liabilities and stockholders’ equity
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Current liabilities:
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Accounts payable
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$ | 11,905 | $ | 17,968 | ||||
Accrued liabilities
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7,946 | 10,191 | ||||||
Total current liabilities
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19,851 | 28,159 | ||||||
Other long-term liabilities
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2,425 | 2,689 | ||||||
Stockholders’ equity
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166,525 | 202,964 | ||||||
$ | 188,801 | $ | 233,812 | |||||
(*) The condensed balance sheet at December 31, 2010 has been derived from the audited financial
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statements at such date but does not include all the information and footnotes required by U.S.
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||||||||
generally accepted accounting principles for complete financial statements.
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ANADIGICS, INC.
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||||||||||||||||
Consolidated Statements of Operations
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||||||||||||||||
(Amounts in thousands, except per share amounts, unaudited)
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||||||||||||||||
Three months ended
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Twelve months ended
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|||||||||||||||
December 31, 2011
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December 31, 2010
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December 31, 2011
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December 31, 2010
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|||||||||||||
Unaudited
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Unaudited
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Unaudited
|
||||||||||||||
Net sales
|
$ | 36,517 | $ | 60,229 | $ | 152,827 | $ | 216,714 | ||||||||
Cost of sales
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31,148 | 37,920 | 121,724 | 140,869 | ||||||||||||
Gross profit
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5,369 | 22,309 | 31,103 | 75,845 | ||||||||||||
Research and development expenses
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10,186 | 12,799 | 45,037 | 50,120 | ||||||||||||
Selling and administrative expenses
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11,013 | 6,992 | 35,138 | 27,977 | ||||||||||||
Restructuring and impairment (recovery) charges
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- | - | 1,047 | (1,717 | ) | |||||||||||
Operating (loss) income
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(15,830 | ) | 2,518 | (50,119 | ) | (535 | ) | |||||||||
Interest income
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159 | 492 | 576 | 784 | ||||||||||||
Interest expense
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- | (25 | ) | (25 | ) | (154 | ) | |||||||||
Other income, net
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90 | 380 | 245 | 868 | ||||||||||||
(Loss) income before income taxes
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(15,581 | ) | 3,365 | (49,323 | ) | 963 | ||||||||||
Benefit from income taxes
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- | - | - | (297 | ) | |||||||||||
Net (loss) income
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$ | (15,581 | ) | $ | 3,365 | $ | (49,323 | ) | $ | 1,260 | ||||||
Net (loss) earnings per share
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Basic
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$ | (0.23 | ) | $ | 0.05 | $ | (0.73 | ) | $ | 0.02 | ||||||
Diluted
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$ | (0.23 | ) | $ | 0.05 | $ | (0.73 | ) | $ | 0.02 | ||||||
Basic shares outstanding
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68,431 | 65,911 | 67,771 | 65,084 | ||||||||||||
Basic & dilutive shares outstanding
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68,431 | 68,711 | 67,771 | 67,554 | ||||||||||||
Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures
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||||||||||||||||
GAAP net (loss) income
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$ | (15,581 | ) | $ | 3,365 | $ | (49,323 | ) | $ | 1,260 | ||||||
Stock compensation expense (excluding Management separation charges)
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||||||||||||||||
Cost of sales
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195 | 421 | 1,798 | 2,173 | ||||||||||||
Research and development
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196 | 666 | 2,413 | 3,228 | ||||||||||||
Selling and administrative
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1,052 | 864 | 4,924 | 3,834 | ||||||||||||
Management separation charges
|
||||||||||||||||
Research and development (1)
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- | - | 838 | - | ||||||||||||
Selling and administrative (1)
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4,234 | - | 6,345 | - | ||||||||||||
Thailand flood (2)
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448 | - | 448 | - | ||||||||||||
Marketable securities recovery and accretion (3)
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(43 | ) | (429 | ) | (208 | ) | (808 | ) | ||||||||
Restructuring and impairment (recovery) charges
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- | - | 1,047 | (1,717 | ) | |||||||||||
Benefit for income taxes
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- | - | - | (297 | ) | |||||||||||
Non-GAAP net (loss) income
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$ | (9,499 | ) | $ | 4,887 | $ | (31,718 | ) | $ | 7,673 | ||||||
Non-GAAP (loss) earnings per share (*)
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Basic
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$ | (0.14 | ) | $ | 0.07 | $ | (0.47 | ) | $ | 0.12 | ||||||
Diluted
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$ | (0.14 | ) | $ | 0.07 | $ | (0.47 | ) | $ | 0.11 | ||||||
(*) Calculated using related GAAP shares outstanding
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(1) Management separation charges for three months ended December 31,2011 include non-cash stock compensation of $1,775 in Selling and administrative.
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Management separation charges for twelve months ended October 1, 2011 include non-cash stock compensation of $568 and $1,891 in Research
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and development and Selling and administrative, respectively.
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(2) Charges associated with damages from the Thailand floods.
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(3) Marketable securities adjustments include recoveries upon sale and interest accretion.
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ANADIGICS, INC.
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||||||||
Condensed Consolidated Balance Sheets
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||||||||
(Amounts in thousands)
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||||||||
December 31, 2011
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December 31, 2010(*)
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Assets
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Unaudited
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|||||||
Current assets:
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||||||||
Cash and cash equivalents
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$ | 32,695 | $ | 97,129 | ||||
Marketable securities
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24,127 | - | ||||||
Accounts receivable
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17,329 | 35,299 | ||||||
Inventory
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19,733 | 20,734 | ||||||
Prepaid expenses and other current assets
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3,198 | 3,319 | ||||||
Total current assets
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97,082 | 156,481 | ||||||
Marketable securities
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36,756 | 8,964 | ||||||
Plant and equipment, net
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54,724 | 68,119 | ||||||
Other assets
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239 | 248 | ||||||
$ | 188,801 | $ | 233,812 | |||||
Liabilities and stockholders’ equity
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||||||||
Current liabilities:
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||||||||
Accounts payable
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$ | 11,905 | $ | 17,968 | ||||
Accrued liabilities
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7,946 | 10,191 | ||||||
Total current liabilities
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19,851 | 28,159 | ||||||
Other long-term liabilities
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2,425 | 2,689 | ||||||
Stockholders’ equity
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166,525 | 202,964 | ||||||
$ | 188,801 | $ | 233,812 | |||||
(*) The condensed balance sheet at December 31, 2010 has been derived from the audited financial
|
||||||||
statements at such date but does not include all the information and footnotes required by U.S.
|
||||||||
generally accepted accounting principles for complete financial statements.
|
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