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 May 1, 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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March 31, 2012
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April 2, 2011
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Net sales
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$ | 28,426 | $ | 43,463 | ||||
Cost of sales
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26,747 | 31,303 | ||||||
Gross profit
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1,679 | 12,160 | ||||||
Research and development expenses
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11,614 | 13,573 | ||||||
Selling and administrative expenses
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6,855 | 9,436 | ||||||
Restructuring charge
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494 | - | ||||||
Operating loss
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(17,284 | ) | (10,849 | ) | ||||
Interest income
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150 | 141 | ||||||
Interest expense
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- | (17 | ) | |||||
Other income, net
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1,314 | 51 | ||||||
Net loss
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$ | (15,820 | ) | $ | (10,674 | ) | ||
Net loss per share
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Basic and diluted
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$ | (0.23 | ) | $ | (0.16 | ) | ||
Basic and dilutive shares outstanding
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69,669 | 67,037 | ||||||
Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures
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GAAP net loss
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$ | (15,820 | ) | $ | (10,674 | ) | ||
Stock compensation expense (excluding Restructuring and Management separation charges)
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Cost of sales
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217 | 610 | ||||||
Research and development
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412 | 978 | ||||||
Selling and administrative
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1,097 | 1,218 | ||||||
Management separation charges
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Research and development (1)
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- | 838 | ||||||
Selling and administrative (1)
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- | 2,111 | ||||||
Marketable securities redemptions and accretion (2)
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(1,306 | ) | (75 | ) | ||||
Restructuring charge (1)
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494 | - | ||||||
Non-GAAP net loss
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$ | (14,906 | ) | $ | (4,994 | ) | ||
Non-GAAP loss per share (*)
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Basic and diluted
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$ | (0.21 | ) | $ | (0.07 | ) | ||
(*) Calculated using related GAAP shares outstanding
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(1) Management separation charges for three months ended April 2, 2011 includes non-cash stock compensation
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of $568 and $116 in Research and development and Selling and administrative, respectively. Restructuring
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charge for three months ended March 31, 2012 includes non-cash stock compensation of $49.
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(2) Marketable securities adjustments include realized gains upon redemptions and interest accretion.
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ANADIGICS, INC.
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Condensed Consolidated Balance Sheets
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(Amounts in thousands)
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March 31, 2012
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12/31/2011 (*)
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Assets
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Unaudited
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Current assets:
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Cash and cash equivalents
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$ | 24,846 | $ | 32,695 | ||||
Marketable securities
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26,164 | 24,127 | ||||||
Accounts receivable
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16,568 | 17,329 | ||||||
Inventory
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18,355 | 19,733 | ||||||
Prepaid expenses and other current assets
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4,679 | 3,198 | ||||||
Total current assets
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90,612 | 97,082 | ||||||
Marketable securities
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32,998 | 36,756 | ||||||
Plant and equipment, net
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51,835 | 54,724 | ||||||
Other assets
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258 | 239 | ||||||
$ | 175,703 | $ | 188,801 | |||||
Liabilities and stockholders’ equity
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Current liabilities:
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Accounts payable
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$ | 12,149 | $ | 11,905 | ||||
Accrued liabilities
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6,713 | 7,946 | ||||||
Accrued restructuring costs
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377 | - | ||||||
Total current liabilities
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19,239 | 19,851 | ||||||
Other long-term liabilities
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2,326 | 2,425 | ||||||
Stockholders’ equity
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154,138 | 166,525 | ||||||
$ | 175,703 | $ | 188,801 | |||||
(*) The condensed balance sheet at December 31, 2011 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.
|
||||||||
Consolidated Statements of Operations
|
||||||||
(Amounts in thousands, except per share amounts, unaudited)
|
||||||||
Three months ended
|
||||||||
March 31, 2012
|
April 2, 2011
|
|||||||
Net sales
|
$ | 28,426 | $ | 43,463 | ||||
Cost of sales
|
26,747 | 31,303 | ||||||
Gross profit
|
1,679 | 12,160 | ||||||
Research and development expenses
|
11,614 | 13,573 | ||||||
Selling and administrative expenses
|
6,855 | 9,436 | ||||||
Restructuring charge
|
494 | - | ||||||
Operating loss
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(17,284 | ) | (10,849 | ) | ||||
Interest income
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150 | 141 | ||||||
Interest expense
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- | (17 | ) | |||||
Other income, net
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1,314 | 51 | ||||||
Net loss
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$ | (15,820 | ) | $ | (10,674 | ) | ||
Net loss per share
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||||||||
Basic and diluted
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$ | (0.23 | ) | $ | (0.16 | ) | ||
Basic and dilutive shares outstanding
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69,669 | 67,037 | ||||||
Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures
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||||||||
GAAP net loss
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$ | (15,820 | ) | $ | (10,674 | ) | ||
Stock compensation expense (excluding Restructuring and Management separation charges)
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||||||||
Cost of sales
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217 | 610 | ||||||
Research and development
|
412 | 978 | ||||||
Selling and administrative
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1,097 | 1,218 | ||||||
Management separation charges
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||||||||
Research and development (1)
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- | 838 | ||||||
Selling and administrative (1)
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- | 2,111 | ||||||
Marketable securities redemptions and accretion (2)
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(1,306 | ) | (75 | ) | ||||
Restructuring charge (1)
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494 | - | ||||||
Non-GAAP net loss
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$ | (14,906 | ) | $ | (4,994 | ) | ||
Non-GAAP loss per share (*)
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||||||||
Basic and diluted
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$ | (0.21 | ) | $ | (0.07 | ) | ||
(*) Calculated using related GAAP shares outstanding
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||||||||
(1) Management separation charges for three months ended April 2, 2011 includes non-cash stock compensation
|
||||||||
of $568 and $116 in Research and development and Selling and administrative, respectively. Restructuring
|
||||||||
charge for three months ended March 31, 2012 includes non-cash stock compensation of $49.
|
||||||||
(2) Marketable securities adjustments include realized gains upon redemptions and interest accretion.
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ANADIGICS, INC.
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||||||||
Condensed Consolidated Balance Sheets
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||||||||
(Amounts in thousands)
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||||||||
March 31, 2012
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12/31/2011 (*)
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|||||||
Assets
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Unaudited
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|||||||
Current assets:
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||||||||
Cash and cash equivalents
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$ | 24,846 | $ | 32,695 | ||||
Marketable securities
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26,164 | 24,127 | ||||||
Accounts receivable
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16,568 | 17,329 | ||||||
Inventory
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18,355 | 19,733 | ||||||
Prepaid expenses and other current assets
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4,679 | 3,198 | ||||||
Total current assets
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90,612 | 97,082 | ||||||
Marketable securities
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32,998 | 36,756 | ||||||
Plant and equipment, net
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51,835 | 54,724 | ||||||
Other assets
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258 | 239 | ||||||
$ | 175,703 | $ | 188,801 | |||||
Liabilities and stockholders’ equity
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||||||||
Current liabilities:
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||||||||
Accounts payable
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$ | 12,149 | $ | 11,905 | ||||
Accrued liabilities
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6,713 | 7,946 | ||||||
Accrued restructuring costs
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377 | - | ||||||
Total current liabilities
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19,239 | 19,851 | ||||||
Other long-term liabilities
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2,326 | 2,425 | ||||||
Stockholders’ equity
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154,138 | 166,525 | ||||||
$ | 175,703 | $ | 188,801 | |||||
(*) The condensed balance sheet at December 31, 2011 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.
|