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 July 30, 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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Six months ended
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|||||
June 30, 2012
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July 2, 2011
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June 30, 2012
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July 2, 2011
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|||
Net sales
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$ 25,099
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$35,583
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$ |
53,525
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$79,046
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|
Cost of sales
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27,296
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29,044
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54,043
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60,347
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||
Gross (loss) profit
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(2,197)
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6,539
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(518)
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18,699
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||
Research and development expenses
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11,310
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11,340
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22,924
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24,913
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||
Selling and administrative expenses
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6,321
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7,329
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13,176
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16,765
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||
Restructuring charges
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1,239
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1,047
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1,733
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1,047
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||
Operating loss
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(21,067)
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(13,177)
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(38,351)
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(24,026)
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||
Interest income
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133
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131
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283
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272
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||
Interest expense
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-
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(8)
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-
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(25)
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||
Other income, net
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1
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-
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1,315
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51
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||
Net loss
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$ (20,933)
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($13,054)
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$ |
(36,753)
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($23,728)
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Net loss per share
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||||||
Basic and diluted
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$ (0.30)
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($0.19)
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$ |
(0.52)
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($0.35)
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Basic and dilutive shares outstanding
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70,747
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67,616
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70,208
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67,327
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||
Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures
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||||||
GAAP net loss
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$ (20,933)
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$ (13,054)
|
$ |
(36,753)
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$ (23,728)
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Stock compensation expense (excluding Restructuring and Management separation charges)
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||||||
Cost of sales
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312
|
593
|
529
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1,203
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||
Research and development
|
574
|
727
|
986
|
1,705
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||
Selling and administrative
|
910
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1,336
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2,007
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2,554
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||
Management separation charges
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||||||
Research and development (1)
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-
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-
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-
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838
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||
Selling and administrative (1)
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-
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-
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-
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2,111
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||
Marketable securities redemptions and accretion (2)
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(30)
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(46)
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(1,336)
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(121)
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||
Restructuring charges (1)
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1,239
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1,047
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1,733
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1,047
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||
Non-GAAP net loss
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$ (17,928)
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$ (9,397)
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$ |
(32,834)
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$ (14,391)
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Non-GAAP loss per share (*)
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||||||
Basic and diluted
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($0.25)
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($0.14)
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$ |
(0.47)
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($0.21)
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(*) Calculated using related GAAP shares outstanding
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||||||
(1) Management separation charges for six months ended July 2, 2011 includes non-cash stock compensation of
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||||||
$568 and $116 in Research and development and Selling and administrative, respectively. Restructuring charges
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||||||
include non-cash stock compensation of $16 and $65 for the three and six months ended June 30, 2012, respectively.
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||||||
(2) Marketable securities adjustments include realized gains upon redemptions and interest accretion.
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||||||
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ANADIGICS, INC.
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|||||||||
Condensed Consolidated Balance Sheets
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|||||||||
(Amounts in thousands)
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|||||||||
June 30, 2012
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December 31, 2011 (*)
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||||||||
Assets
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Unaudited
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||||||||
Current assets:
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|||||||||
Cash and cash equivalents
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$ | 17,163 | $ | 32,695 | |||||
Marketable securities
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32,095 | 24,127 | |||||||
Accounts receivable
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12,789 | 17,329 | |||||||
Inventory
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17,610 | 19,733 | |||||||
Prepaid expenses and other current assets
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4,203 | 3,198 | |||||||
Total current assets
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83,860 | 97,082 | |||||||
Marketable securities
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23,813 | 36,756 | |||||||
Plant and equipment, net
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48,405 | 54,724 | |||||||
Other assets
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266 | 239 | |||||||
$ | 156,344 | $ | 188,801 | ||||||
Liabilities and stockholders’ equity
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|||||||||
Current liabilities:
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|||||||||
Accounts payable
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$ | 12,134 | $ | 11,905 | |||||
Accrued liabilities
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6,223 | 7,946 | |||||||
Accrued restructuring costs
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232 | - | |||||||
Total current liabilities
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18,589 | 19,851 | |||||||
Other long-term liabilities
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2,223 | 2,425 | |||||||
Stockholders’ equity
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135,532 | 166,525 | |||||||
$ | 156,344 | $ | 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.
|
|||||||||
generally accepted accounting principles for complete financial statements.
|
ANADIGICS, INC.
|
||||||
Consolidated Statements of Operations
|
||||||
(Amounts in thousands, except per share amounts, unaudited)
|
||||||
Three months ended
|
Six months ended
|
|||||
June 30, 2012
|
July 2, 2011
|
June 30, 2012
|
July 2, 2011
|
|||
Net sales
|
$ 25,099
|
$35,583
|
$ |
53,525
|
$79,046
|
|
Cost of sales
|
27,296
|
29,044
|
54,043
|
60,347
|
||
Gross (loss) profit
|
(2,197)
|
6,539
|
(518)
|
18,699
|
||
Research and development expenses
|
11,310
|
11,340
|
22,924
|
24,913
|
||
Selling and administrative expenses
|
6,321
|
7,329
|
13,176
|
16,765
|
||
Restructuring charges
|
1,239
|
1,047
|
1,733
|
1,047
|
||
Operating loss
|
(21,067)
|
(13,177)
|
(38,351)
|
(24,026)
|
||
Interest income
|
133
|
131
|
283
|
272
|
||
Interest expense
|
-
|
(8)
|
-
|
(25)
|
||
Other income, net
|
1
|
-
|
1,315
|
51
|
||
Net loss
|
$ (20,933)
|
($13,054)
|
$ |
(36,753)
|
($23,728)
|
|
Net loss per share
|
||||||
Basic and diluted
|
$ (0.30)
|
($0.19)
|
$ |
(0.52)
|
($0.35)
|
|
Basic and dilutive shares outstanding
|
70,747
|
67,616
|
70,208
|
67,327
|
||
Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures
|
||||||
GAAP net loss
|
$ (20,933)
|
$ (13,054)
|
$ |
(36,753)
|
$ (23,728)
|
|
Stock compensation expense (excluding Restructuring and Management separation charges)
|
||||||
Cost of sales
|
312
|
593
|
529
|
1,203
|
||
Research and development
|
574
|
727
|
986
|
1,705
|
||
Selling and administrative
|
910
|
1,336
|
2,007
|
2,554
|
||
Management separation charges
|
||||||
Research and development (1)
|
-
|
-
|
-
|
838
|
||
Selling and administrative (1)
|
-
|
-
|
-
|
2,111
|
||
Marketable securities redemptions and accretion (2)
|
(30)
|
(46)
|
(1,336)
|
(121)
|
||
Restructuring charges (1)
|
1,239
|
1,047
|
1,733
|
1,047
|
||
Non-GAAP net loss
|
$ (17,928)
|
$ (9,397)
|
$ |
(32,834)
|
$ (14,391)
|
|
Non-GAAP loss per share (*)
|
||||||
Basic and diluted
|
($0.25)
|
($0.14)
|
$ |
(0.47)
|
($0.21)
|
|
(*) Calculated using related GAAP shares outstanding
|
||||||
(1) Management separation charges for six months ended July 2, 2011 includes non-cash stock compensation of
|
||||||
$568 and $116 in Research and development and Selling and administrative, respectively. Restructuring charges
|
||||||
include non-cash stock compensation of $16 and $65 for the three and six months ended June 30, 2012, respectively.
|
||||||
(2) Marketable securities adjustments include realized gains upon redemptions and interest accretion.
|
||||||
|
ANADIGICS, INC.
|
|||||||||
Condensed Consolidated Balance Sheets
|
|||||||||
(Amounts in thousands)
|
|||||||||
June 30, 2012
|
December 31, 2011 (*)
|
||||||||
Assets
|
Unaudited
|
||||||||
Current assets:
|
|||||||||
Cash and cash equivalents
|
$ | 17,163 | $ | 32,695 | |||||
Marketable securities
|
32,095 | 24,127 | |||||||
Accounts receivable
|
12,789 | 17,329 | |||||||
Inventory
|
17,610 | 19,733 | |||||||
Prepaid expenses and other current assets
|
4,203 | 3,198 | |||||||
Total current assets
|
83,860 | 97,082 | |||||||
Marketable securities
|
23,813 | 36,756 | |||||||
Plant and equipment, net
|
48,405 | 54,724 | |||||||
Other assets
|
266 | 239 | |||||||
$ | 156,344 | $ | 188,801 | ||||||
Liabilities and stockholders’ equity
|
|||||||||
Current liabilities:
|
|||||||||
Accounts payable
|
$ | 12,134 | $ | 11,905 | |||||
Accrued liabilities
|
6,223 | 7,946 | |||||||
Accrued restructuring costs
|
232 | - | |||||||
Total current liabilities
|
18,589 | 19,851 | |||||||
Other long-term liabilities
|
2,223 | 2,425 | |||||||
Stockholders’ equity
|
135,532 | 166,525 | |||||||
$ | 156,344 | $ | 188,801 | ||||||
(*) The condensed balance sheet at December 31, 2011 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.
|