ANADIGICS, Inc.
|
|
(Exact name of registrant as specified in its charter)
|
|
Delaware
|
22-2582106
|
(State or other jurisdiction of incorporation or organization)
|
(IRS Employer Identification Number)
|
141 Mt. Bethel Road, Warren, NJ
|
07059
|
(Address of prinicipal executive offices)
|
(Zip Code)
|
908-668-5000
|
|
(Registrants telephone number, including area code)
|
Exhibit No.
|
Description
|
|
99.1
|
Press Release issued by ANADIGICS, Inc., dated October 29, 2012
|
ANADIGICS, INC.
|
||||||||||||||||
Consolidated Statements of Operations
|
||||||||||||||||
(Amounts in thousands, except per share amounts, unaudited)
|
||||||||||||||||
Three months ended
|
Nine months ended
|
|||||||||||||||
September 29, 2012
|
October 1, 2011
|
September 29, 2012
|
October 1, 2011
|
|||||||||||||
Net sales
|
$ | 28,642 | $ | 37,264 | $ | 82,167 | $ | 116,310 | ||||||||
Cost of sales
|
28,809 | 30,229 | 82,852 | 90,576 | ||||||||||||
Gross (loss) profit
|
(167 | ) | 7,035 | (685 | ) | 25,734 | ||||||||||
Research and development expenses
|
10,823 | 9,938 | 33,747 | 34,851 | ||||||||||||
Selling and administrative expenses
|
5,597 | 7,360 | 18,773 | 24,125 | ||||||||||||
Restructuring charges
|
605 | - | 2,338 | 1,047 | ||||||||||||
Operating loss
|
(17,192 | ) | (10,263 | ) | (55,543 | ) | (34,289 | ) | ||||||||
Interest income
|
128 | 145 | 411 | 417 | ||||||||||||
Interest expense
|
- | - | - | (25 | ) | |||||||||||
Other income, net
|
25 | 104 | 1,340 | 155 | ||||||||||||
Net loss
|
$ | (17,039 | ) | $ | (10,014 | ) | $ | (53,792 | ) | $ | (33,742 | ) | ||||
Net loss per share
|
||||||||||||||||
Basic and diluted
|
$ | (0.24 | ) | $ | (0.15 | ) | $ | (0.76 | ) | $ | (0.50 | ) | ||||
Basic and dilutive shares outstanding
|
71,143 | 67,997 | 70,520 | 67,550 | ||||||||||||
Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures
|
||||||||||||||||
GAAP net loss
|
$ | (17,039 | ) | $ | (10,014 | ) | $ | (53,792 | ) | $ | (33,742 | ) | ||||
Stock compensation expense (excluding Restructuring and Management separation charges)
|
||||||||||||||||
Cost of sales
|
208 | 400 | 737 | 1,603 | ||||||||||||
Research and development
|
387 | 512 | 1,373 | 2,217 | ||||||||||||
Selling and administrative
|
598 | 1,318 | 2,605 | 3,872 | ||||||||||||
Management separation charges
|
||||||||||||||||
Research and development (1)
|
- | - | - | 838 | ||||||||||||
Selling and administrative (1)
|
- | - | - | 2,111 | ||||||||||||
Marketable securities redemptions and accretion (2)
|
(29 | ) | (44 | ) | (1,365 | ) | (165 | ) | ||||||||
Restructuring charges (1)
|
605 | - | 2,338 | 1,047 | ||||||||||||
Non-GAAP net loss
|
$ | (15,270 | ) | $ | (7,828 | ) | $ | (48,104 | ) | $ | (22,219 | ) | ||||
Non-GAAP loss per share (*)
|
||||||||||||||||
Basic and diluted
|
$ | (0.21 | ) | $ | (0.12 | ) | $ | (0.68 | ) | $ | (0.33 | ) | ||||
(*) Calculated using related GAAP shares outstanding
|
||||||||||||||||
(1) Management separation charges for nine months ended October 1, 2011 includes non-cash stock compensation of $568 and $116
|
||||||||||||||||
in Research and development and Selling and administrative, respectively. Restructuring charges for the nine months
|
||||||||||||||||
ended September 29, 2012 includes non-cash stock compensation of $65.
|
||||||||||||||||
(2) Marketable securities adjustments include realized gains upon redemptions and interest accretion.
|
||||||||||||||||
ANADIGICS, INC.
|
||||||||
Condensed Consolidated Balance Sheets
|
||||||||
(Amounts in thousands)
|
||||||||
September 29, 2012
|
December 31, 2011
|
|||||||
Assets
|
Unaudited
|
|||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 10,348 | $ | 32,695 | ||||
Marketable securities
|
31,418 | 24,127 | ||||||
Accounts receivable
|
13,568 | 17,329 | ||||||
Inventory
|
17,524 | 19,733 | ||||||
Prepaid expenses and other current assets
|
3,713 | 3,198 | ||||||
Total current assets
|
76,571 | 97,082 | ||||||
Marketable securities
|
20,436 | 36,756 | ||||||
Plant and equipment, net
|
44,576 | 54,724 | ||||||
Other assets
|
218 | 239 | ||||||
$ | 141,801 | $ | 188,801 | |||||
Liabilities and stockholders’ equity
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$ | 13,784 | $ | 11,905 | ||||
Accrued liabilities
|
5,572 | 7,946 | ||||||
Accrued restructuring costs
|
517 | - | ||||||
Total current liabilities
|
19,873 | 19,851 | ||||||
Other long-term liabilities
|
2,120 | 2,425 | ||||||
Stockholders’ equity
|
119,808 | 166,525 | ||||||
$ | 141,801 | $ | 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.
|
||||||||
ANADIGICS, INC.
|
||||||||||||||||
Consolidated Statements of Operations
|
||||||||||||||||
(Amounts in thousands, except per share amounts, unaudited)
|
||||||||||||||||
Three months ended
|
Nine months ended
|
|||||||||||||||
September 29, 2012
|
October 1, 2011
|
September 29, 2012
|
October 1, 2011
|
|||||||||||||
Net sales
|
$ | 28,642 | $ | 37,264 | $ | 82,167 | $ | 116,310 | ||||||||
Cost of sales
|
28,809 | 30,229 | 82,852 | 90,576 | ||||||||||||
Gross (loss) profit
|
(167 | ) | 7,035 | (685 | ) | 25,734 | ||||||||||
Research and development expenses
|
10,823 | 9,938 | 33,747 | 34,851 | ||||||||||||
Selling and administrative expenses
|
5,597 | 7,360 | 18,773 | 24,125 | ||||||||||||
Restructuring charges
|
605 | - | 2,338 | 1,047 | ||||||||||||
Operating loss
|
(17,192 | ) | (10,263 | ) | (55,543 | ) | (34,289 | ) | ||||||||
Interest income
|
128 | 145 | 411 | 417 | ||||||||||||
Interest expense
|
- | - | - | (25 | ) | |||||||||||
Other income, net
|
25 | 104 | 1,340 | 155 | ||||||||||||
Net loss
|
$ | (17,039 | ) | $ | (10,014 | ) | $ | (53,792 | ) | $ | (33,742 | ) | ||||
Net loss per share
|
||||||||||||||||
Basic and diluted
|
$ | (0.24 | ) | $ | (0.15 | ) | $ | (0.76 | ) | $ | (0.50 | ) | ||||
Basic and dilutive shares outstanding
|
71,143 | 67,997 | 70,520 | 67,550 | ||||||||||||
Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures
|
||||||||||||||||
GAAP net loss
|
$ | (17,039 | ) | $ | (10,014 | ) | $ | (53,792 | ) | $ | (33,742 | ) | ||||
Stock compensation expense (excluding Restructuring and Management separation charges)
|
||||||||||||||||
Cost of sales
|
208 | 400 | 737 | 1,603 | ||||||||||||
Research and development
|
387 | 512 | 1,373 | 2,217 | ||||||||||||
Selling and administrative
|
598 | 1,318 | 2,605 | 3,872 | ||||||||||||
Management separation charges
|
||||||||||||||||
Research and development (1)
|
- | - | - | 838 | ||||||||||||
Selling and administrative (1)
|
- | - | - | 2,111 | ||||||||||||
Marketable securities redemptions and accretion (2)
|
(29 | ) | (44 | ) | (1,365 | ) | (165 | ) | ||||||||
Restructuring charges (1)
|
605 | - | 2,338 | 1,047 | ||||||||||||
Non-GAAP net loss
|
$ | (15,270 | ) | $ | (7,828 | ) | $ | (48,104 | ) | $ | (22,219 | ) | ||||
Non-GAAP loss per share (*)
|
||||||||||||||||
Basic and diluted
|
$ | (0.21 | ) | $ | (0.12 | ) | $ | (0.68 | ) | $ | (0.33 | ) | ||||
(*) Calculated using related GAAP shares outstanding
|
||||||||||||||||
(1) Management separation charges for nine months ended October 1, 2011 includes non-cash stock compensation of $568 and $116
|
||||||||||||||||
in Research and development and Selling and administrative, respectively. Restructuring charges for the nine months
|
||||||||||||||||
ended September 29, 2012 includes non-cash stock compensation of $65.
|
||||||||||||||||
(2) Marketable securities adjustments include realized gains upon redemptions and interest accretion.
|
||||||||||||||||
ANADIGICS, INC.
|
||||||||
Condensed Consolidated Balance Sheets
|
||||||||
(Amounts in thousands)
|
||||||||
September 29, 2012
|
December 31, 2011
|
|||||||
Assets
|
Unaudited
|
|||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 10,348 | $ | 32,695 | ||||
Marketable securities
|
31,418 | 24,127 | ||||||
Accounts receivable
|
13,568 | 17,329 | ||||||
Inventory
|
17,524 | 19,733 | ||||||
Prepaid expenses and other current assets
|
3,713 | 3,198 | ||||||
Total current assets
|
76,571 | 97,082 | ||||||
Marketable securities
|
20,436 | 36,756 | ||||||
Plant and equipment, net
|
44,576 | 54,724 | ||||||
Other assets
|
218 | 239 | ||||||
$ | 141,801 | $ | 188,801 | |||||
Liabilities and stockholders’ equity
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$ | 13,784 | $ | 11,905 | ||||
Accrued liabilities
|
5,572 | 7,946 | ||||||
Accrued restructuring costs
|
517 | - | ||||||
Total current liabilities
|
19,873 | 19,851 | ||||||
Other long-term liabilities
|
2,120 | 2,425 | ||||||
Stockholders’ equity
|
119,808 | 166,525 | ||||||
$ | 141,801 | $ | 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.
|
||||||||