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 19, 2013
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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)
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Three months ended
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Twelve months ended
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December 31, 2012
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December 31, 2011
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September 29, 2012
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December 31, 2012
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December 31, 2011
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Unaudited
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Unaudited
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Unaudited
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Unaudited
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Audited
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Net sales
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$ | 30,476 | $ | 36,517 | $ | 28,642 | $ | 112,643 | $ | 152,827 | ||||||||||
Cost of sales
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31,017 | 31,148 | 28,809 | 113,869 | 121,724 | |||||||||||||||
Gross (loss) profit
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(541 | ) | 5,369 | (167 | ) | (1,226 | ) | 31,103 | ||||||||||||
Research and development expenses
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10,145 | 10,186 | 10,823 | 43,892 | 45,037 | |||||||||||||||
Selling and administrative expenses
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5,516 | 11,013 | 5,597 | 24,289 | 35,138 | |||||||||||||||
Restructuring charges
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- | - | 605 | 2,338 | 1,047 | |||||||||||||||
Operating loss
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(16,202 | ) | (15,830 | ) | (17,192 | ) | (71,745 | ) | (50,119 | ) | ||||||||||
Interest income
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117 | 159 | 128 | 528 | 576 | |||||||||||||||
Interest expense
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- | - | - | 0 | (25 | ) | ||||||||||||||
Other income, net
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24 | 90 | 25 | 1,364 | 245 | |||||||||||||||
Net loss
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$ | (16,061 | ) | $ | (15,581 | ) | $ | (17,039 | ) | $ | (69,853 | ) | $ | (49,323 | ) | |||||
Net loss per share
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Basic and diluted
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$ | (0.23 | ) | $ | (0.23 | ) | $ | (0.24 | ) | $ | (0.99 | ) | $ | (0.73 | ) | |||||
Basic and dilutive shares outstanding
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71,324 | 68,431 | 71,143 | 70,721 | 67,771 | |||||||||||||||
Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures
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GAAP net loss
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$ | (16,061 | ) | $ | (15,581 | ) | $ | (17,039 | ) | $ | (69,853 | ) | $ | (49,323 | ) | |||||
Stock compensation expense (excluding Restructuring and Management separation charges)
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Cost of sales
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151 | 195 | 208 | 888 | 1,798 | |||||||||||||||
Research and development
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253 | 196 | 387 | 1,626 | 2,413 | |||||||||||||||
Selling and administrative
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613 | 1,052 | 598 | 3,218 | 4,924 | |||||||||||||||
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 | |||||||||||||||
Cost of sales charge (2)
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1,145 | - | 1,145 | - | ||||||||||||||||
Thailand flood (3)
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448 | - | 448 | |||||||||||||||||
Marketable securities redemptions and accretion (4)
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(28 | ) | (43 | ) | (29 | ) | (1,393 | ) | (208 | ) | ||||||||||
Restructuring charges (1)
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- | - | 605 | 2,338 | 1,047 | |||||||||||||||
Non-GAAP net loss
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$ | (13,927 | ) | $ | (9,499 | ) | $ | (15,270 | ) | $ | (62,031 | ) | $ | (31,718 | ) | |||||
Non-GAAP loss per share (*)
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Basic and diluted
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$ | (0.20 | ) | $ | (0.14 | ) | $ | (0.21 | ) | $ | (0.88 | ) | $ | (0.47 | ) | |||||
(*) Calculated using related GAAP shares outstanding
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(1) Management separation charges for three months ended December 31,2011 included non-cash stock compensation of $1,775 in Selling and administrative.
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Management separation charges for twelve months ended December 31, 2011 included 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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Restructuring charges for the twelve months ended December 31, 2012 includes non-cash stock compensation of $65.
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(2) Charge resulting from product scrap and replacement costs following an equipment change.
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(3) Charges associated with damages from the Thailand floods.
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(4) Marketable securities adjustments include realized gains upon redemptions and interest accretion.
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ANADIGICS, INC.
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Condensed Consolidated Balance Sheets
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(Amounts in thousands)
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December 31, 2012
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12/31/2011 (*)
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Assets
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Unaudited
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Current assets:
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Cash and cash equivalents
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$ | 24,949 | $ | 32,695 | ||||
Marketable securities
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17,750 | 24,127 | ||||||
Accounts receivable
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12,233 | 17,329 | ||||||
Inventory
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18,840 | 19,733 | ||||||
Prepaid expenses and other current assets
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3,031 | 3,198 | ||||||
Total current assets
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76,803 | 97,082 | ||||||
Marketable securities
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8,811 | 36,756 | ||||||
Plant and equipment, net
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41,048 | 54,724 | ||||||
Other assets
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219 | 239 | ||||||
$ | 126,881 | $ | 188,801 | |||||
Liabilities and stockholders’ equity
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Current liabilities:
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Accounts payable
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$ | 14,099 | $ | 11,905 | ||||
Accrued liabilities
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4,345 | 7,946 | ||||||
Accrued restructuring costs
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395 | - | ||||||
Total current liabilities
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18,839 | 19,851 | ||||||
Other long-term liabilities
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2,017 | 2,425 | ||||||
Stockholders’ equity
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106,025 | 166,525 | ||||||
$ | 126,881 | $ | 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.
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Consolidated Statements of Operations
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(Amounts in thousands, except per share amounts)
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Three months ended
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Twelve months ended
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December 31, 2012
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December 31, 2011
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September 29, 2012
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December 31, 2012
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December 31, 2011
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||||||||||||||||
Unaudited
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Unaudited
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Unaudited
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Unaudited
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Audited
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||||||||||||||||
Net sales
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$ | 30,476 | $ | 36,517 | $ | 28,642 | $ | 112,643 | $ | 152,827 | ||||||||||
Cost of sales
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31,017 | 31,148 | 28,809 | 113,869 | 121,724 | |||||||||||||||
Gross (loss) profit
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(541 | ) | 5,369 | (167 | ) | (1,226 | ) | 31,103 | ||||||||||||
Research and development expenses
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10,145 | 10,186 | 10,823 | 43,892 | 45,037 | |||||||||||||||
Selling and administrative expenses
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5,516 | 11,013 | 5,597 | 24,289 | 35,138 | |||||||||||||||
Restructuring charges
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- | - | 605 | 2,338 | 1,047 | |||||||||||||||
Operating loss
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(16,202 | ) | (15,830 | ) | (17,192 | ) | (71,745 | ) | (50,119 | ) | ||||||||||
Interest income
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117 | 159 | 128 | 528 | 576 | |||||||||||||||
Interest expense
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- | - | - | 0 | (25 | ) | ||||||||||||||
Other income, net
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24 | 90 | 25 | 1,364 | 245 | |||||||||||||||
Net loss
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$ | (16,061 | ) | $ | (15,581 | ) | $ | (17,039 | ) | $ | (69,853 | ) | $ | (49,323 | ) | |||||
Net loss per share
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Basic and diluted
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$ | (0.23 | ) | $ | (0.23 | ) | $ | (0.24 | ) | $ | (0.99 | ) | $ | (0.73 | ) | |||||
Basic and dilutive shares outstanding
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71,324 | 68,431 | 71,143 | 70,721 | 67,771 | |||||||||||||||
Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures
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GAAP net loss
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$ | (16,061 | ) | $ | (15,581 | ) | $ | (17,039 | ) | $ | (69,853 | ) | $ | (49,323 | ) | |||||
Stock compensation expense (excluding Restructuring and Management separation charges)
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Cost of sales
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151 | 195 | 208 | 888 | 1,798 | |||||||||||||||
Research and development
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253 | 196 | 387 | 1,626 | 2,413 | |||||||||||||||
Selling and administrative
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613 | 1,052 | 598 | 3,218 | 4,924 | |||||||||||||||
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 | |||||||||||||||
Cost of sales charge (2)
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1,145 | - | 1,145 | - | ||||||||||||||||
Thailand flood (3)
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448 | - | 448 | |||||||||||||||||
Marketable securities redemptions and accretion (4)
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(28 | ) | (43 | ) | (29 | ) | (1,393 | ) | (208 | ) | ||||||||||
Restructuring charges (1)
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- | - | 605 | 2,338 | 1,047 | |||||||||||||||
Non-GAAP net loss
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$ | (13,927 | ) | $ | (9,499 | ) | $ | (15,270 | ) | $ | (62,031 | ) | $ | (31,718 | ) | |||||
Non-GAAP loss per share (*)
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Basic and diluted
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$ | (0.20 | ) | $ | (0.14 | ) | $ | (0.21 | ) | $ | (0.88 | ) | $ | (0.47 | ) | |||||
(*) Calculated using related GAAP shares outstanding
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(1) Management separation charges for three months ended December 31,2011 included non-cash stock compensation of $1,775 in Selling and administrative.
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Management separation charges for twelve months ended December 31, 2011 included 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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Restructuring charges for the twelve months ended December 31, 2012 includes non-cash stock compensation of $65.
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(2) Charge resulting from product scrap and replacement costs following an equipment change.
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(3) Charges associated with damages from the Thailand floods.
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(4) Marketable securities adjustments include realized gains upon redemptions and interest accretion.
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ANADIGICS, INC.
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Condensed Consolidated Balance Sheets
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(Amounts in thousands)
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December 31, 2012
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12/31/2011 (*)
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Assets
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Unaudited
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Current assets:
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Cash and cash equivalents
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$ | 24,949 | $ | 32,695 | ||||
Marketable securities
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17,750 | 24,127 | ||||||
Accounts receivable
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12,233 | 17,329 | ||||||
Inventory
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18,840 | 19,733 | ||||||
Prepaid expenses and other current assets
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3,031 | 3,198 | ||||||
Total current assets
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76,803 | 97,082 | ||||||
Marketable securities
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8,811 | 36,756 | ||||||
Plant and equipment, net
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41,048 | 54,724 | ||||||
Other assets
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219 | 239 | ||||||
$ | 126,881 | $ | 188,801 | |||||
Liabilities and stockholders’ equity
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Current liabilities:
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Accounts payable
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$ | 14,099 | $ | 11,905 | ||||
Accrued liabilities
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4,345 | 7,946 | ||||||
Accrued restructuring costs
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395 | - | ||||||
Total current liabilities
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18,839 | 19,851 | ||||||
Other long-term liabilities
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2,017 | 2,425 | ||||||
Stockholders’ equity
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106,025 | 166,525 | ||||||
$ | 126,881 | $ | 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.
|
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