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 April 29, 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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March 30, 2013
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March 31, 2012
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December 31, 2012
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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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$ | 26,380 | $ | 28,426 | $ | 30,476 | ||||||
Cost of sales
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27,101 | 26,747 | 31,017 | |||||||||
Gross (loss) profit
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(721 | ) | 1,679 | (541 | ) | |||||||
Research and development expenses
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10,280 | 11,614 | 10,145 | |||||||||
Selling and administrative expenses
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6,242 | 6,855 | 5,516 | |||||||||
Restructuring charges
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1,915 | 494 | - | |||||||||
Operating loss
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(19,158 | ) | (17,284 | ) | (16,202 | ) | ||||||
Interest income
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93 | 150 | 117 | |||||||||
Other income, net
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46 | 1,314 | 24 | |||||||||
Net loss
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$ | (19,019 | ) | $ | (15,820 | ) | $ | (16,061 | ) | |||
Net loss per share
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Basic and diluted
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$ | (0.26 | ) | $ | (0.23 | ) | $ | (0.23 | ) | |||
Basic and dilutive shares outstanding
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73,158 | 69,669 | 71,324 | |||||||||
Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures
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GAAP net loss
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$ | (19,019 | ) | $ | (15,820 | ) | $ | (16,061 | ) | |||
Stock compensation expense (excluding Restructuring charges)
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Cost of sales
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179 | 217 | 151 | |||||||||
Research and development
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345 | 412 | 253 | |||||||||
Selling and administrative
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1,048 | 1,097 | 613 | |||||||||
Cost of sales charge (1)
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730 | - | 1,145 | |||||||||
Marketable securities redemptions and accretion (2)
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(27 | ) | (1,306 | ) | (28 | ) | ||||||
Restructuring charges (3)
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1,915 | 494 | - | |||||||||
Non-GAAP net (loss) income
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$ | (14,829 | ) | $ | (14,906 | ) | $ | (13,927 | ) | |||
Non-GAAP loss per share (*)
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Basic and diluted
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$ | (0.20 | ) | $ | (0.21 | ) | $ | (0.20 | ) | |||
(*) Calculated using related GAAP shares outstanding
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(1) Cost of sales charge for the three months ended March 30, 2013 included charges for repair and product scrap from accelerated
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production ramp. Cost of sales charge for the three months ended December 31, 2012 included charges for product scrap and
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replacement costs following an equipment change.
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(2) Marketable securities adjustments include realized gains upon redemptions and interest accretion.
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(3) Restructuring charges for the three months ended March 30, 2013 included non-cash stock compensation of ($71).
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Restructuring charges for the three months ended March 31, 2012 included non-cash stock compensation of $49.
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ANADIGICS, INC.
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Condensed Consolidated Balance Sheets
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(Amounts in thousands)
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March 30, 2013
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12/31/2012 (*)
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Assets
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Unaudited
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Current assets:
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Cash and cash equivalents
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$ | 35,082 | $ | 24,949 | ||||
Marketable securities
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8,906 | 17,750 | ||||||
Accounts receivable
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12,679 | 12,233 | ||||||
Inventory
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20,313 | 18,840 | ||||||
Prepaid expenses and other current assets
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4,419 | 3,031 | ||||||
Total current assets
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81,399 | 76,803 | ||||||
Marketable securities
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6,939 | 8,811 | ||||||
Plant and equipment, net
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38,733 | 41,048 | ||||||
Other assets
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219 | 219 | ||||||
$ | 127,290 | $ | 126,881 | |||||
Liabilities and stockholders’ equity
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Current liabilities:
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Accounts payable
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$ | 11,323 | $ | 14,099 | ||||
Accrued liabilities
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5,260 | 4,345 | ||||||
Accrued restructuring costs
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778 | 395 | ||||||
Total current liabilities
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17,361 | 18,839 | ||||||
Other long-term liabilities
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1,914 | 2,017 | ||||||
Stockholders’ equity
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108,015 | 106,025 | ||||||
$ | 127,290 | $ | 126,881 | |||||
(*) The condensed balance sheet at December 31, 2012 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)
|
||||||||||||
Three months ended
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||||||||||||
March 30, 2013
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March 31, 2012
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December 31, 2012
|
||||||||||
Unaudited
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Unaudited
|
Unaudited
|
||||||||||
Net sales
|
$ | 26,380 | $ | 28,426 | $ | 30,476 | ||||||
Cost of sales
|
27,101 | 26,747 | 31,017 | |||||||||
Gross (loss) profit
|
(721 | ) | 1,679 | (541 | ) | |||||||
Research and development expenses
|
10,280 | 11,614 | 10,145 | |||||||||
Selling and administrative expenses
|
6,242 | 6,855 | 5,516 | |||||||||
Restructuring charges
|
1,915 | 494 | - | |||||||||
Operating loss
|
(19,158 | ) | (17,284 | ) | (16,202 | ) | ||||||
Interest income
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93 | 150 | 117 | |||||||||
Other income, net
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46 | 1,314 | 24 | |||||||||
Net loss
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$ | (19,019 | ) | $ | (15,820 | ) | $ | (16,061 | ) | |||
Net loss per share
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||||||||||||
Basic and diluted
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$ | (0.26 | ) | $ | (0.23 | ) | $ | (0.23 | ) | |||
Basic and dilutive shares outstanding
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73,158 | 69,669 | 71,324 | |||||||||
Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures
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||||||||||||
GAAP net loss
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$ | (19,019 | ) | $ | (15,820 | ) | $ | (16,061 | ) | |||
Stock compensation expense (excluding Restructuring charges)
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||||||||||||
Cost of sales
|
179 | 217 | 151 | |||||||||
Research and development
|
345 | 412 | 253 | |||||||||
Selling and administrative
|
1,048 | 1,097 | 613 | |||||||||
Cost of sales charge (1)
|
730 | - | 1,145 | |||||||||
Marketable securities redemptions and accretion (2)
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(27 | ) | (1,306 | ) | (28 | ) | ||||||
Restructuring charges (3)
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1,915 | 494 | - | |||||||||
Non-GAAP net (loss) income
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$ | (14,829 | ) | $ | (14,906 | ) | $ | (13,927 | ) | |||
Non-GAAP loss per share (*)
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||||||||||||
Basic and diluted
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$ | (0.20 | ) | $ | (0.21 | ) | $ | (0.20 | ) | |||
(*) Calculated using related GAAP shares outstanding
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||||||||||||
(1) Cost of sales charge for the three months ended March 30, 2013 included charges for repair and product scrap from accelerated
|
||||||||||||
production ramp. Cost of sales charge for the three months ended December 31, 2012 included charges for product scrap and
|
||||||||||||
replacement costs following an equipment change.
|
||||||||||||
(2) Marketable securities adjustments include realized gains upon redemptions and interest accretion.
|
||||||||||||
(3) Restructuring charges for the three months ended March 30, 2013 included non-cash stock compensation of ($71).
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||||||||||||
Restructuring charges for the three months ended March 31, 2012 included non-cash stock compensation of $49.
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ANADIGICS, INC.
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||||||||
Condensed Consolidated Balance Sheets
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||||||||
(Amounts in thousands)
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||||||||
March 30, 2013
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12/31/2012 (*)
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|||||||
Assets
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Unaudited
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|||||||
Current assets:
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||||||||
Cash and cash equivalents
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$ | 35,082 | $ | 24,949 | ||||
Marketable securities
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8,906 | 17,750 | ||||||
Accounts receivable
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12,679 | 12,233 | ||||||
Inventory
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20,313 | 18,840 | ||||||
Prepaid expenses and other current assets
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4,419 | 3,031 | ||||||
Total current assets
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81,399 | 76,803 | ||||||
Marketable securities
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6,939 | 8,811 | ||||||
Plant and equipment, net
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38,733 | 41,048 | ||||||
Other assets
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219 | 219 | ||||||
$ | 127,290 | $ | 126,881 | |||||
Liabilities and stockholders’ equity
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||||||||
Current liabilities:
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||||||||
Accounts payable
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$ | 11,323 | $ | 14,099 | ||||
Accrued liabilities
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5,260 | 4,345 | ||||||
Accrued restructuring costs
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778 | 395 | ||||||
Total current liabilities
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17,361 | 18,839 | ||||||
Other long-term liabilities
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1,914 | 2,017 | ||||||
Stockholders’ equity
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108,015 | 106,025 | ||||||
$ | 127,290 | $ | 126,881 | |||||
(*) The condensed balance sheet at December 31, 2012 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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