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 July 30, 2013
|
ANADIGICS, INC.
|
||||||||||||||||
Consolidated Statements of Operations
|
||||||||||||||||
(Amounts in thousands, except per share amounts)
|
||||||||||||||||
Three months ended
|
Six months ended
|
|||||||||||||||
June 29, 2013
|
June 30, 2012
|
June 29, 2013
|
June 30, 2012
|
|||||||||||||
Unaudited
|
Unaudited
|
Unaudited
|
Unaudited
|
|||||||||||||
Net sales
|
$ | 34,565 | $ | 25,099 | $ | 60,945 | $ | 53,525 | ||||||||
Cost of sales
|
34,269 | 27,296 | 61,370 | 54,043 | ||||||||||||
Gross profit (loss)
|
296 | (2,197 | ) | (425 | ) | (518 | ) | |||||||||
Research and development expenses
|
9,433 | 11,310 | 19,713 | 22,924 | ||||||||||||
Selling and administrative expenses
|
6,215 | 6,321 | 12,457 | 13,176 | ||||||||||||
Restructuring charges
|
- | 1,239 | 1,915 | 1,733 | ||||||||||||
Operating loss
|
(15,352 | ) | (21,067 | ) | (34,510 | ) | (38,351 | ) | ||||||||
Interest income
|
65 | 133 | 158 | 283 | ||||||||||||
Interest expense
|
(20 | ) | - | (20 | ) | 0 | ||||||||||
Other income, net
|
1,508 | 1 | 1,554 | 1,315 | ||||||||||||
Net loss
|
$ | (13,799 | ) | $ | (20,933 | ) | $ | (32,818 | ) | $ | (36,753 | ) | ||||
Net loss per share
|
||||||||||||||||
Basic and diluted
|
$ | (0.17 | ) | $ | (0.30 | ) | $ | (0.42 | ) | $ | (0.52 | ) | ||||
Basic and dilutive shares outstanding
|
83,042 | 70,747 | 78,100 | 70,208 | ||||||||||||
Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures
|
||||||||||||||||
GAAP net loss
|
$ | (13,799 | ) | $ | (20,933 | ) | $ | (32,818 | ) | $ | (36,753 | ) | ||||
Stock compensation expense (excluding Restructuring charges)
|
||||||||||||||||
Cost of sales
|
413 | 312 | 592 | 529 | ||||||||||||
Research and development
|
695 | 574 | 1,040 | 986 | ||||||||||||
Selling and administrative
|
948 | 910 | 1,996 | 2,007 | ||||||||||||
Cost of sales charge (1)
|
1,194 | - | 1,924 | - | ||||||||||||
Marketable securities redemptions and accretion (2)
|
(1,422 | ) | (30 | ) | (1,449 | ) | (1,336 | ) | ||||||||
Restructuring charges (3)
|
- | 1,239 | 1,915 | 1,733 | ||||||||||||
Non-GAAP net loss
|
$ | (11,971 | ) | $ | (17,928 | ) | $ | (26,800 | ) | $ | (32,834 | ) | ||||
Non-GAAP loss per share (*)
|
||||||||||||||||
Basic and diluted
|
$ | (0.14 | ) | $ | (0.25 | ) | $ | (0.34 | ) | $ | (0.47 | ) | ||||
(*) Calculated using related GAAP shares outstanding
|
(1) Cost of sales charge for the three months ended June 29, 2013 covers $756 for customer cost reimbursement and $438 for costs from power interruptions. |
Cost of sales charge for the six months ended June 29, 2013 also includes charges for repair and product scrap from accelerated production ramp. |
(2) Marketable securities adjustments include realized gains upon redemptions and interest accretion. |
(3) Restructuring charges for the six months ended June 29, 2013 included non-cash stock compensation of ($71). |
Restructuring charges for the three and six months ended June 30, 2012 included non-cash stock compensation of $16 and $65, respectively. |
ANADIGICS, INC.
|
||||||||
Condensed Consolidated Balance Sheets
|
||||||||
(Amounts in thousands)
|
||||||||
June 29, 2013
|
December 31, 2012 (*)
|
|||||||
Assets
|
Unaudited
|
|||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 29,024 | $ | 24,949 | ||||
Marketable securities
|
6,812 | 17,750 | ||||||
Accounts receivable
|
17,740 | 12,233 | ||||||
Inventory
|
19,504 | 18,840 | ||||||
Prepaid expenses and other current assets
|
4,605 | 3,031 | ||||||
Total current assets
|
77,685 | 76,803 | ||||||
Marketable securities
|
5,177 | 8,811 | ||||||
Plant and equipment, net
|
37,163 | 41,048 | ||||||
Other assets
|
210 | 219 | ||||||
$ | 120,235 | $ | 126,881 | |||||
Liabilities and stockholders’ equity
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$ | 15,729 | $ | 14,099 | ||||
Accrued liabilities
|
5,736 | 4,345 | ||||||
Accrued restructuring costs
|
483 | 395 | ||||||
Total current liabilities
|
21,948 | 18,839 | ||||||
Other long-term liabilities
|
1,811 | 2,017 | ||||||
Stockholders’ equity
|
96,476 | 106,025 | ||||||
$ | 120,235 | $ | 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.
|
||||||||
ANADIGICS, INC.
|
||||||||||||||||
Consolidated Statements of Operations
|
||||||||||||||||
(Amounts in thousands, except per share amounts)
|
||||||||||||||||
Three months ended
|
Six months ended
|
|||||||||||||||
June 29, 2013
|
June 30, 2012
|
June 29, 2013
|
June 30, 2012
|
|||||||||||||
Unaudited
|
Unaudited
|
Unaudited
|
Unaudited
|
|||||||||||||
Net sales
|
$ | 34,565 | $ | 25,099 | $ | 60,945 | $ | 53,525 | ||||||||
Cost of sales
|
34,269 | 27,296 | 61,370 | 54,043 | ||||||||||||
Gross profit (loss)
|
296 | (2,197 | ) | (425 | ) | (518 | ) | |||||||||
Research and development expenses
|
9,433 | 11,310 | 19,713 | 22,924 | ||||||||||||
Selling and administrative expenses
|
6,215 | 6,321 | 12,457 | 13,176 | ||||||||||||
Restructuring charges
|
- | 1,239 | 1,915 | 1,733 | ||||||||||||
Operating loss
|
(15,352 | ) | (21,067 | ) | (34,510 | ) | (38,351 | ) | ||||||||
Interest income
|
65 | 133 | 158 | 283 | ||||||||||||
Interest expense
|
(20 | ) | - | (20 | ) | 0 | ||||||||||
Other income, net
|
1,508 | 1 | 1,554 | 1,315 | ||||||||||||
Net loss
|
$ | (13,799 | ) | $ | (20,933 | ) | $ | (32,818 | ) | $ | (36,753 | ) | ||||
Net loss per share
|
||||||||||||||||
Basic and diluted
|
$ | (0.17 | ) | $ | (0.30 | ) | $ | (0.42 | ) | $ | (0.52 | ) | ||||
Basic and dilutive shares outstanding
|
83,042 | 70,747 | 78,100 | 70,208 | ||||||||||||
Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures
|
||||||||||||||||
GAAP net loss
|
$ | (13,799 | ) | $ | (20,933 | ) | $ | (32,818 | ) | $ | (36,753 | ) | ||||
Stock compensation expense (excluding Restructuring charges)
|
||||||||||||||||
Cost of sales
|
413 | 312 | 592 | 529 | ||||||||||||
Research and development
|
695 | 574 | 1,040 | 986 | ||||||||||||
Selling and administrative
|
948 | 910 | 1,996 | 2,007 | ||||||||||||
Cost of sales charge (1)
|
1,194 | - | 1,924 | - | ||||||||||||
Marketable securities redemptions and accretion (2)
|
(1,422 | ) | (30 | ) | (1,449 | ) | (1,336 | ) | ||||||||
Restructuring charges (3)
|
- | 1,239 | 1,915 | 1,733 | ||||||||||||
Non-GAAP net loss
|
$ | (11,971 | ) | $ | (17,928 | ) | $ | (26,800 | ) | $ | (32,834 | ) | ||||
Non-GAAP loss per share (*)
|
||||||||||||||||
Basic and diluted
|
$ | (0.14 | ) | $ | (0.25 | ) | $ | (0.34 | ) | $ | (0.47 | ) | ||||
(*) Calculated using related GAAP shares outstanding
|
(1) Cost of sales charge for the three months ended June 29, 2013 covers $756 for customer cost reimbursement and $438 for costs from power interruptions. |
Cost of sales charge for the six months ended June 29, 2013 also includes charges for repair and product scrap from accelerated production ramp. |
(2) Marketable securities adjustments include realized gains upon redemptions and interest accretion. |
(3) Restructuring charges for the six months ended June 29, 2013 included non-cash stock compensation of ($71). |
Restructuring charges for the three and six months ended June 30, 2012 included non-cash stock compensation of $16 and $65,respectively. |
ANADIGICS, INC.
|
||||||||
Condensed Consolidated Balance Sheets
|
||||||||
(Amounts in thousands)
|
||||||||
June 29, 2013
|
December 31, 2012 (*)
|
|||||||
Assets
|
Unaudited
|
|||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 29,024 | $ | 24,949 | ||||
Marketable securities
|
6,812 | 17,750 | ||||||
Accounts receivable
|
17,740 | 12,233 | ||||||
Inventory
|
19,504 | 18,840 | ||||||
Prepaid expenses and other current assets
|
4,605 | 3,031 | ||||||
Total current assets
|
77,685 | 76,803 | ||||||
Marketable securities
|
5,177 | 8,811 | ||||||
Plant and equipment, net
|
37,163 | 41,048 | ||||||
Other assets
|
210 | 219 | ||||||
$ | 120,235 | $ | 126,881 | |||||
Liabilities and stockholders’ equity
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$ | 15,729 | $ | 14,099 | ||||
Accrued liabilities
|
5,736 | 4,345 | ||||||
Accrued restructuring costs
|
483 | 395 | ||||||
Total current liabilities
|
21,948 | 18,839 | ||||||
Other long-term liabilities
|
1,811 | 2,017 | ||||||
Stockholders’ equity
|
96,476 | 106,025 | ||||||
$ | 120,235 | $ | 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.
|
||||||||