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 20, 2014
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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, 2013
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December 31, 2012
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December 31, 2013
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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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Audited
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Net sales
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$ | 36,286 | $ | 30,476 | $ | 134,242 | $ | 112,643 | ||||||||
Cost of sales
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31,640 | 31,017 | 125,922 | 113,869 | ||||||||||||
Gross profit (loss)
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4,646 | (541 | ) | 8,320 | (1,226 | ) | ||||||||||
Research and development expenses
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9,321 | 10,145 | 38,585 | 43,892 | ||||||||||||
Selling and administrative expenses
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5,574 | 5,516 | 23,813 | 24,289 | ||||||||||||
Restructuring charges
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- | - | 1,915 | 2,338 | ||||||||||||
Operating loss
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(10,249 | ) | (16,202 | ) | (55,993 | ) | (71,745 | ) | ||||||||
Interest income
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33 | 117 | 237 | 528 | ||||||||||||
Interest expense
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(31 | ) | - | (82 | ) | - | ||||||||||
Other income, net
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290 | 24 | 1,859 | 1,364 | ||||||||||||
Net loss
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$ | (9,957 | ) | $ | (16,061 | ) | $ | (53,979 | ) | $ | (69,853 | ) | ||||
Net loss per share
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Basic and diluted
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$ | (0.12 | ) | $ | (0.23 | ) | $ | (0.67 | ) | $ | (0.99 | ) | ||||
Basic and dilutive shares outstanding
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84,039 | 71,324 | 80,991 | 70,721 | ||||||||||||
Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures
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GAAP net loss
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$ | (9,957 | ) | $ | (16,061 | ) | $ | (53,979 | ) | $ | (69,853 | ) | ||||
Stock compensation expense (excluding Restructuring charges)
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Cost of sales
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127 | 151 | 1,041 | 888 | ||||||||||||
Research and development
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465 | 253 | 2,118 | 1,626 | ||||||||||||
Selling and administrative
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636 | 613 | 3,428 | 3,218 | ||||||||||||
Cost of sales charge (1)
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665 | 1,145 | 2,589 | 1,145 | ||||||||||||
Marketable securities redemptions and accretion (2)
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(303 | ) | (28 | ) | (1,777 | ) | (1,393 | ) | ||||||||
Restructuring charges (3)
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- | - | 1,915 | 2,338 | ||||||||||||
Non-GAAP net loss
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$ | (8,367 | ) | $ | (13,927 | ) | $ | (44,665 | ) | $ | (62,031 | ) | ||||
Non-GAAP loss per share (*)
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Basic and diluted
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$ | (0.10 | ) | $ | (0.20 | ) | $ | (0.55 | ) | $ | (0.88 | ) | ||||
(*) Calculated using related GAAP shares outstanding
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(1) Cost of sales charge for the three months ended December 31, 2013 includes $665 for product scrap from process standardization implementation. The twelve
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months ended December 31, 2013 includes $756 for customer cost reimbursement, $438 for costs from power interruptions, $730 charges for repair and
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product scrap from accelerated production ramp, and $665 for product scrap from process standardization implementation. Cost of sales for the three and
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twelve months ended December 31, 2012 included $1,145 charge resulting from product scrap and 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 twelve months ended December 31, 2013 and 2012 included non-cash stock compensation of ($71) and $65, respectively.
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ANADIGICS, INC.
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Condensed Consolidated Balance Sheets
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(Amounts in thousands)
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December 31, 2013
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12/31/2012 (*)
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Assets
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Unaudited
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Current assets:
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Cash and cash equivalents
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$ | 20,947 | $ | 24,949 | ||||
Marketable securities
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3,447 | 17,750 | ||||||
Accounts receivable
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15,156 | 12,233 | ||||||
Inventory
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21,114 | 18,840 | ||||||
Prepaid expenses and other current assets
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3,628 | 3,031 | ||||||
Total current assets
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64,292 | 76,803 | ||||||
Marketable securities
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- | 8,811 | ||||||
Plant and equipment, net
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33,176 | 41,048 | ||||||
Other assets
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213 | 219 | ||||||
$ | 97,681 | $ | 126,881 | |||||
Liabilities and stockholders’ equity
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Current liabilities:
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Accounts payable
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$ | 13,043 | $ | 14,099 | ||||
Accrued liabilities
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4,380 | 4,345 | ||||||
Accrued restructuring costs
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245 | 395 | ||||||
Total current liabilities
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17,668 | 18,839 | ||||||
Other long-term liabilities
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1,604 | 2,017 | ||||||
Stockholders’ equity
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78,409 | 106,025 | ||||||
$ | 97,681 | $ | 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
|
Twelve months ended
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|||||||||||||||
December 31, 2013
|
December 31, 2012
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December 31, 2013
|
December 31, 2012
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|||||||||||||
Unaudited
|
Unaudited
|
Unaudited
|
Audited
|
|||||||||||||
Net sales
|
$ | 36,286 | $ | 30,476 | $ | 134,242 | $ | 112,643 | ||||||||
Cost of sales
|
31,640 | 31,017 | 125,922 | 113,869 | ||||||||||||
Gross profit (loss)
|
4,646 | (541 | ) | 8,320 | (1,226 | ) | ||||||||||
Research and development expenses
|
9,321 | 10,145 | 38,585 | 43,892 | ||||||||||||
Selling and administrative expenses
|
5,574 | 5,516 | 23,813 | 24,289 | ||||||||||||
Restructuring charges
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- | - | 1,915 | 2,338 | ||||||||||||
Operating loss
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(10,249 | ) | (16,202 | ) | (55,993 | ) | (71,745 | ) | ||||||||
Interest income
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33 | 117 | 237 | 528 | ||||||||||||
Interest expense
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(31 | ) | - | (82 | ) | - | ||||||||||
Other income, net
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290 | 24 | 1,859 | 1,364 | ||||||||||||
Net loss
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$ | (9,957 | ) | $ | (16,061 | ) | $ | (53,979 | ) | $ | (69,853 | ) | ||||
Net loss per share
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||||||||||||||||
Basic and diluted
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$ | (0.12 | ) | $ | (0.23 | ) | $ | (0.67 | ) | $ | (0.99 | ) | ||||
Basic and dilutive shares outstanding
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84,039 | 71,324 | 80,991 | 70,721 | ||||||||||||
Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures
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||||||||||||||||
GAAP net loss
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$ | (9,957 | ) | $ | (16,061 | ) | $ | (53,979 | ) | $ | (69,853 | ) | ||||
Stock compensation expense (excluding Restructuring charges)
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||||||||||||||||
Cost of sales
|
127 | 151 | 1,041 | 888 | ||||||||||||
Research and development
|
465 | 253 | 2,118 | 1,626 | ||||||||||||
Selling and administrative
|
636 | 613 | 3,428 | 3,218 | ||||||||||||
Cost of sales charge (1)
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665 | 1,145 | 2,589 | 1,145 | ||||||||||||
Marketable securities redemptions and accretion (2)
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(303 | ) | (28 | ) | (1,777 | ) | (1,393 | ) | ||||||||
Restructuring charges (3)
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- | - | 1,915 | 2,338 | ||||||||||||
Non-GAAP net loss
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$ | (8,367 | ) | $ | (13,927 | ) | $ | (44,665 | ) | $ | (62,031 | ) | ||||
Non-GAAP loss per share (*)
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||||||||||||||||
Basic and diluted
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$ | (0.10 | ) | $ | (0.20 | ) | $ | (0.55 | ) | $ | (0.88 | ) | ||||
(*) Calculated using related GAAP shares outstanding
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||||||||||||||||
(1) Cost of sales charge for the three months ended December 31, 2013 includes $665 for product scrap from process standardization implementation. The twelve
|
||||||||||||||||
months ended December 31, 2013 includes $756 for customer cost reimbursement, $438 for costs from power interruptions, $730 charges for repair and
|
||||||||||||||||
product scrap from accelerated production ramp, and $665 for product scrap from process standardization implementation. Cost of sales for the three and
|
||||||||||||||||
twelve months ended December 31, 2012 included $1,145 charge resulting from 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 twelve months ended December 31, 2013 and 2012 included non-cash stock compensation of ($71) and $65, respectively.
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ANADIGICS, INC.
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||||||||
Condensed Consolidated Balance Sheets
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||||||||
(Amounts in thousands)
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||||||||
December 31, 2013
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12/31/2012 (*)
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|||||||
Assets
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Unaudited
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|||||||
Current assets:
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||||||||
Cash and cash equivalents
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$ | 20,947 | $ | 24,949 | ||||
Marketable securities
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3,447 | 17,750 | ||||||
Accounts receivable
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15,156 | 12,233 | ||||||
Inventory
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21,114 | 18,840 | ||||||
Prepaid expenses and other current assets
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3,628 | 3,031 | ||||||
Total current assets
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64,292 | 76,803 | ||||||
Marketable securities
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- | 8,811 | ||||||
Plant and equipment, net
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33,176 | 41,048 | ||||||
Other assets
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213 | 219 | ||||||
$ | 97,681 | $ | 126,881 | |||||
Liabilities and stockholders’ equity
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||||||||
Current liabilities:
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||||||||
Accounts payable
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$ | 13,043 | $ | 14,099 | ||||
Accrued liabilities
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4,380 | 4,345 | ||||||
Accrued restructuring costs
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245 | 395 | ||||||
Total current liabilities
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17,668 | 18,839 | ||||||
Other long-term liabilities
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1,604 | 2,017 | ||||||
Stockholders’ equity
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78,409 | 106,025 | ||||||
$ | 97,681 | $ | 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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