8-K 1 b331564_8k.txt FORM 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): April 26, 2004 ANADIGICS, INC. ------------------------------- (Exact name of registrant as specified in its charter) Delaware 0-25662 22-2582106 ------------------------------------------------------------------------------- (State or other jurisdiction (Commission File (I.R.S. Employer of incorporation) Number) Identification No.) 35 Technology Drive Warren, New Jersey 07059 ------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) (908) 668-5000 ------------------------------------------------------------------------------- Registrant's telephone number, including area code None -------------------------------------------------------------- (Former name or former address, if changed since last report.) Item 7. Financial Statements and Exhibits. (c) Exhibits 99.1 Press Release issued by ANADIGICS, Inc. dated April 26, 2004. Item 12. Results of Operations and Financial Condition. On April 26, 2004, ANADIGICS, Inc. issued a press release announcing its financial results for the first quarter 2004. A copy of the press release is furnished as Exhibit 99.1. The information in this Form 8-K and the attached Exhibit shall not be deemed "filed" for purposes of Section 18 of the Securities and Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing. 2 ANADIGICS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except share and per share amounts)
April 3, 2004 December 31, 2003 -------------------- ----------------- Assets Current assets: Cash, short-term investments, and cash equivalents $ 64,329 $ 72,655 Accounts receivable 11,110 12,074 Inventory 12,444 10,321 Prepaid expenses and other current assets 5,213 3,243 -------------------- ----------------- Total current assets 93,096 98,293 Marketable securities 45,074 48,975 Plant and equipment, net 51,246 55,242 Goodwill and other intangibles, net of amortization 6,335 1,788 Other assets 3,315 3,600 -------------------- ----------------- $ 199,066 $ 207,898 ==================== ================= Liabilities and stockholders' equity Current liabilities: Accounts payable $9,645 $9,497 Accrued liabilities 4,225 5,618 Accrued restructuring costs 1,575 1,994 Current maturities of capital lease obligations 66 84 -------------------- ----------------- Total current liabilities 15,511 17,193 Other long-term liabilities 3,018 2,959 Long-term debt, less current portion 66,700 66,700 Stockholders' equity 113,837 121,046 -------------------- ----------------- $ 199,066 $ 207,898 ==================== =================
3 ANADIGICS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands, except share and per share amounts)
Three Months Ended ------------------------------------------ April 3, 2004 Mar. 29, 2003 -------------------- ------------------- (Unaudited) (Unaudited) Net sales $ 21,195 $ 16,087 Cost of sales 19,175 16,079 -------------------- ------------------- Gross profit 2,020 8 Research and development expenses 8,902 7,157 Selling and administrative expenses 5,790 4,518 Restructuring and other charges - 625 -------------------- ------------------- Operating loss (12,672) (12,292) Interest income 659 1,013 Interest expense (940) (941) Other income (expense) 201 (21) -------------------- ------------------- Loss before income taxes (12,752) (12,241) Benefit for income taxes - - -------------------- ------------------- Net loss $ (12,752) $ (12,241) ==================== =================== Basic and diluted loss per share Net loss $ (0.40) $ (0.40) ==================== =================== Weighted average common and dilutive securities outstanding 31,657,899 30,674,033 ==================== ===================
4 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. ANADIGICS, INC. Date: April 26, 2004 By: /s/ Thomas C. Shields ---------------------------------- Name: Thomas C. Shields Title: Chief Financial Officer 5 EXHIBIT INDEX Number Description ------ ----------- 99.1 Press Release issued by ANADIGICS, Inc. dated April 26, 2004 6