) continued its listless performance in second quarter 2013 as it
registered a loss of $13.8 million or 17 cents per share.
However, the reported figure was narrower than a loss of $20.9
million or 30 cents per share in the year-ago quarter. Excluding
one-time items, adjusted net loss for the reported quarter came
in at 14 cents per share vis-à-vis a loss of 25 cents per share
in the year-earlier quarter. The adjusted loss per share for
second quarter 2013 was narrower than the Zacks Consensus
Estimate of a loss of 16 cents.
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ANADIGICS CORP (ANAD): Free Stock Analysis
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Total revenue for second quarter 2013 was $34.6 million, up 37.7%
year over year. Cellular wireless segment contributed $18.1
million to total revenue, while legacy WiFi and infrastructure
accounted for $11.4 million and $5.1 million, respectively.
Revenues improved 31% sequentially, driven by a stellar
performance by legacy WiFi (up 138%). Cellular wireless segment
revenues were up 10.9% sequentially, while infrastructure segment
revenues declined 3.5% on lower cable TV (CATV) subscriber
During the reported quarter, ANADIGICS continued to improve its
cost structure by stringent cost-cutting initiatives, while
maintaining a sharp focus on new product developments.
ANADIGICS ended the quarter with cash and equivalents of $29.0
million. Inventories decreased marginally by $0.8 million to
$19.5 million or approximately 54 days. During the quarter,
ANADIGICS incurred $2 million in capital expenditures while
capacity utilization was 75%.
Management did not provide any specific guidance for the coming
quarter. ANADIGICS expects sequential sales growth in the coming
quarter with strong bookings to date, driven by design wins in
cellular and WiFi products.
ANADIGICS continues to focus on three market drivers that it
believes will expand its served available market. These drivers
include the rapid adoption of 3G and 4G data connectivity in
wireless mobile devices, expansion of wireless and CATV
infrastructure to support increase data use, and proliferation of
high performance WiFi connectivity in mobile devices.
ANADIGICS presently has a Zacks Rank #3 (Hold). Other players in
the industry that are worth mentioning include
Analog Devices, Inc.
Advanced Micro Devices, Inc.
Applied Micro Circuits Corp.
), each carrying Zacks Rank #2 (Buy).