) continued its listless performance in third quarter 2013 as it
registered a loss of $11.2 million or 13 cents per share.
However, the reported figure was narrower than a loss of $17.0
million or 24 cents per share in the year-ago quarter.
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Excluding one-time items, adjusted net loss for the reported
quarter came in at 11 cents per share vis-à-vis a loss of 21
cents per share in the year-earlier quarter. The adjusted loss
per share for third quarter 2013 was narrower than the Zacks
Consensus Estimate of a loss of 14 cents.
Total revenue for third quarter 2013 was $37.0 million, up 29.2%
year over year. Cellular wireless segment contributed $23.0
million to total revenue, while legacy WiFi and Infrastructure
accounted for $10.0 million and $4.0 million, respectively.
Revenues improved 7.1% sequentially, driven by a stellar
performance by Cellular wireless segment (up 27.8%). Legacy WiFi
segment revenues were down 12.4% sequentially, while
Infrastructure segment revenues declined 22.7% on lower spending
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. Gross
profit improved by $2.5 million sequentially to $4.4 million,
while gross margin for the quarter increased 640 basis points on
a sequential basis to 11.9%. The margin improvement was primarily
driven by higher manufacturing throughput and other operational
efficiencies with an optimization of ILD technology, higher
yields, larger volumes of newer products and improvement on
ANADIGICS ended the quarter with cash and equivalents of $26.2
million. Inventories stood at $22.7 million or approximately 59
days. During the quarter, ANADIGICS incurred $1.7 million in
capital expenditures while capacity utilization was 70%.
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
Amkor Technology, Inc.
Cirrus Logic Inc.
), each carrying a Zacks Rank #2 (Buy).