) continued its dismal performance in first quarter 2013 as it
registered a loss of $19.0 million or 26 cents per share compared
to a loss of $15.8 million or 23 cents per share in the year-ago
quarter. Excluding one-time items, adjusted net loss for the
reported quarter came in at 20 cents per share vis-à-vis a loss
of 21 cents per share in the year-earlier quarter. The adjusted
loss per share for first quarter 2013 was narrower than the Zacks
Consensus Estimate of a loss of 23 cents.
Total revenue for first quarter 2013 was $26.4 million, down 7.2%
year over year. Cellular wireless segment contributed $16.3
million to the total revenue, while legacy WiFi and
infrastructure accounted for $4.8 million and $5.3 million,
Sequential revenues declined 13.4%, driven by a seasonal fall of
31.6% in cellular wireless segment revenues. Infrastructure
segment revenue decreased 5.7% on lower cable TV (CATV)
subscriber revenue. However, WiFi experienced strong market
demand for more than a 300% sequential revenue growth of over
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. Workforce
reduction resulted in a $1.9 million restructuring charge in the
In addition to a diligent execution of cost reductions, ANADIGICS
improved its liquidity through secondary offering of 10 million
shares for approximately $18.4 million. Subsequent to the
quarter-end, the company realized an additional $1.3 million in
proceeds as the underwriters exercised over-allotment options of
ANADIGICS ended the quarter with cash and equivalents of $35.1
million. During the quarter, ANADIGICS incurred $1.5 million in
capital expenditures while capacity utilization was 65%.
Going forward, management did not provide any specific guidance
for the coming quarter. ANADIGICS expects sequential growth in
the coming quarter with strong bookings to date, driven by design
wins of 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 worth mentioning include
Freescale Semiconductor, Ltd.
ARM Holdings plc
Spreadtrum Communications Inc.
), each carrying a Zacks Rank #1 (Strong Buy).
ANADIGICS CORP (ANAD): Free Stock Analysis
ARM HOLDNGS ADR (ARMH): Free Stock Analysis
FREESCALE SEMI (FSL): Free Stock Analysis
SPREADTRUM-ADR (SPRD): Free Stock Analysis
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