) recently announced that Thomas Shields has resigned from the
positions of Chief Operating Officer, Executive Vice President,
Chief Financial Officer and Secretary, effective November 14, 2011.
Terrence Gallagher, who currently serves as Vice President, Finance
and Controller, has been promoted to the positions of Vice
President and Chief Financial Officer.
Meanwhile, Mr. Shields has agreed to provide consulting services
to the company for a certain period to ensure an orderly
Last month, ANADIGICS reported net sales of $37.3 million in the
third quarter of 2011, up 4.7% sequentially but down 39.2% year
over year. The improvement in revenues was due to quarterly
increases in market share with a number of key wireless customers,
which offset the previously expected quarterly declines with
Research In Motion
Coming to revenue mix, wireless revenues accounted for 75% of
total revenue while broadband accounted for the remaining 25%.
Wireless revenues came in at $28 million, up 9.1% sequentially.
Broadband revenue of $9.3 million was down 6.1% sequentially,
primarily due to a decline in WiMAX revenues while all other
product lines were flat. The top customers in the third quarter
were Samsung, ZTE, RIMM,
), Huawei, LG, World Peace Group, and Richardson Electronics.
Gross margin came in at 20%, flat with the last quarter. Net
loss came in at $10.0 million or ($0.15) per diluted share compared
to a net income of $2.3 million or $0.03 per share and a net income
of $13.0 million or $0.19 per diluted share in the previous
quarter. The reported figure was better than the Zacks Estimate of
The company used $0.8 million of cash in operating activities
and used $1.5 million in capital expenditures.
ANADIGICS ended the quarter with cash, cash equivalents, and
marketable securities of $100.6 million, down from $103.4 million
at the end of the previous quarter.
We continue to maintain a Neutral recommendation on ANADIGICS.
Our recommendation is supported by a Zacks #3 Rank, which
translates into a short-term rating of Neutral.
(We are reissuing this article to correct an inaccuracy. The
older version, released November 15, should no longer be relied
ANADIGICS CORP (
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