UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 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 25, 2005
Commission File Number: 0-25662
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ANADIGICS, Inc. |
|
(Exact name of registrant as specified in its
charter) |
|
Delaware |
22-2582106 |
|
(State or other jurisdiction of incorporation or
organization) |
(IRS Employer Identification Number) |
| |
|
|
141 Mt. Bethel Road, Warren, NJ 07059 |
07059 |
|
(Address of prinicipal executive offices) |
(Zip Code) |
| |
|
|
908-668-5000 |
|
(Registrants telephone number, including area
code) |
Item 2.02
Results of Operations and Financial Condition
On April
25, 2005, ANADIGICS Inc. ("ANADIGICS") is issuing a press release and holding a
conference call announcing its financial results for the quarter ending April 2,
2005. A copy of the release is furnished as Exhibit 99.1 to this Form 8-K. The
information in this Form 8-K and the Exhibit attached hereto is furnished and
shall not be deemed "filed" for purposes of Section 18 of the Securities
Exchange Act of 1934, as amended, nor shall it be deemed incorporated by
reference in any filing under the Securities Act of 1933, as amended.
Item
9.01. Financial Statements and Exhibits
(c)
Exhibits
99.1
Press release issued by ANADIGICS, Inc. dated April 25, 2005.
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.
| |
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ANADIGICS,
Inc. |
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Date:
April 25, 2005
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By:
|
/s/
Thomas Shields
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EXHIBIT
INDEX
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EXHIBIT
NO.
|
|
DESCRIPTION
|
| 99.1 |
|
Press release dated April
25, 2005, announcing ANADIGICS, Inc.'s financial results for the first
quarter ended April 2, 2005. |
ANADIGICS
REPORTS RESULTS FOR FIRST QUARTER 2005
WARREN,
NJ—April 25, 2004—ANADIGICS, Inc. (Nasdaq: ANAD), a leading supplier of wireless
and broadband communications solutions, reported first quarter 2005 net sales of
$21.8 million compared to net sales of $22.4 million in the prior quarter and
$21.2 million in the year ago quarter. The net loss for the quarter was $11.5
million or $0.34 per share compared with a net loss of $10.3 million or $0.31
per share in the prior quarter and $12.8 million or $0.40 per share in the year
ago quarter.
As of
April 2, 2005, cash and short and long-term marketable securities totaled $97.3
million compared with $104.1 million at the end of the fourth-quarter 2004.
“ANADIGICS
continues to grow its portfolio of new products, and its customer base. Our
leadership in the broadband communication market is reinforced by the recent
introduction of our active splitter for TV, DVR, & PVR applications and
receipt of production orders for our new leading-edge WiMAX power amplifiers. In
addition, we expanded our wireless product portfolio with new WCDMA and EDGE
power amplifiers, as well as our latest generation of PowerPlexer™ GSM/GPRS
integrated 6 mm by 6 mm transmit modules which we demonstrated at the 3GSM World
Congress,” said Dr. Bami Bastani, President and CEO of ANADIGICS. “While I am
encouraged by our rapid growth in these key markets, we continue to focus on new
opportunities to improve gross margins and reduce operating
expenses.”
Outlook
for Second Quarter 2005
Net sales
for the second quarter of 2005 are expected to increase by 5% - 8% compared with
the first quarter of 2005. The loss per share for the second quarter of 2005 is
expected to decrease by 3% - 6%.
RECENT
HIGHLIGHTS
April 20,
2005 - ANADIGICS Introduces 1 GHz Active Splitter for TVs, DVRs &
PVRs
ANADIGICS
announced the introduction of the APS3604 active splitter for multiple-tuner
television and set-top box applications. The highly integrated 5 mm by 5 mm
APS3604 replaces discrete low-noise amplifier (LNA) and splitter circuitry, and
provides three output paths supporting two- and three-tuner systems for signals
up to 1.1 GHz. This high level of integration reduces the component count and
PCB space requirements for advanced televisions with features such as
picture-in-picture and for multiple tuner set-top boxes with personal video
recording (PVR) and digital video recording (DVR) functionality.
April 13,
2005 - ANADIGICS Receives Production Orders for WiMAX Power
Amplifiers
ANADIGICS
announced that the Company has received production orders for the AWM6430 Indium
Gallium Phosphide (InGaP) heterojunction bipolar transistor (HBT) 3.5 GHz class
AB power amplifier (PA) for fixed point worldwide interoperability for microwave
access (WiMAX) applications. ANADIGICS is leading the market by developing a
complete portfolio of high linearity, high efficiency WiMAX power amplifiers
that support next-generation 2.5 GHz and 3.5 GHz 802.16e mobile
applications.
April 11,
2005 - ANADIGICS Ships 25 Millionth InGaP HBT WLAN Power Amplifier
ANADIGICS
announced that the Company has shipped its 25 millionth Indium Gallium Phosphide
(InGaP) heterojunction bipolar transistor (HBT) power amplifier (PA) for
wireless LAN (WLAN) applications. In less than seven months, ANADIGICS doubled
the number of its total WLAN power amplifiers shipped as the Company continues
to gain share in the WLAN PA market. The Company is expanding its presence in PC
notebook applications, as well as gaining a foothold in access point, router,
printer, and smart phone applications.
March 7,
2005 - ANADIGICS Announces Production Shipments to LG Electronics for the VX8000
EV-DO Multimedia Handset
ANADIGICS
announced that the Company is shipping production volumes of indium gallium
phosphide (InGaP) heterojunction bipolar transistor (HBT) power amplifiers (PAs)
to LG Electronics for the VX8000 CDMA phone. The VX8000 features a 1.3 megapixel
CCD camera, digital zoom, MP3 audio player, dual TFT 262 K color screens, and
1xEV-DO high speed data access compatibility.
February
14, 2005 - ANADIGICS Announces 7 mm by 7 mm GSM/GPRS/EDGE Power Amplifier
Module
ANADIGICS
announced the expansion of its GSM product portfolio with the introduction of a
new power amplifier (PA) module that supports the 2.5G Enhanced Data for Global
Evolution (EDGE) standard. The highly integrated AWT6168 quad-band PA supports
the open-loop polar EDGE modulation radio architecture, which offers the lowest
cost solution for dual-mode GSM/EDGE handsets.
February
14, 2005 - ANADIGICS Introduces New Generation 6 mm by 6 mm PowerPlexer™
Quad-Band GSM/GPRS Transmit Module
ANADIGICS
announced the introduction of a 6 mm by 6 mm integrated RF transmit module for
quad-band GSM/GPRS handset applications at the 3GSM World Congress. The AWT6202
PowerPlexer module integrates an InGaP HBT power amplifier (PA), pHEMT antenna
switch, harmonic filters, and CMOS power control circuitry in the industry's
smallest transmit module. This high level of integration simplifies handset
design, which minimizes time-to-market and development costs for new
platforms.
February
14, 2005 - ANADIGICS Introduces Industry's Most Efficient WCDMA Power Amplifier
Modules
ANADIGICS
announced a new family of 4 mm by 4 mm High-Efficiency-at-Low-Power (HELP™)
wideband CDMA (WCDMA) power amplifier (PA) modules. The AWT6270, AWT6271,
AWT6274, and AWT6275 use ANADIGICS' proprietary mode switching techniques to
enable high efficiency operation over a wide range of output power levels
resulting in a 50% reduction in average power consumption.
CONFERENCE
CALL
ANADIGICS’
senior management will conduct a conference call today at 8:30 AM Eastern time.
A live audio Webcast will be available at www.anadigics.com. A recording of the
call will be available approximately two hours after the end of the call on the
ANADIGICS Web site or by dialing (800) 938-2488 (available until May
3).
#
# #
ANADIGICS,
Inc. (Nasdaq: ANAD) designs and manufactures radio frequency integrated circuit
(RFIC) solutions for growing broadband and wireless communications markets. The
Company's innovative high frequency RFICs enable manufacturers of communications
equipment to enhance overall system performance, and reduce manufacturing cost
and time to market. By utilizing state-of-the-art manufacturing processes for
its RFICs, ANADIGICS achieves the high-volume and cost-effective products
required by leading companies in its targeted high-growth communications
markets. ANADIGICS was the first GaAs IC manufacturer to receive ISO 9001
certification and is certified to the ISO 9001:2000 and ISO 14001:1996 quality
standards.
Except
for historical information contained herein, this press release contains
forward-looking statements that involve risks and uncertainties, including, but
not limited to, order rescheduling or cancellation, changes in customers'
forecasts of product demand, timely product and process development and
protection of the associated intellectual property rights, individual product
pricing pressure, variation in production yield, changes in estimated product
lives, difficulties in obtaining components and assembly and test services
needed for production of integrated circuits, change in economic conditions of
the various markets the Company serves, as well as the other risks detailed from
time to time in the Company's reports filed with the Securities and Exchange
Commission, including the report on Form 10-K for the year ended December 31,
2004. Actual results could differ materially from the Company's forward-looking
statements. These forward-looking statements can generally be identified as such
because the context of the statement will include words such as "believe",
"anticipate", "expect", or words of similar import. Similarly, statements that
describe the Company's future plans, objectives, estimates, or goals are
forward-looking statements. Important factors that could cause actual results
and developments to be materially different from those expressed or implied by
such statements include those factors discussed herein.
ANADIGICS,
INC. |
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Consolidated
Statements of Operations |
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
(Amounts
in thousands, except per share amounts) |
|
|
|
|
|
|
|
|
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Three
Months Ended |
|
|
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April
2,2005 |
|
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April
3, 2004 |
|
| |
|
|
|
|
|
|
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Net
sales |
|
$ |
21,773 |
|
$ |
21,195 |
|
|
Cost
of sales |
|
|
19,252
|
|
|
19,175
|
|
Gross
profit |
|
|
2,521
|
|
|
2,020
|
|
Research
and development expenses |
|
|
7,862
|
|
|
8,902
|
|
Selling
and administrative expenses |
|
|
5,552
|
|
|
5,790
|
|
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Restructuring
and other charges |
|
|
(120 |
) |
|
-
|
|
Operating
loss |
|
|
(10,773 |
) |
|
(12,672 |
) |
Interest
income |
|
|
577
|
|
|
659
|
|
Interest
expense |
|
|
(1,249 |
) |
|
(940 |
) |
|
Other
(expense) income |
|
|
(6 |
) |
|
201
|
|
|
Net
loss |
|
$ |
(11,451 |
) |
$ |
(12,752 |
) |
| |
|
|
|
|
|
|
|
|
Net
loss |
|
$ |
(0.34 |
) |
$ |
(0.40 |
) |
| |
|
|
|
|
|
|
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Weighted
average common |
|
|
|
|
|
|
|
|
shares
outstanding |
|
|
33,579 |
|
|
31,658 |
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
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ANADIGICS,
INC. |
|
|
|
|
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Condensed
Consolidated Balance Sheets |
|
|
|
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|
(Amounts
in Thousands) |
|
|
|
|
|
| |
|
|
|
|
|
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April
2, 2005 |
|
December
31, 2004 |
|
Assets |
|
(Unaudited) |
|
|
|
| |
|
|
|
|
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Current
assets: |
|
|
|
|
|
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Cash
and cash equivalents |
|
$ |
7,718 |
|
$ |
11,171 |
|
|
Marketable
securities |
|
|
69,950
|
|
|
63,615
|
|
|
Accounts
receivable |
|
|
10,527
|
|
|
10,770
|
|
|
Inventory |
|
|
12,930
|
|
|
14,436
|
|
|
Prepaid
expenses and other current assets |
|
|
4,839
|
|
|
3,073
|
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Total
current assets |
|
|
105,964
|
|
|
103,065
|
|
| |
|
|
|
|
|
|
|
Marketable
securities |
|
|
19,627
|
|
|
29,265
|
|
| |
|
|
|
|
|
|
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Plant
and equipment, net |
|
|
40,193
|
|
|
43,038
|
|
| |
|
|
|
|
|
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Goodwill
and other intangibles, net of amortization |
|
|
6,248
|
|
|
6,297
|
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Other
assets |
|
|
3,878
|
|
|
4,230
|
|
| |
|
$ |
175,910 |
|
$ |
185,895 |
|
| |
|
|
|
|
|
|
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Liabilities
and stockholders’ equity |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
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Current
liabilities: |
|
|
|
|
|
|
|
Accounts
payable |
|
$ |
10,186 |
|
$ |
8,021 |
|
Accrued
liabilities |
|
|
3,981
|
|
|
4,783
|
|
Accrued
restructuring costs |
|
|
308
|
|
|
726
|
|
|
Capital
lease obligations |
|
|
12
|
|
|
18
|
|
Total
current liabilities |
|
|
14,487
|
|
|
13,548
|
|
| |
|
|
|
|
|
|
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Other
long-term liabilities |
|
|
3,056
|
|
|
3,032
|
|
Long-term
debt |
|
|
84,700
|
|
|
84,700
|
|
| |
|
|
|
|
|
|
|
|
Stockholders’
equity |
|
|
73,667
|
|
|
84,615
|
|
| |
|
$ |
175,910 |
|
$ |
185,895 |
|
| |
|
|
|
|
|
|
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