Anadigics (ANAD) Tops Q1 EPS by 1c

Anadigics (NASDAQ: ANAD) reported Q1 EPS of ($0.04), $0.01 better than the analyst estimate of ($0.05). Revenue for the quarter came in at $18.4 million versus the consensus estimate of $18.44 million.

"We are very pleased with the 23.3% sequential increase in Infrastructure revenues in the first quarter. The resulting financial performance was enabled by our ongoing strategic shift to an Infrastructure business model," said Ron Michels, chairman & CEO. "While we anticipate some near-term market headwinds in Infrastructure, we believe this will be temporary, and our current outlook for long-term growth remains positive."

"In line with our continued migration to a leaner Infrastructure business model, we are implementing the next phase of cost improvement measures designed to match our supply capability with demand," said Terry Gallagher, executive vice president and CFO. "These actions are expected to enable a more streamlined operating structure that lays the foundation for ANADIGICS' long-term improvement."

ANADIGICS' financial outlook for Q2:

• We anticipate a sequential revenue decline of 10-15% driven principally by a decline in Mobile of approximately 20-25% in accordance with our shift to Infrastructure. Infrastructure revenues are expected to decline sequentially by 7-9% following higher-than-expected growth in Q1 2015.
• Non-GAAP gross margin is expected to decline sequentially by 100-300 basis points on the lower expected revenue.
• Operating expenses are expected to be 5-7% lower, sequentially.

For earnings history and earnings-related data on Anadigics (ANAD) click here.

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