Anadigics, Inc. (ANAD) Reports In-Line Q2 EPS

Anadigics, Inc. (NASDAQ: ANAD) reported Q2 EPS of ($0.09), in-line with the analyst estimate of ($0.09). Revenue for the quarter came in at $23.3 million versus the consensus estimate of $24.89 million.

"With the restructuring, ANADIGICS is better positioned to compete in infrastructure markets where our products are differentiated and we can be more selective in targeting mobile applications that are better aligned to our profitability objectives," said Ron Michels, chairman & CEO of ANADIGICS. "Combined with a significantly lower operating cost structure, we expect these changes in product focus to drive greater returns for our shareholders. Design-win traction with existing and new customers for both mobile and infrastructure applications has been strong and we are excited about the Company's transformation."

"In line with our strategic restructuring, we expect total revenue for the third quarter to decline sequentially by 18-20%, driven principally by reductions in legacy mobile," said Terry Gallagher, vice president and CFO. "We anticipate a sequential gross margin expansion of approximately 200 basis points resulting from a richer product mix and lower manufacturing costs. With our strategic restructuring actions and other improvements, we expect operating expenses to decline by more than 15%."

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

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