Anadigics, Inc. (ANAD) Reports In-Line Q1 EPS

Anadigics, Inc. (NASDAQ: ANAD) reported Q1 EPS of ($0.11), in-line with the analyst estimate of ($0.11). Revenue for the quarter came in at $23.3 million versus the consensus estimate of $23.5 million.

"I am encouraged by the progress we are making this year with strong design-win activity across a broader customer base," said Ron Michels, chairman & CEO of ANADIGICS. "Our improved manufacturing efficiency, substantial operating leverage and shift to a higher-margin product mix provides ANADIGICS with a foundation for profitable growth."

"ANADIGICS' non-GAAP gross margin increased by 1,020 basis points year over year in the first quarter of 2014," said Terry Gallagher, vice president and CFO. "We delivered overall cost reduction progress ahead of our plan and are well positioned for continued improvement. For the second quarter, we expect revenues to rise by 8-12% and gross margin to expand by 250 to 550 basis points, sequentially. Concurrent with this revenue and gross margin expansion, we expect a sequential reduction in operating expenses of greater than five percent."

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

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