Anadigics, Inc. (ANAD) Tops Q3 EPS by 9c

Anadigics, Inc. (NASDAQ: ANAD) reported Q3 EPS of $0.02, $0.09 better than the analyst estimate of ($0.07). Revenue for the quarter came in at $18.9 million versus the consensus estimate of $18.88 million.

ANADIGICS' financial outlook for Q4: Revenue is expected to increase sequentially by 8 – 12%

"ANADIGICS has made tremendous progress during the last three months towards realizing both our financial and market goals," said Ron Michels, chairman & CEO of ANADIGICS. "Our new product launches have been very well received in their targeted markets, and have led us to enjoy a significant increase in customer engagements and strategic design win activity. Due to these improvements, we believe we are on target to realize the strategic goals I outlined last June."

"I am pleased with our improving financial performance driven by a 321 basis-point increase in non-GAAP gross margin and a greater-than 18% reduction in non-GAAP operating expenses. These operational improvements helped enable net cash of $9.5 million at quarter end, and looking ahead, we expect only a modest further reduction in net cash by year end," said Terry Gallagher, vice president and CFO. "Lastly, we recently closed with Silicon Valley Bank on a new, more flexible $10 million credit facility that, if needed, provides additional capital to fund growth."

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

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