Exhibit 99.1
ANADIGICS REPORTS RESULTS FOR FIRST QUARTER 2003
* Revenues $16.1 Million; GAAP EPS Loss ($0.40)
* CDMA Revenues up 30.2% over Prior Year
WARREN, NJ--April 17, 2003--ANADIGICS, Inc. (Nasdaq:ANAD), a leading supplier of
wireless and broadband communications solutions, today announced first quarter
2003 net sales of $16.1 million and EPS loss of ($0.40). This compares with
revenue and EPS loss for the fourth quarter 2002 of $18.7 million and $(0.23)
and first quarter 2002 of $19.5 million and ($0.85), respectively. During the
quarter, the company recorded a charge of $0.6 million or $0.02 per share
relating to a reduction in force in manufacturing and administration functions.
Wireless revenues were $8.6 million and were seasonally down versus the fourth
quarter 2002 of $11.2 million and slightly down versus prior year of $9.0
million. CDMA revenues of $8.2 million accounted for 95% of wireless revenues in
the first quarter 2003 compared with 92% in the last quarter, and 70% in prior
year. CDMA revenue was down sequentially by 20.6%, but was up year over year by
30.2%. TDMA revenue of $0.4 million was down sequentially by 56% and down versus
prior year by 85%.
Broadband revenues were $7.5 million, flat to last quarter, and down $3.0
million versus prior year. Cable infrastructure revenue of $4.3 million was up
sequentially by $0.7 million or 20.0% and lower by $0.6 million or 12.6% versus
prior year. Cable subscriber revenue of $3.2 million was sequentially lower by
$0.7 million or 18.5% and down by $2.4 million or 42.8% versus prior year,
reflecting the continued softness being experienced within the
telecommunications' market.
The company maintains a strong balance sheet with total cash and marketable
securities of $144.6 million at March 29, 2003.
"The company continues to manage its costs while strategically investing in
research and development as well as advanced manufacturing operations to expand
its technology base and product breadth across the wireless and broadband
product lines," remarked Dr. Bami Bastani, President & Chief Executive Officer
of ANADIGICS. "Customer feedback and design win activity remain strong at all
levels and we are optimistic that our new GSM and CDMA products will be the
major drivers of future growth."
HIGHLIGHTS OF THE QUARTER
o ANADIGICS Introduces New Packaging Technology to Address Market Trend for
Lead-Free Consumables
On April 15, 2003 ANADIGICS announced the development of a ground-breaking RF
module packaging capability which supports customer efforts to produce
'lead-free' products that meet European and Japanese environmental legislation.
ANADIGICS' new laminate-based packaging technology for radio frequency system in
package (RF SiP) modules surpasses the latest JEDEC performance requirements by
providing Level 3 moisture resistance (MSL 3) at 260(degree)C.
o ANADIGICS Acquires WLAN Power Amplifier Product Line from RF Solutions,
Inc.
On April 2, 2003, ANADIGICS announced that it has acquired the complete Wireless
Local Area Network (WLAN) power amplifier (PA) and module product lines from RF
Solutions Inc., a privately held fabless supplier of WLAN semiconductor products
based in Atlanta, Georgia. The transaction is expected to broaden ANADIGICS'
customer base and accelerate the Company's penetration into the emerging WLAN
market, while increasing its served available market. The transaction
strategically addresses IEEE 802.11b, IEEE 802.11a, and IEEE 802.11g (draft)
standards.
o ANADIGICS' Quality Management System Certified To Latest ISO Standard
On March 17, 2003, ANADIGICS announced its successful certification to ISO
9001:2000 in recognition of the Company's Quality Management System. ANADIGICS,
Inc. achieved notoriety in the industry in 1993 when it became the first GaAs
integrated circuit manufacturer to achieve ISO certification.
o ANADIGICS Introduces the World's Smallest Quad-Band Integrated RF Transmit
Module for GSM/GPRS Handsets
On February 20, 2003 ANADIGICS introduced the world's smallest integrated RF
transmit module for quad-band GSM/GPRS and GPRS/UMTS handset applications at the
3GSM World Congress. The AWT6201 PowerPlexer(TM) , housed in a 10.5mm by 11mm
module, combines ANADIGICS' competencies in InGaP HBT power amplifiers, pHEMT
antenna switches, integrated passives filters, and integrated CMOS power control
circuitry in a compact solution. The AWT6201 simplifies the development of
single-mode GPRS or dual-mode GPRS/UMTS handsets by significantly reducing
component count and size while providing consistent electrical performance and
high reliability.
o ANADIGICS Introduces Two Quad-Band Power Amplifier Modules for GSM Handsets
On February 19, 2003, ANADIGICS introduced and demonstrated two small quad-band
power amplifiers at the 3GSM World Congress. Developed using ANADIGICS' advanced
InGaP HBT technology, the AWT6123 and AWT6108 offer state-of-the-art
performance, reliability, and temperature stability. The outstanding temperature
stability provided by these power amplifiers enables GPRS Class 12 operation and
ensures industry-leading quality levels of data transfer for 3G handsets.
o ANADIGICS Introduces Four New pHEMT RF Switches
On February 19, 2003, ANADIGICS introduced four new pHEMT RF switches at the
3GSM World Congress. These high performance RF switch products address the
requirements of GSM, CDMA, EDGE, and WCDMA handsets by delivering low insertion
loss, high linearity, and high isolation. Manufactured on ANADIGICS' low cost
6-inch manufacturing platform using the
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Company's pHEMT technology, this family of RF switches delivers industry-leading
reliability and performance in low cost die and small 3mm x 3mm IC packaging.
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 (888) 562-3382 (available until
April 24)
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.
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,
2002. 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.
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