UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 26, 2004
ANADIGICS, INC.
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(Exact name of registrant as specified in its charter)
Delaware 0-25662 22-2582106
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(State or other jurisdiction (Commission File (I.R.S. Employer
of incorporation) Number) Identification No.)
35 Technology Drive
Warren, New Jersey 07059
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(Address of principal executive offices) (Zip Code)
(908) 668-5000
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Registrant's telephone number, including area code
None
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(Former name or former address, if changed since last report.)
Item 7. Financial Statements and Exhibits.
(c) Exhibits
99.1 Press Release issued by ANADIGICS, Inc. dated April 26, 2004.
Item 12. Results of Operations and Financial Condition.
On April 26, 2004, ANADIGICS, Inc. issued a press release announcing its
financial results for the first quarter 2004. A copy of the press release is
furnished as Exhibit 99.1.
The information in this Form 8-K and the attached Exhibit shall not be deemed
"filed" for purposes of Section 18 of the Securities and Exchange Act of 1934,
nor shall it be deemed incorporated by reference in any filing under the
Securities Act of 1933, except as shall be expressly set forth by specific
reference in such filing.
2
ANADIGICS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share and per share amounts)
April 3, 2004 December 31, 2003
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Assets
Current assets:
Cash, short-term investments, and cash equivalents $ 64,329 $ 72,655
Accounts receivable 11,110 12,074
Inventory 12,444 10,321
Prepaid expenses and other current assets 5,213 3,243
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Total current assets 93,096 98,293
Marketable securities 45,074 48,975
Plant and equipment, net 51,246 55,242
Goodwill and other intangibles, net of amortization 6,335 1,788
Other assets 3,315 3,600
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$ 199,066 $ 207,898
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Liabilities and stockholders' equity
Current liabilities:
Accounts payable $9,645 $9,497
Accrued liabilities 4,225 5,618
Accrued restructuring costs 1,575 1,994
Current maturities of capital lease obligations 66 84
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Total current liabilities 15,511 17,193
Other long-term liabilities 3,018 2,959
Long-term debt, less current portion 66,700 66,700
Stockholders' equity 113,837 121,046
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$ 199,066 $ 207,898
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ANADIGICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except share and per share amounts)
Three Months Ended
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April 3, 2004 Mar. 29, 2003
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(Unaudited) (Unaudited)
Net sales $ 21,195 $ 16,087
Cost of sales 19,175 16,079
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Gross profit 2,020 8
Research and development expenses 8,902 7,157
Selling and administrative expenses 5,790 4,518
Restructuring and other charges - 625
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Operating loss (12,672) (12,292)
Interest income 659 1,013
Interest expense (940) (941)
Other income (expense) 201 (21)
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Loss before income taxes (12,752) (12,241)
Benefit for income taxes - -
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Net loss $ (12,752) $ (12,241)
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Basic and diluted loss per share
Net loss $ (0.40) $ (0.40)
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Weighted average common and
dilutive securities outstanding 31,657,899 30,674,033
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
ANADIGICS, INC.
Date: April 26, 2004
By: /s/ Thomas C. Shields
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Name: Thomas C. Shields
Title: Chief Financial Officer
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EXHIBIT INDEX
Number Description
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99.1 Press Release issued by ANADIGICS, Inc. dated April 26, 2004
6