Anadigics Quarterly Revenues Drop by 59% Year on Year

Anadigics, a provider of semiconductor solutions in the broadband wireless market has reported first-quarter net sales of US$30.5 million, a decrease of 33% sequentially and 59% from the first quarter of 2008. The net loss for the first quarter of 2009 was $22 million.

Industry analysts had anticipated revenues to fall further to US$29.5 million and the loss to be higher.

"Our results reflect typical wireless seasonality and the effects of the economic downturn on our cable and WiFi customers," commented Mario Rivas, President and Chief Executive Officer. "While I am not satisfied with our financial guidance for the second quarter, which continues to reflect the impact of the economic downturn on our customers, we are confident that we have the leading technologies to service our end markets and are focused on execution, both strategically and operationally. I am encouraged by our high level of design win activity and, as a result, expect a return to revenue growth in the second half of 2009."

As of April 4, 2009, cash, cash equivalents and short and long-term marketable securities totaled $132.5 million.

Outlook for the Second Quarter 2009

Net sales for the second quarter of 2009 are expected to decline approximately 8% to 10% from the first quarter of 2009.

Posted to the site on 29th April 2009