Semiconductor manufacturer ANADIGICS, Inc. (ANAD) continued its listless performance in second quarter 2013 as it registered a loss of $13.8 million or 17 cents per share. However, the reported figure was narrower than a loss of $20.9 million or 30 cents per share in the year-ago quarter. Excluding one-time items, adjusted net loss for the reported quarter came in at 14 cents per share vis-à-vis a loss of 25 cents per share in the year-earlier quarter. The adjusted loss per share for second quarter 2013 was narrower than the Zacks Consensus Estimate of a loss of 16 cents.
Total revenue for second quarter 2013 was $34.6 million, up 37.7% year over year. Cellular wireless segment contributed $18.1 million to total revenue, while legacy WiFi and infrastructure accounted for $11.4 million and $5.1 million, respectively.
Revenues improved 31% sequentially, driven by a stellar performance by legacy WiFi (up 138%). Cellular wireless segment revenues were up 10.9% sequentially, while infrastructure segment revenues declined 3.5% on lower cable TV (:CATV) subscriber revenues.
During the reported quarter, ANADIGICS continued to improve its cost structure by stringent cost-cutting initiatives, while maintaining a sharp focus on new product developments.
ANADIGICS ended the quarter with cash and equivalents of $29.0 million. Inventories decreased marginally by $0.8 million to $19.5 million or approximately 54 days. During the quarter, ANADIGICS incurred $2 million in capital expenditures while capacity utilization was 75%.
Management did not provide any specific guidance for the coming quarter. ANADIGICS expects sequential sales growth in the coming quarter with strong bookings to date, driven by design wins in cellular and WiFi products.
ANADIGICS continues to focus on three market drivers that it believes will expand its served available market. These drivers include the rapid adoption of 3G and 4G data connectivity in wireless mobile devices, expansion of wireless and CATV infrastructure to support increase data use, and proliferation of high performance WiFi connectivity in mobile devices.
ANADIGICS presently has a Zacks Rank #3 (Hold). Other players in the industry that are worth mentioning include Analog Devices, Inc. (ADI), Advanced Micro Devices, Inc. (AMD) and Applied Micro Circuits Corp. (AMCC), each carrying Zacks Rank #2 (Buy).
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