SANTA CLARA, Calif., Oct. 28 /PRNewswire-FirstCall/ -- Advanced
Analogic Technologies, Inc. ("AnalogicTech" or the "Company")
(NASDAQ:AATI), an analog semiconductor company focused on powering
innovative solutions in consumer, industrial, and telecom markets,
today reported financial results for the third quarter ended
September 30, 2009. (Logo:
http://www.newscom.com/cgi-bin/prnh/20050829/SFTU089LOGO) Net
revenue for the third quarter of 2009 was $26.1 million, an
increase of 3% over net revenue of $25.4 million for the third
quarter of 2008 and a sequential increase of 14% from net revenue
of $23.0 million for the second quarter of 2009. In accordance with
U.S. generally accepted accounting principles (GAAP), net loss for
the third quarter of 2009 was $1.0 million, or $0.02 per diluted
share. This compares to GAAP net loss of $0.7 million, or $0.02 per
diluted share for the third quarter of 2008, and GAAP net loss of
$2.5 million, or $0.06 per diluted share for the second quarter of
2009. On a non-GAAP basis, excluding stock-based compensation
expense, amortization of acquired intangibles, net of taxes, net
income for the third quarter of 2009 was $0.8 million, or $0.02 per
diluted share. This compares to non-GAAP net income of $0.5
million, or $0.01 per diluted share, for the third quarter of 2008
and non-GAAP net loss of $0.8 million, or $0.02 per diluted share,
for the second quarter of 2009. Non-GAAP net income for the third
quarter of 2008 excluded stock-based compensation expense,
amortization of acquired intangibles, restructuring and other
severance-related expense, net of taxes. Non-GAAP net loss for the
second quarter of 2009 excluded stock-based compensation expense,
amortization of acquired intangibles expenses, restructuring and
other severance-related expense, net of taxes. AnalogicTech
reported gross margins of 51.2% for the third quarter of 2009,
compared to 50.0% for the third quarter of 2008 and 48.3% for the
second quarter of 2009. Non-GAAP gross margin was 51.7% for the
third quarter of 2009, compared to 51.4% for the third quarter of
2008 and 48.9% for the second quarter of 2009. The Company ended
the quarter with $103.1 million in cash, cash equivalents, and
short-term investments. "Our third quarter results exceeded
expectations for sales, gross margin and non-GAAP earnings per
share," stated Richard K. Williams, President, CEO and CTO of
AnalogicTech. "We were pleased to experience strong sequential
growth, particularly following the tremendous increase in sales
last quarter. We continued to see an increasing revenue
contribution from our battery management products, which grew by
more than 60% from last quarter. This growing business segment
expands our ability to address new applications. Revenue from our
ModularBCD products also continued to grow in the third quarter."
Business Outlook The following statements are based upon
management's current expectations. These statements are
forward-looking, and actual results may differ materially.
AnalogicTech undertakes no obligation to update these statements.
For the fourth quarter ending December 31, 2009, AnalogicTech
estimates revenue in the range of $19 million to $23 million, and
net loss in the range of $0.11 to $0.07 per diluted share on a GAAP
basis. The fourth quarter 2009 estimates include pre-tax quarterly
share-based compensation expense in the range of $1.9 to $2.1
million. Non-GAAP Reporting In addition to GAAP reporting,
AnalogicTech reports net income (loss), gross margin and earnings
(loss) per share on a non-GAAP basis. This non-GAAP earnings
information excludes certain items and their tax-related effects.
AnalogicTech believes this non-GAAP earnings information provides
meaningful insight into the Company's ongoing operational
performance and has therefore chosen to provide this information to
investors as an additional dimension of comparability to similar
companies. AnalogicTech also uses this information internally to
evaluate and manage company operations and to determine incentive
compensation. A reconciliation between GAAP and non-GAAP net income
(loss), gross margin and earnings (loss) per share is included in
the tables below. The non-GAAP information included in this press
release is not necessarily comparable to non-GAAP information of
other companies. Non-GAAP information should not be viewed as a
substitute for, or superior to, net income or other data prepared
in accordance with GAAP as measures of our profitability or
liquidity. Users of this financial information should consider the
types of events and transactions for which adjustments have been
made. Conference Call Details The AnalogicTech third quarter 2009
teleconference and webcast is scheduled to begin at 4:30 p.m.
Eastern Time on Wednesday, October 28, 2009. To participate in the
live call, analysts and investors should dial 888-549-7735 or
480-629-9858 at least ten minutes prior to the call. AnalogicTech
will also offer a live and archived webcast of the conference call,
accessible from the company's investor relations website at
http://www.aati.com/ in the "Webcasts" section. A telephonic replay
of the conference call will also be available through November 3,
2009, by dialing 800-406-7325 and entering the passcode 4169932#.
Callers outside the U.S. and Canada may access the replay by
dialing 303-590-3030 and entering the passcode 4169932#. About
Advanced Analogic Technologies, Inc.: Advanced Analogic
Technologies (AATI) develops advanced semiconductor system
solutions that play a key role in the continuing evolution of
feature-rich, energy efficient electronic devices. The company
focuses on addressing the application-specific power management
needs of consumer devices such as mobile handsets, digital cameras,
and netbooks/notebooks, as well as devices in a broad range of
industrial, medical and telecom applications. AATI also licenses
device, process, package, and application-related technologies.
Headquartered in Silicon Valley, AATI has design centers in Santa
Clara and Shanghai, and Asia-based operations and logistics. For
more information, please visit http://www.analogictech.com/.
(AnalogicTech - F) "Safe Harbor" Statement Under the Private
Securities Litigation Reform Act of 1995 Statements contained in
this release that are not historical facts are forward-looking
statements, as that term is defined in the Private Securities
Litigation Reform Act of 1995. Forward-looking statements,
including financial projections and forecasts, involve risks and
uncertainties that could cause AnalogicTech's actual results to
differ materially from our current expectations. Factors that could
cause AnalogicTech's results to differ materially from those set
forth in these forward-looking statements include customers'
cancellation or modification of their orders; our failure to
accurately forecast demand for our products; the loss of, or a
significant reduction in orders from, any of our significant
customers; consumer demand for cellular phones and other mobile
consumer electronic devices; worldwide economic and political
conditions, particularly in Asia; our ability to manage inventory
levels, fluctuations in our operating results; our inability to
develop and sell new products; defects in or failures of our
products; the expense and uncertainty involved in our customer
design-win efforts; the financial viability of the distributors of
our products; fluctuations in our costs to manufacture our
products; our reliance on third parties to manufacture, test,
assemble and ship our products; our ability to retain and attract
key personnel; our ability to compete with our competitors; and our
ability to protect our intellectual property rights and not
infringe the intellectual property rights of others. Other factors
that may cause our actual results to differ from those set forth in
the forward-looking statements contained in this press release and
that may affect our prospects in general are described in our
filings with the Securities and Exchange Commission, including our
Annual Report on Form 10-K/A for the year ended December 31, 2008.
AnalogicTech undertakes no obligation to update or revise
forward-looking statements to reflect subsequent events or changed
assumptions or circumstances. AnalogicTech and the AnalogicTech
logo are trademarks of Advanced Analogic Technologies, Inc. All
other brand and product names appearing in this document are
registered trademarks or trademarks of their respective holders.
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands)
Sep. 30, Dec. 31 2009 2008(*) ---- ---- ASSETS CURRENT ASSETS Cash
and cash equivalents $35,120 $52,094 Short-term investments 68,007
57,443 ------ ------ Total cash, cash equivalents and short term
investments 103,127 109,537 Accounts receivable, net of allowances
14,030 6,654 Inventories 9,366 9,016 Prepaid expenses and other
current assets 3,454 2,100 ----- ----- Total current assets 129,977
127,307 Property and equipment, net 4,522 5,050 Other assets 3,100
4,060 Deferred income taxes - noncurrent 301 327 Intangible assets,
net 154 395 Goodwill 16,116 16,116 ------ ------ TOTAL ASSETS
$154,170 $153,255 ======== ======== LIABILITIES AND STOCKHOLDERS'
EQUITY CURRENT LIABILITIES Accounts payable $11,033 $4,601 Accrued
liabilities 4,117 3,739 Income tax payable 22 127 --- --- Total
current liabilities 15,172 8,467 Long-term income tax payable 4,601
3,326 Other long-term liabilities 267 228 --- --- Total liabilities
20,040 12,021 ------ ------ Total stockholders' equity 134,130
141,234 ------- ------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$154,170 $153,255 ======== ======== * Amounts as of December 31,
2008 were derived from the December 31, 2008 audited consolidated
financial statements included in our Form 10-K/A. CONDENSED
CONSOLIDATED STATEMENT OF OPERATIONS (in thousands, except per
share amounts) (unaudited) Three Months Ended Nine Months Ended
------------------ ----------------- Sep. 30, Sep. 30, Jun. 30,
Sep. 30, Sep. 30, 2009 2008 2009 2009 2008 (as (as restated)
restated) (1) (1) -------- -------- -------- -------- -------- NET
REVENUE $26,140 $25,436 $22,978 $65,667 $71,711 Cost of revenue
12,763 12,716 11,882 33,763 35,258 ------ ------ ------ ------
------ GROSS PROFIT 13,377 12,720 11,096 31,904 36,453 OPERATING
EXPENSES: Research and development 6,928 7,506 6,808 20,319 23,228
Sales, general and administrative 6,337 6,191 6,281 18,047 19,257
Patent litigation 1,013 243 385 1,699 987 ----- --- --- ----- ---
Total operating expenses 14,278 13,940 13,474 40,065 43,472 ------
------ ------ ------ ------ LOSS FROM OPERATIONS (901) (1,220)
(2,378) (8,161) (7,019) OTHER INCOME, NET 141 723 315 809 2,633 ---
--- --- --- ----- LOSS BEFORE INCOME TAXES (760) (497) (2,063)
(7,352) (4,386) PROVISION FOR INCOME TAXES 256 207 426 1,361 292
--- --- --- ----- --- NET LOSS $(1,016) $(704) $(2,489) $(8,713)
$(4,678) ======= ===== ======= ======= ======= NET LOSS PER SHARE:
Basic $(0.02) $(0.02) $(0.06) $(0.20) $(0.10) ====== ====== ======
====== ====== Diluted $(0.02) $(0.02) $(0.06) $(0.20) $(0.10)
====== ====== ====== ====== ====== WEIGHTED AVERAGE SHARES USED IN
NET LOSS PER SHARE CALCULATION: Basic 42,956 45,781 42,938 42,982
45,654 ====== ====== ====== ====== ====== Diluted 42,956 45,781
42,938 42,982 45,654 ====== ====== ====== ====== ====== Note:
Stock-based compensation recorded in each expense classification
above is as follows: Cost of revenue $79 $113 $84 $227 $309
Research and development 767 930 733 2,199 2,767 Sales, general and
administrative 873 743 829 2,514 3,055 --- --- --- ----- -----
$1,719 $1,786 $1,646 $4,940 $6,131 ====== ====== ====== ======
====== (1) Our condensed consolidated statements of operations for
the three and nine months ended September 30, 2008 reflect
increases to stock-based compensation expense and related tax
effects recorded in connection with the restatement of our
consolidated financial statements for the 2008 fiscal year. Please
refer to Form 10-K/A, filed with the Securities and Exchange
Commission on October 6, 2009 for further discussion. Financial
Summary (Non-GAAP) (in thousands, except per share amounts)
(unaudited) Three Months Ended GAAP TO NON-GAAP RECONCILIATION Sep.
30, Sep. 30, Jun. 30, 2009 2008 2009 ---- ---- ---- GROSS MARGIN:
------------- GROSS MARGIN $13,377 $12,720 $11,096 GROSS MARGIN %
51.2% 50.0% 48.3% Amortization of acquired intangibles 54 242 54
Stock-based compensation 79 113 84 NON-GAAP GROSS MARGIN 13,510
13,075 11,234 NON-GAAP GROSS MARGIN % 51.7% 51.4% 48.9% NET LOSS:
--------- NET LOSS: $(1,016) $(704) $(2,489) Stock-based
compensation 1,719 1,786 1,646 Amortization of acquired intangibles
64 290 64 Restructuring and other severance expenses - 16 3
Associated tax effects of above adjustments (326) (875) (307)
Deferred tax asset valuation allowance 326 - 307 --- --- --- Total
adjustments 1,783 1,217 1,713 ----- ----- ----- NET INCOME (LOSS)
ON NON-GAAP BASIS: $767 $513 $(776) ==== ==== ===== EPS: ---- GAAP
EPS, DILUTED $(0.02) $(0.02) $(0.06) NON-GAAP EPS, DILUTED $0.02
$0.01 $(0.02) Weighted average shares used to calculate Non-GAAP
diluted EPS: 44,338 47,198 42,938
http://www.newscom.com/cgi-bin/prnh/20050829/SFTU089LOGO
http://photoarchive.ap.org/ DATASOURCE: Advanced Analogic
Technologies, Inc. CONTACT: Investors, Brian McDonald, Chief
Financial Officer of AnalogicTech, +1-408-737-4788; or Lisa
Laukkanen of The Blueshirt Group, +1-415-217-4967, for AnalogicTech
Web Site: http://www.analogictech.com/
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