SANTA CLARA, Calif., Feb. 4 /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 fourth quarter and fiscal
year ended December 31, 2009. (Logo:
http://www.newscom.com/cgi-bin/prnh/20050829/SFTU089LOGO) Net
revenue for the fourth quarter of 2009 was $20.8 million, an
increase of 12% over net revenue of $18.6 million for the fourth
quarter of 2008 and a sequential decrease of 20% from net revenue
of $26.1 million for the third quarter of 2009. Net revenue for the
fiscal year ended December 31, 2009, was $86.5 million, down 4%
from net revenue of $90.3 million for 2008. In accordance with U.S.
generally accepted accounting principles (GAAP), net loss for the
fourth quarter of 2009 was $4.0 million, or $0.09 per diluted
share. This compares to GAAP net loss of $15.4 million, or $0.34
per diluted share for the fourth quarter of 2008, and GAAP net loss
of $1.0 million, or $0.02 per diluted share for the third quarter
of 2009. Net loss for fiscal year 2009 was $12.7 million, or $0.29
per diluted share, compared to net loss of $20.1 million, or $0.44
per diluted share for fiscal year 2008. On a non-GAAP basis,
excluding stock-based compensation expense, amortization of
acquired intangibles, net loss for the fourth quarter of 2009 was
$2.0 million, or $0.05 per diluted share. This compares to non-GAAP
net loss of $3.3 million, or $0.07 per diluted share, for the
fourth quarter of 2008 and non-GAAP net income of $0.8 million, or
$0.02 per diluted share, for the third quarter of 2009. Non-GAAP
net loss for the fourth quarter of 2008 excluded stock-based
compensation expense, amortization of acquired intangibles, the
intangible asset impairment charge, an impairment loss on a private
equity investment, restructuring and other severance-related
expenses, and the charge to increase the deferred tax asset
valuation allowance. Non-GAAP net income for the third quarter of
2009 excluded stock-based compensation expense and amortization of
acquired intangibles. Non-GAAP net loss for fiscal year 2009 was
$5.4 million, or $0.13 per diluted share compared to non-GAAP net
loss of $2.6 million, or $0.06 per diluted share for fiscal year
2008. Non-GAAP net loss for fiscal year 2009 excluded stock-based
compensation expense, amortization of acquired intangibles,
restructuring and other severance related expenses, net of taxes.
Non-GAAP net loss for fiscal year 2008 excluded stock-based
compensation expense, amortization of acquired intangibles, the
intangible asset impairment charge, in-process research and
development expense, an impairment loss on a private equity
investment, restructuring and other severance related expenses, net
of taxes, and the charge to increase the deferred tax asset
valuation allowance. AnalogicTech reported gross margins of 47.6%
for the fourth quarter of 2009, compared to 38.0% for the fourth
quarter of 2008 and 51.2% for the third quarter of 2009. Non-GAAP
gross margin was 48.1% for the fourth quarter of 2009, compared to
43.3% for the fourth quarter of 2008 and 51.7% for the third
quarter of 2009. The Company ended the fourth quarter of 2009 with
$102.0 million in cash, cash equivalents, and short-term
investments. "Our fourth quarter results were largely in line with
expectations," stated Richard K. Williams, President, CEO and CTO
of AnalogicTech. "We were pleased to see continued growth in the
Taiwan market where we retooled our product offering and
experienced strong sales traction in non-handset products. During
the quarter, we remained focused on managing our solid balance
sheet and lowered inventories and accounts receivables." "Despite
the challenging economic environment that persisted throughout much
of 2009, we made significant progress on our product
diversification strategy and introduced 77 new products and
increased design activities for products for large screen LCDs and
HDTVs. At the same time, we expanded our dollar content in handsets
and Mobile Internet Devices through higher value integrated
solutions for lighting, power management, voltage regulation and
battery management. Heading into 2010, we have increasing momentum
across a number of our end markets." 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 first quarter ending March 31, 2010,
AnalogicTech estimates revenue in the range of $21 million to $23
million, and net loss in the range of $0.12 to $0.10 per diluted
share on a GAAP basis. The first quarter 2010 estimates include
pre-tax quarterly share-based compensation expense in the range of
$1.4 to $1.6 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 fourth quarter and
fiscal 2009 teleconference and webcast is scheduled to begin at
4:30 p.m. Eastern Time on Thursday, February 4, 2010. To
participate in the live call, analysts and investors should dial
877-941-4774 or 480-629-9760 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 February 10, 2010 by dialing 800-406-7325 or
303-590-3030, and entering the passcode 4203709. 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) Dec. 31, Dec. 31, 2009 2008(*) ---- ----
ASSETS CURRENT ASSETS Cash and cash equivalents $36,120 $52,094
Short-term investments 65,883 57,443 ------ ------ Total cash, cash
equivalents and short term investments 102,003 109,537 Accounts
receivable, net of allowances 9,348 6,654 Inventories 7,234 9,016
Prepaid expenses and other current assets 4,291 2,100 ----- -----
Total current assets 122,876 127,307 Property and equipment, net
4,607 5,050 Other assets 3,110 4,060 Deferred income taxes -
noncurrent 318 327 Intangible assets, net 117 395 Goodwill 16,116
16,116 -------- -------- TOTAL ASSETS $147,144 $153,255 ========
======== LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES
Accounts payable $6,614 $4,601 Accrued liabilities 3,726 3,739
Income tax payable 114 127 --- --- Total current liabilities 10,454
8,467 Long-term income tax payable 4,365 3,326 Other long-term
liabilities 275 228 --- --- Total liabilities 15,094 12,021 ------
------ Total stockholders' equity 132,050 141,234 ------- -------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $147,144 $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 Three Months Ended Ended Years Ended Dec.
31, Dec. 31, Sep. 30, Dec. 31, Dec. 31, 2009 2008 2009 2009 2008
---- ---- ---- ---- ---- NET REVENUE $20,845 $18,629 $26,140
$86,512 $90,339 Cost of revenue 10,923 11,547 12,763 44,686 46,805
------ ------ ------ ------ ------ GROSS PROFIT 9,922 7,082 13,377
41,826 43,534 OPERATING EXPENSES: Research and development 7,149
7,351 6,928 27,468 30,579 Sales, general and administrative 6,085
6,189 6,337 24,132 25,446 Patent litigation 1,346 764 1,013 3,045
1,751 ----- --- ----- ----- ----- Total operating expenses 14,580
14,304 14,278 54,645 57,776 ------ ------ ------ ------ ------ LOSS
FROM OPERATIONS (4,658) (7,222) (901) (12,819) (14,242) OTHER
INCOME, NET 106 42 141 915 2,675 --- --- --- --- ----- LOSS BEFORE
INCOME TAXES (4,552) (7,180) (760) (11,904) (11,567) PROVISION FOR
INCOME TAXES (592) 8,215 256 769 8,507 ---- ----- --- --- ----- NET
LOSS $(3,960) $(15,395) $(1,016) $(12,673) $(20,074) =======
======== ======= ======== ======== NET LOSS PER SHARE: Basic 42,947
45,183 42,956 42,973 45,535 ====== ====== ====== ====== ======
Diluted 42,947 45,183 42,956 42,973 45,535 ====== ====== ======
====== ====== WEIGHTED AVERAGE SHARES USED IN NET LOSS PER SHARE
CALCULATION: Basic $(0.09) $(0.34) $(0.02) $(0.29) $(0.44) ======
====== ====== ====== ====== Diluted $(0.09) $(0.34) $(0.02) $(0.29)
$(0.44) ====== ====== ====== ====== ====== Note: Stock-based
compensation expense recorded in each expense classification above
is as follows: Cost of revenues $83 $119 $79 $309 $428 Research and
development 963 767 767 3,163 3,533 Sales, general and
administrative 942 803 873 3,456 3,860 --- --- --- ----- -----
$1,988 $1,689 $1,719 $6,928 $7,821 ====== ====== ====== ======
====== Financial Summary (Non-GAAP) (in thousands, except per share
amounts) (unaudited) Three Months GAAP TO NON-GAAP Three Months
Ended Ended Years Ended RECONCILIATION Dec. 31, Dec. 31, Sep. 30,
Dec. 31, Dec. 31, 2009 2008 2009 2009 2008 ---- ---- ---- ---- ----
GROSS MARGIN: ------------- GAAP GROSS MARGIN $9,922 $7,082 $13,377
$41,826 $43,534 GAAP GROSS MARGIN % 47.6% 38.0% 51.2% 48.3% 48.2%
Amortization of acquired intangibles 18 242 54 176 968 Intangible
asset impairment charge - 627 - - 627 Stock-based compensation 83
119 79 309 428 NON-GAAP GROSS MARGIN 10,023 8,070 13,510 42,311
45,557 NON-GAAP GROSS MARGIN % 48.1% 43.3% 51.7% 48.9% 50.4% NET
INCOME (LOSS): ------------------ NET LOSS ON GAAP BASIS: $(3,960)
$(15,395) $(1,016) $(12,673) $(20,074) Stock-based compensation
1,988 1,689 1,719 6,928 7,821 Amortization of acquired intangibles
21 290 64 212 1,160 Intangible asset impairment charge - 755 - -
755 In-process research and development - - - - 255 Impairment loss
on private equity investment - 508 - - 508 Restructuring and other
severance expenses - 482 - 127 665 Associated tax effects of above
adjustments (359) (745) (326) (1,324) (2,803) Deferred tax asset
valuation allowance 359 9,083 326 1,281 9,083 --- ----- --- -----
----- Total adjustments 2,009 12,062 1,783 7,224 17,444 -----
------ ----- ----- ------ NET INCOME (LOSS) ON NON-GAAP BASIS:
$(1,951) $(3,333) $767 $(5,449) $(2,630) ======= ======= ====
======= ======= EPS: ---- GAAP EPS, DILUTED $(0.09) $(0.34) $(0.02)
$(0.29) $(0.44) NON-GAAP EPS, DILUTED $(0.05) $(0.07) $0.02 $(0.13)
$(0.06) Weighted average shares used to calculate Non-GAAP diluted
EPS: 42,947 45,183 44,338 42,973 45,535
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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