Saddled with lagging revenues in its wireless sector, Anadigics Inc., Warren, NJ, reported net sales of $30.7 million for the fourth quarter ended December 31, 2000, a 24% decline from the $40.1 million reported in the fourth quarter of 1999.
The company reported a net loss of $0.3 million and a loss per share of 1 cent, compared with a prior-year net income of $4.4 million and diluted earnings per share of 15 cents.
Sequentially, net sales were down 40% from the 2000third quarter.
The fourth quarter revenues reflect continuing changes in the communications markets and further inventory corrections at major customers. Broadband revenues were $23.8 million, a 36% increase from the prior year and a 22% decline from the third quarter. As expected, wireless revenues in the fourth quarter were $6.9 million, down 70% from the same period last year and 67% from the third quarter.
Despite a weak fourth quarter, Anadigics' full-year 2000 net sales were a record $172.3 million, up 31% from the $131.2 million reported for the full-year 1999. Broadband revenues amounted to $95.7 million, or 56% of total sales, a 36% increase from 1999. Wireless revenues of $76.5 million increased 26% from 1999.
For the year 2000, net income increased 91% to a record $18.9 million, and diluted earnings per share of 60 cents increased 54% from 1999 (excluding special pretax charges).
"Despite a disappointing fourth quarter, the year as a whole was quite successful for Anadigics," said Dr. Bami Bastani, president and chief executive, in a released statement. "We continue to focus on introduction of new products and diversification of our customer base and the results of our efforts are expected to materialize in the first half of 2001."