Anadigics, Inc., Warren, NJ, today reported net sales of $21 million and a loss of 43 cents per share (excluding special charges and amortization of intangibles) for the fourth quarter ended December 31.
The company said results were better than anticipated on the strength of increased demand in the quarter for its wireless products and through continued cost containment measures.
The results represented a 29% sequential sales increase. Sales and EPS loss in the 2000 fourth quarter were $30.7 million and 1 cent, respectively.
Anadigics this week formed a strategic alliance with Universal Communication Technology, Inc. of Taiwan for the outsourcing of its production RF testing operations to Southeast Asia, which Anadigics said will add considerable efficiencies to the company's device manufacturing and further reduce product cycle times and manufacturing costs.
In the fourth quarter, special charges of $10.7 million were recorded, including non-cash related charges of $9.5 million, resulting from the write-down of impaired assets and certain equity investments, and cash-related charges of $1.2 million.
Including these special charges and amortization of intangibles, the net loss for the fourth quarter was $24.7 million or 81 cents per share.
"We are heartened to see signs of a recovery in the cable and broadcast markets and are fully booked to meet our first quarter cable revenue target," the company said.
Anadigics expects first quarter revenue of approximately $17.5 million. The EPS loss for the first quarter, excluding any special charges, is anticipated to improve from the fourth quarter to 40 cents per share.
For a full text of the company's financial statement, click here .