WARREN, N.J.--Anadigics Inc. here today announced a 33.7% sequential drop in revenues to $18.9 million in the second quarter, compared to $28.5 million in Q1 this year. Sales plunged 60.2% from $47.5 million in the Q2 of 2000, resulting in a net loss of $14.5 million for the just-ended quarter, excluding one-time charges, said the supplier of radio-frequency circuits.
With additional charges of $36.1 million for layoffs and other items, Anadigics posted a net loss of $55.4 million in the second quarter vs. a net income of $6.6 million in Q2 last year.
"It obviously has been a difficult year for the communications industry," said Bami Bastani, president and chief executive officer of Anadigics. "We were able to deliver revenue results that were slightly better than expectations, however, the current low production volume environment and the ramp of our HBT heteorjunction bipolar transistor module assembly process have certainly put pressure on our gross margins."
"During the quarter, we restructured the organization and we continue to take action to align our cost structure with business conditions," said the chief executive, referring to Anadigics' layoff of 65 employees, or 10% of its workforce (see June 11 story). "We remain confident that the company's gross margin target of 40-to-50% is achievable as new products are introduced, business conditions improve, and we return to normal fab utilization levels."