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Executives

Terry Gallagher - VP & CFO

Ron Michels - Chairman, President & CEO

Analysts

Quinn Bolton - Needham & Company

Paul McWilliams - Next Inning Technology Research

Aalok Shah - DA Davidson

Ryan Carver - Credit Suisse

Richard Sewell - Stephens Incorporated

Ed Snyder - Charter Equity Research

ANADIGICS, Inc. (ANAD) Q1 2013 Earnings Call April 29, 2013 5:00 PM ET

Operator

Good afternoon. My name is MJ, and I will be your conference operator today. At this time, I would like to welcome everyone to the ANADIGICS First Quarter Earnings Call. All lines are placed on-mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. (Operator Instructions) Thank you.

I will now turn the call over to your host, Mr. Terry Gallagher, Vice President and CFO of ANADIGICS. You may begin your conference.

Terry Gallagher

Thank you, MJ. Good afternoon, everyone, and welcome to ANADIGICS’ first quarter 2013 conference call. With me today is Ron Michels, our Chairman, CEO and President.

During the call, we will make forward-looking statements about our business. I must remind you that actual results could differ materially from our projections based on various risk factors including those described in the press release issued earlier today and our reports on Forms 10-K, 10-Q and other filings with the Securities and Exchange Commission.

All numbers during the call will be presented on a non-GAAP basis. Non-GAAP financial measures exclude equity compensation charges, restructuring charges and others specifically identified non-routine items, including the first quarter restructuring charge of $1.9 million and a charge of $0.7 million for repair and scrap from the accelerated production ramp during the quarter. The non-GAAP measures are provided to enhance the understanding of our core operating performance. A full reconciliation of these non-GAAP measures to our GAAP results was presented in our press release.

With that said, I will begin with our financial discussion. For the first quarter of 2013, our revenue totaled $26.4 million, comprised of $16.3 million in Cellular; $5.3 million in Infrastructure and $4.8 million in WiFi. That represents an overall sequential decline of 13.4% driven by Cellular’s seasonal decline of 31.6%. Infrastructure declined by 5.7% on lower CATV subscriber revenue. Offsetting some of this seasonality however, we experienced strong market demand for our 802.11 front-end ICs that resulted in WiFi sequential revenue growth of over $3.7 million; more than 300%.

For the quarter, we had three greater than 10% customers; Samsung, Murata and Huawei and another four customers between 5% and 10%; Cisco, ZTE, World Peace and Richardson Electronics. Despite the sequential decline in revenue, our gross margin remained positive for the quarter at roughly 1% comparing reasonably with Q4’s 2.5%. This was attributable to a more favorable product mix in the quarter. As we look ahead for 2013, we expect revenue growth to be the prime driver of margin improvement.

Research and development expenses were sequentially flat at $9.9 million, maintaining the cost improvements we put in place in 2012. During the first quarter, we continued to improve our cost efficiency via select cost reductions while retaining a sharp focus on new product development. Selling and administrative expenses increased 6% sequentially to $5.2 million as we invested in the WiFi sales efforts.

The net loss for the quarter was $14.8 million or $0.20 per share. Our EBITDA loss was $11.1 million, which we expect will improve as revenues and margins rise. In the cost area, and as previously identified, we implemented further workforce reduction resulting in a $1.9 million restructuring charge in the quarter. While this required some upfront cash, it improves our cost structure and business leverage. We remain diligent in capturing efficiencies, but we’ll also continue to act decisively to capitalize on growth opportunities.

Also during the quarter, we raised approximately $18.4 million in equity through the issuance of 10 million shares. After quarter-end, we realized an additional $1.3 million in proceeds as the underwriters exercised just over 700,000 shares of their overall allotment; solidifying our cash and equity base allows us to capitalize on growth opportunities add the inventories fueling Q2 growth and expand capacity for our unique ILD process.

During the quarter, cash was used to fund the EBITDA loss and restructuring payments of around $1.5 million. At the same time, we grew current assets by $3.3 million through increased accounts receivable, inventory, the prepayment of our annual insurance. Also in the quarter, capital spending was $1.5 million. These investments support our WiFi and Cellular product ramps and position the company for growth.

We finished the quarter with a solid balance sheet including cash and marketable securities at $50.9 million; accounts receivables grew slightly by $0.5 million to $12.7 million, as sales accelerated as the quarter went on.

Quarter-end receivables approximated 43 days sales. Inventories increased by $1.5 million to $20.3 million to address our expected Q2 revenue growth and support our customers’ quick turn needs. For the quarter, our inventory approximated 67 days. Depreciation expense declined slightly to $3.8 million and capacity utilization in the quarter approximated 65%.

I am pleased with the progress we have made in the quarter, specifically in WiFi revenue growth and reductions to our cost structure. As in past quarters, we are not providing specific guidance, however for the second quarter we are seeing strong booking to-date driven by design wins for our Cellular and WiFi products.

I would now like to turn the call over to Ron for more on our products and growth strategy.

Ron Michels

Great. Thank you Terry and good afternoon everyone. While we have experienced seasonality in the first quarter, we also made significant progress in positioning the company for growth throughout 2013. We attribute the increase in customer demand to our aggressive growth strategy which leverages innovative new products in high growth markets and strong industry relationships.

To provide a strong foundation for both short and long-term growth, we remain sharply focused on three drivers that expand our served available market and are capable of driving significant product ramps. The first driver is the rapid adoption of WiFi connectivity across an expanding array of applications. The second driver is the acceleration of data consumption and adoption of 3G and 4G connectivity in wireless mobile devices. And the third driver is the expansion of infrastructure networks to support greater bandwidth and wireless data use.

We believe our solid execution on addressing these three market drivers has placed our business on a growth trajectory as we capture design wins by getting superior products into customer’s hands quickly for feedback and refinement. This is exemplified by the significant traction in our new WiFi and Cellular products including our strong position at Samsung, where we have more content on the S4, the Galaxy S4 than we did on the S3.

I would like to now to share with you some highlights from the first quarter and discuss our forward momentum. The WiFi group continues to secure design wins and is ramping production of our 802.11n and 11ac front-end ICs. These front-end solutions are optimized to deliver exceptional performance and integration advantages for mobile, connectivity infrastructure segments. Specifically, they offer the best combination of linearity, efficiency, thermal characteristics. This ensures stable, high throughput connectivity at extended range; it also extends battery life in power hungry mobile devices and improves thermal management in MIMO infrastructure devices that use multiple FEICs.

And customer interest in this product line is outstanding. These FEICs are specified on several reference designs by leading WiFi chipset manufacturers. This is creating significant end-customer demand and we are now shipping production volumes for smartphones such as the Samsung Galaxy S4 as well as Tablets, access points and other devices.

As recently announced, our 5 gigahertz 11ac product is embedded in a Murata module which is now in mass production in support of high volume smartphones.

Our 802.11n ICs are gaining significant design win traction at major OEMs through a variety of smartphones and tablets. A launch of these FEICs has been one of our most successful product introductions and we anticipate these ramping throughout 2013 as customer demand continues to accelerate.

Turning our attention to cellular and the cellular product group; we are also making solid progress as we continue to build momentum for our ProEficient Plus and Penta-Band products. The production ramp of these solutions as a replacement for our legacy portfolio is enriching our product mix and positioning the cellular group to contribute to the profitable growth. During the past quarter, we continue to roll out new cellular solutions including the expansion of our ProEficient Plus power amplifier family. We are leveraging our patented energy saving BiFET technology where we combine switches and power amplifiers monolithically to deliver the world’s best efficiency. This level of performance and integration has been validated by a greater than 10 design wins including multiple winds with a leading WCDMA chipset referenced design. We expect these design winds to be a growth engine for the cellular group in the second half of 2013.

Our Penta-Band multi mode power amplifier continues to ramp as manufacturers seek to leverage its space saving integration. This solution features five independent power amplifier chains that enable operation in 21 different 3G and 4G frequency demands and band classes. It is shipping to leading OEMs for data cards and hotspots adding revenue starting in the second quarter. Further we anticipate continued growth with multiple design wins in automotive and M2M application.

The ProEficient and Penta-Band product families continue to gain traction because they offer greater performance and integration. These advantages have been validated by design wins and production orders for our tier one OEM customers. These include Samsung and Huawei. Our cellular products are powered flagship devices; they are powering flagship devices such as the Galaxy S4, where we have CDMA and TD-SCDMA power amplifiers featured in three regional variance of the smartphone.

Our infrastructure group remains focused on developing new CATV, wired network and small cell solutions to support the acceleration of data consumption. Throughout the quarter, we continue to expand our CATV infrastructure product offering although our GaN Surface Mount Line Amplifiers and our new eco power doublers are gaining design and traction. We plan to ramp all of these product families into production during the second half of 2013. Our CATV infrastructure product development pipeline is robust, as we prepare to launch DOCSIS 3.1 solutions that we expect will provide revenue later this year and into 2014. The small cell market ramp has been delayed due to a lower than expected carrier adoption and is now expected to occur later in the year.

Our manufacturers wait for carries to place orders as we continue to work closely with leading chipset developers. As we’ve discussed in previous calls, we are specified on a number of leading reference designs that we anticipate will drive revenue when the market expands. In summary, we believe that each of our products segments is well positioned for growth.

The Wi-Fi reference design wins that we previously discussed have now converted to a strong and growing revenue stream. We are expanding our share in WCDMA with multiple design wins of our ProEficient Plus and Dual-band Pas, and our new DOCSIS 3.1 infrastructure solutions are positioned to ramp later this year. We believe that these successes create a solid foundation for growth throughout the rest of the year.

Thank you. And we will open up the floor for questions.

Question-and-Answer Session

Operator

(Operator Instructions) Your first question comes from [Jason Smith].

Unidentified Analyst

Ron, I was wondering if you could talk a little bit about the design pipeline in the Wi-Fi business, and what gives you the confidence that you can really ramp that later this year?

Ron Michels

The question was about the design pipeline for Wi-Fi. So Wi-Fi is already ramping. It was a few million dollars for us in Q1. It will be more than that in Q2 and it will ramp significantly as we continue through the quarter. It starts with mobile devices, and we layer on all of the other applications, access points in the connectivity markets as we continue through the year. We’re named on the very best reference designs in Wi-Fi and we're winning more reference designs and some that we’ve won we haven't announced yet and we will be announcing as we go further in to the year. So the Wi-Fi story is quite spectacular.

Unidentified Analyst

And then Terry, just quickly can you remind us what your breakeven revenue run rate is - for EBITDA breakeven?

Terry Gallagher

Right, Jason, you got multiple mix factors that are playing in here, but I think probably the easiest mathematically is just to grab 45 million as a EBITDA breakeven revenue level and then if you are looking at GP in the kind of low to mid 20s, and an OpEx which we've been able to reduce or should see a reduction in to Q2 OpEx at around 14 million or so and you will broadly get there.

Operator

Your next question comes from Quinn Bolton [Needham & Company].

Quinn Bolton - Needham & Company

Hi guys. Congratulations. It sounds like the booking have trended pretty nicely through the first quarter and in here quarter-to-date in Q2. I know you don't give guidance but it sounds like business is really on a nice uptick especially in WiFi. Can you give us any sort of framework to think about our models for the second quarter and revenue, and then as we look in to the second half of the year, it sounds like the ProEficient ramp especially Wide Band CDMA for 3G entry start to kick in. How confident are you that, that’s meaningful in the second half and then I’ve got a couple of follow-ons.

Terry Gallagher

Got you. Yeah so Quinn you did pick up on it; the bookings to-date are strong and we feel that validates the advantages that our newer products are getting. Clearly WiFi is there and even on the cellular side we are seeing design wins that talk to this next generation of products, so we are eager for the year to continue and as we work in more and more new products. So in the coming quarter Q2, WiFi is the prime driver, so we see that moving upwards even from the 18% that it was in Q1 to a larger piece of the revenues may be upwards on 30% or something like that. Cellular will see a better growth there may be in a single-digit percentages and then infrastructure we do see a little bit of customer inventory softness, but we see that to be a temporary kind.

Quinn Bolton - Needham & Company

Okay, great. And then just a couple of housekeeping items within the infrastructure business, can you give us a split between sort of cable infrastructure and cable set top box and other and then also in the Wi-Fi, I think you said it was $4.8 million. Can you give us some sense of what was a more legacy or mature Wi-Fi versus the new FEICs?

Terry Gallagher

Okay, so let's get through the cable section. So as I had mentioned where there was a small decline in infrastructure that was primarily on the set-top box side. Infrastructure was basically flat and I guess really the rest of the business was again pretty much in balance, WiMAX, wireless infrastructure and fiber.

Quinn Bolton - Needham & Company

And that other was roughly flat?

Terry Gallagher

Yeah, yeah.

Quinn Bolton - Needham & Company

Okay.

Terry Gallagher

Flat period-to-period as kind of with infrastructure and as I said the set top box was really a piece that declined quarter versus quarter. So Wi-Fi the legacy was at or about prior levels and then in terms of the new that was probably the lion’s share of the increase 2.5 plus million or something like that.

Operator

Your next question comes from Paul McWilliams from Next Inning Technology Research.

Paul McWilliams - Next Inning Technology Research

Actually my questions were answered, but I did want to stay on for a second and just say congratulations and thank you.

Operator

Your next question comes from Aalok Shah from DA Davidson.

Aalok Shah - DA Davidson

Hi, guys, just wanted to kind of circle back on the WiFi side a little bit. Ron, I know you mentioned Galaxy S4 in your prepared comments, could you give us a sense of you know who you partnered with there for the radio side, is that Broadcom or QUALCOMM? And then also you know I know that the phone has multiple SKUs depending on geography and I'm curious to kind of find out what geographies we should be paying attention to for you guys?

Ron Michels

Sure, now your question applies to WiFi on the S4.

Aalok Shah - DA Davidson

That's right.

Ron Michels

Okay. No particular geography which is why it’s such great news for us. Usually when we win sockets in large winning platforms, we are specific to a geography; but WiFi is the same standard that's used everywhere. So it’s a very good thing to win. We are not in all the phones because there's another source, but we are modeling that we are in 50% or more. So, no geography on that. And as far as who we are partnering with, we are in a module and that module is built by Murata that we have done a press release on that a while back. So does that cover the questions?

Aalok Shah - DA Davidson

Yeah, so I'm assuming that the Broadcom WiFi piece that you partner (inaudible) Murata with.

Ron Michels

Yeah, I knew there was a piece I forgot about, that's correct.

Aalok Shah - DA Davidson

Okay. You know I'm curious also, I mean some of your competitors of course have said that they are also in that WiFi socket. So I'm guessing you guys are splitting the bands from the high band to low band, so I'm kind of curious are you guys in the low band portion or the high band portion, and does it matter to you guys from a dollar perspective?

Ron Michels

We are in the high band which is the more -- which is the better piece to win because it’s the more valuable piece.

Aalok Shah - DA Davidson

Okay. And then in terms of further wins with Samsung, does this piece then because you are qualified through I guess Samsung, does that - and then you are working with Broadcom, does that open up the potential for more wins through Broadcom or would that be more wins through Samsung? I guess I'm trying to get a sense of how big the opportunity could be because I know Broadcom is a lot more diversified with their customer base.

Ron Michels

Okay, so there's three avenues for more wins. The first one is the Mirada and module itself gets all to others, okay, so that's other OEMs, okay. So that's the first avenue. The second avenue is at Samsung, you are correct; we are open to win other business. So we had mentioned in the script that there's tablets and other types of devices so that's part of that. And then the third avenue is through Broadcom itself and so we are winning business on all three fronts.

Aalok Shah - DA Davidson

And then in terms of the CapEx in the quarter, Terry, can you give us the sense of what CapEx was, I missed that?

Terry Gallagher

Sure, it was $1.5 million, some of that, sorry $1.5 million and some of that was supporting WiFi development and a bit more as I said we are kind of incrementing capacity here in the fab.

Aalok Shah - DA Davidson

Okay, and is that going to continue do you think at these levels, the $1.5 million?

Terry Gallagher

Yeah, I would say I mean it’s a good thing when you are incrementing capacity and we want to stay in front as much as we can on this stuff.

Aalok Shah - DA Davidson

So, just so I'm clear you are at 65% utilization rate now but you are still adding capacity and I'm trying to get a sense of why you will be adding capacity only 65% going?

Ron Michels

Yes, good question. We are adding equipment as we move through an all ILD process. It requires a slightly different equipment set. So we're making that investment, as Terry had mentioned, on a monthly basis. It's probably around a $1 million, on a quarterly basis about a $1 million and that allows us to be 100% ILD pretty much by the end of the year.

Aalok Shah - DA Davidson

Okay, so it sounds really increase in capacity, it's more just moving to ILD.

Ron Michels

Yeah, that's correct. Its aligning equipment set to the latest process.

Operator

(Operator Instructions) We do have a follow-up question from Quinn Bolton from Needham & Company.

Quinn Bolton - Needham & Company

Hi, Terry and Ron, I don't think I heard you say, but I guess I'll ask you guys talked about the EBITDA breakeven somewhere in the low to mid 40s. It looks like booking strengths are strong here, but is that still a target and you guys comfortable with hitting at EBITDA breakeven level by the end of 2013?

Terry Gallagher

Yeah, that continues to be the target at year end transition.

Quinn Bolton - Needham & Company

Okay, great. Thank you.

Ron Michels

Yeah, and I say that we're happy to see the backlog look as good as it does and it looks like Q3 is going to look good. So I think you know we're very much on target to be able to meet those goals by the end of the year.

Operator

Your next question comes from John Pitzer from Credit Suisse.

Ryan Carver - Credit Suisse

This is Ryan Carver for John. Congratulations guys on the quarter. I guess one question, it looks like you guys are adding some SG&A for increased sales for WiFi, but I guess could you just talk through where you expect the longer-term cost reductions to come out in terms of your OpEx line?

Terry Gallagher

Right. So what we're able to do with some R&D where we have been having very good efficiency, it's a good design activity, good design wins and good adoptions where that -- we took some costs out there and we have actually I mean almost countered into. We have got a little bit of pick up even an efficiency, I know those folks are working long and hard. So we would see that drop let’s call it into Q2 probably in a range of 0.75 million and then rest probably another 200,000 or 300,000 as in the second half might increment on top of that, okay.

Ryan Carver - Credit Suisse

Okay, but the extent of your cost reductions are out of the R&D and you expect to continue adding to SG&A OpEx?

Terry Gallagher

Sorry I didn’t say adding to SG&A, no to that.

Ryan Carver - Credit Suisse

Okay.

Terry Gallagher

That investment is at about the right level. So I think OpEx in the circa 14 million range instead of a 15 million range is more what you wanted to be looking at.

Ryan Carver - Credit Suisse

Okay, good thanks. And then as far as the partners on the cellular side, are you also engaging, it sounds like you have engagements with QUALCOMM for the CDMA and TD-SCDMA through the Samsung business, but I mean are you guys also engaging with Broadcom, it sounds like you have a very good relation with them on the WiFi side, it was seen that be a good one to continue extending on to the cellular side, is that something you guys are active in and I guess could you give us may be an update on where that stands may be?

Ron Michels

Yeah. We are definitely working with Broadcom on the cellular side as well. Some of the product that we do selling to Samsung and I believer in other places as well is product that sits next to Broadcom chipsets. So we are -- our parts are pretty much designed for QUALCOMM first and that's most of where the opportunity is. However, like we actually our Broadcom business has been doing better. And so for the most part our chip, the parts that we sell are compatible with both QUALCOMM and Broadcom.

Ryan Carver - Credit Suisse

Okay, good. And last question for me. The Mirada modules that you guys are on, are these unique modules to the S4 design or these modules, standard modules that could be used, you know you mentioned potentially used by other handset OEMs, is it traditional for Mirada to have standard module that goes across multiple OEMs because customize for each individually under they work with?

Ron Michels

I believe that module basically is not unique and maybe long, but I don't think it is. And I know that our parts end up in other phones is well because that module is sold to more than one place.

Operator

Your next question comes from Richard Sewell from Stephens Incorporated.

Richard Sewell - Stephens Incorporated

Hey, guys thanks for taking my question. I was looking at the utilization and seemed to have ticked up a little bit in the March quarter. I think you had mentioned on the last call that you thought it may come down, so I am just kind of interested and what you saw and if there were any surprises or if there were some pulls in, in the quarter?

Ron Michels

We did build a little bit of inventory, but the primary driver is WIN, okay, WIN who is our foundry partner, sometimes they are supplying a bit more the revenue or dye to the revenue and there is other time where it’s more ANADIGICS driven and that was probably the largest piece of the driver in the current quarter. Okay Richard?

Richard Sewell - Stephens Incorporated

Right, that's helpful and then looking out over the year, kind of looking at the September and December quarter since you gave a pretty good idea for the June quarter, should we look at seasonality on that or will you kind of buck the trend and do better than seasonal.

Terry Gallagher

We are not even giving guidance for the current quarter, so getting out there a little bit further is doubling down on that. But what we can say is we are comfortable that we are going to continue our growth patterns across ’13 and still targeting out to EBITDA breakeven as we are closing out the year.

Operator

Your next question comes from Ed Snyder from Charter Equity Research.

Ed Snyder - Charter Equity Research

Terry, real quick question on follow-up to what you just said confused me, you said that WIN semi generates revenue for you, sometimes its ANADIGICS could you just maybe expound on that a little bit more for me.

Terry Gallagher

Okay, so we use WIN as a foundry. They are our foundry partner. If the parts that are being pulled in that particular quarter are using that WIN die then demand on for ANADIGICS driven die is lesser. So when that relationship turns and you've got ANADIGICS has to step up and source more of the die.

Ron Michels

Yeah, I think just to simplify what we are saying is I think WIN constituted about 15% of our revenue as we go back a few quarters, its more like 5% at the moment. It will bounce up and down depending on what the product mix quarter by quarter.

Ed Snyder - Charter Equity Research

Right, so basically you are just saying that you sourced more from your outsourcing partner than you normally would and that affected your utilization internally.

Ron Michels

That's right.

Terry Gallagher

Well put Ed.

Ed Snyder - Charter Equity Research

And then MMPA we are starting to see more of an up tick in design activity in MMPAs, have you seen that, I know you've played in that space before but none of your competitors are talking about more of the new handsets coming up next year or starting to look at that, any traction there at all, any feeling for that or high efficiency.

Ron Michels

Our traction has been largely been with our Penta-Band, PA where I would say that that's where a bulk - as far as wide bandwidth, lots of bands, that's where our push has been. We've been spending a lot of attention on getting higher efficiency on satellite PAs, and that's really where our focus is. We find our margin is better there than it is on the larger modules, and we are going to focus with what we are good at and what we can make the most money on. As far as efficiencies on the, I guess your efficiency was on which type of product?

Ed Snyder - Charter Equity Research

I'm talking about the high efficiency amplifiers like SkyOne from Skyworks (inaudible). It appears that the architecture is going to kind of MMPA for the hardened bands and then satellite PAs that are high frequency models for all the LT and the regional bands certainly Galaxy is using that. I'm just saying how that A, are you seeing it and B, how does that ducktail into your product development.

Ron Michels

Yeah, so that's basically on high end phones. What's driving a lot of our cellular revenue this year and next year will be the 3G market. The market of 2G, 2.5G, those phones becoming 3G phones and they use a lower cost chipset in most cases, if not all cases, there is no LTE. However, there is a need for a power amp there and that’s where we have multiple design wins and we call them one in, two out. It's a clever architecture that has switches and power amplifiers monolithically combined and we're getting efficiency levels that are just phenomenal with this particular product.

We have I think as many as seven or eight design wins already and we're already booking backlog in the quarter we're in now for these products. So it will be a driving revenue as we go through the year, but it's also getting this revenue today as we speak. So as I say, a lot of our focus has been on this satellite PAs, these one input, two output type PAs where we can specialize with this very, very high efficiency parts and incorporate this, use this ILD process which also gives us very, very low loss and cost effective switches.

Ryan Carver - Credit Suisse

And this is Ryan. I just want to ask a quick one. I apologize if this has already been asked. Did you guys provide the revenue breakdown between cellular broadband and infrastructure? And then specifically within the cellular category, if you got, could give us any detail about the percentage of legacy products versus new products? Thanks.

Ron Michels

Yes, Ryan. So at the beginning of my commentary, we had 16.3 million of the 26.4 million total was in cellular, 5.3 million was in infrastructure and 4.8 million in WiFi, okay.

Ryan Carver - Credit Suisse

Can you guys give any more color about the cellular category in particular and maybe the breakdown between the legacy products as a percentage of sales versus new products just to kind of get a feel for how that takes out?

Ron Michels

I think we are kind of at that inflexion point of kind of 50% legacy and 50% what we call newer products, so with newer products on the uptake.

Operator

(Operator Instructions) And you have no further audio questions at this time.

Ron Michels

Great, thank you very much everybody for joining the call. And we will speak to you soon. Thank you. Bye.

Operator

This concludes today’s conference. You may now disconnect.

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