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ANADIGICS, Inc. (NASDAQ:ANAD)

Q4 2009 Earnings Call Transcript

February 18, 2010 5:00 pm ET

Executives

Tom Shields – EVP and CFO

Mario Rivas – President and CEO

Analysts

Neil Wagner – Stephens, Inc.

Anthony Stoss – Craig Hallum

Mike Alexander – Charter Equity

Richard Shannon – Northland Securities

Colin Detman – D.A. Davidson

Mike Bertham – FBM Securities

Operator

Good afternoon. My name is Tracy and I will be your conference operator today. At this time, I would like to welcome everyone to the ANADIGICS fourth quarter and year-end earnings conference call. All lines have been 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 would now like to turn the call over to Mr. Thomas Shields, CFO of ANADIGICS. Please go ahead, sir.

Tom Shields

Thank you, operator. Good evening, everyone, and welcome to the ANADIGICS fourth quarter and year 2009 earnings conference call.

Before we get started, please remember any comments made in this call by management as part of prepared remarks or in response to your questions may contain forward-looking information. Such information is subject to risks and uncertainties as described in this evening's press release and in the company's various filings with the SEC.

I would like now to turn the call over to Mario for his opening remarks.

Mario Rivas

Thank you, Tom and good evening everyone from Barcelona at the Mobile World Congress. If you may recall, it was exactly at this time one year ago that I joined ANADIGICS as CEO and I outlined a number of key strategic initiatives for 2009. These initiatives centered specifically on rebuilding customer relationships, achieving operational excellence, and preserving cash. Our successful execution of the 2009 initiatives allowed us to regain market share, thanks to new design win opportunities, leveraging our InGap-Plus BiFET technology through new product developments for the growing 3G and 4G markets. And as you can tell from the consistent quarterly financial improvements that we made, I am quite pleased to report that 2009 was a favorable year for ANADIGICS.

First, our customer relationships have been quite strong at LG and RIM were the only 10% customers for the entire calendar year 2009. We successfully gained market share at Samsung, having achieved 10% customer status in both Q2 and Q3. Samsung rebounded very well and is showing even stronger signs of growth in the first quarter of 2010. In addition, VTE became a new customer of ANADIGICS in 2009 and remained quite steady each and every quarter.

Second, we introduced new leadership in our manufacturing operations, which resulted in best-in-class product cycle times and manufacturing yields. Cycle times averaged less than 30 days consistently, and yields have been in the mid-90% range. Further, we announced our hybrid manufacturing strategy with WIN Semiconductors to provide additional and flexible capacity beyond our main fab in Warren with no additional capital investment.

Third, for the fourth quarter of 2009, we successfully crossed over into the profitable EBITDA territory, generated positive cash flow and ended the year 2009 above $90 million in cash and marketable securities. We reported revenue of $41.8 million, which grew 14% sequentially and exceeded our revenue guidance range of 5% to 8% sequential growth. The stronger results were primarily due to better-than-expected growth in wireless LAN, WiMAX, cable, and in wideband CDMA.

Looking forward, we are very excited about our unprecedented pipeline of new products exiting 2009, as we look to continue to release to market our new families of power amplifiers for wideband CDMA, HSPA, EDGE, WiMAX and MPE. We have a significant number of new products in the pipeline across three product families, dual band PA, HELP3 plus coppers and our HELP4 technology. All three product families gratified our industry-leading technology with unparalleled linearity and efficiency.

Recently, we announced industry-leading power amplifier solutions for UMPS and CDMA handsets, smartphones, modems, and modules with the lowest current consumption and longest talk times, which are enabled by (inaudible), driving average current drain as low as 21.5 milli-amps in our HELP4 family. Our product families have the lowest footprint on the phone board, 3x3 mm for single band with integrated coppers, and 3x5 mm for dual band with integrated coppers. Furthermore, we pride ourselves in offering the customers the best application support in the industry. Demand for our new families of products is extremely high and will drive revenue growth in 2010.

In the WiMAX market, we recently previewed our new AWT6283R, which is the industry's first power amplifier to deliver high linear output power, exceptional efficiency, and consistent RF performance over the full 3.3-3.8 GHz frequency band.

Turning to WiFi, we are offering five new highly integrated high-performance front end modules and front end ISP products designed for the notebook and netbook PC and wireless smartphone market segments. Most notably, during the quarter, we secured a dual band WiFi smartphone reference we signed with one of the global semiconductor leaders in storage, communications, and consumer solutions. We are currently something in some WiFi smartphones and anticipate the production ramp to begin in the second half of 2010.

So now, let me talk about 2010 and discuss with you our three key initiatives for the coming year. First, leverage our operational excellence. Second, introduction of superior products to win business over our competitors, and capitalize on the growth in both the 3G and 4G spaces. And third, achieve profitability. We are focused and committed to our achieving non-GAAP EPS this year.

Our other focus items for 2010 are to execute our new product introductions and leverage our established operational excellence, both of which will lead to market share gains of new and existing customers. Our goal is to continue to pursue new customer relationships with the likes of Huawei, HTC, and Nokia. Example of potential new opportunity is derived from our partnerships and alignment with industry-leading references our manufacturers such as QUALCOMM and Broadcom. We believe that the key drivers of our success for our new product introductions is simple, differentiated products and performance that is second to none. Be it modules for discrete, we work side-by-side with our customers and are very selected on our levels of integration. The InGaP-Plus BiFET enables our products to deliver unrivalled efficiency and linearity. Our designs are repeatable and easier to manufacture, thanks to our single die approached.

In the WiFi space for example, we integrated the antenna switch, L&A, power amplifiers, filters and coppers, resulting in lower costs and smaller size. This best-in-class approach to design and process across all of our product families combined with cycle times less than 30 days and yields consistently exceeding 90% enable us to deliver high-performance products and respond comfortably to demand upside.

With that, I will turn the call over to Tom to discuss our fourth-quarter financial results in more detail. Tom?

Tom Shields

Thank you, Mario. The financial summary on a non-GAAP basis for the fourth quarter of 2009, we achieved the following: total revenue grew sequentially by approximately 14%. This exceeded our prior financial guidance of 5% to 8%. As Mario mentioned, the increase resulted from higher-than-expected shipments in each of our main product categories of wideband CDMA, wireless LAN, WiMAX, and cable products.

Gross profit was 29.1% of total revenue and increased sequentially 470 basis points. The increase in gross profit stems from better-than-expected product yields, lower direct material costs, and better overall product margins on the increased revenue. These items helped offset the previously-anticipated negative impact on GP from our planned two week fab shutdown that occurred at year end.

Operating expenses were $15.5 million and came in on target as we increased R&D product investments as expected over the third quarter. Earnings loss per share was $0.05, a reduction of $0.05 compared to the third quarter of 2009 and was better than our prior financial guidance of a loss of $0.08 to $0.10 per share. The starting improvement resulted from a higher revenue and gross profit in the quarter, which yielded an approximate 65% drop through to the bottom line quarter over quarter.

EBITDA was a positive at $1.7 million and improved by $3.1 million compared with our third quarter. As many of you know, and I believe we can appreciate that this was a major milestone to achieve for ANADIGICS and our shareholders. As important and another key milestone that we have accomplished in the fourth quarter was generating GAAP cash flow from operations in the fourth quarter of $4.6 million. This was up $8.2 million over our third quarter. This places our cash and marketable securities balance for year end at $92.5 million, well above our previous target of $80 million that was set at the beginning of the year 2009. The year-end 2009 cash balance also includes the pay-down of $38 million that occurred on October 15 for the maturity of our then outstanding notes.

The revenue breakdown of the $41.8 million reported for the fourth quarter of 2009 consisted of wireless of $24.9 million and broadband of $16.9 million. Wireless was down sequentially by 5.7%, but less than previously anticipated. Broadband increased sequentially by 64.4%, ahead of our expectations and within broadband, wireless LAN revenue was $5.7 million, representing an increase of 90% sequentially; CATV revenue was $9.9 million, an increase of 46% sequentially; and WiMAX revenue came in at $1.3 million. Our top customers included RIM, Intel, LG, Richardson Electronics, Motorola, Cisco, Samsung, and VTV.

Depreciation in the quarter was $4.9 million, and capital expenditures were $0.8 million.

Looking ahead into the first quarter of 2010, in contrast to normal seasonality, we are very pleased in the strong bookings we have quarter to date with our wireless product line. In fact, we expect wireless revenue to grow approximately 20% sequentially. This growth will offset a previously-expected decline in wireless LAN revenue. Therefore, we anticipate total net sales for the first quarter of 2010 to be in line with net sales of $41.8 million reported for the fourth quarter. We are fully booked to our revenue guidance. Gross profit is estimated in the range of 29% to 30%. We will further make continued investments in R&D with total operating expenses for the first quarter expected of $16.0 million. Our non-GAAP loss per share is estimated at $0.05 to $0.06 on a share count of 64 million, while we expect to remain EBITDA positive in the first quarter as well.

With that, I would like to – Mario to open the floor for questions. Operator?

Question-and-Answer Session

Operator

(Operator instructions) Your first question comes from Steve Ferranti with Stephens, Inc.

Neil Wagner – Stephens, Inc.

Hey guys, this is Neil for Steve. Nice job on the quarter. You guys seem to have a really strong pipeline for new product introductions in the works right now. Could you guys talk about how much revenue you are currently generating from new product introductions and which new products do think have the most potential to contribute to incremental revenue growth in the near-term?

Mario Rivas

Yes, thanks Neil. In general we will say the three families that we described, what we say dual-band models as well as our new families of HELP3 plus coppers and HELP4 will all contribute similarly to our growth and a refresh of the portfolio and this industry is a matter of innovation to stay ahead of the curve. This small footprint is very attractive to customers and it will fuel our growth. As we progress through the year, the percentage of sales of the new products will represent a larger amount and I will expect that we will exit Q4, if everything goes according to plan, in the range of 40% to 50% of sales will be from new products.

Neil Wagner – Stephens, Inc.

Well, okay. That is helpful. I guess you guys have done a really good job of expanding your customer relationships with certain OEMs like LG, Samsung, and RIM, to name a few. But going forward, how should we think about where your revenue growth will come from in the coming quarters, will more growth come from further penetrating existing customers or other new customers that you expect to add will contribute more to revenue growth going forward?

Mario Rivas

Yes, we are quite pleased. One of our objectives in 2009 was to reestablish the customer relationships that got slightly bruised by 2008 experience and I am in Barcelona a week meeting with customers and I was here last year and I can tell you, 12 months makes a tremendous difference. Of course, it is a reflection of our newly developed operational excellence, where cycle times are under 30 days and our yields are consistently in the mid-90s. That has improved our audits with customers to give us A ratings all around. We are quite happy to be driven by four horses in the wireless space, which will be the Korean company, RIM; VTE in China; and also on the baseline side through our partnership with the likes of Motorola and Cisco that have a large percentage of the available market and we believe that that will be enough to fuel the growth that we expect during the year. Having said that, we continue to work very hard, we plan to reach for the next growth spurt that will be with the likes of Huawei, HTC, and hopefully Nokia. It is a very ambitious goal to break into Nokia, but we want to give it a shot.

Neil Wagner – Stephens, Inc.

That is good. And then, just one last question. Tom, gross margin in the quarter was really strong. Could you maybe quantify what the impact was from the plants shut down in the quarter on cost of goods sold and maybe you should guide what the adjusted gross margin would have been, excluding the impact of the plant shut down.

Tom Shields

I think when we did guidance for the fourth quarter, we expected GP to be flat to Q3, so, probably just under 25%. So we had the two-week shutdown that we described, but the expenses came in a lot lower than we had the anticipated when we did the model for Q4. So I would say that basically the elements that I described with yields, the product margins on the mix of revenue, lower raw material costs all contributed to better-than-expected GP for the quarter.

Neil Wagner – Stephens, Inc.

Okay. Thanks, guys.

Tom Shields

You bet.

Operator

Your next question comes from Anthony Stoss with Craig Hallum.

Anthony Stoss – Craig Hallum

Hi, guys. Also compliments from me. Tom, I don't know if I missed this, but can you give us what capacity utilization was in the quarter?

Tom Shields

Yes, it was roughly 55%, Tony.

Anthony Stoss – Craig Hallum

Thanks. If you could expand, Mario, give us a little bit more detail on design activities. Is it squarely around WCDMA or is it across the board? Any help there would be appreciated.

Mario Rivas

Yes, thank you for the compliment, Tony. Definitely, wideband CDMA has been the sweet spot for us and continues to be the focus of our efforts. Like, in 4G, we can see the WiMAX impact that we have and we are sampling [ph] a whole family of LTE products. To compliment that, one of the families of products we are introducing, specifically the dual band, it serves the CDMA market and we have similar products for the EDGE market as well. So we are trying to put forth a family of products that is beyond just wideband CDMA and service both CDMA as well as EDGE markets.

Anthony Stoss – Craig Hallum

Okay. Tom, with regards to guidance of wireless being up 20%, you indicated that Samsung looks to be strong in March. Help us understand, is it primarily Samsung that is driving the growth on the wireless side or is it across the board?

Tom Shields

Right now we are quite pleased. We are not dependent upon one certain customer relative to the growth. So to your point, it is across the board and it is an increasing share across multiple customers.

Mario Rivas

Yes, allow me to add to what Tom said. In 2009, we have managed through two inventory collections but to different customers and we grew in every single quarter. And we are quite pleased, we said these were the right horses to ride and we needed to recover confidence and the business will come back and the business is coming back. I am really pleased to be able to report that we had a 20% sequential growth from quarter to quarter at a time where usually we would be guiding down.

Anthony Stoss – Craig Hallum

Okay. Two more quick questions. You know, we don't hear too much out of you guys on Gobi and I see QUALCOMM and its Gobi chip is getting a lot more platforms. Tom, can you help us understand what is in 3G, outside of handsets what you are seeing?

Mario Rivas

The question specifically is on Gobi, how is Gobi Mobile?

Anthony Stoss – Craig Hallum

Gobi, your relationship as a primary reference design.

Mario Rivas

It is very strong. We remain very committed to them. We are working on the next generation of Gobi -- from Gobi 2000 to Gobi 3000. And definitely, we have a unique opportunity there. The opportunity to work with a strategic partner such as QUALCOMM is always appreciated and valued. So we are feeling very good about it.

Anthony Stoss – Craig Hallum

Okay, great. And last question from me, Mario. LTE and your design activity around there, you mentioned in the call that it was strong. Does LTE give you the chance to get in with other customers such as Nokia, HTC or just love to hear your thoughts on LTE.

Mario Rivas

Yes, I think LTE, every time that the technology advances, it plays to our strength. We are good at solving the tough problems. Because we have several years of experience with WiMAX and OSPM type of product signals, we were able to deliver the first samples of LTE PAs a year ago in Barcelona. So hopefully, the leadership will please open the doors and we can close some deals and expand our position with the present wideband CDMA customers into LTE and (inaudible) of new customers.

Anthony Stoss – Craig Hallum

Great. Terrific job, guys. Thank you.

Mario Rivas

Appreciate it, Tony.

Operator

Your next question comes from Edward Snyder with Charter Equity.

Mike Alexander – Charter Equity

Hi, this is Mike Alexander in for Ed. I wanted to ask what your CapEx outlook is for 2010, especially given the low levels that you have right now.

Tom Shields

Yes, this is Tom. We are trying to manage to roughly about $5 million for 2010.

Mike Alexander – Charter Equity

You said you were at 55% utilization in the quarter. At what level do we start seeing you take advantage of the hybrid manufacturing strategy? Obviously, you don't want to get up to 80% or 90% and more.

Mario Rivas

No, I think that this is a matter of being prepared and if you wait till the time that you are 90% or 100% loaded, then you'd take the risk of getting into trouble. There has to be some other (inaudible), right? So we have stated through it all that we started a year early because that is what it takes to qualify the process, qualify the product and the customer qualifications for the new products. So I foresee Q3, Q4 timeframe where we will be introducing products that were (inaudible) profits. I will not be able to tell you that I think we are going to be at a $80 million revenue that we can support from our end, but at the very least, we will be prepared if there was an up surge in demand of our products and that is the attempt to be to be ready for the upsurge.

Mike Alexander – Charter Equity

Very good. And then as a follow-up, I wonder if you could just talk a little bit about WiLAN, and especially if – you know, you said the drop in revenue was anticipated. Is this just a seasonal decline in PC sales or what is driving WiLAN in 2010?

Mario Rivas

No. Through the year, we have been stating that the dynamics of the notebook WiFi market are genuine and that the value of the future sales is growing and that we don't have any technical difficulties on delivering solutions but it would be a business decision. And you have similar dynamics of the WiFi market, especially in netbooks and notebooks. So we never counted on WiFi to be one of the big drivers for 2010.

Mike Alexander – Charter Equity

How much do think that can be offset by more and more phones having embedded WiFi?

Mario Rivas

Right. And definitely, that is the play that we are making and those are the products we announced for smartphones and that is why having a design win on a reference design was an important announcement that we made during today's script.

Mike Alexander – Charter Equity

Well, thank you very much. Congratulations.

Mario Rivas

All right.

Operator

Your next question comes from Richard Shannon with Northland Securities.

Richard Shannon – Northland Securities

Hi, guys, and congratulations on the nice quarter and guidance. My first question is following up on the previous one on the WiFi for handsets. Mario, I think you mentioned in your script that you expect that to be that the business may start to accelerate the second half of the year. How do you size that relative to maybe your wireless LAN business for PCs, I mean, what is the scale of that, what can we think about it maybe in 2011?

Mario Rivas

Well, the opportunity is huge is the way you should look at it, because in 2010 and probably in 2011, there are will be more smartphones than there are notebooks. You know, on the market of notebooks, netbooks is probably 125 million and even at the bad level, the number of smartphones being introduced, I believe WiFi will not be an option; it would be requirement on every smartphone to be able to handle multimedia and the data capacities. So that is the opportunity, how much of it we get to capture is a different conversation. And obviously, we will target as many preference ties as we can possibly target, but the opportunities is 125 million in 2011. It will be nice to get 20% of it.

Richard Shannon – Northland Securities

What kind of ASPs are we talking about here? I mean we are talking about the level at which you are selling like one by two wireless LAN for PCs or is it potentially greater than that?

Mario Rivas

I will say similar pricing levels, yes.

Richard Shannon – Northland Securities

My second question, Mario, I think based on your scripted comments about the yields and manufacturing cycle times you have seen and stayed in very nice low levels. You have talked about improving our operational excellence and proving that to your customers is obviously will take a little bit of time. To what extent do you see, you know, how far along that road towards getting back the full confidence of your customers in this area are we – how far along that road are we?

Mario Rivas

And I think you meant to say that our cycle time is down which is good and our yields are up.

Richard Shannon – Northland Securities

I am sorry you did. I apologize.

Mario Rivas

Just wanted to make the correction. I believe that the confidence level is better today, because we have been very consistent with it, we have maintained the high levels of manufacturing yields in the mid-90s and the wafer [ph] part of our supply chain and also improvements on the backend and customers have successfully visited our facility and given us audit scores that are As. So, you can see that our main customers are all quite pleased to start giving us more business and that is reflected in the 20% increase you see from Q4 to Q1 for key seasonality. So when I said we put check marks on the three objectives of 2009, the first one was to recover customer relationships and confidence and I would say we are done. And of course, it is only good as -- what have you done for me lately and we are committed to maintain that level of delivery and quality.

Richard Shannon – Northland Securities

Great. Thanks and congratulations.

Mario Rivas

Thank you.

Operator

Your next question comes from Alok Shah with D. A. Davidson.

Colin Detman – D.A. Davidson

Hi, guys. This is Colin Detman in for Alok. Congratulations on the great quarter. I just had a question geographically, kind of what are you seeing in China; I know a while back you had a press release about a PDA CDMA handset with Samsung. And I know you probably won't give an estimate on market share, but if you could give some color on how important you see the PDA CDMA is and how do you think you are doing in that space, that would be really helpful.

Mario Rivas

Yes, we have support for PDA CDMA and the customer that you mentioned is the right one. We also have other customers in China that are more native. It is important because there is a deployment of three new different PDA CDMA and it is clean, it doesn't have multiple modes into the handset. It is just a 3G device that has no 2G implementation. So China is a market that you can never ignore, and PDA CDMA is a product that we fully support. We are excited about the opportunity.

Colin Detman – D.A. Davidson

Okay, thanks. And just related to that, what kinds of exposure do think you have to different white box manufacturers in China, if you can quantify that at all?

Mario Rivas

You are talking about grey market?

Colin Detman – D.A. Davidson

Yes.

Mario Rivas

You know, the majority of the grey market is concentrated in the low end in the GSM and GPRS, which we do not participate. So, I am not qualified to answer your questions. We don't see them in the 3G space; no, at least not yet.

Colin Detman – D.A. Davidson

Okay. And then the only other question I had is giving your projected large sequential increase in the wireless business in Q1, I was wondering, are you seeing anything different in the inventory channel or do you think there is any potential for double ordering or just any color on the inventory situation will be great.

Mario Rivas

Yes, perhaps I will answer it by reversing a little bit for you. Both fourth-quarter and Q1 to date have been extremely linear, which gives me good confidence on good inventory management. So, I am not going to tell you 100% sure that there is no double ordering because that is probably too idealistic. But, the linearity of our shipments and our orders gives me great confidence that this is real.

Colin Detman – D.A. Davidson

Okay, great. That is very helpful. And, congratulations again. Thank you.

Mario Rivas

Thanks.

Operator

(Operator instructions) Your next question comes from Anthony Stoss with Craig Hallum.

Anthony Stoss – Craig Hallum

Hi, Mario and Tom. A quick follow-up. Mario, speaking of the new product launches that are going on in Q1 and Q2, I know reduced die size. Can you help us maybe even give a sense of the effect on gross margins going to have a favorable impact? Is that what you expect that on a go forward basis?

Mario Rivas

You know, I think that what you see in the semiconductor industry remodeled 8% or 10% decline in ASPs on a yearly basis, right? That has to be compensated by 8% to 10% declines on product costs or your margins will suffer. I think we have done a very good job recovering our margins from almost 10% in Q2 to almost 30% on Q4 and we have derived products architected some products' cost model to allow us to continue to slowly inch forward into the 30s -- and so, while you may be able to satisfy the constant thirst for the cost curve in the semiconductor industry.

Anthony Stoss – Craig Hallum

Okay. Also Mario, you know there has been a lot of talk on smartmeters, PC cards, e-books, tablets, et cetera. If you won’t mind, just tell us how you think you are positioned in that kind of general, non-handset market.

Mario Rivas

Yes, well, we have some exploratory work on smart meters and I will not say that are translating to significant revenue for us during 2010. And e-books in general are served by modules. And in that case, our work with QUALCOMM, Novatel, and Shire [ph] Wireless, among others, gives us an opportunity to participate. The volumes are not huge when compared with the handset market. So when I segment our market we have 70% of the business roughly is mobile handheld, another 13% to 15% is the opportunity and all other opportunities are 15%. And I have included even the microwave type of opportunities, right. So while we remain on the lookout for opportunities, I think the biggest chance for us to continue to grow are in the handheld space and in the part of the other 15% that we are very interested on growing this cable TV set top boxes, line amps, amplifiers.

Anthony Stoss – Craig Hallum

Okay, thank you.

Mario Rivas

All right.

Operator

Your next question comes from Mike Bertham with FBM Securities.

Mike Bertham – FBM Securities

Hey, guys. Congratulations on the quarter and the great guidance. I joined late but Tom, could you talk a little bit about the margins going forward. They are going to be primarily just driven by the volumes or as we start to see some of the broadband business come back, we get kind of an extra kicker, thanks.

Tom Shields

Yes, we have multiple opportunities and it is not just limited to one as you suggested. So we have got product costs, we have got the mix between broadband wireless we have got the wideband CDMA trends. We have utilization rates, we have lower costs. So we have got a lot of opportunity to continue to direct. What we have said in the past is that the norm is typically a 50% drop through on the revenue growth quarter to quarter as a base and a benchmark and historically, that is what we have achieved. So we believe that we can continue to achieve that, if not better. So I would say 50% and then if the mix were to favor broadband then of course that would be on the 50% drop through.

Mike Bertham – FBM Securities

Great, thanks guys. Very helpful. Congrats again.

Operator

At this time, there are no further questions.

Mario Rivas

In summary, let me summarize. Very nice Q&A. Thank you very much for your praise. I think the praise should go to the foundry. I think you people have (inaudible) and have worked very, very hard in 2009 to make this possible and reach our customers and therefore get more share of business.

I believe that we ended 2009 a stronger company and we are in a better position than ever to achieve significant growth in 2010. We have begun to generate a strong momentum with our new product pipeline, and are now able to fully leverage our operational excellence, which together set the stage for the achievement of our 2010 growth and profitability goals.

Long-term goals include ultimately capturing between 15% and 20% of the wireless GaAs market and looking at the first quarter, we have experienced less similarity that is typical for this time period, which we believe is a good indicator of the opportunities that lay ahead in 2010. In fact, I am pleased that I can already confirm that we are gaining market share in wireless in Q1. And with that, good night from Barcelona; and thank you very much for your time.

Operator

This concludes today's conference call. You may now disconnect.

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Source: ANADIGICS, Inc. Q4 2009 Earnings Call Transcript

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