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Anadigics, Inc. (NASDAQ:ANAD)

Q2 2010 Earnings Call

July 29, 2010 08:30 am ET

Executives

Mario Rivas - Director, President and CEO

Tom Shields - EVP and CFO

Analysts

Patrick Newton - Stifel Nicholas

Anthony Stoss - Craig-Hallum

Michael Alexander - Charter Equity Research

Aalok Shah - D.A. Davidson & Co.

Operator

Good morning my name is Brooke and I will be your conference operator today at this time I would like to welcome everyone to the Anadigics Second Quarter Conference Call, all line have been placed on mute to prevent on any background noise. After the speakers remark there will be a question and answer session [Operators Instructions]. On today's call we have Mario Rivas, CEO and Tom Shields CFO. Thank you Mr. Shields you may begin your conference.

Tom Shields

Thank you operator, good morning everyone and welcome to the Anadigics second quarter 2010 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 contained forward looking information such information is subject to risks and uncertainties as described in this mornings 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 morning everyone, I am very pleased to report that the Anadigics team delivered a very solid quarter, generated income on both a GAAP and non-GAAP per share basis, of one and two pennies respectively, achieving profitably in the second quarter or several quarters ahead of our prior expectation, and it's a strong testament to the successful acquisition of our stated initiatives. Our revenue in the second quarter was $51.7 million representing 18.7% sequential growth as compared to our prior guidance of 12%.

The second quarter marks our fifth consecutive quarter of sequential growth. Revenue for the quarter was stronger than expected due to higher than anticipated turns business which we were able to successfully build and ship in on short notice. Our results continue to benefit from the significant new product pipeline and the design wins reported in prior calls. Revenue in the quarter was driven by 26% sequential increase in wireless, coupled with a moderate increase in broadband.

In the broadband space, set-top box revenue increased 20% and was offset by declines in both WiMAX and wireless LANs revenue. Relationship with customers are stronger than ever. With our top customers in the quarter, in comprise of comprised of Cisco, LGE, RIM, Samsung, World Peace and DTE. Another milestone achieved in the second quarter was our gross profit of 35.6%, reflecting a sequential increase of 330 basis point, better than our prior expectations. I would now like to give you an update on our 2010 strategic initiatives, which includes maintained profitable growth, continue to leverage our operational excellence and your ongoing introduction of superior products that will enable us to capitalized on the fast growing 3G and 4G markets.

Let's talk about profitable growth. We have established profitable growth with our second quarter non-GAAP profit of $0.02. Our commitment of maintaining profitable growth is again evidenced through our financial guidance for the third quarter of 2010, with revenue of $57.5 million and non-GAAP profit $0.04 per share. As we continue to scale, we expect to realize additional operational leverage. With 2011 been an optimal year for the company.

Turning to operational excellence, as we continue to scale operations performance impeccably on 25 cycle averaging less than 30 days and yield to mid to high 90s. Our manufacturing performance is world class; we are also making head way with our strategic foundry win, having run several markets for the products which are back in the lab.

We remain very excited in our opportunities with customers for our strong quarter products into fast growing 3G and 4G markets. The demand for the recently launched integrated L3 PAs and our L3 plus corporate products remained strong. We consistently hire tax rates across many customers globally. These products combined with our recently announced new family of HELP4 wideband CDMA single-band power amplifiers are a major hit with customers especially if the HELP4 family enables 75% longer battery life than our competitors.

Moreover, the continued expanded high demand of wireless connectivity in a growing number of consumer devices including smart phones, datacards, netbooks, notebooks and tablets provide for substantial opportunities for Anadigics. Just think, by the end of 2010 the 3G market is expected to be roughly 25% of the handset market with a forecasted compound annual growth rate upgraded on 30% through 2014.

The opportunities for Anadigics don't stop with 3G. Anadigics is well positioned to capitalize in the evolution of the 4G LTE market. In fact Anadigics has been at the forefront of the LTE market since sampling LTE products as early as February 2009. Our highly favored L4 LTE power amplifier is specifically tailored to cover UNTS and LTE bands one, two, four, 12 and 13. According to ABI Research, there are approximately 132 networks with trials or plans to launch LTE.

In the United States, a leading carrier will be rolling out 4G LTE networks to 25 to 30 markets this year with the anticipation of doubling that deployment in the next 15 months. Anadigics is addressing DLC markets through products for USB modules, new generation handsets and Femtocell. Speaking of Femtocell, Anadigics was one of the earliest companies to design and build Power Amplifiers, optimized for the Femtocell market and announce two new Power Amplifiers in mid May, which we are actively sampling and receiving very positive feedback. This marking according to Femto Forum will expand to approximately 49 million Femtocell at this point by 2014 with 114 million users worldwide.

Let's talk a little bit about broadband on what we're seeing. Revenue growth in broadband is heavily tied to the market recovering in both cable TV, Set Top Boxes and infrastructure. In the second quarter, we saw 20% sequential growth in tuner and active splitters business for cable TV Set Top Boxes and 3% growth in our cable TV infrastructure business. We entered the third quarter with a healthy backlog across both of these product lines.

We experienced consistent demand for our off-stream amplifiers for the DOCSIS 3.0 cable modems, and we continue to be a market leader in providing the Power Amplifiers into the mobile WiMAX market. We also wireless line opportunity starting to rebound. Enhancements to our broadband product lines are sensor on increased opportunities in the Set Top Box, cable modem, cable infrastructure and WiMAX market.

Before I turn the call back over to Tom, I will like to reemphasize, we are very pleased in achieving non-GAAP profitability which was ahead of expectations, stronger customer relationships that we have ever had before, highly efficient manufacturing performance and the most innovative RFP signs and production to industry that continues to drive revenue growth and market share at our customers.

Is this ability to identify and execute on critical business initiatives that has allowed us to successfully transform the company into the Anadigics that we are today. With that, I will turn this over to Tom for our financial updates. Tom?

Tom Shields

Thank you, Mario. Well as Mario proudly commented, we are very pleased to have crossed over to profitability threshold in the second quarter on both the GAAP and non-GAAP basis of $0.01 and $0.02 per share respectively. We believe that this step is a new beginning for Anadigics in realizing increasing revenue and profitability trends going forward, particularly giving our strong ability, combined with the various opportunities to increase our market share in the fast growing 3G and 4G markets.

Net sales in the second quarter was $51.7 million, reflecting a sequential growth of 18.7% and year-over-year growth of 64.2%. Year-to-date, net sales have increased year-over-year by a solid 54%. Wireless net sales were $38.3 million, an increase of sequentially by 26% and 65% year-over-year.

Year-to-date, wireless net sales have increased 72% over the prior year. Broadband, net sales were $13.4 million, and increase sequentially by 2% or 61% year-over-year. Year-to-date, broadband net sales have increased 47% over the prior year.

Gross profit was $18.4 million or 35.6% of net sales, a sequential improvement of 330 basis points over the 32.3% gross profit reported in the first quarter. Fab utilization moved into the mid 60s during the second quarter.

Operating expenses were $17.4 million up $600,000 from last quarter reflecting a favorable increase in R&D investments for new programs. Our cash balance at July 3 was $91.8 million, depreciation was $4.9 million and capital expenditures were $1.9 million. Cash flow from operations was up $3.3 million from last quarter.

Looking into the third quarter of 2010, we are again very pleased to see strong call for our products entering the third quarter as such we are anticipating a11% sequential growth in net sales equivalent to $57.5 million.

We believe that this level of revenue should be able to generate on a non-GAAP basis approximately $0.05 per share. Operator, I would now like to open the line for Q&A.

Question-and-Answer Session

Operator

[Operator Instructions]. Your first question comes from Patrick Newton with Stifel Nicholas.

Patrick Newton - Stifel Nicholas

My first one is given your strong revenue growth, I was wondering if you guys anticipate or have the ability to shift business to win at an earlier date than you'd previously targeted, which I believe was the fourth quarter.

Mario Rivas

Our efficiencies are such that we are very happily ramping our products while in parallel qualifying wins. We have samples, they are functional, we are on track, have the availability to do that the sample the devices for communication with customer and then its going to be a matter of managing our supplies. So the answer to your question is we could the next question will be do we have to, no we don't have to just because our efficiencies on high yields.

Patrick Newton - Stifel Nicolaus

Okay, that's helpful and then just on the outlook looking into the September quarter with the 11% growth, could you kind of quantify where you expect to see the strength between the wireless and broadband business and then within broadband, either did that wireless LAN showing a little bit of life recently, could you kind of help us segment how we should look at the wireless LAN versus your cable infrastructure and set top box businesses?

Mario Rivas

Let me answer in general and I'll let Tom fill in the gaps. Both fields are showing strength and growth both the broadband and the mobile side. So it's across the board we've seen the improvement into Q3, you didn't ask the question when I am going to anticipate and we are fully booked in a number.

Patrick Newton - Stifel Nicolaus

Perfect

Tom Shield

So, Patrick, it's Tom; clearly as we had suggested we do see a very strong healthy backlog in both product lines to bind a broadband and wireless so we are expecting obviously nice sequential growth in both categories?

Patrick Newton - Stifel Nicolaus

And then just lastly on inventory, turns were 6.7 by my calculation. I guess do you think you could drive turns up into the seven plus range that you were in the 2007 and 2008 time frame and where do you expect the inventory to be exiting the September quarter and if you could just give us your view on the health of the channel or any issues you might see in the OEM level?

Tom Shield

Sure this Tom, on the latter part of your question answer to inventories, the reason for the revenue growth clearly, is indicative the inventory is moving through the channels so not a very strong and positive note there is a very limited inventory sitting in our customer base, including distribution. So very pleased with that.

On the inventory clearly inventory went up a little bit in the second quarter, combined with the revenue growth that we see in Q3 and potentially in Q4, we are moving very hard and fast particularly because we need to build safety stock because of on occasion short lead times, so we will expect that inventory should rise in both Q3 and potentially in Q4, but again its one of those areas where it doesn't rise necessarily on much large numbers. But we were expecting inventories to rise the purpose of continuation of service revenue.

Operator

Your next question comes from Anthony Stoss with Craig-Hallum

Anthony Stoss - Craig-Hallum

Hi guys, congrats on the numbers and the outlook. Tom, do you say you expect pro forma for Q3 to be nickel?

Tom Shields

Pro forma $0.04 for Q3.

Anthony Stoss - Craig-Hallum

Okay, I thought you said nickel. Any constraints that you guys are worried about that could limit your Q3 numbers and also if you wouldn't mind Mario talking about LT revenue, when you think LT revenue will start to begin for you? And Tom any view you might have on OpEx going forward? Thanks.

Mario Rivas

In general Tony, there is no major issues in the supply chain for us, key wafers being components, being laminates, now we have to manage the traditional business. No I feel very comfortable that there will be not any supply chain problem that will limit our third quarter.

Anthony Stoss - Craig-Hallum

LTE revenue?

Mario Rivas

I think that you should see some small numbers of LTE because the first devices that are going to be launched would be USB probably in the fourth quarter, USB (inaudible) in North America. And then it would be 2011 when the LTE rollout of handsets and devices will take place. So, we are pumped up [finally] because LTE is a more demanding standard and therefore high efficiency, linearity's provide you for better battery life and consumers like that. They will be access to multimedia and what have you but I don't receive that this year is wanting to see to a very good 2011.

Anthony Stoss - Craig-Hallum

Okay. And then Tom your thoughts on OpEx going forward, headcount, anything else?

Tom Shields

Sure, first of all thank you very much for correction relative to the non-GAAP EPS guidance for Q3 at this share that you are listening.

Anthony Stoss - Craig-Hallum

That was the quickest rate.

Tom Shields

I thought it was (inaudible) later. On the OpEx, as I mentioned in Q2 we increased the R&D roughly about $500,000 so OpEx increased $600,000. As we have said previously we like to see OpEx move about $500,000 per quarter with the carry out that we are seeing continued poll from our customers and also additional customers that we have been pursuing for a while that could lead us to investing much more than we anticipated previously particularly in R&D. So, there is a range I'll give you anywhere between 500,000 and it could be close to $800,000 on the upside end for our need to invest in R&D particularly for many programs that we are current engaged.

Operator

Our next question comes from Michael Alexander with Charter Equity Research.

Michael Alexander - Charter Equity Research

I wonder first of all if you could talk about the turns business that you mentioned. Are these orders that your competitors have not been able to fill and do you think there's an opportunity to take some of the share permanently?

Mario Rivas

I cannot comment. My customers will not tell me why they are coming to me at the last minute, so I am not sure that I am really accurate details, the factual tells you that. No go feel this, yes, you are probably right, but the fact that we have such a short cycle time and such high yields allow us to make a little bit more term business than usual. So, we continue to base our guidance on our backlog as of the day of the call, for consistency sake no and then we expect some term business for this kind of hard to predict what that number is going to be. Are we taking market share, I think we are. We are growing faster than all the other competitors. So we're taking market share. We're the smallest, but we're growing.

Michael Alexander - Charter Equity Research

And that leads to my next question. Going into next year, how should we think about the growth of your wireless business? Is it going to slowdown to something around the overall growth rate of smartphone's or should we look for something faster than that?

Mario Rivas

No we tend not to give you guidance, we are in the quarter at the time it's obviously my strategic ambition is to get to 14% by 2014 so that will indicate that I have to gain market share right.

Tom Shield

Right and I will add, its Tom, Mario commented that the growth rate of 3G anticipated week at least on a compound annual basis to 30%. If you were to then forecast potentially what the 4G LTE market maybe for 2011, there is probably additional outside opportunities for that particular market.

So while we only give guidance one quarter a time, they clearly you heard from our competitors relative to potentially what they can yield for 2011 and you see we are going particularly in 2010 and we feel very optimistic when it comes to next year.

Michael Alexander - Charter Equity Research

Got it and then just on the housekeeping, did you give the actual breakdown of the business units in broadband and then finally, what impact will the slowdown or the completion of the Verizon FIOS rollout will have on cable TV?

Tom Shields

This is Tom here; Mario did provide some commentary on the broadband breakdown basically indicated that Set Top Box grew roughly 20% which is $6 million for quarter in the second quarter. Infrastructure was 4.7, up 3% and then WiFi was down about $400,000 and WiMAX is down $600,000 to get the total of $13.4 million for the quarter.

Relative to question on the FIOS, today we don't generate a lot of revenue through FIOS, so with any particularly change up or down hopefully on the upside we pick up revenue, but on the downside we wouldn't necessarily loose any revenue.

Operator

Our next question comes from Aalok Shah with D.A. Davidson.

Aalok Shah - D.A. Davidson & Co.

Hey guys. Congratulations on a good quarter and great guidance. Couple of questions, Mario. First of all, can you give us a sense from a geographical standpoint where you're seeing particular strength in the wireless business and especially we've been hearing quite a bit on TDS, CDMA and maybe you can talk a little bit about that and where you're positioned there and how things are going. And lastly, just in terms of your references on partners, can you give us an update of how you're positioned with some of those partners?

Mario Rivas

Geographically you heard the list of our customers, right. So it's basically a Canadian customer and two Korean customers on Chinese both distribution and local OEMs. On TDS, CDMA we have a very good part, a very good penetration on a great number of platforms specifically with Korea manufacturing shipping into China as well as with our Chinese customers in the domestic market.

So, it remains strong. China is a very interesting market in that each of the three operators is supporting a slightly different standard, now TDS CDMA, UNTS wideband CDMA and their latest version of CDMA on speed. So geographically, the only thing I could say is we have very little exposure to Europe which has actually helped our sales growth and we continue to remarket shares.

Aalok Shah - D.A. Davidson & Co.

And in terms of your referenced design partners?

Mario Rivas

Our relationship with Qualcomm continues to be excellent. The bands that we selected for wideband CDMA and LTE reflect the introduction of the reference design as well as the bands that have been selected by the major carriers, right. We are working very closely with ST Ericsson and with Infineon. Now Infineon is our natural partner in Canada, they provide DRF on quite a bit of our designs are coupled to their reference, designs that now we are formalizing their relationship put them in licensing relationship and it's marching along very well.

Aalok Shah - D.A. Davidson & Co.

Do you have a strong relationship with Media Tech or Spectrum in China?

Mario Rivas

Media Tech is for the most part a 2G supplier that is moving into 3G, so we have approached them, they have approached us and we are in conversation.

Operator

Our next question comes from Harsh Kumar with Morgan Keegan

Harsh Kumar - Morgan Keegan

Couple of questions. Your ramp in business Mario, particularly in wireless, very impressive. Can you just broadly tell us if it's very broad based for you geographically and customer wise or did a chunk of it come from one customer? I've got a couple more questions.

Mario Rivas

That's what I hear you the customers in alphabetical orders and I will stand by it and make it simpler to recount it took OEM customer VCE in China and RIM in Canada. We have diversity of customers which is nice to have, its like note that I have anything against having them in almost customers like what some of my competitors who are a little jealous at times. So that again geographically its far more difficult for me to give you a exact penetration because they ship to different market and they ship around the world and I think its becoming a lot more difficult to figure out the only thing I can talk about it CDMA because that is truly for China at the moment.

Harsh Kumar - Morgan Keegan & Co

I've got you. Very helpful, and I think maybe Tom looking back at my model historically, I think margins topped out around 38 and change last time. Is there any reason why you would be constrained in that range as business continues to get better? I know its forward-looking way out in the future but any kind of color you can help we would appreciate it.

Tom Shields

Well certainly I guess if your working here and slide back to let say Q3 2008 I think we are the $58 million a revenue and we have a lower gross profit today clearly at $51.7 million we achieved just under 36% so clearly we are a much different company today a much better company today much more efficient in operations and clearly target has really been getting to 40% at the fastest rate possible will still remains a target.

Harsh Kumar - Morgan Keegan & Co

Got it, okay, and then I think a question back up for Mario. At this time, my understanding is the global supply and demand situation at least for PAs is a very healthy one. Mario, at a very broad level do you see anything changing in this picture? Are you kind of aware of anybody adding significant capacity or any kind of disruptions that you can see very broadly speaking that should change this healthy environment next year or I know you're bullish but just broadly speaking on the industry how do you feel?

Mario Rivas

I think the industry is bullish, if I read a transcript of my peers in the group, all of them are bullish about 2011, and there is very healthy market out there and the drivers for growth are very (inaudible) right, they change 3G accelerating, smartphones, multimedia, more devices being connected, all of it cough up to be a very good situation for they call industry, not just for us.

I will say that we would like to gain more than our fair share and continue to grow. So that is the name of the game going forward. So I don't really worry too much about micro economics but that nothing I can do about but we all know the micro economics have an effect. I will say we should not look just at North American economic because this is a global economy now and quite a bit of the growth in both wireless and cable might come from outside of North America.

Operator

Our next question comes from Richard Shannon with Northland Securities

Richard Shannon - Northland Securities

Hi guys, congratulations on very nice numbers as well. Did I miss any comments about who the 10% customers were? I know you listed your top customers but were any of them 10%?

Mario Rivas

Yes, we put the customers that are either a 10% or very high single digit and we just put them on political orders, so they are not in order.

Richard Shannon - Northland Securities

Second question, kind of bigger picture for you Mario, perhaps. Can you discuss what you're seeing there in terms of relative pricing trends in 3G? Have you seen those trends moderate a little bit or kind of continue the movement downwards as you've seen in the past?

Mario Rivas

We have a semiconductor business, right. So that's why we tend to model 2% a quarter on drops and then they are other outside parameters that will effect that note so there is a time where cost (inaudible) are far more interested on supply particular cost reduction. Now if I visit the customer, they don't talk about price and they are not serious and that has been the case for the last very years. So, I'll say that there is nothing dramatic taking place in the industry; I thought we are in semiconductors and therefore price drops and cost reduction are the name of the game.

Richard Shannon - Northland Securities

Okay, and I guess my last question about the guidance for the third quarter, I was just trying to run through your normal contribution margin to get to gross margins and it seems like to get to the EPS number would imply fairly healthy increase in OpEx. So I'm wondering if we are not going to see that kind of a margin contribution or just conservatism here, how should I think about this, Tom.

Tom Shields

No, we are still looking for some good operating leverage in our gross profits, basically we model anywhere between mid 36 to upper 36, if not close to 37 and which of that internal target for Q3. What I said with Tony was that in addition we may see some opportunities while we are seeing opportunities relative to R&D so we get a factoring what that maybe to as we execute on these new programs, but the margin we have had in same direction that has previously.

Operator

Our next question comes from Cameron Wright with J. Fishman, LTD.

Cameron Wright - J. Fishman, LTD

Two questions for you. First of all the reversal of the impairments for recoveries, can you go through what those were exactly? I guess the auction rate securities, are you completely out of those now?

Tom Shields

Sure this is Tom, one of our option rate securities came in at 100% face value for which there was a favorable impact of $100,000 which is a recovery as you say. Sure under $6 million of auction rate securities, they are still in the balance sheet so we are not 100% of them yet but signs are mostly pointing in the right direction.

The second recovery as you had indicated pertains to the recovery on the sale of the building in China for which we netted $1.7 million. So if you remember back in 2008, we had written-off only investments in our facility in China

Cameron Wright - J. Fishman, LTD

Okay. Great and then just big picture items. Let's say large smartphone maker who doesn't have a CDMA version of their product was to come to you. Do you guys have the demand or do you have the ability to meet demand for a program like that?

Mario Rivas

Absolutely

Cameron Wright - J. Fishman, LTD

So if they wanted to ship something in six months, you guys could supply everything without any problems?

Tom Shields

You bet that we are very proud of the we have scaled our operations so you have given me an opening. We have been moving up on scale. We still have several bumps to go we are doing it in an orderly fashion and we still have headroom. And add to that the product that we will be clock that we will be able to get away first from win semiconductors in Taiwan and we are poised for the next level of growth. So it's an exciting time.

Operator

Our next question comes from Jason Reckel with Needham & Company

Jason Reckel - Needham & Company

I'm just hoping we could dial down into the customers a little bit and if you could talk a little bit about your positions with Samsung and LG, and whether you're continuing to regain share there? Thanks.

Mario Rivas

Yes, we feel very comfortable, we have relationships in Korea and there has been a concern across the market on how the Korean customers are going to come back in this smartphone world. I believe that they will come back and storm into the same as they usually do. And when they do, we will grow with them. It's another greater opportunity.

Jason Reckel - Needham & Company

Okay, great and that actually kind of leads me into my follow-up here. Do you guys have any concerns about kind of the future phones of Samsung and LG being squeezed by smartphones and new phones that they will continue to rollout here?

Mario Rivas

The operators are being more partial towards smartphones than feature phones right. It seems to be that unless you have at least email, phones are interesting. So that is why I said that the concerns in market exist around when are they going to introduce their smartphones and my comment stands. I think they are going to come back and storm the market with some very nice phones.

Operator

Our next question is a follow up question from Harsh Kumar with Morgan Keegan

Harsh Kumar - Morgan Keegan

I was listening to the RF Micro call and I think they said they've got a couple of design wins with Qualcomm and RIM. I know both those are reasonably sized customers for you and platforms for you. I'm wondering if you can provide us with any color or kind of your take on if those customers are getting more competitive and I have got one or two other follow-ups.

Mario Rivas

Qualcomm releases there spec to all four of the competitors right and so it's a matter of qualifying, I believe that RF& D largest customer is now using a Qualcomm reference design so I'm not surprised, that they will be willing to use it I have yet to see that particular brand of amplifier all in the billing materials of the reference design but that doesn't mean that you cannot use it and as far as RIM, we continue to work with them very closely, the value performance and the linearity efficiency and if that is going to be the competition, I don't think we can be beat.

Harsh Kumar - Morgan Keegan

I've got you, helpful. Very helpful, and also on the capacity for your fab at New Jersey, I think you've talked about it in the past somewhere in the $85 kind of million range, is that still pretty accurate, any additions to that factory just yet?

Mario Rivas

We have no plan to add to our factory capacity and we have said there a million markets what we have quoted and we have said we feel that it's a full capacity at 1,000 wafers per week and that we could push it to 1,100 given the efficiencies that the operational team has achieved. So, that's why in the prior call -- in the prior equation I stated and we have (inaudible) to grow in New Jersey even before we start pulling from when as this also for our wafers.

Harsh Kumar - Morgan Keegan

Got it so you'll go to win for everything else?

Mario Rivas

That is our strategy.

Operator

At this time there are no further question gentlemen do you have any closing remark.

Mario Rivas

Yes thank you very much and global I would like to say that our accomplishment are this quarter are substantially to position the company to achieve profitable growth going forward and by leveraging our innovative products for the high gross 3 and 4G market and with our world class operational excellence we intent to continue delivering growth and volume to our shareholder.

I would like to take this opportunity to thank the employees of Anadigics for the hard work the participant in today's call and all of our Anadigics shareholder for the continue support. I look forward to providing you with additional news and progress at the end of the third quarter. Thank you very much and have a wonderful day.

Operator

Thank you that concludes the conference, you may now disconnect.

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