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Anaren, Inc (NASDAQ:ANEN)

F3Q11 Earnings Call

April 27, 2011 5:00 p.m. ET

Executives

Lawrence Sala - Chairman, President and CEO

George Blanton - SVP, CFO and Treasurer

Joe Porcello - VP of Accounting

Analysts

Jim McIlree - Merriman

Mike Walkley - Canaccord Genuity

Christian McDonald - Kennedy Capital

Operator

Good day ladies and gentlemen, and welcome to the Anaren Inc. Third Quarter Earnings Conference Call. At this time all participants are in a listen-only mode. Later, we’ll conduct a question-and-answer session and instructions will follow at that time. (Operator Instructions) As a reminder this conference call is being recorded.

I would now like to turn the call over to your host, Larry Sala, President and CEO. Please go ahead.

Lawrence Sala

Thank you. Good afternoon and thank you for participating in the Anaren fiscal 2011 third quarter conference call. I’m joined again today by George Blanton, our CFO; and Joe Porcello, our Vice President, Accounting. I’ll review the results of the third quarter after which George will give you the financial highlights and we will then take your questions.

Certain statements made during this conference call will be forward-looking statements. These statements involve risks and uncertainties that could cause actual results to differ materially from those discussed. You are encouraged to review our SEC reports and exhibits to those reports to learn more about the various risks and uncertainties facing our business and their potential impact on our net sales, earnings and our stock price.

Net sales for the third quarter were $44 million, up 4.3% from the third quarter of last year. Robust demand for Wireless standard components continued throughout the quarter driving the overall increase in net sales. In addition, Space & Defense Group experienced a strong flow of new orders including the finalization of the previously announced IridiumNEXT contract.

Non-GAAP operating income for the quarter was $5.6 million or 12.8% of net sales down 15.9% from the third quarter of last year. Margins were negatively impacted by increased R&D spending in both the wireless and Space & Defense groups. Wireless standard product price reductions that became effective in January and generally less favorable product mix in the Space & Defense Group.

Wireless Group net sales for the quarter were $15.2 million up 6.7% from the third quarter of last year. The continuing increase in demand for standard components for infrastructure and consumer applications drove the increase in net sales from the third quarter of last year. And our customers are forecasting continued strong demand for the remainder of the calendar year. During the quarter, we experienced a continuing shift in demand to fourth generation or 4G base station applications, where our new products have increased our dollar content for base station. This uncharacteristically rapid shift in demand has positively impacted our net sales, but its negatively impacted gross margins for the group as the new 4G related products are still experiencing lower yields. We would expect yields to continue to improve over the next few quarters, positively impacting the Group’s profitability.

New product and technology development efforts remain focused on expanding our standard component product portfolio. During the quarter, the Group continued to expand the Xinger III high power resistor and consumer component product lines.

And in addition, development of the Anaren Integrated Radio or AIR product lines of low power wireless transceiver modules continued and drove much of the increase in the wireless group R&D spending for the quarter. Several new AIR products were introduced during the quarter, and we continue to see strong interest in our AIR product line.

Customers that exceeded 10% of Wireless Group net sales for the quarter were E.G Components, Huawei and Richardson.

For the Space & Defense Group, net sales for the quarter were $28.8 million up 3.1% from the third quarter of last year. And unfavorable sales mix driven by new production start ups and engineering development programs, and an increase in R&D spending negatively impacted the Group’s profitably for the quarter. The increase in R&D spending was largely due to delays in finalizing two new satellite development contracts for which we aggressively hired new engineering talent in December and January. One of those contracts was finalized in February and the second contract was finalized just last week.

Space & Defense Group revenue and profitability for the quarter were also negatively impacted by the continuing capacity expansion initiative at our Unicircuit subsidiary. This initiative is relatively complete and we anticipate improved efficiencies and yields at Unicircuit in our fourth quarter.

During the quarter, the Group delivered several new integrated components for potential counter IED product improvement initiatives as well as the first production quantities of new radar sub assemblies for our ground based radar application. Product and technology development issues for the Group remain focused on expanding our radiation hardened hybrid electronic modules standard component product lines, advancing our RF manifold and hybrid electronic module technologies for radar applications and the continuing development of integrated microwave assembly technology.

New orders for the quarter were $42.6 million and included contracts for components and assemblies for ground based radar, ship borne jamming and various satellite applications. During the quarter the Group finalized the contract valued at approximately $24 million from Thales-Alenia-Space for the development and production of integrated beamforming assemblies that will be deployed on the IridiumNEXT satellite payload.

Space & Defense Group order backlog at March 31st, 2011 was $88 million. Customers that generated greater than 10% of Space & Defense Group net sales for the quarter were Lockheed Martin, Northrop Grumman, and Raytheon. George?

George Blanton

The highlight of the third quarter income statement and balance sheet at March 31st, 2011, are presented on a non-GAAP basis. These non-GAAP measures are each adjusted from GAAP results to exclude certain non-cash items including equity-based compensation and intangible amortization. The presentation of this additional information should not be considered in isolation or as a substitute for results prepared in accordance with accounting principles generally accepted in the United States. Please refer to our Q3 earnings release for a reconciliation of GAAP and non-GAAP measures.

Non-GAAP gross margin was $16.3 million or 37% for the current quarter, compared to $17.1 million or 40.5% for the third quarter of last year. Gross profit as a percent of sales decreased 340 basis points compared to the third quarter of last year due to a less favorable sales mix and high start up costs on new production programs in the Space & Defense Group and Wireless group, annual price reductions and low yields for standard component products. Wireless group standard components sales increased 30% from the third quarter of last year, which increased gross margin by 17% year-over-year.

Space & Defense shipments were 3% higher than the third quarter of last year. The increase in Space & Defense Group sales was a result of production of ceramic module and space hybrid module business. Gross margins for the Space & Defense group were unfavorably impacted by production start ups on a new contract that will continue through the next quarter and a less favorable mix of business. We have completed our counter IED product contract, and we’ll offset these sales with other facet products primarily for radar applications. We expect the Company non-GAAP gross margins to be between 35% and 39% for the fourth quarter of fiscal 2011.

Investment in research and development was 10.6% of net sales in the third quarter compared to 9.5% of net sales for the third quarter of last year. R&D spending increased in support of the Wireless Group, AIR, Anaren Integrated Radio product development and hiring of engineers in advance of two significant Space & Defense Group satellite programs. These two new Space & Defense group programs total over $10 million in funded engineering development that will continue through Q3 of 2012.

Other R&D efforts are supporting wireless standard component product development as well as a number of projects in the Space & Defense Group and are expected to decline slightly as our engineers are applied to customer funded development program in the future.

Non-GAAP operating income was 12.8% of the net sales for the third quarter of fiscal 2011 down 310 basis points from the 15.9% in the third quarter of fiscal 2010. The decrease was the result of higher R&D expenditures, Wireless Group annual price reductions and the less favorable Space & Defense product mix.

Interest expense for the third quarter of fiscal 2011 was 104,000 compared to 129,000 for the third quarter of last year. We expect interest expense for the fourth quarter to be approximately 105,000.

Non-GAAP net income was 9.7% net sales or $0.28 per diluted share for the third quarter of fiscal 2011, compared to 12.9% of net sales or $0.38 per diluted share for the third quarter of last year. The third quarter of fiscal 2010 included a $0.07 per share tax adjustment for uncertain tax positions after concluding an IRS exam for several prior years.

The effective income tax for the third quarter of fiscal 2011 was 21.4%. This compares to a tax rate of 13.4% for the third quarter of last year. The increase primarily resulted from an adjustment for uncertain tax positions related the conclusion of the IRS audit in the third quarter of last year. The projected effective tax rate for all of fiscal 2011 absent one-time events is expected to be 29.5%.

Balance sheet highlights include cash provided by operations was $8 million in the third quarter, capital expenditures were $2 million in the quarter. Cash, cash equivalents and investments were approximately $78 million as of March 31st, 2011, up $7 million from $71 million at December 31st, 2010.

The company repurchased minimal shares of its common stock in the third quarter. There were approximately 463,000 shares remaining under the current board repurchase authorization. Accounts receivable were $29 million as of March 31st, 2011, up $2 million from December 31st, 2010. Days sales outstanding was 58 days, up two days from last quarter. Inventories were $36 million at March 31st, 2011, up $1 million compared to last quarter. The increase was a result of higher business levels and procurement of long lead items for a satellite hybrid module business. Inventory turnover continues to be strong in our Wireless Group while Space & Defense Group inventory turnover remain constant.

Lawrence Sala

Thanks George. For the fourth quarter of fiscal 2011, we expect comparable sales for Space & Defense Group and an increase in sales for the Wireless Group compared to our just completed third quarter. As a result we expect net sales to be in the range of $42 to $46 million. Absent the impact of any one time events, we expect GAAP net earnings per diluted share to be in the range of $0.23 to $0.28, using the anticipated tax rate of approximately 29.5% and inclusive of approximately $0.05 to $0.06 per share in charges related to expected equity based compensation and intangible amortization.

Non-GAAP net earnings per diluted share are expected to be in the range of $0.28 to $0.33 for the fourth quarter. We will now take questions.

Question-and-Answer Session

Operator

Thank you sir. (Operator Instructions) Our first question comes from Jim McIlree with Merriman.

Jim McIlree – Merriman

Thank you, good evening. Larry, in your comments you talked about two satellite projects where you finished the contract negotiations, one was Iridium. Did you mention the name of the other one or the applications for the other one?

Lawrence Sala

I did not, and we don’t really have approval from our customer to speak specific names, but the application is a next generation military broadband communication satellite application.

Jim McIlree – Merriman

Okay. And, I’m sorry, did you mention the size on that? NextGen broadband military application?

Lawrence Sala

We didn’t specifically, it’s just a first phase development contract that we have, you know, it's something on the, you know it's an excess of $5 million as a first phase of development here.

Jim McIlree – Merriman

Okay, and that’s my real question that this is first step and then assuming things go well then this should last for sometime?

Lawrence Sala

Correct, so this is a customer we have a lot of heritage with previous generations of programs like this, you know, we did the same sort of development on those prior generations and we would expect it to progress to a long term program.

Jim McIlree – Merriman

Okay, great. And on the counter IED program, I thought I saw something the other day that indicated there was a contract sealing increase for the V3 systems, do you have content on that?

Lawrence Sala

We do, that’s the same program that we participated on. So that, I believe is in anticipation of continuing spares and support that we go on. Obviously, there is many, many installed systems and we quoted over the last several quarters a number of times for various spares applications. So, our expectation is there, because of the large, large installed base we’ll continue to see spares orders for the next few years.

Jim McIlree – Merriman

And assuming just kind of like a normal spares and maintenance and replacement, does that equate to, I’m just going to make up numbers, a million bucks a quarter or is it something more or less on that?

Lawrence Sala

It’s hard to get, but solely on a spares basis we’d expect it to be less in that. Something like a million a year or million or two million a year would probably be more of our best guess of what we would expect.

Jim McIlree – Merriman

Okay, great. Thank you very much.

Lawrence Sala

Thank you.

Operator

(Operator Instructions) Our next question comes from Mike Walkley with Canaccord Genuity.

Mike Walkley – Canaccord Genuity

Great. Thank you very much. Larry, there has been some concerns on potential cuts to the US Space and Defense Program, longer term and some commentary from your customers such as Lockheed. Are there any program that you are concerned about longer terms, such as the joint strike fighter or anything longer term that concern you?

Lawrence Sala

Well, obviously we are hearing the same things and we are seeing, certainly tightening of the belts of all of our customers these days. I guess the bigger challenge for us has just been delayed and getting work under contract, need a continuing resolution that was in place for such a long period of time, people not really knowing on what authority they have to spend. We don’t know – we are not aware of any material cancellation of any sort of any project that we are on or we are pursuing, but obviously our concern is high. Even with its delay in finalizing this last contract, historically as a customer, we worked with the customer, we have confidence in our position with, we would apply people and start spending early in anticipation of a contract, but given this whole environment we are concerned to get people applied too quickly to something until we get it finalized. So, certainly a caution that we have, but we have no specific program that we are aware of that is at risk right now.

Mike Walkley – Canaccord Genuity

Okay, great. Thank you. And given kind of the delays in the mix shift and the pressure to gross margins and you also mentioned a little bit about the transition to 4G on the wireless side of the business, how should we think about maybe the gross margins longer term versus your short term guidance as 4G ramps and you get better yields and maybe the next change is back and Space & Defense is high 30s reasonable for fiscal ’12 or should we be at this lower guidance rate for the next couple of quarters?

George Blanton

I think the guidance for the gross profit will be similar of what we talked about where we are starting up with some of the 4G product and we have lower yields. We do expect to get better with those yields as time goes on and the volume of that product continues to ramp too. That is in the upper end of our margin range and we would think that would continue that as the volume increases, we think that will cover us more fixed cost. And so, we should get some improvements there. That and the yields we think the margins could improve from where they are this quarter. And, we’ll continue to improve some of our efficiencies. That in addition to our CCD type of components could also improve in performance also from margin standpoint compared to this quarter.

Lawrence Sala

Yeah, I think as we look at fiscal ‘12, we would expect our margins to be in the upper end of the range that we just gave as opposed to lower end.

Mike Walkley – Canaccord Genuity

Okay, great. It was helpful. Just within wireless, does shift to 4G, is it happening faster than your expectation or is it just very strong orders and the yields are just not where you want to be right now?

Lawrence Sala

Definitely nothing happening faster than we expected. So, we introduced – continue to introduce Xinger III products for 4G applications and we’re just seeing a much rapid uptake in those products than we’ve historical seen with our new product introductions. It’s being compounded by, I guess, a general increase in overall demand in the marketplace that we are seeing, across the board. So, we’ve been saying for the last couple of quarters that we see our customers’ forecast strengthening and we’re definitely seeing the follow through with that today.

Mike Walkley – Canaccord Genuity

Yeah, AIR internet very strong sales this morning, I guess, to back up some of those orders you’ve been talking about. And then just one last question from me and I’ll past it on. Just on your OpEx structure and the new hires you had. Can you kind of help us think about OpEx, is $11 million a quarter the right rate, I know there is NREs that flow through too, can you just help us think about your OpEx level going forward, would be very helpful?

George Blanton

Yeah, we think the OpEx level is probably peaked right now, it’s pretty significant with R&D both on our Space & Defense division and our Wireless Group had increases in the R&D expenditures. And as Larry had mentioned, a good portion of that is not getting engineers charging directly to some of the contracts that took a while to get underway. The two contracts we are talking about that ends up in either R&D or indirect expense. In this case a lot ended up in R&D, working up some other R&D projects. We continue to invest and increase our investment in the wireless side for the AIR product. So, that I think will peak as we get more of the Space & Defense engineers charging to these programs, the two programs we mentioned that should reduce the R&D expenditure and we think the OpEx will come down a little bit. We still have significant R&D expenditures in the wireless side, but we would think the OpEx will probably drop a little bit as a result of lower R&D costs and higher direct charge costs in our Space & Defense Group.

Mike Walkley – Canaccord Genuity

And that’s very helpful. Thanks for taking my questions.

Operator

Our next question comes from Chris McDonald with Kennedy Capital.

Christian McDonald – Kennedy Capital

Good evening. Thanks for taking my questions. What would be the relative contribution for a 4G, on average, for 4G base station versus something current generation? I’m just trying to capture the magnitude of the potential increases to see the [inaudible]?

Lawrence Sala

You know, you’re talking about dollar content, Chris?

Christian McDonald – Kennedy Capital

Yeah, dollar content, Larry.

Lawrence Sala

It’s such a hard number for us to get our arms around, because the way these systems get deployed, they get deployed in base configurations and then they get upgraded once they get fielded for adding capacity, it’s just one we struggle with. It’s one that we really don’t have enough basis to throw a number out. And I guess, knowing kind of accurate projection of the marketplace then we can get it.

Based on our sales run rate last quarter we’re seeing orders running probably 20% higher than the rate of sales last quarter. And that’s where we are trying to ramp up our production rates to. How long that sustains itself whether it grows beyond that, we don’t have tremendous visibility. But, it seems like we said on our prepared notes here, our customers are forecasting pretty stable demand at these types of rates through the end of the calendar year, which is as far out as they forecast for us.

Christian McDonald – Kennedy Capital

Okay. And it’s largely you’re addressing that opportunity with Xinger III right now?

Lawrence Sala

Correct, that’s really driving the majority of the increase we see. Although, we are in general seeing broad increase in demand from all our customers and just about every application.

Christian McDonald – Kennedy Capital

Is the pricing environment similar to what you typically expect every year and those are the kinds of the reductions that you’re having to put in or has that changed at all?

Lawrence Sala

No, we’re still seeing obviously a very competitive pricing environment, and this year it was a little more challenging because our customers were forecasting these big increases in volume and with these big increases in volume those expectations of price reductions, even coming into last quarter, our standard component run rate was up about 50% year-over-year. So, we’re seeing very substantial increases in volume and with that there’s expectation of improved pricing. So, I would say it’s dramatically better or worse than it’s historically been.

Christian McDonald – Kennedy Capital

Okay. Could you provide an update on where the company is relative to the Integrated Radio rollout and your thought process and how that opportunity evolves over the next couple of years?

Lawrence Sala

Sure. We first put product in our distribution channel in December, so that’s the first time we really had product broadly available for people to start designing into their applications. So, it's only been four months since that product has been in the marketplace. That product portfolio has now been broadened to covering all of the popular frequency bands as well as European frequencies and European certification. So, we’ve got a good global product portfolio now available, that’s really in the last month or two that we’ve been able to roll out products for the European applications.

And we probably have an equal number, we’ve got about a half of dozen different products in the market, another half a dozen in the pipeline where we’re already sampling people, but we haven’t broadly released them.

So, from a product portfolio, we feel like, we’ve really accomplished our objectives and we have a portfolio that’s adequate to address the marketplace that we see.

From an application standpoint, we probably have something on the order of 30 to 40 active designing activities going on with customers and that’s probably doubled in the last quarter. Then we probably sampled 250 different customers or so either directly ourselves or through our distribution partners. So, we’re seeing a continuing steady increase in the interest level in this product. And then, from a quote side, it’s hard to say, absolutely, accurately, because we quote some applications directly, others are quoted through our distribution partners, but grossly between ourselves and our distribution partners.

Now, we definitely quoted in excess of $10 million in annual business types of opportunities. So, we would expect that we start to convert that to revenue, we were probably optimistic thinking we’d see material revenue this fiscal year, we’re not optimistic that that’s going to be the case. But, late this calendar year, we think that will start to be the case because the designing cycles look to be to us now a little longer than typical for us because there is not only the hardware implementation, but there is a software implementation that needs to be done in order to get it designed into production. So, I don’t know if that helps, but that’s kind of our general view on where we are with that product line.

Christian McDonald – Kennedy Capital

I guess just a follow on would be from a long-term perspective. Is there anything that changes your view on how sizable this market could be if we could imagine even think [inaudible]?

Lawrence Sala

No, there really isn’t. We said from the beginning, we thought this product line had the potential to double our wireless business and we still believe that’s the case. We’ve got to convert some of the bare opportunities into production in order to do that. But, nothing we’ve seen in the last quarter or two since we’ve really brought this product to market. It’s leading us to believe that that’s not reasonable.

Christian McDonald – Kennedy Capital

Okay. Good. Just shifting gears and couple of Space & defense question. One, were there meaning AML related expenses in due diligence that are in the quarter?

George Blanton

We had a couple of hundred thousand dollars of expenditures related to the AML acquisition in the quarter, will be reimbursed and we have them reimbursed for that plus there is a $600,000 breakup deal that we’ve received already.

Christian McDonald – Kennedy Capital

Okay. And that was also in June quarter?

Lawrence Sala

Right, I think that $200,000 was a G&A expense, in the June quarter it will be other income offset, 600 will show up below the line.

Christian McDonald – Kennedy Capital

Okay. On the new two satellite programs where the company did some hiring. How would you characterize the pacing of the ramp up of those programs?

Lawrence Sala

Well, Iridium as we said we booked back in February. So, we’re just now starting to get to the point of having a meaningful staffing on that project, it’s probably peak in the next couple of months of getting people applied to that contract. But that will last at that peak rate for another probably 12 months, because now we have to develop new designs but then do all the testing evaluation and engineering model development. And that will take some time. For the second one that we just booked last week and finalized, it will take us three to four months to get the higher level design architecture complete so that we can get everybody applied to the detailed design activity that has to happen, and then that too will carry on for 12 months or more from that peak.

So, we’ll see, we hope better performance from getting more people applied in the fourth quarter. But really, probably not until the first quarter that we really start to see the significant increase in the amount of people applied and a meaningful reduction in R&D spending.

Christian McDonald – Kennedy Capital

Okay. Okay, good. You mentioned Larry that the company has provided more components or subsystems either for test or trial related to IED Jammer opportunities and just thought it would be good to get an update on where those opportunity stand and if you have any visibility on timeline along another upgrade cycle or anything of that nature?

Lawrence Sala

Yeah, that’s a little difficult for us where we stand in food chain, but we delivered hardware for multiple opportunities related to upgrading the installed base IED Jammers both the crew applications that we’ve supported in the past as well as the CRVJ applications where we haven’t participated in the past, from a very distant perspective we think there is qualifications that our customers are hoping to accomplish over the next six months or so. And then, the potential for production probably a year from now is kind of our best view of possibilities. But we don’t really have a good view as to the likelihood that those things get funded and move ahead, but we obviously know that, you know, our customers are working under contracts to get through this qualification phase, so that part of it is being funded now.

Christian McDonald – Kennedy Capital

Okay. Do you think bookings or orders, setting aside a Iridium or at all held up or constrained by the budget in passing ongoing continuing resolution, would you expect bookings to improve, what do you think about the next couple of quarters relative to the run rate that you’ve seen?

Lawrence Sala

We said it many times that our orders move in and out on a whim from our customers, we definitely under a lot more audit scrutiny then we’ve seen in the past, so it’s taking longer to get through the audit process and get contracts finalized. But, we are still expecting to have a good solid fourth quarter and we’ve had a good flow of orders in just the first month here in the Space & Defense Group. But, trying to predict exactly which quarter these larger contracts actually get finalized is just up for us.

Christian McDonald – Kennedy Capital

Okay. And two more quick ones, one you have had two peer companies that have been acquired or are in process of being acquired here over the course of the last couple of months and just want to get your perspective on how that changes the competitive environment if at all and kind of give just your thoughts around that whole situation?

Lawrence Sala

Well, historically, when our competitors had been acquired by larger entity it's been somewhat of a benefit to us, where when they’re owned by a bigger entity our customers tend to be more hesitant to disclose early designs and significant intellectual property to them, but it’s hard to generalize. When it’s just a peer, you know, peer may not be a competitor. So, the ones lately, we don’t see having a big impact on our business.

Christian McDonald – Kennedy Capital

Okay, and then just one last quick one back to the integrated radio opportunity, what type of investment run rate either cumulatively or on a run rate basis, would you say that company has or is investing?

Lawrence Sala

Now that the step up we have last quarter we’re running something on the order of about a million dollars a quarter maybe a little ahead of that. But that sort of order magnitude.

Christian McDonald – Kennedy Capital

Okay, so this is certainly having a noticeable impact from a profitability perspective, but obviously the opportunity is very substantial, so understood.

Lawrence Sala

Correct.

Christian McDonald – Kennedy Capital

Okay. Thanks. Thanks for answering all the questions.

Lawrence Sala

No problem. Thank you.

Operator

(Operator instructions) I’m showing no further questions at this time. I would like to turn the call back over to Larry Sala.

Lawrence Sala

Thank you. We greatly appreciate your participation and we look forward to speaking with you again next quarter.

Operator

Ladies and gentlemen thank you for your participation in today’s conference. This concludes the conference and you may now disconnect. Everyone have a wonderful day.

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