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ANADIGICS, Inc. (NASDAQ:ANAD)

Q4 2011 Earnings Call

February 22, 2012, 8:30 a.m. ET

Executives

Terry Gallagher – CFO

Ronald Michels – CEO

Analysts

Quinn Bolton – Needham & Co. LLC

Edward Snyder – Charter Equity Research

Aalok Shah – D. A. Davidson & Co

Paul McWilliams – Next Inning Technology Research

Blaine Carroll – Avian Securities

Terry Gallagher

Good morning, everyone and welcome to our fourth quarter and full-year 2011 conference call. With me today is Ron Michels, our President and Chief Executive Officer. My name is Terry Gallagher and I’m the CFO.

During the call, we’ll make forward-looking statements about our business and projected financial results. I must remind you that actual results could differ materially from our projections based on various risk factors, including those described in the press release we issued earlier today, and our reports on Forms 10-K, 10-Q, and other filings with the Securities and Exchange Commission. All numbers during the call will be presented on a non-GAAP basis. Non-GAAP financial measures exclude equity compensation charges and other specifically identified non-routine items. These non-GAAP measures are provided to enhance the understanding of our core operating performance. A full reconciliation of these non-GAAP measures to our GAAP results are presented in our press release.

With that said, I will now turn over the call to Ron Michels.

Ronald Michels

Thank you, Terry, and good morning, everyone. Thank you for joining us. Today I’d like to review our Q4 and full-year results for 2011. I’ll discuss key products and corporate developments related to our two primary markets, and that is, of course, wireless and broadband. And I’ll close with an outline of our key initiatives for 2012.

2011 was a challenging year for ANADIGICS, one in which revenue declined 29.5% year-over-year. Terry will discuss the financial details of these results in a minute, but I would like to focus my comments on progress we’ve made towards reestablishing ANADIGICS as a technology leader, and the continuing steps we’re taking to position the company for future growth.

Despite the challenges we face in our business and the global economy, we finished 2011 reporting fourth quarter revenue of $36.5 million or a 2% sequential decline. Wireless revenue increased 7.3% quarter-over-quarter driven by continued design win success at our top three wireless customers; Samsung, Huawei, and ZTE, offset by a decline in our broadband business.

Although there continues to be uncertainty in the marketplace as we enter 2012, we remain focused on executing from our refined business strategy in the coming year. As a reminder, our strategy relies on three pillars.

One, expand our serviceable available market and new product families, including MMPA, PADs, and new amplifiers for wireless infrastructure.

Two, strengthen relationships with and provide value to reference design partners and OEM customers.

And three, reduce product cost structure to better align with market price expectations, which is a continual process aimed at strengthening our financial fundamentals. I will refer back to these three pillars as I detail the progress in our wireless and broadband target markets.

I’ll begin our discussion on wireless by highlighting some progress with key customers. Last quarter we discussed a number of new smartphone and data card design wins at Samsung, ZTE, Huawei and LG. We started ramping production in support of these design wins, and are poised to help drive 2012 revenue.

In addition, we secured a number of new design wins, including ZTE’s next generation Blade models, and Samsung, Nexus and Galaxy S2 4G.

On the product development front, we recently announced four new wireless products that expand our SAM in new market segments. The first is the ALT6181, our first generation multi-mode, multi-band power amplifier ideal for smartphones and tablets. This is an important addition to our portfolio for two reasons. The complexity of the RF front-ends in smartphones and tablets, many major OEMs are adapting the MMPA, to simplify and save precious board area without compromising non-performance.

And two, the 6181 represents the beachhead for ANADIGICS in this space, it’s the first in our evolving MMPA family of products that not only aligns beach with OEM customers, but also our reference design partners as well. The products includes a quad-band GSM/EDGE amplifier and a dual band 3G/4G amplifier and a single 5 x 7.5 millimeter package. We’re engaged with several Tier 1 OEMs, they are accelerating product development toward production later this year.

The other recently announced products include our compact highly integrated in high performance dual-band power amplifier duplexers, or PADs. We are very excited about these products and the value proposition they provide our OEM customers. Each dual-band PAD is a robust front-end solution that saves over 40% of board space, and reduces [inaudible] complexity. This translates in to faster time to market for our customers.

The customer feedback on the product performance is very good. We’re working closely with fleet customers and are targeting design and opportunities that will lead to production later this year.

We are also applying innovations to our work horse, single and dual-band power amplifiers that targets CDMA, TD-SCDMA, WECDMA, and LTE applications. We have a strong portfolio of dual-band PA products that sold over 160 million units to date. We’re expanding and evolving these products, using a brand new PA architecture that is uniquely optimized for operation with our with or without a DC to DC converter. This allows us to address higher tier phone/tablet applications and use DC-to-DC converters with average power tracking to reduce current and consumption, and extend battery life.

For mid and lower tier applications, the added bill of materials costs of DC-to-DC converters, may not be tolerable, but battery life, of course, is still important. Those applications can rely on our new architecture for longer battery life, even without the DC-to-DC converter, which saves our OEM customers the added bond cost.

In addition to the new circuit architecture, we’re innovating – we’re also innovating in our dual-bands to improve on three fronts; expand band accommodations to better serve CDMA, WCDMA, and LTE marketplaces globally, provide 20% reduction, size reduction in early generations. This is size reduction from the earlier generations of dual-band PAs, and increase the high power mode efficiency to better address more data-centric smartphones and tablets, using the data-centric LTE.

On the single-band PA front, we’re adapting many of these same new features; perhaps the most important is increasing the high power mode efficiency. In line with the importance we place on growing 3G and 4G markets, we’re very pleased to highlight, that we are getting significant traction with a new (Pentivan) power amplifier, targeting 3G and 4G multi-band applications.

We have designed this product in close collaboration with a key reference design partner, and are now in the sampling phase. This product offers a very high level of integration ind a compact package with no compromise, a typical performance that is normally seen in a single band device. It has been designed for use over expanded temperature range making it ideal for multi-band smartphones and for data cards, and also automotive applications.

We are seeing strong interest from OEMs, leveraging worldwide 3G and 4G deployments for applications beyond the traditional smartphone and tablet. We’ll be formally announcing this product in weeks to come, and this will be added to our MMPA and PAD product offerings.

Adding to our MMPA and PAD products to our single-band, dual-band, and 5-band, 3G, 4G PA’s gives us a solid portfolio to address low, mid, and high-end wireless applications globally.

Let me switch gears to our broadband business. We’re very pleased to see increasing operator commitments to small-cell infrastructure deployments, which support WCDMA, HSPA, and LTE standards. Like our MMPA and PADs, which are our products in wireless, these new infrastructure amplifiers serve to greatly expand our broadband SAM. We have announced two new products serving this market and are expanding the portfolio to include additional frequency bands with higher output power.

Our product sampling and resulting customer engagements with these products are strong. On the CATV front, we’re expanding our designing efforts with our line amplifiers at Tier 1 CATV infrastructure providers. Despite a slow macro-economic recovery, which has limited CATV infrastructure investment worldwide, we are encouraged by this long-term growth prospect and we continue to invest in preparing for that turnaround. To that end, our current design and efforts with our newest line amplifiers are exceeding new revenue growth for the second half of 2012 and beyond.

As 2012 unfolds, we are focused on our three key initiatives; ramping production of the previously-(Pentivan) dual-band PADs and wireless infrastructure amplifiers. These products will include pivotal design wins, which expect to achieve over the coming quarters. Also they engage closely with key reference design partners in OEMs to define and develop new products that innovate in areas, performance and integration.

These products will support growth, revenue beyond 2012, using technologies and manage costs that insure these products will support growth revenue, and using technology to manage product cost and ensure our customers can be as competitive as positive. And in our product designs and manufacturing processes, we are transitioning to lower cost metals, expanding the use of triple level metal ILD process, enabling di-shrinks at greater than 25% and initiating developments to take advantage of space and cost savings flip-chip technology. These innovations will provide greater long-term value to our reference design partners and OEM customers.

In summary, we are encouraged by the successful execution of our business strategy, which is generating innovative new products that will add value for our customers and position us for future long-term growth. We are committed to keeping our cost structure alive with business conditions, while solidly investing in new products and technology. While significant challenges remain, we enter 2012 with a cautious but optimistic outlook.

With that, I’ll turn it back to Terry for an overview on the fourth quarter in the 2011 financials. Terry?

Terry Gallagher

Thank you, Ron, and again, good morning, everyone. Thank you for joining us. I will first provide a summary of our fourth quarter results and then a bit on full-year 2011, and then talk a little bit about what we’re seeing in the first quarter.

As Ron said, revenues for the fourth quarter declined sequentially 2% to $36.5 million. Specifically, our revenue split with 82% wireless and 18% broadband, contrasting with quarter three’s 75/25 distribution.

Wireless came in at $29.9 million, a sequential increase of 7.3% over Q3’s $27.9 million on continued momentum from prior designs wins at our top wireless customers. We did note that wireless invoicing began slowing late in the quarter, as observed by others in our industry.

Broadband revenue was $6.6 million in Q4, a decline of 29.7% sequentially, partly from Q3’s seasonally strong $9.4 million, as business was restrained by the economy, lower home building and partly impacted by slight [inaudible] constraints from the Thailand flood.

We had four greater than 10% customers in the fourth quarter, namely, Samsung, LTE, Research in Motion, and Hauwei. Gross profits for the quarter were $6 million, a gross margin of 16.5%, down from third quarter’s gross margin of 20%. A decline in margin percentage was principally driven by revenue mix.

Operating expenses of $15.7 million were up slightly when compared with Q3’s $15.5 million. However, the increase was in the right place, as research and development spending was up sequentially $600,000, or 6%, to $10 million, as we continued to introduce new product offerings, such as MMPA and PADs, as well as advanced-generation dual- and single-band discretes.

Meanwhile, SG&A of $5.7 million was down $300,000, or 5.2%, consistent with the company’s focus on limiting expenses while funding mission critical efforts. We continually review the efficiency of our costs, and recently took action that serves to further reduce our annual SG&A cost structure by roughly $1 million.

The fourth quarter loss per share was $0.14, down 2/10ths sequentially, driven by the decline in gross profit on the less favorable revenue mix. GAAP pro forma adjustments for the fourth quarter were for stock compensation, management separation and Thailand flood charges, as referenced in our press releases.

Our fourth quarter (inaudible) utilization approximated 50%. Depreciation expense for the quarter was $4.4 million, resulting in a pro forma EBITDA loss of $5.3 million.

Finally, our capital spending for the quarter was $1.6 million. Day sales outstanding were well controlled at 43 days, and ending inventory approximated 61 days, or roughly six turns a year. We ended the year with total cash and marketable securities of a solid $93.6 million.

In turning to the full-year 2011, revenues were $152.8 million and gross profit was $33.4 million, or 21.8% of revenues. Our 10% and greater customers for the full year were Research in Motion, Samsung, and VTE.

Consistent with last year, at last quarter, we’ll now be providing specific guidance. However, to assist the financial community with their modeling, we are highlighting certain trends which are impacting the industry and our company.

For the first quarter, we expect seasonality at the higher end of the range, in addition to a decline in revenue from products sold to our former top customers, which will reach end of life as we’ve previously highlighted.

This concludes our prepared remarks. To Operator, please proceed to open up the line for questions. Thank you.

Question-and-Answer Session

Operator

(Operator instructions). Your first question comes from the line of Quinn Bolton with Needham and Company.

Quinn Bolton – Needham & Co. LLC

Hi, Ron. Hi, Terry. Hey, Terry, I just wanted to follow up on that guidance. You know, when you talk about the high end of seasonality, you know, I think most in the industry refer to wireless seasonality of in the range of down to 15%. I just wanted to make sure that’s sort of your general sense of seasonality.

And then a second question on broadband, it tends to be a less seasonal business; what do you see as seasonality in broadband. And then I’ve got a couple of follow-up questions.

Terry Gallagher

Sure, Quinn. Thanks for calling in and for your questions. Okay, so on the wireless guidance, yes, we’d say it’s at the 15%, certainly the higher end and maybe a little bit more. And then we’ve got that impact of the product sold to our former top customer reaching end of life.

On the broadband side, quarters one and four traditionally a little softer. There’ll be a small bounce back to do with the Thailand floods, but not a whole heck of a lot. So I’m hoping that helps you and although you referenced the term guidance, we’re not giving specific guidance, just sticking to the past.

Quinn Bolton – Needham & Co. LLC

Understood. The second question, just around the RIM business, does that – you referenced that that would sort of wind down as products go end of life. Is that expected to happen at all, you know, is sort of the last-time buys, did that really take place in December? Do you expect RIM to sort of go end of life in Q1? I mean, how long is the tail on that customer, or revenue from your former top customer if you can’t name them by name?

Terry Gallagher

Yes. So revenues have lasted longer than we anticipated and we’re pleased that those models continue to be consumed in the marketplace. Okay, but looking out now currently, we don’t see them as a major customer in 2012. So you know, we’re kind of in the – seeing the last of the tail, we’ll call it.

Quinn Bolton – Needham & Co. LLC

Great. And then a couple for Ron. You talked about some new products. I was wondering if you could expand a little bit on the [inaudible] PA. Is this just a 3G or is this sort of an MMPA with both EDGE and 3G capability?

And then on high power efficiency, I think you had talked over the last couple of months about a high-end power, high-power efficiency up to sort of a high 40% range. Can you just sort of expand how that positions you relative to the competition, you know, going into 2012?

Ronald Michels

Yes, some good questions, so, first on the (Pentivan), which is five band, 3G and 4G amplified. It’s going to be neat, you know, you don’t see too many parts like this in the marketplace. It does not have the 2.5G, so, it’s just basically 3G and 4G, which makes it unique, it also gives performance which is fairly similar to five single band tower amplifiers, so it is a very high performing part for both CDMA, WCDMA, and LTE applications, and a matter of fact, it depends on all three. So, this type of part seems to have a destroying interest in data cards, it also, I believe I mentioned in the script, it is designed to be very consistent over temperature, which allows it to be able to get into other applications, other connectivity applications, automotive being I think the first we are going to see going forward. So, this is a little bit behind the MMPAs and the PADs as far as sample-ability in getting it out there, but I think we’re poised to see revenue for this probably happening of Q4 of this year.

Quinn Bolton – Needham & Co. LLC

Great, and just a comment about the high power efficiency of some of the new dual band and single band MPAs.

Ron Michels

Yes, we are targeting 48%, that will vary a little bit between whether it is a single band part and whether it’s a part that’s more than one band, what makes us unique is that not only are we targeting 48%, but we have extraordinary lower power efficiencies which we don’t give up to get the 48%.

Quinn Bolton – Needham & Co. LLC

And those also second half of the year?

Ron Michels

Yes, those are well lagged, there are several parts, there are a whole series of parts we’re releasing, the first one gets released probably in the Q1 time frame, and then there are several others that will be released as we go through the year, again, I would say the revenue for both parts will lag a little bit against the MPAs and the PADs, we will see some this year though.

Quinn Bolton – Needham & Co. LLC

Great, thank you.

Ron Michels

You’re welcome.

Terry Gallagher

Thanks Quinn.

Operator

Your next question comes from the line of Edward Snyder with Charter Equity.

Edward Snyder – Charter Equity

Thanks a lot, Terry, you mentioned you never bought a million dollars in savings in 2012, I am assuming that coming out of [inaudible], any color at all on timing that could be back and loaded a year, can we expect some of that to be redistributed evenly over each quarter? And also, on the (Pentivan), is that a multi-dye or single-dye part, and I guess follow ups please.

Terry Gallagher

Okay, sure, Ed, and specifically that is on the SG&A line, kind of, that we’re reducing those costs, and that million dollars, it’s – you should start to see some of it even in Q2.

Edward Snyder – Charter Equity

And for partners it would be the last half of the year though, right?

Terry Gallagher

That should be fairly ratable once implemented, so, you should start to see this equity quarter.

Edward Snyder – Charter Equity

Okay.

Ron Michels

And I will answer your other question, basically, it’s two dye solutions.

Edward Snyder – Charter Equity

So, high-low broadband parts basically?

Ron Michels

Yes.

Edward Snyder – Charter Equity

Okay, and then on the high efficiency PA, is this also a single devise and does it require power control motives - [inaudible] efficiency or does it get them to stand alone also?

Ron Michels

The high efficiency it’s high power requires nothing external, so, we have a series of different parts we’re releasing both single band and dual bands, and all of them will give you the option whether you use a DC converter at some, DC to DC converter will only be a minor improvement for low power efficiency, and other parts it will be a bigger improvement depending on how they are being marketed.

Edward Snyder – Charter Equity

But you mentioned that you also hold pretty good efficiency at the lower power levels, which would be unique, but that does require something like APT, or some sort of DC to DC a cop out?

Ron Michels

No, that is why I confused the issue on that, it absolutely does not, and that is – we’re holding to that uniqueness, where everything that we’re designing will not require a DC to DC converter.

Edward Snyder – Charter Equity

Okay, and then in terms of – you mentioned in MPA and the PADs you would probably see resolution before the new high efficiency device, any color at all when you expect to go into production with those, and what the RAM might look like?

Ron Michels

Your question was to which component?

Edward Snyder – Charter Equity

Yes, I’m thinking it’s MPA and the dual band PADs production, when will you hit production on that, and will they RAM through the year, do you see other design ones in current wait in year for revenue in 2013?

Ron Michels

Yes, we see it as a second half of the year, it’s tough to know because I don’t have anything specific to report at this point. However, I would say that what is likely is at least one of the two will hit in Q3 and both will be hitting in Q4, it maybe sooner then that, but that’s what I would say to be conservative.

Edward Snyder – Charter Equity

Okay, final question, Terry, can you give us a little more color on the broadband break down and how much was Wi-Fi versus CAT-TV, etcetera?

Terry Gallagher

Okay, sure, Ed. Yes, so Wi-Fi is really not a significant contributor any more, if you – yes, if I look at that, the breakdown on the 6.5 – I’m sorry 6.6 – 2.5 million set up box infrastructure was the category most impacted by the economy and the floods, that was 1.8 million. What I explained was a million and, you know, you kind of odds [inaudible] maybe why max for another million, and whatever it takes.

Operator

(Operator Instructions). Your next question comes from the line of Aalok Shah with D.A. Davidson.

Aalok Shah – D. A. Davidson & Co

Hi, guys. Good morning. If you could walk us through a little bit of the gross margin. I know that mix was definitely an impact this quarter as well as utilization rates, but as we go forward, can you kind of walk us through how we should think about those margins and restart to see revenues maybe start to grow?

Terry Gallaher

Sure, and we are not giving guidance, and that certainly extends to margin, but in terms of trying to help you guys and building cash break even revenue rates, we have got allowances for change in mix and ramp in new products, so we do caution about period to period variation. Given that, and assuming our revenue rate split of 75/25 between wireless and broadband, we would expect cash-break-even somewhere around a revenue level of approximately 50 million. Is that helpful?

Aalok Shah – D. A. Davidson & Co

It is. Then, looking at your commentary about OpEx, as we go forward, how should we think about OpEx as well? Does OpEx diminish as we go throughout the year, or do we on a whole start to think about holding off and holding flat?

Terry Gallagher

Yeah, I think we would like to add and fund R&D to accelerate efforts and we are not going to be shy about doing that.

If you’re modeling in some moderate increases that is aligned. We will continue to chip away and take out chunks as we see fit in expenses, but you are getting into some smaller numbers as we go forward.

Aalok Shah – D. A. Davidson & Co

Just one more quick on. In terms of production at win and starting to see some production overseas, how has that been going with that process so far?

Terry Gallagher

We are trying to establish the company as more than a single site, and win is piece of that strategy. We are putting products there and we are putting products here. We managed to keep them maybe 10% of the mix as we go forward, but in terms of technical progress we are doing just fine and everything is on plan there.

Aalok Shah – D. A. Davidson & Co

Ok, thank you very much.

Terry Gallagher

Thank you, Aalok.

Operator

Your next question comes from the line Paul McWilliams with Next Inning Technology.

Paul McWilliams – Next Inning Technology Research

Hi, good morning guys. Thank you for taking my call. On your 50 million cash flow break-even, what assumption there is CapEx?

Terry Gallagher

CapEx is in the smallish end. I call it kind of maintenance capital, and maybe it is $1 million a quarter or a little bit more. Maybe $5 million on an annualized basis, but when I am talking about that 50 million, that is more a cash break even off the panel.

Paul McWilliams – Next Inning Technology Research

Okay, so that we should add a little bit on to that for CapEx for break-even.

Terry Gallagher

It is safe for you to do that, Paul, sure.

Paul McWilliams – Next Inning Technology Research

Okay. How many new reference design platforms have you won, say in the last six to nine months?

Ronald Michels

This is Ron. I would say in the order of six or seven.

Paul McWilliams – Next Inning Technology Research

Oh, well very good. Very good. Out of those, what is the breakout for data card in Smartphone?

Ronald Michels

The breakout has been much heavier in Smartphone and lower towards data cards and we see that changing going forward as we introduce products that are more WCMA centric and also the [inaudible] part laws have changed that as well.

Paul McWilliams – Next Inning Technology Research

Okay. Now, with those reference designs we naturally need the time for the OEMs to digest those and put together their designs. How do you see the shape of that ramp of those new designs that are using reference designs that you were in, and what is the shape of the ramp of those moving into production? I am not looking for you to project the success of the particular models, just the shape of the ramp of the models to be introduced.

Ronald Michels

By the way, when I said six or seven platforms I was not referring specifically to the reference designs, I was referring to OEM design wins. In some cases they are reference designs and in some cases they are not.

The time it takes if it is at an OEM is probably about four months before it turns into revenue. If it is a reference design, design win, it can be six months to a year.

Paul McWilliams – Next Inning Technology Research

I see. Then, going back to that question, how many reference design platforms have you won - well, won is kind of the wrong word, but I cannot come up with a better word - in the last six to nine months?

Ronald Michels

That is basically QualCom-sensitive question, which we have to be careful about discussing that too much. We do press releases when we can, so we have done a couple in the last six months - I believe two or three - but any more information than that we really cannot get into.

We value our relationship with QualCom, but we respect the sensitive surrounding the discussions of projects and/or engagements.

Paul McWilliams – Next Inning Technology Research

Got you. One of your large customers will be using the new QualCom chip that moves into production mid-year. Are you on the reference design for that new chip?

Ronald Michels

Again, we cannot get into that.

Paul McWilliams – Next Inning Technology Research

Okay. Do you see any new designs going into production this year with the customer that has traditionally been one of your largest?

Ronald Michels

I would say, to be on the safe side, we should say no. Most of what we are working on would be more of a 2013 application. They could be significant in 2013, but I would say for this year, we should just stay very conservative on that.

Paul McWilliams – Next Inning Technology Research

Okay. Now, to try to let me model what I want to put down for Q1, and I am not looking for guidance here, I want to be specific there, can you help me define, better, what that largest customer represented in Q4?

Terry Gallagher

Yeah, sure, Paul. They were greater than a 10% customer. They were north of 3.5 million, if you want to call them 4 that is fair.

Paul McWilliams – Next Inning Technology Research

Okay, and that just totally goes away, or it just tweaks down to a much lower number?

Terry Gallagher

Not sure exactly where it is going to land, but it gets close to end of life.

Paul McWilliams – Next Inning Technology Research

Okay. Thank you, and I am sorry to be so picky on some of these numbers. I am just trying to put together a model here.

Terry Gallagher

Fair enough, Paul. Thank you for your call and your questions.

Operator

Your next question comes from the line Blaine Carroll with Avian Securities.

Blaine Carroll – Avian Securities

Good morning, everybody. A couple of questions, if I can.

First of all, where should we put in the Thailand flooding numbers? Secondly, for Ron, could you talk about the reentry in the GFM market and what products are going to lead you into that space?

Then, on another topic, the set top box revenue was probably a little better than I had expected in the fourth quarter. Could you sort of talk about what you are expecting out of the set top box market going forward, generally?

Terry Gallagher

Sure, Blaine. The Thailand flood which is carved out in the numbers that we talked to. That would have been in cost of goods, and that was spelled out in the press release. I think another question you had was on set top box. Looking forward, it has got some tail in it, but not too sharp, so I think if you were looking, maybe it is a couple of million or a million and a half, something like that.

For what? For the first quarter?

Blaine Carroll – Avian Securities

Really, we are not talking too specific to the first quarter, so you could probably use that going into the year 2012.

I know there was a question in between.

Ronald Michaels

You had asked about the GFM market place and what we are doing to get into that.

Directly, we are not getting in to the GFM market place with discreet components, however, that is what we take on when we get into the MMPA market. Again, the MMPA is a 2G, 2.5G, 3G, 4G component. So, it is very important for ANADIGICS to get into that market because it allows us to pick up the GSMPs.

On the MMPA, the parts that were released that we are now sampling are Quadband, GS Image and Dualband 3G-4G. Then, on the roadmap, and we are working very quickly on this, is increasing the 3G-4G content to include more bands.

So, the GFM entry will be through MMPAs.

Blaine Carroll – Avian Securities

Okay, beautiful. Thanks. Good luck.

Operator

At this time, I would like to turn it back over to the presenters for closing remarks.

Ronald Michels

I would like to thank everybody for joining us this morning, and we feel very excited about the tremendous amount of design activity that we have here at ANADIGICS.

Thank you, very much.

Operator

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

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