News

AnalogicTech Reports Financial Results For Second Quarter 2009

July 23, 2009 by Jeff Shepard

Advanced Analogic Technologies, Inc. reported financial results for the second quarter ended June 30, 2009. Net revenue for the second quarter of 2009 was $23.0 million, an increase of 9% over net revenue of $21.2 million for the second quarter of 2008 and a sequential increase of 39% from net revenue of $16.5 million for the first quarter of 2009. In accordance with U.S. generally accepted accounting principles (GAAP), net loss for the second quarter of 2009 was $2.7 million, or $0.06 per diluted share. This compares to GAAP net loss of $3.8 million, or $0.08 per diluted share for the second quarter of 2008, and GAAP net loss of $5.2 million, or $0.12 per diluted share for the first quarter of 2009.

On a non-GAAP basis, excluding stock-based compensation expense, amortization of acquired intangibles, restructuring and other severance-related expenses, net of taxes, net loss for the second quarter of 2009 was $0.8 million, or $0.02 per diluted share. This compares to non-GAAP net loss of $1.8 million, or $0.04 per diluted share, for the second quarter of 2008 and non-GAAP net loss of $3.5 million, or $0.08 per diluted share, for the first quarter of 2009.

AnalogicTech reported gross margins of 48.3% for the second quarter of 2009, compared to 47.3% for the second quarter of 2008 and 44.9% for the first quarter of 2009. Non-GAAP gross margin was 48.9% for the second quarter of 2009, compared to 48.9% for the second quarter of 2008 and 45.6% for the first quarter of 2009. The company ended the quarter with $104.7 million in cash, cash equivalents, and short-term investments.

"Our second quarter results significantly exceeded expectations with revenue increasing 39% sequentially," stated Richard K. Williams, President, CEO and CTO of AnalogicTech. "Sales across all major geographies were up, with the strongest growth occurring in China and Taiwan, driven by strong demand for our computing and communications products. We were also encouraged to see sales from both battery management and voltage regulation products more than double sequentially in the second quarter, reflecting our success in penetrating new applications with our expanding product portfolio. Revenue from our ModularBCD products also grew in the second quarter and continued to represent a strong percentage of our sales."