AnalogicTech Reports Financial Results for the First Quarter 2009
Advanced Analogic Technologies, Inc. (AnalogicTech) reported financial results for the first quarter ended March 31, 2009. Net revenue for the first quarter of 2009 was $16.5 million, a decrease of 34% over net revenue of $25.1 million for the first quarter of 2008 and a sequential decrease of 11% from net revenue of $18.6 million for the fourth quarter of 2008.
Net loss for the first quarter of 2009 was $5.2 million, or $0.12 per diluted share. This compares to net income of $0.4 million, or $0.01 per diluted share for the first quarter of 2008, and net loss of $14.4 million, or $0.32 per diluted share for the fourth quarter of 2008.
On a non-GAAP basis, excluding stock-based compensation expense, amortization of acquired intangibles, restructuring and other severance-related expenses, and the deferred tax asset valuation allowance, net of taxes, net loss for the first quarter of 2009 was $3.5 million, or $0.08 per diluted share. This compares to non-GAAP net income of $2.0 million, or $0.04 per diluted share, for the first quarter of 2008 and non-GAAP net loss of $3.3 million, or $0.07 per diluted share, for the fourth quarter of 2008.
AnalogicTech reported gross margins of 44.9% for the first quarter of 2009, compared to 54.7% for the first quarter of 2008 and 38.2% for the fourth quarter of 2008. Non-GAAP gross margin was 45.6% for the first quarter of 2009, compared to 56.0% for the first quarter of 2008 and 43.3% for the fourth quarter of 2008. The Company ended the quarter with $103.6 million in cash, cash equivalents, and short-term investments.
"Our first quarter results were stronger than expected, particularly with our camera flash and battery management products," stated Richard K. Williams, President, CEO and CTO of AnalogicTech. "While the operating environment remains challenging, we are encouraged by our progress in securing design wins and increasing sales diversification. We were particularly pleased that revenue from our ModularBCD products reached 28% of our sales for the first quarter. Strong financial discipline continues to be a priority as we closely managed operating expenses during the quarter. We have also continued to focus on tightly regulating our inventory levels in order to effectively anticipate and respond to upside demand. We are proud of our ability to implement cost control measures while maintaining the commitment to our distinctive business fundamentals of leading product design and strong customer support."
