AnalogicTech Reports Financial Results for the First Quarter 2010
Advanced Analogic Technologies, Inc. reported financial results for the first quarter ended March 31, 2010. Net revenue for the first quarter of 2010 was $21.9 million, an increase of 32% over net revenue of $16.5 million for the first quarter of 2009 and a sequential increase of 5% from net revenue of $20.8 million for the fourth quarter of 2009.
In accordance with U.S. generally accepted accounting principles (GAAP), net loss for the first quarter of 2010 was $4.2 million, or $0.10 per diluted share. This compares to GAAP net loss of $5.2 million, or $0.12 per diluted share for the first quarter of 2009, and GAAP net loss of $4.0 million, or $0.09 per diluted share, for the fourth quarter of 2009.
On a non-GAAP basis, excluding stock-based compensation expense, net of taxes, net loss for the first quarter of 2010 was $2.9 million, or $0.07 per diluted share. This compares to non-GAAP net loss of $3.5 million, or $0.08 per diluted share, for the first quarter of 2009 and non-GAAP net loss of $2.0 million, or $0.05 per diluted share, for the fourth quarter of 2009. Non-GAAP net loss for the first quarter of 2009 excluded stock-based compensation expense, amortization of acquired intangibles, restructuring and other severance expense, net of taxes. Non-GAAP net loss for the fourth quarter of 2009 excluded stock-based compensation expense and amortization of acquired intangibles, net of taxes.
AnalogicTech reported gross margins of 48.4% for the first quarter of 2010, compared to 44.9% for the first quarter of 2009 and 47.6% for the fourth quarter of 2009. Non-GAAP gross margin was 48.7% for the first quarter of 2010, compared to 45.6% for the first quarter of 2009 and 48.1% for the fourth quarter of 2009. The company ended the quarter with $98.6 million in cash, cash equivalents, and short-term investments.
"Our first quarter results were in line with expectations and reflected better than normal seasonality," stated Richard K. Williams, President, CEO and CTO of AnalogicTech. "We experienced broad based demand for our products across geographies, and we were particularly pleased to see continued strong sales into Taiwan which increased by more than 30% sequentially. As planned, we remained focused on product development with the impressive release of 25 new products during the quarter. We continued to make headway with our product diversification strategy and TV and notebook design activities. We are effectively managing our manufacturing capacity through our multi sourcing strategy, and we remain focused on maintaining our solid balance sheet and closely monitoring inventories and receivables."
