Advanced Analogic Technologies, Inc. reported financial results for the first quarter ended March 31, 2011. Net revenue for the first quarter of 2011 was $20.5 million, compared to net revenue of $21.9 million for the first quarter of 2010, and $24.0 million for the fourth quarter of 2010.
In accordance with U.S. generally accepted accounting principles (GAAP), net loss for the first quarter of 2011 was $7.7 million, or $0.18 per diluted share, including non-recurring charges for patent litigation and severance-related expenses. This compares to a GAAP net loss of $4.2 million, or $0.10 per diluted share, for the first quarter of 2010 and a GAAP net loss of $3.3 million, or $0.08 per diluted share, for the fourth quarter of 2010.
On a non-GAAP basis, net loss for the first quarter of 2011 was $4.7 million, or $0.11 per diluted share, including a one-time charge for patent litigation. This compares to a non-GAAP net loss of $2.9 million, or $0.07 per diluted share, for the first quarter of 2010, and a non-GAAP net loss of $1.8 million, or $0.04 per diluted share, for the fourth quarter of 2010.
AnalogicTech reported gross profit of 42.8% for the first quarter of 2011, compared to 48.4% for the first quarter of 2010 and 42.8% for the fourth quarter of 2010. Non-GAAP gross profit was 43.0% for the first quarter of 2011, compared to 48.7% for the first quarter of 2010 and 43.1% for the fourth quarter of 2010. The company ended the quarter with $85.9 million in cash, cash equivalents, and short-term investments.
"We are making strong progress on improving productivity and reducing costs, and with the actions we have taken through the end of the first quarter, we have reduced our quarterly expenses by more than $2 million from the peak level in 2010," stated Richard K. Williams, President, CEO and CTO of AnalogicTech. "We implemented these changes in order to return to sustained profitability without sacrificing growth or product innovation."
"While driving toward profitability, we continued to advance our diversification strategy, successfully gaining traction in newer end markets such as large screen LCD TVs, low-power computing, and GreenPower. We believe that we are positioned for increasing contributions from these market segments during the second half of 2011," concluded Williams.
