AnalogicTech Reports Financial Results for the Fourth Quarter and Fiscal Year 2010
Advanced Analogic Technologies, Inc. (AnalogicTech) reported financial results for the fourth quarter and fiscal year ended December 31, 2010. Net revenue for the fourth quarter of 2010 was $24.0 million, an increase of 15.2% over net revenue of $20.8 million for the fourth quarter of 2009, and a decrease of 3.9% from net revenue of $25.0 million for the third quarter of 2010. Net revenue for the fiscal year ended December 31, 2010, was $94.1 million, up 8.7% from net revenue of $86.5 million for 2009.
In accordance with U.S. generally accepted accounting principles (GAAP), net loss for the fourth quarter of 2010 was $3.3 million, or $0.08 per diluted share. This compares to a GAAP net loss of $4.0 million, or $0.09 per diluted share, for the fourth quarter of 2009 and a GAAP net loss of $1.3 million, or $0.03 per diluted share, for the third quarter of 2010. The results for the third quarter of 2010 included a one-time tax benefit of $3.4 million as a result of a settlement with the IRS for the 2005 and 2006 tax years. Net loss for fiscal year 2010 was $12.8 million, or $0.30 per diluted share, compared to net loss of $12.7 million, or $0.29 per diluted share, for fiscal year 2009.
On a non-GAAP basis, net loss for the fourth quarter of 2010 was $1.8 million, or $0.04 per diluted share. This compares to a non-GAAP net loss of $2.0 million, or $0.05 per diluted share, for the fourth quarter of 2009, and a non-GAAP net loss of $2.4 million, or $0.06 per diluted share, for the third quarter of 2010. Non-GAAP net loss for fiscal year 2010 was $9.7 million, or $0.23 per diluted share, compared to non-GAAP net loss of $5.4 million, or $0.13 per diluted share, for fiscal year 2009.
AnalogicTech reported gross profit of 42.8% for the fourth quarter of 2010, compared to 47.6% for the fourth quarter of 2009 and 43.5% for the third quarter of 2010. Non-GAAP gross profit was 43.1% for the fourth quarter of 2010, compared to 48.1% for the fourth quarter of 2009 and 44.2% for the third quarter of 2010. The company ended the quarter with $87.4 million in cash, cash equivalents, and short-term investments.
"Our fourth quarter results were in line with expectations," stated Richard K. Williams, President, CEO and CTO of AnalogicTech. "Our product momentum continued with significant design-in and design-win activities in the fourth quarter. We experienced continued strong interest in our products across our end markets, including newer segments such as large screen LCD TVs, low-power computing, handheld devices and, our newest market segment, GreenPower. We are encouraged by the promising market opportunities in these new segments and believe we are well positioned to capture future growth."
