AnalogicTech Reports Financial Results for the Second Quarter 2010
Advanced Analogic Technologies, Inc. (AnalogicTech)™ reported financial results for the second quarter ended June 30, 2010. Net revenue for the second quarter of 2010 was $23.1 million, an increase of 0.7% over net revenue of $23.0 million for the second quarter of 2009 and a sequential increase of 6% from net revenue of $21.9 million for the first quarter of 2010.
In accordance with U.S. generally accepted accounting principles (GAAP), net loss for the second quarter of 2010 was $3.9 million, or $0.09 per diluted share. This compares to GAAP net loss of $2.5 million, or $0.06 per diluted share for the second quarter of 2009, and GAAP net loss of $4.2 million, or $0.10 per diluted share, for the first quarter of 2010.
On a non-GAAP basis, net loss for the second quarter of 2010 was $2.7 million, or $0.06 per diluted share. This compares to non-GAAP net loss of $0.8 million, or $0.02 per diluted share, for the second quarter of 2009 and non-GAAP net loss of $2.9 million, or $0.07 per diluted share, for the first quarter of 2010.
AnalogicTech reported gross margins of 45.5% for the second quarter of 2010, compared to 48.3% for the second quarter of 2009 and 48.4% for the first quarter of 2010. Non-GAAP gross margin was 45.8% for the second quarter of 2010, compared to 48.9% for the second quarter of 2009 and 48.7% for the first quarter of 2010. The company ended the quarter with $93.9 million in cash, cash equivalents, and short-term investments. AnalogicTech repurchased 1 million shares of its common stock for a total cost of $3.6 million during the second quarter of 2010 as part of its share repurchase program.
"During the second quarter our handset business performed as expected, and we experienced continued design win momentum across a broad range of models, particularly for our higher value products," stated Richard K. Williams, President, CEO and CTO of AnalogicTech. "Sales growth remained strong in Taiwan and China. Sales in Taiwan grew more than 40% sequentially, driven by our camera flash and computing products. As a result of the investments we made to develop and roll out a broad portfolio of products for LED backlit HDTVs, we began to see increased design-in activities and recently secured our first design win and purchase order from a major television manufacturer. We remain ardently focused on the execution of our product diversification strategy."
