AnalogicTech Reports Financial Results for the Third Quarter 2007
Advanced Analogic Technologies, Inc. reported financial results for the third quarter ended September 30, 2007. Revenue for the third quarter of 2007 was $30.6 million, an increase of 52% over revenue of $20.1 million for the third quarter of 2006 and a sequential increase of 19% over revenue of $25.8 million for the second quarter of 2007.
Net income for the third quarter of 2007 was $2.6 million, or $0.05 per diluted share. This compares to a net loss of $1.5 million, or $0.03 per diluted share, for the third quarter of 2006, and a net loss of $0.9 million, or $0.02 per diluted share, for the second quarter of 2007. The company recorded stock-based compensation expense of $1.6 million, $1.5 million and $1.7 million in the third quarter of 2007, the third quarter of 2006 and the second quarter of 2007, respectively.
AnalogicTech reported gross margins of 53.6% for the third quarter of 2007, compared to 54.7% for the third quarter of 2006 and 55.1% for the second quarter of 2007. Gross margin decreased sequentially due to continued higher demand for products with lower margins partially offset by a favorable impact related to sales of previously written down inventory. The company ended the quarter with $110.7 million in cash, cash equivalents, and short-term investments.
"Both revenue and net income exceeded our targets for the quarter and we were pleased that revenue reached a new record in the Company’s history," stated Richard K. Williams, President, CEO and CTO of AnalogicTech. "We experienced strong seasonal demand across our end markets, with strength in Korea and China once again. During the third quarter, our new product introductions and design wins continued at a robust pace. We are excited about the momentum we are currently experiencing and the interest level in our new higher voltage products. Our new generation of products using our proprietary process technology ModularBCD™ expands the applications and market opportunities for our products. We believe we are well positioned for future growth and a strong finish to 2007."