AnalogicTech Reports Financial Results for the Third Quarter 2011
Advanced Analogic Technologies, Inc. reported financial results for the third quarter ended September 30, 2011. Net revenue for the third quarter of 2011 was $22.1 million, compared to net revenue of $25.0 million for the third quarter of 2010, and $24.1 million for the second quarter of 2011.
In accordance with U.S. generally accepted accounting principles (GAAP), net loss for the third quarter of 2011 was $3.7 million, or $0.08 per diluted share. This compares to a GAAP net loss of $1.3 million, or $0.03 per diluted share, for the third quarter of 2010 and a GAAP net loss of $3.1 million, or $0.07 per diluted share, for the second quarter 2011. Third and second quarter 2011 GAAP net loss includes non-recurring charges for acquisition-related expenses.
On a non-GAAP basis, net loss for the third quarter of 2011 was $0.4 million or $0.01 per diluted share. This compares to a non-GAAP net loss of $2.4 million, or $0.06 per diluted share, for the third quarter of 2010, and break even, or $0.00 per diluted share for the second quarter of 2011.
AnalogicTech reported gross profit of 42.6% for the third quarter of 2011, compared to 43.5% for the third quarter of 2010 and 44.9% for the second quarter of 2011. Non-GAAP gross profit was 42.8% for the third quarter of 2011, compared to 44.2% for the third quarter of 2010 and 45.2% for the second quarter of 2011. The company ended the quarter with $84.3 million in cash, cash equivalents, and short-term investments.
"We are pleased to deliver results that are in line with our guidance for the third quarter," stated Richard K. Williams, President, CEO and CTO of AnalogicTech. "Achieving the performance objectives that we set for the third quarter is even more notable in light of the challenging operating environment that semiconductor companies are currently facing. Given the state of the macroeconomic environment, we will continue to carefully manage our expense structure with a focus on investing prudently in the resources that support our growth and product innovation.
"During the third quarter, we continued to make progress expanding our penetration and increasing our content at leading smartphone manufacturers. In LCD TVs, we booked our first order from one of the top TV manufacturers, with production expected to begin ramping up in the fourth quarter. In GreenPower, we introduced a new DC/DC converter that regulates power in USB peripherals. We are pleased with the solid momentum of our product offerings, particularly in LCD TVs and low-power computing," concluded Mr. Williams.