Advanced Analogic Technologies, Inc. reported financial results for the fourth quarter and year ended December 31, 2007. For the fourth quarter of 2007 revenue was $32.1 million, an increase of 53% over revenue of $21.0 million for the fourth quarter of 2006 and a sequential increase of 5% over revenue of $30.6 million for the third quarter of 2007.
Net income for the fourth quarter of 2007 was $3.0 million, or $0.06 per diluted share. This compares to a net loss of $2.6 million, or $0.06 per diluted share, for the fourth quarter of 2006, and net income of $2.6 million, or $0.05 per diluted share, for the third quarter of 2007. The company’s results included stock-based compensation expense of $1.8 million, $1.8 million and $1.6 million in the fourth quarter of 2007, the fourth quarter of 2006 and the third quarter of 2007, respectively.
Revenue for the year ended December 31, 2007, was $109.6 million, an increase of 35% over revenue of $81.2 million for 2006. Net income for the full year 2007 was $1.9 million, or $0.04 per diluted share, compared to net loss of $2.1 million, or $0.05 per diluted share for the full year 2006.
AnalogicTech reported gross margins of 52.6% for the fourth quarter of 2007, compared to 54.3% for the fourth quarter of 2006 and 53.6% for the third quarter of 2007. Fourth quarter gross margin decreased sequentially, primarily due to lower sales of previously written down inventory. For the full year 2007, gross margin was 53.5%, compared to 57.4% for fiscal year 2006. The company ended the quarter with $114.2 million in cash, cash equivalents, and short-term investments.
"The fourth quarter capped a strong year for AnalogicTech," stated Richard K. Williams, President, CEO and CTO of AnalogicTech. "Revenue and earnings were at the upper end of our guidance range for the quarter. In 2007, we achieved record annual revenues, with 35% year-over-year growth, and generated solid cash flow. We made great strides in product development and released a record 106 new products during the year; including 26 products utilizing our proprietary ModularBCD™ process technology.
"As we enter 2008, we are excited about the multiple growth drivers we see for both the first and second halves of the year. We have strong design win momentum across a broad range of end applications including smart phones, digital still cameras, Bluetooth™ accessories, and overvoltage protected battery chargers. We are continuing to receive a very positive response to the rollout of our higher voltage products from our customers. All of these factors increase our confidence in our position for long-term growth."
