AnalogicTech Reports Fourth Quarter & Fiscal Year 2009 Financial Results

Advanced Analogic Technologies, Inc. reported financial results for the fourth quarter and fiscal year ended December 31, 2009. Net revenue for the fourth quarter of 2009 was $20.8 million, an increase of 12% over net revenue of $18.6 million for the fourth quarter of 2008 and a sequential decrease of 20% from net revenue of $26.1 million for the third quarter of 2009. Net revenue for the fiscal year ended December 31, 2009, was $86.5 million, down 4% from net revenue of $90.3 million for 2008.

In accordance with U.S. generally accepted accounting principles (GAAP), net loss for the fourth quarter of 2009 was $4.0 million, or $0.09 per diluted share. This compares to GAAP net loss of $15.4 million, or $0.34 per diluted share for the fourth quarter of 2008, and GAAP net loss of $1.0 million, or $0.02 per diluted share for the third quarter of 2009. Net loss for fiscal year 2009 was $12.7 million, or $0.29 per diluted share, compared to net loss of $20.1 million, or $0.44 per diluted share for fiscal year 2008.

On a non-GAAP basis, excluding stock-based compensation expense, amortization of acquired intangibles, net loss for the fourth quarter of 2009 was $2.0 million, or $0.05 per diluted share. This compares to non-GAAP net loss of $3.3 million, or $0.07 per diluted share, for the fourth quarter of 2008 and non-GAAP net income of $0.8 million, or $0.02 per diluted share, for the third quarter of 2009. Non-GAAP net loss for the fourth quarter of 2008 excluded stock-based compensation expense, amortization of acquired intangibles, the intangible asset impairment charge, an impairment loss on a private equity investment, restructuring and other severance-related expenses, and the charge to increase the deferred tax asset valuation allowance. Non-GAAP net income for the third quarter of 2009 excluded stock-based compensation expense and amortization of acquired intangibles.

Non-GAAP net loss for fiscal year 2009 was $5.4 million, or $0.13 per diluted share compared to non-GAAP net loss of $2.6 million, or $0.06 per diluted share for fiscal year 2008. Non-GAAP net loss for fiscal year 2009 excluded stock-based compensation expense, amortization of acquired intangibles, restructuring and other severance related expenses, net of taxes. Non-GAAP net loss for fiscal year 2008 excluded stock-based compensation expense, amortization of acquired intangibles, the intangible asset impairment charge, in-process research and development expense, an impairment loss on a private equity investment, restructuring and other severance related expenses, net of taxes, and the charge to increase the deferred tax asset valuation allowance.

AnalogicTech reported gross margins of 47.6% for the fourth quarter of 2009, compared to 38.0% for the fourth quarter of 2008 and 51.2% for the third quarter of 2009. Non-GAAP gross margin was 48.1% for the fourth quarter of 2009, compared to 43.3% for the fourth quarter of 2008 and 51.7% for the third quarter of 2009. The Company ended the fourth quarter of 2009 with $102.0 million in cash, cash equivalents, and short-term investments.

"Our fourth quarter results were largely in line with expectations," stated Richard K. Williams, President, CEO and CTO of AnalogicTech. "We were pleased to see continued growth in the Taiwan market where we retooled our product offering and experienced strong sales traction in non-handset products. During the quarter, we remained focused on managing our solid balance sheet and lowered inventories and accounts receivables."

"Despite the challenging economic environment that persisted throughout much of 2009, we made significant progress on our product diversification strategy and introduced 77 new products and increased design activities for products for large screen LCDs and HDTVs. At the same time, we expanded our dollar content in handsets and Mobile Internet Devices through higher value integrated solutions for lighting, power management, voltage regulation and battery management. Heading into 2010, we have increasing momentum across a number of our end markets." Williams concluded.