Advanced Analogic Technologies, Inc. reported financial results for the second quarter ended June 30, 2011. Net revenue for the second quarter of 2011 was $24.1 million, compared to net revenue of $23.1 million for the second quarter of 2010, and $20.5 million for the first quarter of 2011.
In accordance with U.S. generally accepted accounting principles (GAAP), net loss for the second quarter of 2011 was $3.1 million, or $0.07 per diluted share, including non-recurring charges for acquisition-related expenses. This compares to a GAAP net loss of $3.9 million, or $0.09 per diluted share, for the second quarter of 2010 and a GAAP net loss of $7.7 million, or $0.18 per diluted share, for the first quarter of 2011.
On a non-GAAP basis, net income for the second quarter of 2011 was break even, or $0.00 per diluted share. This compares to a non-GAAP net loss of $2.7 million, or $0.06 per diluted share, for the second quarter of 2010, and a non-GAAP net loss of $4.7 million, or $0.11 per diluted share, for the first quarter of 2011.
AnalogicTech reported gross profit of 44.9% for the second quarter of 2011, compared to 45.5% for the second quarter of 2010 and 42.8% for the first quarter of 2011. Non-GAAP gross profit was 45.2% for the second quarter of 2011, compared to 45.8% for the second quarter of 2010 and 43.0% for the first quarter of 2011. The company ended the quarter with $86.8 million in cash, cash equivalents, and short-term investments.
"We delivered strong operating results for the second quarter, reaching break even on a non-GAAP basis and increasing gross margins by more than 200 basis points from the first quarter," stated Richard K. Williams, President, CEO and CTO of AnalogicTech. "While we remained disciplined in our financial management, we continued to advance our diversification strategy. Our design win momentum continued across our newer end markets - low-power computing, LCD TVs, and GreenPower. Low-power computing revenue grew strongly sequentially and comprised 13% of net revenue for the second quarter, fueled by robust demand for our power management units and voltage regulator products that are used in ebooks and tablets. In the handset and handheld end markets, our transition from single function products to highly integrated lighting management units (LMUs) resulted in these products representing an increasing contribution to net revenue, due to design wins in high and mid-end smartphones.
"During the quarter, we introduced our first flash-centric LMU targeting mid-tier smartphones and our first low-cost boost-based backlight solution. In LCD TV’s, we successfully demonstrated and sampled our next generation LCD backlight drivers, which will allow customers to significantly reduce their system cost and simplify their PCB designs. We began experiencing a notable increase in design win activity around a number of our TV backlight platforms, which we expect will lead to meaningful revenue in 2012 and beyond. In GreenPower, we released a family of high precision current limited SmartSwitches targeted at the set-top box market," continued Williams.
On May 26, 2011, Skyworks Solutions, Inc. and AnalogicTech announced a definitive agreement for Skyworks to acquire AnalogicTech. "The AnalogicTech team is excited about the opportunity to combine its knowledge and expertise in analog power management with Skyworks’ leadership in a broad range of markets and applications," concluded Mr. Williams.
