AnalogicTech Reports Second Quarter Financial Results; Appoints New VP Of Marketing & Engineering
Advanced Analogic Technologies, Inc. reported financial results for the second quarter ended June 30, 2008. Net revenue for the second quarter of 2008 was $21.2 million, a decrease of 18.1% over net revenue of $25.8 million for the second quarter of 2007 and a sequential decrease of 15.6% from net revenue of $25.1 million for the first quarter of 2008.
Net loss for the second quarter of 2008 was $3.8 million, or $0.08 per diluted share. This compares to net loss of $0.9 million, or $0.02 per diluted share, for the second quarter of 2007, and net income of $0.4 million or $0.01 per diluted share, for the first quarter of 2008. On a non-GAAP basis, excluding stock-based compensation expense, amortization of acquired intangibles, in-process research and development and severance-related expenses, net of taxes, net loss for the second quarter of 2008 was $1.8 million, or $0.04 per diluted share. This compares to a non-GAAP net income of $0.7 million, or $0.01 per diluted share, for the second quarter of 2007 and non-GAAP net income of $2.0 million, or $0.04 per diluted share, for the first quarter of 2008.
AnalogicTech reported gross margins of 47.3% for the second quarter of 2008, compared to 55.1% for the second quarter of 2007 and 54.7% for the first quarter of 2008. Non-GAAP gross margin was 48.9% for the second quarter of 2008, compared to 56.2% for the second quarter of 2007 and 56.0% for the first quarter of 2008. Second quarter gross margin decreased sequentially, primarily due to a higher than normal excess inventory charge of $0.9 million associated with lower than anticipated net revenues. The company ended the quarter with $110.0 million in cash, cash equivalents, and short-term investments.
"As we previously announced, our second quarter results were impacted by prolonged weakness in China handset sales, short-term delays in the rollout of new high profile handsets by our customers and general softness in our end markets," stated Richard K. Williams, President, CEO and CTO of AnalogicTech. "While near-term the macro economic environment is expected to continue to be challenging, we remain optimistic about our long-term growth opportunities. We continue to experience design win traction across multiple product lines. The expected dollar content of a number of recent design wins is significantly higher than the company’s historical levels. We remain focused on the continued development, introduction and roll out of high-voltage and multifunction products using ModularBCD and we are encouraged by recent successes."
The company also announced that Edward Lam has joined the company as its Vice President of Marketing and Engineering. Effective immediately, Lam will oversee global marketing and engineering operations, reporting directly to Richard K. Williams.
Lam has extensive product development and management experience with companies such as Exar Corp., Sipex Corp., and National Semiconductor Corp.. While at Exar, Lam most recently served as the Senior Vice President of Product Lines. At Sipex, he served as the Vice President of Marketing and Business Development. During his 21 years at National Semiconductor, he held several positions, most recently serving as Vice President and Director of the company’s Analog Division Power Management.