WARREN, NJ, March 28, 2011 - ANADIGICS, Inc. (Nasdaq: ANAD), announced the resignation of President and Chief Executive Officer Mario Rivas and Senior Vice President Greg White. The Company also announced that it’s First Quarter 2011 revenue guidance remains on track with previous revenue guidance of $42 - $44 million.
Ron Michels, who was the SVP, Chief Technology and Strategy Officer, will assume the responsibilities of the CEO, Tom Shields, who currently serves as EVP & CFO, will assume the additional post of COO and John Van Saders, who was the VP Advanced Technology, will serve as SVP RF Products.
Lew Solomon, Chairman of the Board of Directors, said, "Mario has been instrumental in ANADIGICS return to profitability during 2010 and we wish him well in his future endeavors. We are grateful to him for his efforts and success at helping ANADIGICS better realize the Company's potential. The Board is confident moving forward under the leadership of Ron Michels, a proven ANADIGICS executive respected by his peers and our customers, and one of the key executives driving our successful turnaround. We remain focused and in a strong competitive position given the Company's world-class organization, momentum with customers, targeted product families, and product roadmap."
Michels, 57, joined ANADIGICS in 1987 and was SVP/General Manager of Broadband Products during the period of 2005 – 2009. Prior to that, he served and has served in several management and executive positions during that time. Prior to joining ANADIGICS, he held various engineering and management positions in Lockheed Electronics, New Jersey Public Broadcasting, and K & M Broadcasting. Mr. Michels earned his Bachelors degree in Electrical Engineering from the New Jersey Institute of Technology. He holds several U.S. Patents, has authored a number of publications in the area of RF communications and serves on the Lehigh University Electrical & Computer Engineering Advisory Board.
Shields, 51, joined ANADIGICS in 1999 and has been the Executive Vice President and Chief Financial Officer of the Company since January 2006. He had previously served as Senior Vice President and Chief Financial Officer of the Company from July 1999. Prior to joining the Company, Mr. Shields served as Vice President and Controller of Fisher Scientific Company from 1997 to 1999. From 1994 to 1997, Mr. Shields served as Vice President and Controller for Harman Consumer Group. From 1986 to 1994, Mr. Shields served in various positions with Baker & Taylor, Inc. Mr. Shields received his B.S. and M.B.A. degrees from Fairleigh Dickinson University. Mr. Shields has been a member of the national Board of Directors for TechAmerica (formerly American Electronics Association) since 2005.
Van Saders, 52, is a long term veteran of ANADIGICS. He had previously served as VP Advanced Development since 2007. From the period of 2001 to 2006, he served as the VP, Engineering and Manufacturing for ASIP, an optoelectronics startup which later merged with T-Networks. He originally joined ANADIGICS in 1990 as a design engineer, serving in several management and executive product development positions. He earned a Masters degree in Electrical Engineering (Communication Theory) from NJIT and holds a Bachelors degree from Stevens Institute of Technology in Optical Physics. He has several patents in circuit design and optical processing, and has authored a number of technical publications.
About their new roles President and Chief Executive Officer Ron Michels stated, “ANADIGICS is a great company with innovative technology and talented people. I am looking forward to working more closely with the team. We will work hard to make sure we keep the confidence and trust of our customers during this transition and beyond.”
About ANADIGICS, Inc.
ANADIGICS, Inc. (NASDAQ: ANAD) delivers integrated radio frequency (RF) solutions that OEMs and ODMs demand to optimize the performance of wireless, broadband and cable applications across all major networks and standards. ANADIGICS features a diverse portfolio of highly linear, highly efficient RFICs. Headquartered in Warren, NJ, the company's award-winning products include power amplifiers, tuner integrated circuits, active splitters, line amplifiers and other components that can be purchased individually or packaged as integrated RF and front-end modules. For more information, visit www.anadigics.com.
Showing posts with label Anadigics. Show all posts
Showing posts with label Anadigics. Show all posts
Tuesday, March 29, 2011
Saturday, August 15, 2009
Anadigics 10Q
Revenue and margin collapse:
- Net sales decreased 60.9% during the second quarter of 2009 to $31.5 million from $80.5 million in the second quarter of 2008.
- Sales of integrated circuits for wireless applications decreased 53.0% during the second quarter of 2009 to $23.2 million from $49.3 million in the second quarter of 2008.
- Sales of integrated circuits for broadband applications decreased 73.4% during the second quarter of 2009 to $8.3 million from $31.2 million in the second quarter of 2008.
Monday, March 2, 2009
Anadigics 10K
Revenue and mix shifts: "Net sales for the year ended December 31, 2008 for the Company’s wireless products increased 19.9% to $154.7 million compared to net sales for the year ended December 31, 2007 of $129.0 million. The net sales improvement was primarily due to increased demand for power amplifiers for 3G applications of $34.7 million or 29.1%, most significantly in WCDMA applications. The growth in 3G was partially offset by lower net sales in power amplifiers for GSM of $9.1 million or 91.5%, which resulted from the Company’s shift in market focus to 3G technologies. Net sales for the year ended December 31, 2008 for the Company’s broadband products increased to $103.5 million or 2.0% compared to net sales for the year ended December 31, 2007 of $101.5 million. The net sales improvement was due to increased demand for integrated circuits used in cable set-top boxes of $10.2 million or 55.4% partly offset by a decline in cable infrastructure and WiFi applications of $8.2 million or 9.9%."
Customer concentration: "Sales to Intel Corporation and Samsung Electronics Co., Ltd accounted for 18% and 16%, respectively, of total net sales during 2008."
Wafer source and processes: "Our six-inch diameter Gallium Arsenide (GaAs) wafer fabrication facility (fab) located at our corporate headquarters in Warren, New Jersey, has been operational since 1999. We are actively exploring future sources of additional manufacturing capacity including pursuing relationships with foundries.......We design, develop and manufacture RFICs primarily using GaAs compound semiconductor substrates with various process technologies, Metal Semiconductor Field Effect Transistors (MESFET), Pseudomorphic High Electron Mobility Transistors (pHEMT), and Heterojunction Bipolar Transistors (HBT). Our patented technology, which utilizes InGaP-plus, combines InGaP HBT and pHEMT processes on a single substrate, enabling us to integrate the PA function and the RF active switch function on the same die."
Patent foundation: "We own 65 U.S. patents and have 6 pending U.S. patent applications."
Recent material legal action: "On or about November 11, 2008, plaintiff Charlie Attias filed a putative securities class action lawsuit in the United States District Court for the District of New Jersey, captioned Charlie Attias v. Anadigics, Inc., et al., No. 3:08-cv-05572, and, on or about November 21, 2008, plaintiff Paul Kuznetz filed a related class action lawsuit in the same court, captioned Paul J. Kuznetz v. Anadigics, Inc., et al., No. 3:08-cv-05750 (jointly, the "Class Actions"). The Complaints in the Class Actions, which were consolidated by an Order of the District Court dated November 24, 2008, seek unspecified damages for alleged violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as well as Rule 10b-5 promulgated thereunder, in connection with alleged misrepresentations and omissions relating to, among other things, Anadigics's manufacturing capabilities and the demand for its products. The longer of the proposed class periods alleged in the Class Actions runs from February 12, 2007 through October 22, 2008. Currently pending before the District Court are various motions by certain members of the proposed class seeking appointment as Lead Plaintiff.
On or about January 14, 2009, a shareholder's derivative lawsuit, captioned Sicari v. Anadigics, Inc., et al., No. SOM-L-88-09, was filed in the Superior Court of New Jersey, and, on or about February 2, 2009, a related shareholder's derivative lawsuit, captioned Moradzadeh v. Anadigics, Inc., et al., No. SOM-L-198-09, was filed in the same court (jointly, the "Derivative Lawsuits"). The Derivative Lawsuits seek unspecified damages for alleged state law claims against certain of the Company's current and former directors arising out of the matters at issue in the Class Actions. The plaintiffs in the Derivative Lawsuits have filed a motion seeking, among other things, to consolidate their respective suits."
Customer concentration: "Sales to Intel Corporation and Samsung Electronics Co., Ltd accounted for 18% and 16%, respectively, of total net sales during 2008."
Wafer source and processes: "Our six-inch diameter Gallium Arsenide (GaAs) wafer fabrication facility (fab) located at our corporate headquarters in Warren, New Jersey, has been operational since 1999. We are actively exploring future sources of additional manufacturing capacity including pursuing relationships with foundries.......We design, develop and manufacture RFICs primarily using GaAs compound semiconductor substrates with various process technologies, Metal Semiconductor Field Effect Transistors (MESFET), Pseudomorphic High Electron Mobility Transistors (pHEMT), and Heterojunction Bipolar Transistors (HBT). Our patented technology, which utilizes InGaP-plus, combines InGaP HBT and pHEMT processes on a single substrate, enabling us to integrate the PA function and the RF active switch function on the same die."
Patent foundation: "We own 65 U.S. patents and have 6 pending U.S. patent applications."
Recent material legal action: "On or about November 11, 2008, plaintiff Charlie Attias filed a putative securities class action lawsuit in the United States District Court for the District of New Jersey, captioned Charlie Attias v. Anadigics, Inc., et al., No. 3:08-cv-05572, and, on or about November 21, 2008, plaintiff Paul Kuznetz filed a related class action lawsuit in the same court, captioned Paul J. Kuznetz v. Anadigics, Inc., et al., No. 3:08-cv-05750 (jointly, the "Class Actions"). The Complaints in the Class Actions, which were consolidated by an Order of the District Court dated November 24, 2008, seek unspecified damages for alleged violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as well as Rule 10b-5 promulgated thereunder, in connection with alleged misrepresentations and omissions relating to, among other things, Anadigics's manufacturing capabilities and the demand for its products. The longer of the proposed class periods alleged in the Class Actions runs from February 12, 2007 through October 22, 2008. Currently pending before the District Court are various motions by certain members of the proposed class seeking appointment as Lead Plaintiff.
On or about January 14, 2009, a shareholder's derivative lawsuit, captioned Sicari v. Anadigics, Inc., et al., No. SOM-L-88-09, was filed in the Superior Court of New Jersey, and, on or about February 2, 2009, a related shareholder's derivative lawsuit, captioned Moradzadeh v. Anadigics, Inc., et al., No. SOM-L-198-09, was filed in the same court (jointly, the "Derivative Lawsuits"). The Derivative Lawsuits seek unspecified damages for alleged state law claims against certain of the Company's current and former directors arising out of the matters at issue in the Class Actions. The plaintiffs in the Derivative Lawsuits have filed a motion seeking, among other things, to consolidate their respective suits."
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