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| ANAD > SEC Filings for ANAD > Form 8-K on 28-Apr-2009 | All Recent SEC Filings |
28-Apr-2009
Results of Operations and Financial Condition
On April 28, 2009, ANADIGICS, Inc. ("ANADIGICS") is issuing a press release and holding a conference call announcing its financial results for the first quarter 2009. A copy of the press release is furnished as Exhibit 99 to this Form 8-K. The information in this Form 8-K and the Exhibit attached hereto is furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Use of Non-GAAP Financial Measures
The attached press release includes financial measures that are not in
accordance with GAAP, consisting of non-GAAP net income or loss and non-GAAP
income or loss per share. Management uses non-GAAP net income or loss and
non-GAAP income or loss per share to evaluate the company's operating and
financial performance in light of business objectives, for planning purposes,
when publicly providing our business outlook and to facilitate period-to-period
comparisons. ANADIGICS believes that these measures are useful to investors
because they enhance investors' ability to review the company's business from
the same perspective as the company's management and facilitate comparisons of
this period's results with prior periods. These non-GAAP measures exclude
charges related to stock-based compensation, restructuring charges, impairment
of auction rate securities and non-comparative charges in the first quarter of
2009 resulting from inventory reserves associated with reduced demand. Non-GAAP
measures are used by some investors when assessing the ongoing operating and
financial performance of our Company. These financial measures are not in
accordance with GAAP and may differ from non-GAAP methods of accounting and
reporting used by other companies. Management acknowledges that stock-based
compensation is a recurring cost and is an important part of our employee's
compensation and impacts their performance. However the expense is non-cash in
nature and there are various valuation methodologies and assumptions used in
determining stock-based compensation that may be unrelated to operations, such
as volatility and current interest rates. The presentation of the additional
information should not be considered a substitute for net income or loss or
income or loss per share prepared in accordance with GAAP. The primary material
limitations associated with the use of non-GAAP measures as compared to the most
directly comparable GAAP financial measures are (i) they may not be comparable
to similarly titled measures used by other companies in ANADIGICS industry, and
(ii) they exclude financial information that some may consider important in
evaluating our performance.
Pursuant to the requirements of Regulation G, ANADIGICS has included a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures.
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