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Exhibit 99.1
FOR RELEASE 07/28/10 @ 1:05PM
AnalogicTech Reports Financial Results for the Second Quarter 2010
Santa Clara, CA July 28, 2010 Advanced Analogic Technologies, Inc. (AnalogicTech, Nasdaq: AATI), an analog semiconductor company focused on powering innovative solutions in consumer electronics, computing, and communications markets, today reported financial results for the second quarter ended June 30, 2010.
Net revenue for the second quarter of 2010 was $23.1 million, an increase of 0.7% over net revenue of $23.0 million for the second quarter of 2009 and a sequential increase of 6% from net revenue of $21.9 million for the first quarter of 2010.
In accordance with U.S. generally accepted accounting principles (GAAP), net loss for the second quarter of 2010 was $3.9 million, or $0.09 per diluted share. This compares to GAAP net loss of $2.5 million, or $0.06 per diluted share for the second quarter of 2009, and GAAP net loss of $4.2 million, or $0.10 per diluted share, for the first quarter of 2010.
On a non-GAAP basis, net loss for the second quarter of 2010 was $2.7 million, or $0.06 per diluted share. This compares to non-GAAP net loss of $0.8 million, or $0.02 per diluted share, for the second quarter of 2009 and non-GAAP net loss of $2.9 million, or $0.07 per diluted share, for the first quarter of 2010.
Please refer to the tables below for a reconciliation between GAAP and non-GAAP net loss, gross margin and net loss per diluted share.
AnalogicTech reported gross margins of 45.5% for the second quarter of 2010, compared to 48.3% for the second quarter of 2009 and 48.4% for the first quarter of 2010. Non-GAAP gross margin was 45.8% for the second quarter of 2010, compared to 48.9% for the second quarter of 2009 and 48.7% for the first quarter of 2010. The Company ended the quarter with $93.9 million in cash, cash equivalents, and short-term investments. AnalogicTech repurchased 1 million shares of its common stock for a total cost of $3.6 million during the second quarter of 2010 as part of its share repurchase program.
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Advanced Analogic Technologies Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2010 10-K Annual Report includes:
Ticker: AATI
CIK: 1104042
Form Type: 10-Q Quarterly Report
Accession Number: 0001193125-10-172165
Submitted to the SEC: Fri Jul 30 2010 3:33:51 PM EST
Accepted by the SEC: Fri Jul 30 2010
Period: Wednesday, June 30, 2010
Industry: Semiconductors And Related Devices