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Advanced Analogic Technologies Inc (AATI) SEC Filing 10-Q Quarterly report for the period ending Thursday, September 30, 2010

Advanced Analogic Technologies Inc

CIK: 1104042 Ticker: AATI

Exhibit 99.1

 

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AnalogicTech Reports Financial Results for the Third Quarter 2010

Santa Clara, CA – October 26, 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 third quarter ended September 30, 2010.

Net revenue for the third quarter of 2010 was $25.0 million, a decrease of 4.4% over net revenue of $26.1 million for the third quarter of 2009 and a sequential increase of 7.9% from net revenue of $23.1 million for the second quarter of 2010.

In accordance with U.S. generally accepted accounting principles (GAAP), net loss for the third quarter of 2010 was $1.3 million, or $0.03 per diluted share. Included in the results for the third quarter of 2010, the Company recorded a one-time tax benefit of $3.4 million as a result of a settlement with the IRS for the 2005 and 2006 tax years. This compares to a GAAP net loss of $1.0 million, or $0.02 per diluted share for the third quarter of 2009, and a GAAP net loss of $3.9 million, or $0.09 per diluted share, for the second quarter of 2010.

On a non-GAAP basis, net loss for the third quarter of 2010 was $2.4 million, or $0.06 per diluted share. This compares to non-GAAP net income of $0.8 million, or $0.02 per diluted share, for the third quarter of 2009 and a non-GAAP net loss of $2.7 million, or $0.06 per diluted share, for the second quarter of 2010.

Please refer to the tables below for a reconciliation between GAAP and non-GAAP financial measures.

AnalogicTech reported gross margins of 43.5% for the third quarter of 2010, compared to 51.2% for the third quarter of 2009 and 45.5% for the second quarter of 2010. Non-GAAP gross margin was 44.2% for the third quarter of 2010, compared to 51.7% for the third quarter of 2009 and 45.8% for the second quarter of 2010. The Company ended the quarter with $90.8 million in cash, cash equivalents, and short-term investments.

“Solid sales in our handset business in Korea and Taiwan drove the sequential revenue increase in the third quarter,” stated Richard K. Williams, President, CEO and CTO of AnalogicTech.

 

 

©   Advanced Analogic Technologies Incorporated    Page 1


The following information was filed by Advanced Analogic Technologies Inc (AATI) on Tuesday, October 26, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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SEC Filing Tools
Ticker: AATI
CIK: 1104042
Form Type: 10-Q Quarterly Report
Accession Number: 0001193125-10-237971
Submitted to the SEC: Wed Oct 27 2010 4:05:02 PM EST
Accepted by the SEC: Wed Oct 27 2010
Period: Thursday, September 30, 2010
Industry: Semiconductors And Related Devices

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