Anadigic (ANAD) Down Over 20%
October 24, 2007 by Douglas A. McIntyreAnadigic (ANAD) reported a third-quarter profit that missed its own forecast, hurt by manufacturing inefficiencies from the rapid build up of production capacity, according to Reuters. The shares are off over 20% to $15.20.
ANAD reported record quarterly third quarter 2007 net sales of $59.5 million, an increase of 10.5% compared with net sales of $53.9 million in the prior quarter, and an increase of 35.5% compared to net sales of $43.9 million in the year ago quarter.
Net income was $2.4 million or $0.04 per share, compared with net income of $1.9 million, or $0.03 per share in the prior quarter and net loss of $1.3 million, or $0.03 per share in the year ago quarter
Douglas A. McIntyre
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