Hide Notes 

Slide 1: ADVANCED ANALOGIC TECHNOLOGIES INC FORM 8-K (Current report filing) Filed 04/22/09 for the Period Ending 04/22/09 Address Telephone CIK Symbol SIC Code Industry Sector Fiscal Year 3230 SCOTT BOULEVARD SANTA CLARA, CA 95054 (408) 737-4600 0001104042 AATI 3674 - Semiconductors and Related Devices Semiconductors Technology 12/31 http://www.edgar-online.com © Copyright 2009, EDGAR Online, Inc. All Rights Reserved. Distribution and use of this document restricted under EDGAR Online, Inc. Terms of Use.
Slide 2: UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported) April 22, 2009 ADVANCED ANALOGIC TECHNOLOGIES INCORPORATED (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation) 000-51349 (Commission File Number) 77-0462930 (IRS Employer Identification No.) 3230 Scott Boulevard, Santa Clara, California 95054 (Address of principal executive offices, including zip code) (408) 737-4600 (Registrant’s telephone number, including area code) Not Applicable (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Slide 3: Item 2.02 Results of Operations and Financial Condition. On April 22, 2009, Advanced Analogic Technologies Incorporated issued a press release regarding its financial results for the first quarter ended March 31, 2009 and certain other information. The full text of the press release concerning the foregoing is furnished herewith as Exhibit 99.1. The press release refers to certain non-GAAP financial measures. A reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures is contained in the press release. The information in this Form 8-K and the Exhibit attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, 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 filing. Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description 99.1 Text of press release issued by Advanced Analogic Technologies Incorporated, dated April 22, 2009, reporting the results of operations for the first quarter ended March 31, 2009 and certain other information (furnished herewith). -2-
Slide 4: SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ADVANCED ANALOGIC TECHNOLOGIES INCORPORATED /s/ Brian R. McDonald Brian R. McDonald Chief Financial Officer, Vice President of Worldwide Finance and Secretary Date: April 22, 2009 -3-
Slide 5: EXHIBIT INDEX Exhibit Number Description 99.1 Text of press release issued by Advanced Analogic Technologies Incorporated, dated April 22, 2009, reporting the results of operations for the first quarter ended March 31, 2009 and certain other information (furnished herewith).
Slide 6: Exhibit 99.1 P RESS R ELEASE FOR RELEASE 4/22/09 @ 1:05PM AnalogicTech Reports Financial Results for the First Quarter 2009 Santa Clara, CA – April 22, 2009 – Advanced Analogic Technologies, Inc. (“AnalogicTech” or the “Company”) (Nasdaq: AATI), a developer of total power management integrated circuits, today reported financial results for the first quarter ended March 31, 2009. Net revenue for the first quarter of 2009 was $16.5 million, a decrease of 34% over net revenue of $25.1 million for the first quarter of 2008 and a sequential decrease of 11% from net revenue of $18.6 million for the fourth quarter of 2008. Net loss for the first quarter of 2009 was $(5.2) million, or $(0.12) per diluted share. This compares to net income of $0.4 million, or $0.01 per diluted share for the first quarter of 2008, and net loss of $(14.4) million, or $(0.32) per diluted share for the fourth quarter of 2008. On a non-GAAP basis, excluding stock-based compensation expense, amortization of acquired intangibles, restructuring and other severancerelated expenses, and the deferred tax asset valuation allowance, net of taxes, net loss for the first quarter of 2009 was $(3.5) million, or $(0.08) per diluted share. This compares to non-GAAP net income of $2.0 million, or $0.04 per diluted share, for the first quarter of 2008 and nonGAAP net loss of $(3.3) million, or $(0.07) per diluted share, for the fourth quarter of 2008. Non-GAAP net income for the first quarter of 2008 excluded stock-based compensation expense and amortization of acquired intangibles, net of taxes. Non-GAAP net loss for the fourth quarter of 2008 excluded stock-based compensation expense, amortization of acquired intangibles, an intangible asset impairment charge, an impairment loss on a private equity investment, restructuring and other severance-related expenses, and a charge to increase the deferred tax asset valuation allowance, net of taxes. AnalogicTech reported gross margins of 44.9% for the first quarter of 2009, compared to 54.7% for the first quarter of 2008 and 38.2% for the fourth quarter of 2008. Non-GAAP gross margin was 45.6% for the first quarter of 2009, compared to 56.0% for the first quarter of 2008 and 43.3% for the fourth quarter of 2008. The Company ended the quarter with $103.6 million in cash, cash equivalents, and short-term investments. © Advanced Analogic Technologies Incorporated Page 1
Slide 7: “Our first quarter results were stronger than expected, particularly with our camera flash and battery management products,” stated Richard K. Williams, President, CEO and CTO of AnalogicTech. “While the operating environment remains challenging, we are encouraged by our progress in securing design wins and increasing sales diversification. We were particularly pleased that revenue from our ModularBCD products reached 28% of our sales for the first quarter.” “Strong financial discipline continues to be a priority as we closely managed operating expenses during the quarter. We have also continued to focus on tightly regulating our inventory levels in order to effectively anticipate and respond to upside demand. We are proud of our ability to implement cost control measures while maintaining the commitment to our distinctive business fundamentals of leading product design and strong customer support.” Business Outlook The following statements are based upon management’s current expectations. These statements are forward-looking, and actual results may differ materially. AnalogicTech undertakes no obligation to update these statements. For the second quarter ending June 30, 2009, AnalogicTech estimates revenue in the range of $18 million to $21 million, and net loss in the range of $(0.13) to $(0.10) per diluted share on a GAAP basis. The second quarter 2009 estimates include pre-tax quarterly share-based compensation expense in the range of $1.7 to $1.9 million. Non-GAAP Reporting In addition to GAAP reporting, AnalogicTech reports net income (loss), gross margin and earnings (loss) per share on a non-GAAP basis. This non-GAAP earnings information excludes certain items and their tax-related effects. AnalogicTech believes this non-GAAP earnings information provides meaningful insight into the Company’s ongoing operational performance and has therefore chosen to provide this information to investors as an additional dimension of comparability to similar companies. AnalogicTech also uses this information internally to evaluate and manage company operations and to determine incentive compensation. A reconciliation between GAAP and non-GAAP net income (loss), gross margin and earnings (loss) per share is included in the tables below. The non-GAAP information included in this press release is not necessarily comparable to non-GAAP information of other companies. NonGAAP information should not be viewed as a substitute for, or superior to, net income or other data prepared in accordance with GAAP as measures of our profitability or liquidity. Users of this financial information should consider the types of events and transactions for which adjustments have been made. © Advanced Analogic Technologies Incorporated Page 2
Slide 8: Conference Call Details The AnalogicTech first quarter 2009 teleconference and webcast is scheduled to begin at 4:30 p.m. Eastern Time on Wednesday, April 22, 2009. To participate in the live call, analysts and investors should dial 800-978-7659 or 303-262-2055 at least ten minutes prior to the call. AnalogicTech will also offer a live and archived webcast of the conference call, accessible from the company’s investor relations website at http://www.aati.com in the “Webcasts” section. A telephonic replay of the conference call will also be available through April 26, 2009, by dialing 800-405-2236 and entering the passcode 11130267#. Callers outside the U.S. and Canada may access the replay by dialing 303-5903000 and entering the passcode 11130267#. ### For More Information Investor Contacts: Brian McDonald Chief Financial Officer AnalogicTech 408-737-4788 About AnalogicTech Advanced Analogic Technologies, Inc. (AnalogicTech) is a supplier of Total Power Management™ semiconductor solutions for a variety of consumer, communications, and computing systems. The company focuses its design and marketing efforts on the application-specific power management needs of such devices as mobile handsets, smartphones, digital cameras, netbooks / notebooks, personal navigation systems, and wireless LANs. AnalogicTech also develops and licenses device, process, package, and application-related technologies. AnalogicTech is headquartered in Santa Clara, CA and Macau, S.A.R., with offices in China, Hong Kong, Taiwan, Japan, Korea, and the U.K., as well as a worldwide network of sales reps and distributors. The company is listed on NASDAQ under the symbol AATI. For more information, please visit www.analogictech.com. (AnalogicTech – F) “Safe Harbor” Statement Under the Private Securities Litigation Reform Act of 1995 Statements contained in this release that are not historical facts are forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements, including financial projections and forecasts, involve risks and uncertainties that could cause AnalogicTech’s actual results to differ materially from our current expectations. Factors that could cause AnalogicTech’s results to differ materially from those set forth in these forward-looking statements include customers’ cancellation or modification of their orders; our failure to accurately forecast demand for our products; the loss of, or a significant reduction in orders from, any of our significant customers; consumer demand for cellular phones and other mobile consumer electronic devices; worldwide economic and political conditions, particularly in Asia; our ability to manage inventory levels, fluctuations in our operating results; our inability to develop and sell new products; defects in or failures of our products; the expense and uncertainty involved in our customer design-win efforts; the financial viability of the distributors of our products; fluctuations in our costs to manufacture our products; our reliance on third parties to manufacture, test, assemble and ship our products; our ability to retain and attract key personnel; our ability to compete with our competitors; and our ability to protect our intellectual property rights and not infringe the intellectual property rights of others. Other factors that may cause our actual results to differ from those set forth in the forward-looking statements contained in this press release and that may affect our prospects in general are described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2008. AnalogicTech undertakes no obligation to update or revise forward-looking statements to reflect subsequent events or changed assumptions or circumstances. © Advanced Lisa Laukkanen The Blueshirt Group 415-217-4967 Analogic Technologies Incorporated Page 3
Slide 9: AnalogicTech and the AnalogicTech logo are trademarks of Advanced Analogic Technologies, Inc. All other brand and product names appearing in this document are registered trademarks or trademarks of their respective holders. © Advanced Analogic Technologies Incorporated Page 4
Slide 10: CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands) Mar. 31, 2009 Dec. 31 2008 (*) ASSETS CURRENT ASSETS Cash and cash equivalents Short-term investments Total cash, cash equivalents and short term investments Accounts receivable, net of allowances Inventories Prepaid expenses and other current assets Total current assets Property and equipment, net Other assets Deferred income taxes - noncurrent Intangible assets, net Goodwill TOTAL ASSETS LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable Accrued liabilities Income tax payable Total current liabilities Long-term income tax payable Other long-term liabilities Total liabilities Total stockholders’ equity TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 45,714 57,929 103,643 9,247 8,749 1,905 123,544 4,596 4,175 260 315 16,116 $149,006 $ 52,094 57,443 109,537 6,654 9,016 2,100 127,307 5,050 4,060 326 395 16,116 $153,254 $ 7,374 3,083 223 10,680 3,742 242 14,664 134,342 $149,006 $ 4,601 3,739 28 8,368 3,326 228 11,922 141,332 $153,254 * Amounts as of December 31, 2008 were derived from the December 31, 2008 audited consolidated financial statements.
Slide 11: CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (in thousands, except per share amounts) (unaudited) Mar. 31, 2009 Three Months Ended Mar. 31 Dec. 31 2008 2008 NET REVENUE Cost of revenue GROSS PROFIT OPERATING EXPENSES: Research and development Sales, general and administrative Patent litigation Total operating expenses LOSS FROM OPERATIONS OTHER INCOME, NET INCOME (LOSS) BEFORE INCOME TAXES PROVISION FOR INCOME TAXES NET INCOME (LOSS) NET INCOME (LOSS) PER SHARE: Basic Diluted WEIGHTED AVERAGE SHARES USED IN NET INCOME (LOSS) PER SHARE CALCULATION: Basic Diluted Note: Stock compensation recorded in each expense classification above is as follows: Cost of revenue Research and development Sales, general and administrative $16,549 9,118 7,431 6,583 5,429 301 12,313 (4,882) 353 (4,529) 679 $ (5,208) $ (0.12) $ (0.12) 43,052 43,052 $ 63 700 812 $ 1,575 $25,101 11,369 13,732 7,659 6,445 262 14,366 (634) 1,144 510 64 $ 446 $ $ 0.01 0.01 45,491 47,060 $ 77 790 860 $ 1,727 $ 18,629 11,508 7,121 7,010 5,923 764 13,697 (6,576) 42 (6,534) 7,832 $(14,366) $ $ (0.32) (0.32) 45,183 45,183 $ 80 426 537 $ 1,043
Slide 12: Financial Summary (Non-GAAP) (in thousands, except per share amounts) (unaudited) Mar. 31, 2009 Three Months Ended Mar. 31, 2008 Dec. 31, 2008 GAAP TO NON-GAAP RECONCILIATION GROSS MARGIN: GROSS MARGIN GROSS MARGIN % Amortization of acquired intangibles Intangible asset impairment charge Stock-based compensation NON-GAAP GROSS MARGIN NON-GAAP GROSS MARGIN % NET INCOME (LOSS): NET INCOME (LOSS): Stock-based compensation Amortization of acquired intangibles Intangible asset impairment charge Impairment loss on private equity investment Restructuring and other severance expenses Associated tax effects of above adjustments Deferred tax asset valuation allowance Total adjustments NET INCOME (LOSS) ON NON-GAAP BASIS: EPS: GAAP EPS, DILUTED NON-GAAP EPS, DILUTED Weighted average shares used to calculate Non-GAAP diluted EPS: $ 7,431 44.9% 54 — 63 7,548 45.6% $ (5,208) 1,575 64 — — 124 (345) 300 1,718 $ (3,490) $ (0.12) $ (0.08) 43,052 $13,732 54.7% 242 — 77 14,051 56.0% $ 446 1,727 290 — — — (446) — 1,571 $ 2,017 $ 0.01 $ 0.04 47,060 $ 7,121 38.2% 242 627 80 8,070 43.3% $(14,366) 1,043 290 755 508 482 (603) 8,632 11,107 $ (3,259) $ $ (0.32) (0.07) 45,183