Advanced Analogic Technologies Inc. (AATI) filed Amended Quarterly Report for the period ended 2009-03-31.
Advanced Analogic Technologies Incorporated is a supplier of power management semiconductors for mobile consumer electronic devices such as wireless handsets notebook and tablet computers smartphones digital cameras and digital audio players. The company focuses its design and marketing efforts on the application-specific power management needs of consumer communications and computing applications in these rapidly evolving devices. Advanced Analogic Technologies Inc. has a market cap of $140.9 million; its shares were traded at around $3.28 with and P/S ratio of 1.6.
Highlight of Business Operations:
Cash, cash equivalents and short term investments as of March 31, 2009 decreased by $6 million to approximately $104 million compared to December 31, 2008, primarily due to $3 million used to repurchase shares of our common stock during the three months ended March 31, 2009 and $2 million used in operating activities. We continue to be debt free as of March 31, 2009.
During the three months ended March 31, 2009, our gross inventory write-down was approximately $1.1 million, partially offset by the sale of $0.4 million of previously written down inventory. During the three months ended March 31, 2008, our gross inventory write-down was approximately $0.8 million, partially offset by the sale of $0.3 million of previously written down inventory.
Interest and investment income was $0.4 million for the three months ended March 31, 2009, compared to $1.1 million for the three months ended March 31, 2008 primarily due to lower average interest rates.
We recorded a tax provision of approximately $0.7 million and a tax benefit of $0.1 million for the three months ended March 31, 2009 and 2008, respectively. The increase in our tax provision compared to prior year is primarily due to a full valuation allowance against our United States deferred tax assets at March 31, 2009. Accordingly, no benefit is recognized for stock-based compensation as any increase in our related deferred tax asset will have a corresponding increase in our valuation allowance.
During the three months ended March 31, 2009, we increased our total amount of unrecognized tax benefits as calculated under FASB Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement No. 109” (“FIN No. 48”) by approximately $0.4 million, including an accrual of interest and penalties of less than $0.1 million. We recognize interest and penalties accrued related to unrecognized tax benefits in income tax expense.
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