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Anaren Inc. Reports Operating Results (10-Q)

January 28, 2011 | About:
F. A. Piocos

10qk

18 followers
Anaren Inc. (ANEN) filed Quarterly Report for the period ended 2010-12-31.

Anaren Inc has a market cap of $315.8 million; its shares were traded at around $21.16 with a P/E ratio of 20 and P/S ratio of 1.9. Anaren Inc had an annual average earning growth of 18.4% over the past 5 years.Hedge Fund Gurus that owns ANEN: Jim Simons of Renaissance Technologies LLC. Mutual Fund and Other Gurus that owns ANEN: Chuck Royce of Royce& Associates.

Highlight of Business Operations:

Cost of Sales 62.5% 65.1% 61.4% 64.4%

- - - -

Gross profit 37.5% 34.9% 38.6% 35.6%

- - - -



Operating Expenses:

Marketing 6.0% 5.5% 5.7% 5.6%

Research and development 8.1% 8.6% 8.4% 8.8%

General and administrative 10.7% 11.3% 11.2% 11.2%

- - - -

Total operating expenses 24.8% 25.4% 25.3% 25.6%

- - - -



Other income (expense):

Interest expense (0.2)% (0.3)% (0.3)% (0.4)%

Other, primarily interest income 0.4 % 0.2 % 0.3 % 0.2 %

- - - -

Total other income (expense), net 0.2 % (0.1)% 0.0 % (0.2)%

- - - -



Income before income tax expense 12.9% 9.4% 13.3% 9.8%

Income tax expense 2.2% 3.3% 3.3% 3.2%

- - - -

Net income 10.7% 6.1% 10.0% 6.6%

= = = =



Income Taxes. Income taxes for the second quarter of fiscal 2011 were $1.0

million (2.2% of net sales), representing an effective tax rate of 17.0%. This

compares to income tax expense of $1.3 million (3.3% of net sales) for the

second quarter of fiscal 2010, representing an effective tax rate of 34.4%. This

decrease primarily resulted from the reinstatement of the Federal Research and

Experimentation credit retroactive to January 1, 2010. The projected effective

tax rate for fiscal 2011 is now expected to be approximately 30%. The Company's

effective tax rate is a direct result of the proportion of federally exempt

state municipal bond income and federal tax credits and benefits in relation to

the levels of United States and foreign taxable income or loss.



Income Taxes. Income taxes for the first half of fiscal 2011 were $3.0 million

(3.3% of net sales), representing an effective tax rate of 25.2%. This compares

to income tax expense of $2.6 million (3.2% of net sales) for the first half of

fiscal 2010, representing an effective tax rate of 32.8%. During the second

quarter of fiscal 2011, the Federal Research and Experimentation credit was

reinstated retroactive to January 1, 2010. The projected effective tax rate for

fiscal 2011 is approximately 30.0% compared to an actual effective tax rate of

26.1% for fiscal 2010. The Company's effective tax rate is a direct result of

the proportion of federally exempt state municipal bond income and federal tax

credits and benefits in relation to the levels of United States and foreign

taxable income or loss.



Read the The complete Report

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