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Advanced Analogic Technologies Inc. Reports Operating Results (10-Q)

January 04, 2012 | About:

Advanced Analogic Technologies Inc. (AATI) filed Quarterly Report for the period ended 2011-09-30.

Advanced Analogic Technologies Inc. has a market cap of $256.2 million; its shares were traded at around $5.79 with and P/S ratio of 2.7.

Highlight of Business Operations:

Our net revenue for the three months ended September 30, 2011 decreased 11.4% compared to the three months ended September 30, 2010. Gross margin for the three months ended September 30, 2011 decreased to 42.6% compared to 43.5% for the three months ended September 30, 2010.

Our net revenue for the three months ended September 30, 2011 decreased by $2.8 million or 11.4% compared to the three months ended September 30, 2010. The decrease in net revenue for the three months ended September 30, 2011 compared to the three months ended September 30, 2010 was driven by lower sales of our Display and Lighting Solutions product family which decreased due to lower sales to two of our major customers. Total unit shipments in the three months ended September 30, 2011 increased 2% compared to the three months ended September 30, 2010 while the average selling prices decreased by approximately 14%.

Cash used in operating activities was $6.2 million for the nine months ended September 30, 2010. Cash used in operating activities was comprised of the net loss of $9.4 million, less non-cash adjustments including $4.4 million of stock-based compensation expense and $2.9 million of depreciation and amortization. Cash used in operating activities was also comprised of a $5.9 million increase in accounts receivable as a result of higher sales, $4.7 million used to increase inventory and $2.6 million used to decrease income taxes payable. These uses were offset by a $7.5 million increase in accounts payable due to the timing of purchases and a $1.0 million increase in accrued liabilities and other long-term liabilities primarily due to our accrual for expenses related to a reduction in force during the three months ended September 30, 2010 and an increase in accrued engineering wafer and mask expenses.

Net cash provided by investing activities was $19.8 million for the nine months ended September 30, 2011, primarily due to $85.6 million of proceeds from sales and maturities of short-term investments and $0.3 million of sales of auction rate securities, partially offset by $65.0 million used to purchase short-term investments, $0.8 million used to purchase property and equipment and $0.3 million used to purchase a long-term investment.

Net cash provided by investing activities of $3.1 million for the nine months ended September 30, 2010 was primarily comprised of $108.0 million of proceeds from sales and maturities of short-term investments and $1.4 million of proceeds from the sale of auction rate securities, partially offset by $104.2 million from purchases of short-term investments and $2.0 million used to purchase property and equipment.

Read the The complete Report

About the author:

10qk
Charlie Tian, Ph.D., is the founder of GuruFocus. You can now order his book Invest Like a Guru on Amazon.

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