Anadigics To Cut 140 Jobs; Cuts Q2 Revenue Outlook

(RTTNews) - Anadigics, Inc. (ANAD) said Thursday that it will eliminate about 140 positions throughout the company or about 30% of its workforce as part of a restructuring initiative to lower cash manufacturing and operating costs by over $15 million annually.

The company said it expects to record a cash workforce restructuring charge of about $2.3 million and a non-cash charge of about $5 million for fixed asset and inventory write downs. The proceeds from equipment sales are expected to substantially offset the cash costs of the restructuring.

The company anticipates that the completion of the restructuring will lower manufacturing costs by about $5 million and operating costs by about $10 million. These savings are in addition to the previously announced program targeting $10 million in annual savings.

Anadigics also said it was lowering its second quarter revenue outlook to about $23 million and expects an adjusted loss per share for the quarter of about $0.10.

Analysts polled by Thomson Reuters currently expect the company to report a loss of $0.09 per share on revenue of $25.52 million for the second quarter. Analysts' estimates typically exclude special items.