Advanced Analogic Technologies, Inc. reported financial results for the third quarter ended September 30, 2009. Net revenue for the third quarter of 2009 was $26.1 million, an increase of 3% over net revenue of $25.4 million for the third quarter of 2008 and a sequential increase of 14% from net revenue of $23.0 million for the second quarter of 2009.
In accordance with U.S. generally accepted accounting principles (GAAP), net loss for the third quarter of 2009 was $1.0 million, or $0.02 per diluted share. This compares to GAAP net loss of $0.7 million, or $0.02 per diluted share for the third quarter of 2008, and GAAP net loss of $2.5 million, or $0.06 per diluted share for the second quarter of 2009.
On a non-GAAP basis, excluding stock-based compensation expense, amortization of acquired intangibles, net of taxes, net income for the third quarter of 2009 was $0.8 million, or $0.02 per diluted share. This compares to non-GAAP net income of $0.5 million, or $0.01 per diluted share, for the third quarter of 2008 and non-GAAP net loss of $0.8 million, or $0.02 per diluted share, for the second quarter of 2009. Non-GAAP net income for the third quarter of 2008 excluded stock-based compensation expense, amortization of acquired intangibles, restructuring and other severance-related expense, net of taxes. Non-GAAP net loss for the second quarter of 2009 excluded stock-based compensation expense, amortization of acquired intangibles expenses, restructuring and other severance-related expense, net of taxes.
AnalogicTech reported gross margins of 51.2% for the third quarter of 2009, compared to 50.0% for the third quarter of 2008 and 48.3% for the second quarter of 2009. Non-GAAP gross margin was 51.7% for the third quarter of 2009, compared to 51.4% for the third quarter of 2008 and 48.9% for the second quarter of 2009. The company ended the quarter with $103.1 million in cash, cash equivalents, and short-term investments.
"Our third quarter results exceeded expectations for sales, gross margin and non-GAAP earnings per share," stated Richard K. Williams, President, CEO and CTO of AnalogicTech. "We were pleased to experience strong sequential growth, particularly following the tremendous increase in sales last quarter. We continued to see an increasing revenue contribution from our battery management products, which grew by more than 60% from last quarter. This growing business segment expands our ability to address new applications. Revenue from our ModularBCD products also continued to grow in the third quarter."
