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Anadigics lowers guidance for 4Q, 2001

    Anadigics (Nasdaq: ANAD) lowered its fourth quarter guidance for the fourth quarter again.

    On Monday, the supplier of wireless and broadband communications technology issued new financial targets for the fourth quarter and fiscal 2001. Anadigics had already warned in September that third and fourth quarter results would miss estimates.

    Shares in the supplier of wireless and broadband communications company fell 1.5 to 18.3125 on Monday morning, following the latest news.

    The company now estimates to lose 3 cents per share on fourth quarter revenue. It now sees first quarter revenue of $34 million, with a loss of 3 cents a share.

    Anadigics blamed continuing changes in the communications market, further inventory corrections at major customers, and a slower than expected volume production ramp of its newly introduced HBT PA products. Other communications suppliers in recent weeks cited similar factors in warning of disappointing results for the December quarter.

    Revenues for Anadigics' full year 2001 are estimated to be $181 million, with earnings of about 20 cents a share.

    Gross margins are expected to be 40 percent for 2001, attributed to lower fab utilization and a richer mix of module products.

    Anadigics said its broadband business remains strong with 35 percent growth expected in 2001 and added that it sees a resumption of strong growth in the second half of 2001.

    "Design wins expected from (new) products, coupled with an array of new product introductions in 2001, are expected to fuel growth in 2002 and beyond," said CEO Bami Bastani in a release.