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Wiki	Wiki Summary
Fear, uncertainty, and doubt	Fear, uncertainty, and doubt (often shortened to FUD) is a propaganda tactic used in sales, marketing, public relations, politics, polling and cults. FUD is generally a strategy to influence perception by disseminating negative and dubious or false information and a manifestation of the appeal to fear.
Measurement uncertainty	In metrology, measurement uncertainty is the expression of the statistical dispersion of the values attributed to a measured quantity. All measurements are subject to uncertainty and a measurement result is complete only when it is accompanied by a statement of the associated uncertainty, such as the standard deviation.
Uncertainty principle	In quantum mechanics, the uncertainty principle (also known as Heisenberg's uncertainty principle) is any of a variety of mathematical inequalities asserting a fundamental limit to the accuracy with which the values for certain pairs of physical quantities of a particle, such as position, x, and momentum, p, can be predicted from initial conditions.\nSuch variable pairs are known as complementary variables or canonically conjugate variables; and, depending on interpretation, the uncertainty principle limits to what extent such conjugate properties maintain their approximate meaning, as the mathematical framework of quantum physics does not support the notion of simultaneously well-defined conjugate properties expressed by a single value.
Knightian uncertainty	In economics, Knightian uncertainty is a lack of any quantifiable knowledge about some possible occurrence, as opposed to the presence of quantifiable risk (e.g., that in statistical noise or a parameter's confidence interval). The concept acknowledges some fundamental degree of ignorance, a limit to knowledge, and an essential unpredictability of future events.
Uncertainty parameter	The uncertainty parameter U is a parameter introduced by the Minor Planet Center (MPC) to quantify concisely the uncertainty of a perturbed orbital solution for a minor planet. The parameter is a logarithmic scale from 0 to 9 that measures the anticipated longitudinal uncertainty in the minor planet's mean anomaly after 10 years.
Uncertainty budget	The uncertainty budget is an aid for specifying the expanded measurement uncertainty. The individual measurement uncertainty factors are summarised, usually in tabular form, in the measurement uncertainty budget.
Manufacturing	Manufacturing is the creation or production of goods with the help of equipment, labor, machines, tools, and chemical or biological processing or formulation. It is the essence of secondary sector of the economy.
Verizon Communications	Verizon Communications Inc., commonly known as Verizon, is an American multinational telecommunications conglomerate and a corporate component of the Dow Jones Industrial Average. The company is headquartered at 1095 Avenue of the Americas in Midtown Manhattan, New York City, but is incorporated in Delaware.
Communications satellite	A communications satellite is an artificial satellite that relays and amplifies radio telecommunication signals via a transponder; it creates a communication channel between a source transmitter and a receiver at different locations on Earth. Communications satellites are used for television, telephone, radio, internet, and military applications.
Charter Communications	Charter Communications, Inc., is an American telecommunications and mass media company with services branded as Spectrum. With over 26 million customers in 41 states, it is the second-largest cable operator in the United States by subscribers, just behind Comcast, and third-largest pay TV operator behind Comcast and AT&T. Charter is the fifth-largest telephone provider based on number of residential lines.
Military communications	Military communications or military signals involve all aspects of communications, or conveyance of information, by armed forces. Military communications span from pre-history to the present.
Federal Communications Commission	The Federal Communications Commission (FCC) is an independent agency of the United States federal government that regulates communications by radio, television, wire, satellite, and cable across the United States. The FCC maintains jurisdiction over the areas of broadband access, fair competition, radio frequency use, media responsibility, public safety, and homeland security.The FCC was formed by the Communications Act of 1934 to replace the radio regulation functions of the Federal Radio Commission.
Hearst Communications	Hearst Communications, Inc., often referred to simply as Hearst, is an American multinational mass media and business information conglomerate based in the Hearst Tower in Midtown Manhattan, New York City.Hearst owns newspapers, magazines, television channels, and television stations, including the San Francisco Chronicle, the Houston Chronicle, Cosmopolitan and Esquire. It owns 50% of the A&E Networks cable network group and 20% of the sports cable network group ESPN, both in partnership with The Walt Disney Company.The conglomerate also owns several business-information companies, including Fitch Ratings and First Databank.The company was founded by William Randolph Hearst as an owner of newspapers, and the Hearst family remains involved in its ownership and management.
Communications officer	A communications officer is a naval line officer responsible for supervising operation and maintenance of a warship's signal flags, signal lamps, and radio transmitters and receivers. The communications officer is usually responsible for encrypting and decrypting secret message traffic and for distribution and safe storage of secret messages.
Communications blackout	In telecommunications, communications blackouts are\n\na cessation of communications or communications capability, caused by a lack of power to a communications facility or to communications equipment.\na total lack of radio communications capability, caused by ionospheric anomalies, e.g., during strong auroral activity or during re-entry of a spacecraft into the Earth's atmosphere.
Gross domestic product	Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced in a specific time period by countries. GDP (nominal) per capita does not, however, reflect differences in the cost of living and the inflation rates of the countries; therefore, using a basis of GDP per capita at purchasing power parity (PPP) may be more useful when comparing living standards between nations, while nominal GDP is more useful comparing national economies on the international market.
Technology	Technology is the result of accumulated knowledge and application of skills, methods, and processes used in industrial production and scientific research. Technology is embedded in the operation of all machines, with or without detailed knowledge of their function, for the intended purpose of an organization.
Emerging technologies	Emerging technologies are technologies whose development, practical applications, or both are still largely unrealized, such that they are figuratively emerging into prominence from a background of nonexistence or obscurity. These technologies are generally new but also include older technologies.
Information technology	Information technology (IT) is the use of computers to create, process, store, retrieve, and exchange all kinds of electronic data and information. IT is typically used within the context of business operations as opposed to personal or entertainment technologies.
Product strategy	Product strategy defines the high-level plan for developing and marketing a product, how the product supports the business strategy and goals, and is brought to life through product roadmaps. A product strategy describes a vision of the future with this product, the ideal customer profile and market to serve, go-to-market and positioning (marketing), thematic areas of investment, and measures of success.
Product innovation	Product innovation is the creation and subsequent introduction of a good or service that is either new, or an improved version of previous goods or services. This is broader than the normally accepted definition of innovation that includes the invention of new products which, in this context, are still considered innovative.
Kitemark	The Kitemark is a UK product and service quality trade mark which is owned and operated by the British Standards Institution (BSI Group).\nThe Kitemark is most frequently used to identify products where safety is paramount, such as crash helmets, smoke alarms and flood defences.
6mm Remington	The 6mm Remington rifle cartridge, originally introduced in 1955 by Remington Arms Company as the .244 Remington, is based on a necked down .257 Roberts cartridge (itself a necked-down 7×57mm Mauser) using a .24/6mm bullet. Known for a combination of high velocity, long range, flat trajectory, and accuracy, it is suitable as a dual use hunting cartridge for both medium-sized big game and varmints.
Margarine	A margarita is a cocktail consisting of tequila, orange liqueur, and lime juice often served with salt on the rim of the glass. The drink is served shaken with ice (on the rocks), blended with ice (frozen margarita), or without ice (straight up).
Sherlock Automated Design Analysis	Sherlock Automated Design Analysis is a software tool developed by DfR Solutions for analyzing, grading, and certifying the expected reliability of products at the circuit card assembly level. Based on the science of Physics of Failure, Sherlock predicts failure mechanism-specific failure rates over time using a combination of finite element method and material properties to capture stress values and first order analytical equations to evaluate damage evolution.
Shadow mask	The shadow mask is one of the two technologies used in the manufacture of cathode-ray tube (CRT) televisions and computer monitors which produce clear, focused color images. The other approach is the aperture grille, better known by its trade name, Trinitron.
Modular building	A modular building is a prefabricated building that consists of repeated sections called modules. Modularity involves constructing sections away from the building site, then delivering them to the intended site.
Motorola 6809	The Motorola 68000 (sometimes shortened to Motorola 68k or m68k and usually pronounced "sixty-eight-thousand") is a 16/32-bit complex instruction set computer (CISC) microprocessor, introduced in 1979 by Motorola Semiconductor Products Sector.\nThe design implements a 32-bit instruction set, with 32-bit registers and a 16-bit internal data bus.
Raytheon Technologies	Raytheon Technologies Corporation is an American multinational aerospace and defense conglomerate headquartered in Waltham, Massachusetts. It is one of the largest aerospace, intelligence services providers, and defense manufacturers in the world by revenue and market capitalization.
HCL Technologies	HCL Technologies (Hindustan Computers Limited) is an Indian multinational information technology (IT) services and consulting company headquartered in Noida. It is a subsidiary of HCL Enterprise.
Renaissance Technologies	Renaissance Technologies LLC, also known as RenTech or RenTec, is an American hedge fund based in East Setauket, New York, on Long Island, which specializes in systematic trading using quantitative models derived from mathematical and statistical analysis. Their signature Medallion fund is famed for the best record in investing history.
Palantir Technologies	Palantir Technologies is a public American software company that specializes in big data analytics. Headquartered in Denver, Colorado, it was founded by Peter Thiel, Nathan Gettings, Joe Lonsdale, Stephen Cohen, and Alex Karp in 2003.
United Technologies	United Technologies Corporation (UTC) was an American multinational conglomerate headquartered in Farmington, Connecticut. It researched, developed, and manufactured products in numerous areas, including aircraft engines, aerospace systems, HVAC, elevators and escalators, fire and security, building automation, and industrial products, among others.
Lumen Technologies	Lumen Technologies, Inc. (formerly CenturyLink) is an American \ntelecommunications company headquartered in Monroe, Louisiana, that offers communications, network services, security, cloud solutions, voice, and managed services.
Timeline of Apple Inc. products	This timeline of Apple Inc. products is a list of all stand-alone Apple II, Macintosh, and other computers, as well as computer peripherals, expansion cards, ancillary products, and consumer electronics sold by Apple Inc.
Godrej Consumer Products	Godrej Consumer Products Limited (GCPL) is an Indian consumer goods company based in Mumbai, India. GCPL's products include soap, hair colourants, toiletries and liquid detergents.
Phase-gate process	A phase-gate process (also referred to as a stage-gate process or waterfall process) is a project management technique in which an initiative or project (e.g., new product development, software development, process improvement, business change) is divided into distinct stages or phases, separated by decision points (known as gates).\nAt each gate, continuation is decided by (typically) a manager, steering committee, or governance board.
Burger King products	When the predecessor of international fast food restaurant chain Burger King (BK) first opened in 1953, its menu predominantly consisted of hamburgers, French fries, soft drinks, milkshakes, and desserts. After being acquired by its Miami, Florida franchisees and renamed in 1954, BK began expanding its menu by adding the Whopper sandwich in 1957, and has since added non-beef items such as chicken, fish, and vegetarian offerings, including salads and meatless sandwiches.
Diversification (marketing strategy)	Diversification is a corporate strategy to enter into a new products or product lines, new services or new markets, involving substantially different skills, technology and knowledge.\nDiversification is one of the four main growth strategies defined by Igor Ansoff in the Ansoff Matrix:\nAnsoff pointed out that a diversification strategy stands apart from the other three strategies.

Risk Factors
ANAREN INC Item 1A Risk Factors In an effort to provide investors a balanced view of our current condition and future growth opportunities, this Annual Report on Form 10-K includes comments by our management about future performance
These statements which are not historical information are &quote forward-looking statements &quote pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995
These, and other forward-looking statements, are subject to business and economic risks and uncertainties that could cause actual results to differ materially from those discussed
The risks and uncertainties described below are not the only risks and uncertainties that we face
Additional risks and uncertainties not presently known to us or that are currently deemed immaterial may also impair our business operations
If any of the following risks actually occur, our business could be adversely affected, and the trading price of our common stock could decline, and you may lose all or part of your investment
You are encouraged to review our 2006 Annual Report, this Form 10-K for the fiscal year ended June 30, 2006 and our Form 10-Q for the three months ended March 31, 2006, and exhibits to those Reports filed with the Securities and Exchange Commission, to learn more about the various risks and uncertainties facing our business and their potential impact on our revenue, earnings and stock price
Unless required by law, we disclaim any obligation to update or revise any forward-looking statement
We may face unanticipated delays or difficulties in effectuating the relocation of our Suzhou, China manufacturing facility
Beginning in the latter part of the third quarter of calendar year 2006, we intend to relocate our existing 25cmam000 square foot Suzhou, China wireless infrastructure manufacturing operation to a new 76cmam000 square foot facility in Suzhou
The additional space is required to accommodate our growing wireless component business, and in particular to enable us to satisfy our obligations with respect to a contract to produce certain wireless based combiners for Nokia
Unanticipated delays in effectuating the relocation and in transitioning production to the new facility due to factors beyond our control (such as equipment failures, lack of raw materials, and failure to obtain appropriate qualification approvals) could result in interruptions to production on the Nokia contract and other business, adversely affecting our operating results
In addition, our manufacturing operations in China may be subject to risks generally affecting overseas operations, including potential exposure to more volatile economic conditions, political instability, cultural and legal differences in conducting business, and currency fluctuations
Our Wireless Group has a significant concentration of business with one OEM Customer
Our Wireless Group currently derives a significant amount of revenue from production of one combiner subassembly that is used in a single Nokia basestation platform
Because of this relatively high concentration of business with one customer and for only one platform, the Companyapstas revenue and profitability could be materially and adversely impacted by cancellation, postponement, or end of life of this Nokia contract
We depend on a small number of suppliers for many of our component parts and services
In some cases we rely on a limited group of suppliers to provide us with services and materials necessary for the manufacture of our products
While we believe that substitute sources of supply at reasonably similar costs are available for these and other products purchased, our reliance on a limited group of suppliers involves several risks, including potential inability to timely obtain critical materials or services; potential increase in raw materials costs or production costs; potential delays in delivery of raw materials or finished products; and reduced control over reliability and quality of components or assemblies, as 14 outsourcing continues
We do not have binding contractual commitments or other controls over our suppliers, and therefore cannot always rely upon the guaranteed availability of the materials necessary for the manufacture of our products
If we are required to seek alternative contract manufacturers or suppliers because we are unable to obtain timely deliveries of acceptable quality from existing manufacturers or suppliers, we could be forced to delay delivery of our products to our customers
In addition, if our suppliers and contract manufacturers increase their prices, we could suffer losses because we may be unable to recover these cost increases under fixed price production commitments to our customers
Capital expenditures by wireless service providers for infrastructure equipment are volatile
The late 1990s through 2000 saw dramatic growth in the demand for mobile communications
Despite this rapid growth in customer demand, expenditures for capital infrastructure equipment by service providers began to decline rapidly during the first quarter of calendar year 2001
This had a negative impact on all of our Wireless product lines, particularly the printed-circuit board business
During fiscal 2004, infrastructure spending rebounded due to the deployment of new technology to expand existing network capacity resulting in rising sales and orders across all of our Wireless product lines, and sales and orders have remained strong in fiscal 2005 and 2006
Despite this recent growth in customer demand, capital spending for wireless infrastructure equipment remains volatile and relatively unpredictable
Future decreases in capital expenditures for wireless infrastructure equipment may adversely impact the success of these product lines
Changes in funding for defense procurement programs could adversely affect our ability to grow or maintain our revenues and profitability
The demand for many of our Space and Defense products has been favorably impacted by an upward trend in defense spending in the last few years for (among other things) advanced radar systems, advanced jamming systems, smart munitions, electronic surveillance systems and satellite and ground based communication systems
Although the ultimate size of future defense budgets remains uncertain, current indications are that the total defense budget will continue to increase over the next few years
However, the specific programs in which we participate, or in which we may seek to participate in the future, must compete with other programs for consideration during the budget formulation and appropriation processes
While we believe that our products are a high priority for national defense, there remains the possibility that one or more of the programs we serve will be reduced, extended or terminated
Reductions in these existing programs, unless offset by other programs and opportunities, could adversely affect our ability to grow our revenues and profitability
We face continuing pressure to reduce the average selling price of our wireless products
Many of our wireless customers are under continuous pressure to reduce costs and, therefore, we expect to continue to experience pressure from these customers to reduce the prices of the products that we sell to them
Our customers frequently negotiate volume supply arrangements well in advance of delivery dates, requiring us to commit to price reductions before we can determine whether the assumed cost reductions or the negotiated supply volumes can be achieved
To offset declining average sales prices, we believe that we must achieve manufacturing cost reductions and increase our sales volumes
If we are unable to offset declining average selling prices, our gross margins will decline, and this decline could materially harm our business, financial condition and operating results
We depend on the future development of the wireless and satellite communications markets, which is difficult to predict
We believe that our future growth depends in part on the success of the wireless and satellite communications markets
A number of the markets for our products in the wireless and satellite communications area have only recently begun to develop
It is difficult to predict the rate at which these markets will grow, if at all
Existing or potential wireless and satellite communications applications for 15 our products may fail to develop or may erode
If the markets for our products in wireless and satellite communications fail to grow, or grow more slowly than anticipated, our business, financial condition and operating results could be harmed
The markets which we serve are very competitive, and if we do not compete effectively in our markets, we will lose sales and have lower margins
The markets for our products are extremely competitive and are characterized by rapid technological change, new product development and evolving industry standards
In addition, price competition is intense and significant price erosion generally occurs over the life of a product
We face competition from component manufacturers which have integration capabilities, as well as from the internal capabilities of large communications original equipment manufacturers and defense prime contractors
Our future success will depend in part upon the extent to which these parties elect to purchase from outside sources rather than manufacture their own microwave components
Many of our current and potential competitors have substantially greater financial, technical, marketing, distribution and other resources than us, and have greater name recognition and market acceptance of their products and technologies
Our competitors may develop new technologies or products that may offer superior price or performance features, and new products or technologies may render our customers &apos products obsolete
If we are unable to meet the rapid technological changes in the wireless and satellite communications markets, our existing products could become obsolete
The markets in which we compete are characterized by rapidly changing technologies, evolving industry standards and frequent improvements in products and services
If technologies supported by our products become obsolete or fail to gain widespread acceptance, as a result of a change in the industry standards or otherwise, our business could be harmed
Our future success will depend in part on factors including our ability to enhance the functionality of our existing products in a timely and cost-effective manner; our ability to establish close working relationships with major customers for the design of their new wireless transmission systems that incorporate our products; our ability to identify, develop and achieve market acceptance of new products that address new technologies and meet customer needs in wireless communications markets; our ability to continue to apply our expertise and technologies to existing and emerging wireless and satellite communications markets; and our ability to achieve acceptable product costs on new products
We must also continue to make significant investments in research and development efforts in order to develop necessary product enhancements, new designs and technologies
We may not be able to obtain a sufficient number of engineers, or other technical support staff, or the funds necessary to support our research and development efforts when needed
In addition, our research and development efforts may not be successful, and our new products may not achieve market acceptance
Wireless and satellite technologies are complex and new products and enhancements developed by our customers can in turn require long development periods for our new products or for enhancement or adaptation of our existing products
If we are unable to develop and introduce new products or enhancements in a timely manner in response to changing market conditions or customer requirements, or if our new products do not achieve market acceptance, our business, financial condition and operating results could suffer
We rely on a limited number of original equipment manufacturers as customers and the loss of one or more of them could harm our business
We depend upon a small number of customers for a majority of our revenues
During fiscal 2006, we had two customers that each accounted for more than 10prca of our net sales (Nokia, who represented approximately 13dtta8prca, and Raytheon Company, who represented 16dtta7prca)
We anticipate that we will continue to sell products to a relatively small group of customers
Delays in manufacturing or supply procurement or other factors could potentially cause cancellation, reduction or delay in orders by a significant customer or in shipments to a significant customer
Our future success depends significantly on the decision of our current customers to continue to purchase products from us, as well as the decision 16 of prospective customers to develop and market space and defense and wireless communications systems that incorporate our products
We must continue to attract and retain qualified engineers and other key employees to grow our business
Our continued success depends on our ability to continue to attract and retain qualified engineers, particularly microwave engineers, and management personnel
Attracting and retraining qualified engineers, including microwave engineers, particularly in upstate New York, is very challenging
If we are unable to successfully hire, train and retain qualified engineers and experienced management personnel, it could jeopardize our ability to develop new products for the wireless and space and defense markets, and could also negatively impact our ability to grow our business
Failure to meet market expectations could impact our stock price
The market price for our common stock is based, in part, on market expectations for our sales growth, earning per share and cash flow
Failure to meet these expectations could cause the market price of our stock to decline, potentially rapidly and sharply
In addition to the risks identified above, other risks we face include, but are not limited to, the following: o potential inability to timely ramp up to meet some of our customers &apos increased demands; o order cancellations or extended postponements; o unanticipated delays and/or difficulties increasing procurement of raw materials in Asia through our Suzhou, China facility; o technological shifts away from our technologies and core competencies; o unanticipated impairments of assets including investment values and goodwill; and o litigation involving antitrust, intellectual property, environmental, product warranty, product liability, and other issues
You are encouraged to review Anarenapstas 2006 Annual Report, this Form 10-K for the fiscal year ended June 30, 2006, and Anarenapstas Form 10-Q for the three months ended March 31, 2006 and exhibits to those Reports filed with the Securities and Exchange Commission to learn more about the various risks and uncertainties facing Anarenapstas business and their potential impact on Anarenapstas revenue, earnings and stock price
Unless required by law, Anaren disclaims any obligation to update or revise any forward-looking statement