·
|
Record PCIe Switch Quarterly Revenue
|
·
|
Industry’s First USB 3.0-to-PCIe Gen2 Controllers
|
Non-GAAP Financial Comparison
|
(in millions, except per share amounts)
|
Quarterly Results
|
||||||||||||
Q1 2011 | Q1 2010 | Q4 2010 | ||||||||||
Net revenues
|
$ | 28.1 | $ | 28.8 | $ | 27.8 | ||||||
Operating expense
|
$ | 19.3 | $ | 13.7 | $ | 19.0 | ||||||
Operating income (loss)
|
$ | (3.3 | ) | $ | 2.7 | $ | (2.6 | ) | ||||
Net income (loss)
|
$ | (3.4 | ) | $ | 2.5 | $ | (1.1 | ) | ||||
Earnings (loss) per share (diluted)
|
$ | (0.09 | ) | $ | 0.07 | $ | (0.02 | ) |
GAAP Financial Comparison
|
(in millions, except per share amounts)
|
Quarterly Results
|
||||||||||||
Q1 2011 | Q1 2010 | Q4 2010 | ||||||||||
Net revenues
|
$ | 28.1 | $ | 28.8 | $ | 27.8 | ||||||
Operating expense
|
$ | 25.1 | $ | 14.7 | $ | 25.4 | ||||||
Operating income (loss)
|
$ | (9.0 | ) | $ | 1.7 | $ | (9.1 | ) | ||||
Net income (loss)
|
$ | (9.1 | ) | $ | 1.5 | $ | (7.6 | ) | ||||
Earnings (loss) per share (diluted)
|
$ | (0.21 | ) | $ | 0.04 | $ | (0.17 | ) |
·
|
Net revenues for the second quarter ending June 30, 2011 are expected to be between $27 million and $30 million
|
·
|
Gross margins are expected to be approximately 56 percent
|
·
|
Operating expenses are expected to be approximately $22.9 million. Included in operating expenses are share-based compensation and acquisition-related amortization charges of approximately $3.2 million and other acquisition related charges of $0.5 million
|
PLX TECHNOLOGY, INC. |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
(Unaudited)
|
(in thousands, except per share amount)
|
Three Months Ended | ||||||||||||
March 31
|
March 31
|
December 31
|
||||||||||
2011
|
2010
|
2010
|
||||||||||
Net revenues
|
$ | 28,079 | $ | 28,819 | $ | 27,786 | ||||||
Cost of revenues
|
12,074 | 12,471 | 11,450 | |||||||||
Gross margin
|
16,005 | 16,348 | 16,336 | |||||||||
Operating expenses:
|
||||||||||||
Research and development
|
12,860 | 7,553 | 12,374 | |||||||||
Selling, general and administrative
|
7,125 | 6,463 | 6,986 | |||||||||
Acquisition and restructuring related costs
|
2,621 | - | 3,360 | |||||||||
Amortization of purchased intangible assets
|
2,444 | 648 | 2,711 | |||||||||
Total operating expenses
|
25,050 | 14,664 | 25,431 | |||||||||
Income (loss) from operations
|
(9,045 | ) | 1,684 | (9,095 | ) | |||||||
Interest income and other, net
|
(66 | ) | 61 | (52 | ) | |||||||
Income (loss) before provision for income taxes
|
(9,111 | ) | 1,745 | (9,147 | ) | |||||||
Provision (benefit) for income taxes
|
21 | 239 | (1,515 | ) | ||||||||
Net income (loss)
|
$ | (9,132 | ) | $ | 1,506 | $ | (7,632 | ) | ||||
Basic net income (loss) per share
|
$ | (0.21 | ) | $ | 0.04 | $ | (0.17 | ) | ||||
Shares used to compute basic per share amounts
|
44,511 | 37,025 | 44,503 | |||||||||
Diluted net income (loss) per share
|
$ | (0.21 | ) | $ | 0.04 | $ | (0.17 | ) | ||||
Shares used to compute diluted per share amounts
|
44,511 | 37,816 | 44,503 |
PLX TECHNOLOGY, INC. |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(Unaudited)
|
(in thousands)
|
March 31
|
December 31
|
|||||||
2011
|
2010
|
|||||||
ASSETS
|
||||||||
Cash and investments
|
$ | 19,940 | $ | 23,579 | ||||
Accounts receivable, net
|
12,228 | 13,555 | ||||||
Inventories
|
12,626 | 13,318 | ||||||
Property and equipment, net
|
12,918 | 12,554 | ||||||
Goodwill
|
21,412 | 21,412 | ||||||
Other intangible assets
|
29,040 | 31,484 | ||||||
Other assets
|
4,859 | 6,069 | ||||||
Total assets
|
$ | 113,023 | $ | 121,971 | ||||
LIABILITIES
|
||||||||
Accounts payable
|
$ | 8,859 | $ | 8,783 | ||||
Accrued compensation and benefits
|
3,770 | 5,266 | ||||||
Accrued commissions
|
683 | 514 | ||||||
Other accrued expenses
|
2,860 | 1,803 | ||||||
Short term note payable & capital lease obligations
|
6,260 | 6,066 | ||||||
Long term note payable & capital lease obligations
|
1,397 | 1,731 | ||||||
Total liabilities
|
23,829 | 24,163 | ||||||
STOCKHOLDERS' EQUITY
|
||||||||
Common stock, par value
|
45 | 45 | ||||||
Additional paid-in capital
|
183,628 | 183,090 | ||||||
Accumulated other comprehensive loss
|
(168 | ) | (148 | ) | ||||
Accumulated deficit
|
(94,311 | ) | (85,179 | ) | ||||
Total stockholders' equity
|
89,194 | 97,808 | ||||||
Total liabilities and stockholders' equity
|
$ | 113,023 | $ | 121,971 |
PLX TECHNOLOGY, INC.
|
RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION (1)
|
(unaudited, in thousands, except for per share data)
|
(not prepared in accordance with GAAP)
|
Three Months Ended | ||||||||||||
March 31
|
March 31
|
December 31
|
||||||||||
2011
|
2010
|
2010
|
||||||||||
Net Income (Loss) Reconciliation
|
||||||||||||
GAAP Net Income (Loss)
|
$ | (9,132 | ) | $ | 1,506 | $ | (7,632 | ) | ||||
Acquisition and restructuring related costs
|
2,621 | - | 3,360 | |||||||||
Share-based compensation
|
664 | 346 | 416 | |||||||||
Amortization of purchased intangible assets
|
2,444 | 648 | 2,711 | |||||||||
Non-GAAP Net Income (Loss)
|
$ | (3,403 | ) | $ | 2,500 | $ | (1,145 | ) | ||||
Earnings (Loss) Per Share Reconciliation
|
||||||||||||
GAAP Diluted Income (Loss) Per Share
|
$ | (0.21 | ) | $ | 0.04 | $ | (0.17 | ) | ||||
Effect of acquisition and restructuring related costs
|
0.06 | - | 0.08 | |||||||||
Effect of share-based compensation
|
0.01 | 0.01 | 0.01 | |||||||||
Effect of amortization of purchased intangible assets
|
0.05 | 0.02 | 0.06 | |||||||||
Non-GAAP Diluted Income (Loss) Per Share
|
$ | (0.09 | ) | $ | 0.07 | $ | (0.02 | ) | ||||
Operating Income (Loss) Reconciliation
|
||||||||||||
GAAP Operating Income (Loss)
|
$ | (9,045 | ) | $ | 1,684 | $ | (9,095 | ) | ||||
Share-based compensation - COGS
|
11 | 7 | 8 | |||||||||
Share-based compensation - R&D
|
358 | 144 | 251 | |||||||||
Share-based compensation - SG&A
|
295 | 195 | 157 | |||||||||
Acquisition and restructuring related costs
|
2,621 | - | 3,360 | |||||||||
Amortization of purchased intangible assets
|
2,444 | 648 | 2,711 | |||||||||
Non-GAAP Operating Income (Loss)
|
$ | (3,316 | ) | $ | 2,678 | $ | (2,608 | ) | ||||
Operating Expense Reconciliation
|
||||||||||||
GAAP Operating Expenses
|
$ | 25,050 | $ | 14,664 | $ | 25,431 | ||||||
Share-based compensation - R&D
|
(358 | ) | (144 | ) | (251 | ) | ||||||
Share-based compensation - SG&A
|
(295 | ) | (195 | ) | (157 | ) | ||||||
Acquisition and restructuring related costs
|
(2,621 | ) | - | (3,360 | ) | |||||||
Amortization of purchased intangible assets
|
(2,444 | ) | (648 | ) | (2,711 | ) | ||||||
Non-GAAP Operating Expenses
|
$ | 19,332 | $ | 13,677 | $ | 18,952 |
1
|
Refer to " Use of Non-GAAP Financial Information" in the press release for a discussion of management's use of non-GAAP financial measures.
|
PLX TECHNOLOGY, INC.
|
SUPPLEMENTAL DATA (Unaudited)
|
Three Months Ended
|
||||||||||||
March 31
|
March 31
|
December 31
|
||||||||||
2011
|
2010
|
2010
|
||||||||||
Net Revenues by Geography
|
||||||||||||
Americas
|
22 | % | 15 | % | 19 | % | ||||||
Asia Pacific
|
63 | % | 76 | % | 66 | % | ||||||
Europe
|
15 | % | 9 | % | 15 | % |
Three Months Ended
|
||||||||||||
March 31
|
March 31
|
December 31
|
||||||||||
2011
|
2010
|
2010
|
||||||||||
Net Revenues by Type
|
||||||||||||
PCI Express Revenue
|
51 | % | 48 | % | 45 | % | ||||||
Storage Revenue
|
10 | % | 16 | % | 11 | % | ||||||
Network PHY Revenue
|
6 | % | 0 | % | 4 | % | ||||||
Connectivity Revenue
|
33 | % | 36 | % | 40 | % | ||||||