·
|
Reduced Operational Costs
|
·
|
Improved Gross Margins to 59 Percent, from 56 Percent
|
·
|
Increased Cash, Reduced Liabilities from Prior Quarter
|
·
|
10GBase-T PHY Listed as EDN’s Prestigious “Hot 100” Products
|
·
|
Multiple Quarters of Record Revenue Achieved
|
·
|
Grew PCIe Revenue by 14 Percent
|
·
|
Released Five New PCIe Gen3 Products, Family now Totals 11
|
·
|
Third-Generation 40nm 10GBase-T PHYs in Full Production
|
Quarterly Results
|
Year to Date
|
|||||||||||||||||||
Q4 2011 | Q4 2010 | Q3 2011 | 2011 | 2010 | ||||||||||||||||
Net revenues
|
$ | 25.9 | $ | 27.8 | $ | 31.1 | $ | 115.8 | $ | 116.6 | ||||||||||
Operating expense
|
$ | 17.7 | $ | 19.0 | $ | 17.9 | $ | 74.3 | $ | 60.9 | ||||||||||
Operating income (loss)
|
$ | (2.3 | ) | $ | (2.6 | ) | $ | (0.3 | ) | $ | (8.1 | ) | $ | 7.2 | ||||||
Net income (loss)
|
$ | (2.3 | ) | $ | (1.1 | ) | $ | (0.4 | ) | $ | (8.4 | ) | $ | 6.8 | ||||||
Earnings (loss) per share (diluted)
|
$ | (0.06 | ) | $ | (0.02 | ) | $ | (0.00 | ) | $ | (0.19 | ) | $ | 0.18 |
Quarterly Results
|
Year to Date
|
|||||||||||||||||||
Q4 2011 | Q4 2010 | Q3 2011 | 2011 | 2010 | ||||||||||||||||
Net revenues
|
$ | 25.9 | $ | 27.8 | $ | 31.1 | $ | 115.8 | $ | 116.6 | ||||||||||
Operating expense
|
$ | 19.8 | $ | 25.4 | $ | 21.7 | $ | 89.6 | $ | 71.0 | ||||||||||
Operating income (loss)
|
$ | (4.5 | ) | $ | (9.1 | ) | $ | (4.1 | ) | $ | (23.5 | ) | $ | (2.9 | ) | |||||
Net income (loss)
|
$ | (4.4 | ) | $ | (7.6 | ) | $ | (4.2 | ) | $ | (23.8 | ) | $ | (3.3 | ) | |||||
Earnings (loss) per share (diluted)
|
$ | (0.10 | ) | $ | (0.17 | ) | $ | (0.09 | ) | $ | (0.53 | ) | $ | (0.08 | ) |
·
|
Net revenues for the first quarter ending March 31, 2012, are expected to be between $25 million and $29 million
|
·
|
Gross margins are expected to be approximately 58 percent
|
·
|
Operating expenses are expected to be approximately $24.4 million. Included in operating expenses are share-based compensation and acquisition-related amortization charges of approximately $5.8 million
|
Investor Relations contact:
|
Leslie Green
|
Green Communications Consulting, LLC (for PLX)
|
Tel: (650) 312-9060
|
leslie@greencommunicationsllc.com
|
Company contact:
|
Arthur O Whipple, CFO
|
PLX Technology, Inc.
|
Tel: (408) 774-9060
|
investor-relations@plxtech.com
|
Editorial contact:
|
Jerry Steach
|
CommonGround Communications (for PLX)
|
Tel: (415) 222-9996
|
jsteach@plxtech.com
|
Three Months Ended |
Twelve Months Ended
|
|||||||||||||||||||
December 31
|
December 31
|
September 30
|
December 31
|
|||||||||||||||||
2011
|
2010
|
2011
|
2011
|
2010
|
||||||||||||||||
Net revenues
|
$ | 25,889 | $ | 27,786 | $ | 31,076 | $ | 115,789 | $ | 116,560 | ||||||||||
Cost of revenues
|
10,594 | 11,450 | 13,537 | 49,650 | 48,460 | |||||||||||||||
Gross margin
|
15,295 | 16,336 | 17,539 | 66,139 | 68,100 | |||||||||||||||
Operating expenses:
|
||||||||||||||||||||
Research and development
|
11,141 | 12,374 | 11,661 | 49,236 | 35,766 | |||||||||||||||
Selling, general and administrative
|
6,707 | 6,986 | 6,856 | 27,366 | 26,720 | |||||||||||||||
Acquisition and restructuring related costs
|
(1,397 | ) | 3,360 | 699 | 2,408 | 3,870 | ||||||||||||||
Amortization of purchased intangible assets
|
3,306 | 2,711 | 2,445 | 10,639 | 4,656 | |||||||||||||||
Total operating expenses
|
19,757 | 25,431 | 21,661 | 89,649 | 71,012 | |||||||||||||||
Loss from operations
|
(4,462 | ) | (9,095 | ) | (4,122 | ) | (23,510 | ) | (2,912 | ) | ||||||||||
Interest income (expense) and other, net
|
61 | (52 | ) | (42 | ) | (148 | ) | 56 | ||||||||||||
Loss before provision for income taxes
|
(4,401 | ) | (9,147 | ) | (4,164 | ) | (23,658 | ) | (2,856 | ) | ||||||||||
Provision (benefit) for income taxes
|
33 | (1,515 | ) | 62 | 146 | 433 | ||||||||||||||
Net loss
|
$ | (4,434 | ) | $ | (7,632 | ) | $ | (4,226 | ) | $ | (23,804 | ) | $ | (3,289 | ) | |||||
Basic net loss per share
|
$ | (0.10 | ) | $ | (0.17 | ) | $ | (0.09 | ) | $ | (0.53 | ) | $ | (0.08 | ) | |||||
Shares used to compute basic per share amounts
|
44,660 | 44,503 | 44,537 | 44,559 | 38,942 | |||||||||||||||
Diluted net loss per share
|
$ | (0.10 | ) | $ | (0.17 | ) | $ | (0.09 | ) | $ | (0.53 | ) | $ | (0.08 | ) | |||||
Shares used to compute diluted per share amounts
|
44,660 | 44,503 | 44,537 | 44,559 | 38,942 |
December 31
|
December 31
|
|||||||
2011
|
2010
|
|||||||
ASSETS
|
||||||||
Cash and investments
|
$ | 19,752 | $ | 23,579 | ||||
Accounts receivable, net
|
11,074 | 13,555 | ||||||
Inventories
|
8,896 | 13,318 | ||||||
Property and equipment, net
|
12,291 | 12,554 | ||||||
Goodwill
|
21,338 | 21,412 | ||||||
Other intangible assets
|
20,845 | 31,484 | ||||||
Other assets
|
2,622 | 6,069 | ||||||
Total assets
|
$ | 96,818 | $ | 121,971 | ||||
LIABILITIES
|
||||||||
Accounts payable
|
$ | 7,134 | $ | 8,783 | ||||
Accrued compensation and benefits
|
3,586 | 5,266 | ||||||
Accrued commissions
|
632 | 514 | ||||||
Other accrued expenses
|
2,113 | 1,803 | ||||||
Short term note payable & capital lease obligations
|
5,115 | 6,066 | ||||||
Long term borrowings against line of credit
|
2,000 | - | ||||||
Long term note payable & capital lease obligations
|
- | 1,731 | ||||||
Total liabilities
|
20,580 | 24,163 | ||||||
STOCKHOLDERS' EQUITY
|
||||||||
Common stock, par value
|
45 | 45 | ||||||
Additional paid-in capital
|
185,323 | 183,090 | ||||||
Accumulated other comprehensive loss
|
(147 | ) | (148 | ) | ||||
Accumulated deficit
|
(108,983 | ) | (85,179 | ) | ||||
Total stockholders' equity
|
76,238 | 97,808 | ||||||
Total liabilities and stockholders' equity
|
$ | 96,818 | $ | 121,971 | ||||
Three Months Ended |
Twelve Months Ended
|
|||||||||||||||||||
December 31
|
December 31
|
September 30
|
December 31
|
|||||||||||||||||
2011
|
2010
|
2011
|
2011
|
2010
|
||||||||||||||||
Net Income (Loss) Reconciliation
|
||||||||||||||||||||
GAAP Net Loss
|
$ | (4,434 | ) | $ | (7,632 | ) | $ | (4,226 | ) | $ | (23,804 | ) | $ | (3,289 | ) | |||||
Acquisition and restructuring related costs
|
(1,397 | ) | 3,360 | 699 | 2,408 | 3,870 | ||||||||||||||
Share-based compensation
|
211 | 416 | 671 | 2,330 | 1,611 | |||||||||||||||
Amortization of purchased intangible assets
|
3,306 | 2,711 | 2,445 | 10,639 | 4,656 | |||||||||||||||
Non-GAAP Net Income (Loss)
|
$ | (2,314 | ) | $ | (1,145 | ) | $ | (411 | ) | $ | (8,427 | ) | $ | 6,848 | ||||||
Earnings (Loss) Per Share Reconciliation
|
||||||||||||||||||||
GAAP Diluted Loss Per Share
|
$ | (0.10 | ) | $ | (0.17 | ) | $ | (0.09 | ) | $ | (0.53 | ) | $ | (0.08 | ) | |||||
Effect of acquisition and restructuring related costs
|
(0.03 | ) | 0.08 | 0.02 | 0.05 | 0.10 | ||||||||||||||
Effect of share-based compensation
|
- | 0.01 | 0.02 | 0.05 | 0.04 | |||||||||||||||
Effect of amortization of purchased intangible assets
|
0.07 | 0.06 | 0.05 | 0.24 | 0.12 | |||||||||||||||
Non-GAAP Diluted Income (Loss) Per Share
|
$ | (0.06 | ) | $ | (0.02 | ) | $ | (0.00 | ) | $ | (0.19 | ) | $ | 0.18 | ||||||
Operating Income (Loss) Reconciliation
|
||||||||||||||||||||
GAAP Operating Loss
|
$ | (4,462 | ) | $ | (9,095 | ) | $ | (4,122 | ) | $ | (23,510 | ) | $ | (2,912 | ) | |||||
Share-based compensation - COGS
|
13 | 8 | 11 | 47 | 33 | |||||||||||||||
Share-based compensation - R&D
|
(60 | ) | 251 | 406 | 1,085 | 715 | ||||||||||||||
Share-based compensation - SG&A
|
258 | 157 | 254 | 1,198 | 863 | |||||||||||||||
Acquisition and restructuring related costs
|
(1,397 | ) | 3,360 | 699 | 2,408 | 3,870 | ||||||||||||||
Amortization of purchased intangible assets
|
3,306 | 2,711 | 2,445 | 10,639 | 4,656 | |||||||||||||||
Non-GAAP Operating Income (Loss)
|
$ | (2,342 | ) | $ | (2,608 | ) | $ | (307 | ) | $ | (8,133 | ) | $ | 7,225 | ||||||
Operating Expense Reconciliation
|
||||||||||||||||||||
GAAP Operating Expenses
|
$ | 19,757 | $ | 25,431 | $ | 21,661 | $ | 89,649 | $ | 71,012 | ||||||||||
Share-based compensation - R&D
|
60 | (251 | ) | (406 | ) | (1,085 | ) | (715 | ) | |||||||||||
Share-based compensation - SG&A
|
(258 | ) | (157 | ) | (254 | ) | (1,198 | ) | (863 | ) | ||||||||||
Acquisition and restructuring related costs
|
1,397 | (3,360 | ) | (699 | ) | (2,408 | ) | (3,870 | ) | |||||||||||
Amortization of purchased intangible assets
|
(3,306 | ) | (2,711 | ) | (2,445 | ) | (10,639 | ) | (4,656 | ) | ||||||||||
Non-GAAP Operating Expenses
|
$ | 17,650 | $ | 18,952 | $ | 17,857 | $ | 74,319 | $ | 60,908 |
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.
|
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||||||
December 31
|
December 31
|
September 30
|
December 31
|
|||||||||||||||||
2011
|
2010
|
2011
|
2011
|
2010
|
||||||||||||||||
Net Revenues by Geography
|
||||||||||||||||||||
Americas
|
29 | % | 19 | % | 17 | % | 21 | % | 18 | % | ||||||||||
Asia Pacific
|
62 | % | 66 | % | 73 | % | 67 | % | 71 | % | ||||||||||
Europe
|
9 | % | 15 | % | 10 | % | 12 | % | 11 | % |
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||||||
December 31
|
December 31
|
September 30
|
December 31
|
|||||||||||||||||
2011
|
2010
|
2011
|
2011
|
2010
|
||||||||||||||||
Net Revenues by Type
|
||||||||||||||||||||
PCI Express Revenue
|
55 | % | 45 | % | 53 | % | 53 | % | 47 | % | ||||||||||
Storage Revenue
|
15 | % | 11 | % | 14 | % | 13 | % | 13 | % | ||||||||||
Network PHY Revenue
|
4 | % | 4 | % | 4 | % | 4 | % | 1 | % | ||||||||||
Connectivity Revenue
|
26 | % | 40 | % | 29 | % | 30 | % | 39 | % | ||||||||||