·
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12 Percent PCI Express Growth
|
·
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PCIe Gen3 Shipments Ramp
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·
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Strategic Combination with IDT Announced
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Quarterly Results
|
||||||||||||
Q1 2012 | Q4 2011 | Q1 2011 | ||||||||||
Net revenues
|
$ | 25.4 | $ | 25.9 | $ | 28.1 | ||||||
Operating expense
|
$ | 19.1 | $ | 18.7 | $ | 19.3 | ||||||
Operating loss
|
$ | (5.1 | ) | $ | (3.4 | ) | $ | (3.3 | ) | |||
Net loss
|
$ | (5.2 | ) | $ | (3.3 | ) | $ | (3.4 | ) | |||
Loss per share (diluted)
|
$ | (0.12 | ) | $ | (0.08 | ) | $ | (0.09 | ) |
Quarterly Results
|
||||||||||||
Q1 2012 | Q4 2011 | Q1 2011 | ||||||||||
Net revenues
|
$ | 25.4 | $ | 25.9 | $ | 28.1 | ||||||
Operating expense
|
$ | 21.4 | $ | 20.8 | $ | 25.1 | ||||||
Operating loss
|
$ | (7.4 | ) | $ | (5.5 | ) | $ | (9.0 | ) | |||
Net loss
|
$ | (7.4 | ) | $ | (5.5 | ) | $ | (9.1 | ) | |||
Loss per share (diluted)
|
$ | (0.17 | ) | $ | (0.12 | ) | $ | (0.21 | ) |
Investor Relations contact:
|
Leslie Green
|
Green Communications Consulting, LLC (for PLX)
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Tel: (650) 312-9060
|
leslie@greencommunicationsllc.com
|
Company contact:
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Arthur O Whipple, CFO
|
PLX Technology, Inc.
|
Tel: (408) 774-9060
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investor-relations@plxtech.com
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Three Months Ended | ||||||||||||
March 31
|
December 31
|
March 31
|
||||||||||
2012
|
2011
|
2011
|
||||||||||
Net revenues
|
$ | 25,417 | $ | 25,889 | $ | 28,079 | ||||||
Cost of revenues
|
11,404 | 10,594 | 12,074 | |||||||||
Gross margin
|
14,013 | 15,295 | 16,005 | |||||||||
Operating expenses:
|
||||||||||||
Research and development
|
11,063 | 11,141 | 12,860 | |||||||||
Selling, general and administrative
|
8,625 | 7,726 | 7,125 | |||||||||
Acquisition and restructuring related costs
|
- | (1,397 | ) | 2,621 | ||||||||
Amortization of purchased intangible assets
|
1,731 | 3,306 | 2,444 | |||||||||
Total operating expenses
|
21,419 | 20,776 | 25,050 | |||||||||
Loss from operations
|
(7,406 | ) | (5,481 | ) | (9,045 | ) | ||||||
Interest income (expense) and other, net
|
(5 | ) | 61 | (66 | ) | |||||||
Loss before provision for income taxes
|
(7,411 | ) | (5,420 | ) | (9,111 | ) | ||||||
Provision for income taxes
|
29 | 33 | 21 | |||||||||
Net loss
|
$ | (7,440 | ) | $ | (5,453 | ) | $ | (9,132 | ) | |||
Basic net loss per share
|
$ | (0.17 | ) | $ | (0.12 | ) | $ | (0.21 | ) | |||
Shares used to compute basic per share amounts
|
44,729 | 44,660 | 44,511 | |||||||||
Diluted net loss per share
|
$ | (0.17 | ) | $ | (0.12 | ) | $ | (0.21 | ) | |||
Shares used to compute diluted per share amounts
|
44,729 | 44,660 | 44,511 |
March 31
|
December 31
|
|||||||
2012
|
2011
|
|||||||
ASSETS
|
||||||||
Cash and investments
|
$ | 16,235 | $ | 19,752 | ||||
Accounts receivable, net
|
13,942 | 11,074 | ||||||
Inventories
|
8,192 | 8,896 | ||||||
Property and equipment, net
|
12,663 | 12,291 | ||||||
Goodwill
|
21,338 | 21,338 | ||||||
Other intangible assets
|
19,114 | 20,845 | ||||||
Other assets
|
3,592 | 2,622 | ||||||
Total assets
|
$ | 95,076 | $ | 96,818 | ||||
LIABILITIES
|
||||||||
Accounts payable
|
$ | 9,935 | $ | 7,134 | ||||
Accrued compensation and benefits
|
3,914 | 3,586 | ||||||
Accrued commissions
|
700 | 632 | ||||||
Other accrued expenses
|
2,851 | 3,132 | ||||||
Short term note payable & capital lease obligations
|
434 | 5,115 | ||||||
Long term borrowings against line of credit
|
9,000 | 2,000 | ||||||
Total liabilities
|
26,834 | 21,599 | ||||||
STOCKHOLDERS' EQUITY
|
||||||||
Common stock, par value
|
45 | 45 | ||||||
Additional paid-in capital
|
185,822 | 185,323 | ||||||
Accumulated other comprehensive loss
|
(183 | ) | (147 | ) | ||||
Accumulated deficit
|
(117,442 | ) | (110,002 | ) | ||||
Total stockholders' equity
|
68,242 | 75,219 | ||||||
Total liabilities and stockholders' equity
|
$ | 95,076 | $ | 96,818 |
Three Months Ended | ||||||||||||
March 31
|
December 31
|
March 31
|
||||||||||
2012
|
2011
|
2011
|
||||||||||
Net Loss Reconciliation
|
||||||||||||
GAAP Net Loss
|
$ | (7,440 | ) | $ | (5,453 | ) | $ | (9,132 | ) | |||
Acquisition and restructuring related costs
|
- | (1,397 | ) | 2,621 | ||||||||
Share-based compensation
|
552 | 211 | 664 | |||||||||
Amortization of purchased intangible assets
|
1,731 | 3,306 | 2,444 | |||||||||
Non-GAAP Net Loss
|
$ | (5,157 | ) | $ | (3,333 | ) | $ | (3,403 | ) | |||
Loss Per Share Reconciliation
|
||||||||||||
GAAP Diluted Loss Per Share
|
$ | (0.17 | ) | $ | (0.12 | ) | $ | (0.21 | ) | |||
Effect of acquisition and restructuring related costs
|
- | (0.03 | ) | 0.06 | ||||||||
Effect of share-based compensation
|
0.01 | - | 0.01 | |||||||||
Effect of amortization of purchased intangible assets
|
0.04 | 0.07 | 0.05 | |||||||||
Non-GAAP Diluted Loss Per Share
|
$ | (0.12 | ) | $ | (0.08 | ) | $ | (0.09 | ) | |||
Operating Loss Reconciliation
|
||||||||||||
GAAP Operating Loss
|
$ | (7,406 | ) | $ | (5,481 | ) | $ | (9,045 | ) | |||
Share-based compensation - COGS
|
13 | 13 | 11 | |||||||||
Share-based compensation - R&D
|
279 | (60 | ) | 358 | ||||||||
Share-based compensation - SG&A
|
260 | 258 | 295 | |||||||||
Acquisition and restructuring related costs
|
- | (1,397 | ) | 2,621 | ||||||||
Amortization of purchased intangible assets
|
1,731 | 3,306 | 2,444 | |||||||||
Non-GAAP Operating Loss
|
$ | (5,123 | ) | $ | (3,361 | ) | $ | (3,316 | ) | |||
Operating Expense Reconciliation
|
||||||||||||
GAAP Operating Expenses
|
$ | 21,419 | $ | 20,776 | $ | 25,050 | ||||||
Share-based compensation - R&D
|
(279 | ) | 60 | (358 | ) | |||||||
Share-based compensation - SG&A
|
(260 | ) | (258 | ) | (295 | ) | ||||||
Acquisition and restructuring related costs
|
- | 1,397 | (2,621 | ) | ||||||||
Amortization of purchased intangible assets
|
(1,731 | ) | (3,306 | ) | (2,444 | ) | ||||||
Non-GAAP Operating Expenses
|
$ | 19,149 | $ | 18,669 | $ | 19,332 |
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
|
||||||||||||
March 31
|
December 31
|
March 31
|
||||||||||
2012
|
2011
|
2011
|
||||||||||
Net Revenues by Geography
|
||||||||||||
Americas
|
15 | % | 29 | % | 22 | % | ||||||
Asia Pacific
|
69 | % | 62 | % | 63 | % | ||||||
Europe
|
16 | % | 9 | % | 15 | % |
Three Months Ended
|
||||||||||||
March 31
|
December 31
|
March 31
|
||||||||||
2012
|
2011
|
2011
|
||||||||||
Net Revenues by Type
|
||||||||||||
PCI Express Revenue
|
63 | % | 55 | % | 51 | % | ||||||
Network PHY Revenue
|
3 | % | 4 | % | 6 | % | ||||||
Connectivity Revenue
|
34 | % | 41 | % | 43 | % |