Quarterly Results
|
||||||||||||
Q2 2012 | Q1 2012 | Q2 2011 | ||||||||||
Net revenues
|
$ | 26.1 | $ | 25.4 | $ | 30.7 | ||||||
Operating expense
|
$ | 17.8 | $ | 19.1 | $ | 19.5 | ||||||
Operating loss
|
$ | (2.8 | ) | $ | (5.1 | ) | $ | (2.2 | ) | |||
Net loss
|
$ | (2.9 | ) | $ | (5.2 | ) | $ | (2.3 | ) | |||
Loss per share (diluted)
|
$ | (0.07 | ) | $ | (0.12 | ) | $ | (0.06 | ) |
Quarterly Results
|
||||||||||||
Q2 2012 | Q1 2012 | Q2 2011 | ||||||||||
Net revenues
|
$ | 26.1 | $ | 25.4 | $ | 30.7 | ||||||
Operating expense
|
$ | 33.1 | $ | 21.4 | $ | 23.2 | ||||||
Operating loss
|
$ | (18.1 | ) | $ | (7.4 | ) | $ | (5.9 | ) | |||
Net loss
|
$ | (18.2 | ) | $ | (7.4 | ) | $ | (6.0 | ) | |||
Loss per share (diluted)
|
$ | (0.41 | ) | $ | (0.17 | ) | $ | (0.14 | ) |
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
|
Three Months Ended | ||||||||||||
June 30
|
March 31
|
June 30
|
||||||||||
2012
|
2012
|
2011
|
||||||||||
Net revenues
|
$ | 26,063 | $ | 25,417 | $ | 30,745 | ||||||
Cost of revenues
|
11,095 | 11,404 | 13,445 | |||||||||
Gross margin
|
14,968 | 14,013 | 17,300 | |||||||||
Operating expenses:
|
||||||||||||
Research and development
|
10,999 | 11,063 | 13,574 | |||||||||
Selling, general and administrative
|
7,683 | 8,625 | 6,678 | |||||||||
Acquisition and restructuring related costs
|
2,350 | - | 485 | |||||||||
Amortization of purchased intangible assets
|
1,728 | 1,731 | 2,444 | |||||||||
Impairment of assets
|
10,343 | - | - | |||||||||
Total operating expenses
|
33,103 | 21,419 | 23,181 | |||||||||
Loss from operations
|
(18,135 | ) | (7,406 | ) | (5,881 | ) | ||||||
Interest income (expense) and other, net
|
(55 | ) | (5 | ) | (101 | ) | ||||||
Loss before provision for income taxes
|
(18,190 | ) | (7,411 | ) | (5,982 | ) | ||||||
Provision for income taxes
|
29 | 29 | 30 | |||||||||
Net loss
|
$ | (18,219 | ) | $ | (7,440 | ) | $ | (6,012 | ) | |||
Basic net loss per share
|
$ | (0.41 | ) | $ | (0.17 | ) | $ | (0.14 | ) | |||
Shares used to compute basic per share amounts
|
44,797 | 44,729 | 44,526 | |||||||||
Diluted net loss per share
|
$ | (0.41 | ) | $ | (0.17 | ) | $ | (0.14 | ) | |||
Shares used to compute diluted per share amounts
|
44,797 | 44,729 | 44,526 | |||||||||
June 30
|
December 31
|
|||||||
2012
|
2011
|
|||||||
ASSETS
|
||||||||
Cash and investments
|
$ | 10,240 | $ | 19,752 | ||||
Accounts receivable, net
|
15,572 | 11,074 | ||||||
Inventories
|
10,787 | 8,896 | ||||||
Property and equipment, net
|
12,090 | 12,291 | ||||||
Goodwill
|
21,338 | 21,338 | ||||||
Other intangible assets
|
7,607 | 20,845 | ||||||
Other assets
|
3,137 | 2,622 | ||||||
Total assets
|
$ | 80,771 | $ | 96,818 | ||||
LIABILITIES
|
||||||||
Accounts payable
|
$ | 12,071 | $ | 7,134 | ||||
Accrued compensation and benefits
|
5,148 | 3,586 | ||||||
Accrued commissions
|
795 | 632 | ||||||
Other accrued expenses
|
2,573 | 3,132 | ||||||
Short term note payable & capital lease obligations
|
235 | 5,115 | ||||||
Long term borrowings against line of credit
|
8,500 | 2,000 | ||||||
Total liabilities
|
29,322 | 21,599 | ||||||
STOCKHOLDERS' EQUITY
|
||||||||
Common stock, par value
|
45 | 45 | ||||||
Additional paid-in capital
|
187,286 | 185,323 | ||||||
Accumulated other comprehensive loss
|
(221 | ) | (147 | ) | ||||
Accumulated deficit
|
(135,661 | ) | (110,002 | ) | ||||
Total stockholders' equity
|
51,449 | 75,219 | ||||||
Total liabilities and stockholders' equity
|
$ | 80,771 | $ | 96,818 |
Three Months Ended | ||||||||||||
June 30
|
March 31
|
June 30
|
||||||||||
2012
|
2012
|
2011
|
||||||||||
Net Loss Reconciliation
|
||||||||||||
GAAP Net Loss
|
$ | (18,219 | ) | $ | (7,440 | ) | $ | (6,012 | ) | |||
Acquisition and restructuring related costs
|
2,350 | - | 485 | |||||||||
Share-based compensation
|
930 | 552 | 784 | |||||||||
Amortization of purchased intangible assets
|
1,728 | 1,731 | 2,444 | |||||||||
Impairment of assets
|
10,343 | - | - | |||||||||
Non-GAAP Net Loss
|
$ | (2,868 | ) | $ | (5,157 | ) | $ | (2,299 | ) | |||
Loss Per Share Reconciliation
|
||||||||||||
GAAP Diluted Loss Per Share
|
$ | (0.41 | ) | $ | (0.17 | ) | $ | (0.14 | ) | |||
Effect of acquisition and restructuring related costs
|
0.05 | - | 0.01 | |||||||||
Effect of share-based compensation
|
0.02 | 0.01 | 0.02 | |||||||||
Effect of amortization of purchased intangible assets
|
0.04 | 0.04 | 0.05 | |||||||||
Effect of asset impairment
|
0.23 | - | - | |||||||||
Non-GAAP Diluted Loss Per Share
|
$ | (0.07 | ) | $ | (0.12 | ) | $ | (0.06 | ) | |||
Operating Loss Reconciliation
|
||||||||||||
GAAP Operating Loss
|
$ | (18,135 | ) | $ | (7,406 | ) | $ | (5,881 | ) | |||
Share-based compensation - COGS
|
36 | 13 | 12 | |||||||||
Share-based compensation - R&D
|
450 | 279 | 381 | |||||||||
Share-based compensation - SG&A
|
444 | 260 | 391 | |||||||||
Acquisition and restructuring related costs
|
2,350 | - | 485 | |||||||||
Amortization of purchased intangible assets
|
1,728 | 1,731 | 2,444 | |||||||||
Impairment of assets
|
10,343 | - | - | |||||||||
Non-GAAP Operating Loss
|
$ | (2,784 | ) | $ | (5,123 | ) | $ | (2,168 | ) | |||
Operating Expense Reconciliation
|
||||||||||||
GAAP Operating Expenses
|
$ | 33,103 | $ | 21,419 | $ | 23,181 | ||||||
Share-based compensation - R&D
|
(450 | ) | (279 | ) | (381 | ) | ||||||
Share-based compensation - SG&A
|
(444 | ) | (260 | ) | (391 | ) | ||||||
Acquisition and restructuring related costs
|
(2,350 | ) | - | (485 | ) | |||||||
Amortization of purchased intangible assets
|
(1,728 | ) | (1,731 | ) | (2,444 | ) | ||||||
Impairment of assets
|
(10,343 | ) | - | - | ||||||||
Non-GAAP Operating Expenses
|
$ | 17,788 | $ | 19,149 | $ | 19,480 |
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
|
||||||||||||
June 30
|
March 31
|
June 30
|
||||||||||
2012
|
2012
|
2011
|
||||||||||
Net Revenues by Geography
|
||||||||||||
Americas
|
16 | % | 15 | % | 17 | % | ||||||
Asia Pacific
|
73 | % | 69 | % | 70 | % | ||||||
Europe
|
11 | % | 16 | % | 13 | % |
Three Months Ended
|
||||||||||||
June 30
|
March 31
|
June 30
|
||||||||||
2012
|
2012
|
2011
|
||||||||||
Net Revenues by Type
|
||||||||||||
PCI Express Revenue
|
66 | % | 63 | % | 55 | % | ||||||
Network PHY Revenue
|
2 | % | 3 | % | 2 | % | ||||||
Connectivity Revenue
|
32 | % | 34 | % | 43 | % |