·
|
Record First-Half Profitability
|
·
|
Record PCI Express Revenues (Up Eight Percent Over Q1)
|
·
|
First $20 Million PCI Express Quarter
|
Quarterly Results
|
Year to Date
|
|||||||||||||||||||
Q2 2013 | Q1 2013 | Q2 2012 | 2013 | 2012 | ||||||||||||||||
Net revenues
|
$ | 26.9 | $ | 26.2 | $ | 25.4 | $ | 53.1 | $ | 50.0 | ||||||||||
Operating expense
|
$ | 11.8 | $ | 11.6 | $ | 12.9 | $ | 23.4 | $ | 27.6 | ||||||||||
Operating income from continuing operations
|
$ | 3.3 | $ | 3.9 | $ | 2.2 | $ | 7.2 | $ | 1.5 | ||||||||||
Income from continuing operations
|
$ | 3.1 | $ | 3.8 | $ | 2.6 | $ | 6.9 | $ | 1.9 | ||||||||||
Income per share (diluted) from continuing operations
|
$ | 0.07 | $ | 0.09 | $ | 0.06 | $ | 0.15 | $ | 0.03 |
Quarterly Results
|
Year to Date
|
|||||||||||||||||||
Q2 2013 | Q1 2013 | Q2 2012 | 2013 | 2012 | ||||||||||||||||
Net revenues
|
$ | 26.9 | $ | 26.2 | $ | 25.4 | $ | 53.1 | $ | 50.0 | ||||||||||
Operating expense
|
$ | 13.3 | $ | 12.7 | $ | 16.0 | $ | 26.0 | $ | 31.2 | ||||||||||
Operating income (loss) from continuing operations
|
$ | 1.8 | $ | 2.9 | $ | (0.9 | ) | $ | 4.6 | $ | (2.1 | ) | ||||||||
Income (loss) from continuing operations
|
$ | 1.7 | $ | 2.7 | $ | (0.5 | ) | $ | 4.4 | $ | (1.7 | ) | ||||||||
Income (loss) per share (diluted) from continuing operations
|
$ | 0.04 | $ | 0.06 | $ | (0.01 | ) | $ | 0.09 | $ | (0.04 | ) |
·
|
Net revenues for the third quarter ending September 30, 2013 are expected to be between $25.5 million and $27.5 million;
|
·
|
GAAP gross margins are expected to be approximately 57 percent, approximately one percent lower than non-GAAP margins;
|
·
|
Operating expenses are expected to be approximately $13.6 million. Included in operating expenses are share-based compensation related charges of approximately $0.6 million;
|
·
|
Annual non-GAAP operating expense guidance reduced from $52M to $51M as a result of tight expense control.
|
Investor Relations contact:
|
Leslie Green
|
Green Communications Consulting, LLC (for PLX)
|
Tel: (650) 312-9060
|
leslie@greencommunicationsllc.com
|
Editorial contact:
|
David Hurd
|
Sr. Director, Corporate Communication
|
Tel: (408) 328-3594
|
dhurd@plxtech.com
|
Three Months Ended |
Six Months Ended
|
|||||||||||||||||||
June 30
|
March 31
|
June 30
|
June 30
|
|||||||||||||||||
2013
|
2013
|
2012
|
2013
|
2012
|
||||||||||||||||
Net revenues
|
$ | 26,850 | $ | 26,218 | $ | 25,437 | $ | 53,068 | $ | 49,969 | ||||||||||
Cost of revenues
|
11,777 | 10,693 | 10,370 | 22,470 | 20,925 | |||||||||||||||
Gross margin
|
15,073 | 15,525 | 15,067 | 30,598 | 29,044 | |||||||||||||||
Operating expenses:
|
||||||||||||||||||||
Research and development
|
6,480 | 5,961 | 5,993 | 12,441 | 12,538 | |||||||||||||||
Selling, general and administrative
|
6,804 | 6,419 | 7,588 | 13,223 | 16,109 | |||||||||||||||
Acquisition and restructuring related costs
|
- | 291 | 2,350 | 291 | 2,350 | |||||||||||||||
Amortization of purchased intangible assets
|
- | - | 78 | - | 159 | |||||||||||||||
Total operating expenses
|
13,284 | 12,671 | 16,009 | 25,955 | 31,156 | |||||||||||||||
Income (loss) from operations
|
1,789 | 2,854 | (942 | ) | 4,643 | (2,112 | ) | |||||||||||||
Interest income (expense) and other, net
|
(55 | ) | (71 | ) | (55 | ) | (126 | ) | (60 | ) | ||||||||||
Income (loss) from continuing operations before provision for income taxes
|
1,734 | 2,783 | (997 | ) | 4,517 | (2,172 | ) | |||||||||||||
Provision (benefit) for income taxes
|
61 | 84 | (513 | ) | 145 | (465 | ) | |||||||||||||
Income (loss) from continuing operations, net of tax
|
1,673 | 2,699 | (484 | ) | 4,372 | (1,707 | ) | |||||||||||||
Loss from discontinued operations, net of tax
|
- | (57 | ) | (17,734 | ) | (57 | ) | (23,952 | ) | |||||||||||
Net income (loss)
|
$ | 1,673 | $ | 2,642 | $ | (18,218 | ) | $ | 4,315 | $ | (25,659 | ) | ||||||||
Basic net income (loss) per share:
|
||||||||||||||||||||
Income (loss) from continuing operations
|
$ | 0.04 | $ | 0.06 | $ | (0.01 | ) | $ | 0.10 | $ | (0.04 | ) | ||||||||
Loss from discontinued operations
|
$ | - | $ | - | $ | (0.40 | ) | $ | - | $ | (0.54 | ) | ||||||||
Net income (loss)
|
$ | 0.04 | $ | 0.06 | $ | (0.41 | ) | $ | 0.10 | $ | (0.58 | ) | ||||||||
Diluted net loss per share:
|
||||||||||||||||||||
Income (loss) from continuing operations
|
$ | 0.04 | $ | 0.06 | $ | (0.01 | ) | $ | 0.09 | $ | (0.04 | ) | ||||||||
Loss from discontinued operations
|
$ | - | $ | - | $ | (0.40 | ) | $ | - | $ | (0.54 | ) | ||||||||
Net income (loss)
|
$ | 0.04 | $ | 0.06 | $ | (0.41 | ) | $ | 0.09 | $ | (0.58 | ) | ||||||||
Shares used to compute per share amounts:
|
||||||||||||||||||||
Basic
|
45,611 | 45,366 | 44,797 | 45,487 | 44,763 | |||||||||||||||
Diluted
|
46,299 | 46,096 | 44,797 | 46,195 | 44,763 |
June 30
|
December 31
|
|||||||
2013
|
2012
|
|||||||
ASSETS
|
||||||||
Cash and investments
|
$ | 15,534 | $ | 16,711 | ||||
Accounts receivable, net
|
12,187 | 10,635 | ||||||
Inventories
|
10,600 | 10,560 | ||||||
Property and equipment, net
|
10,632 | 11,267 | ||||||
Goodwill
|
20,461 | 20,461 | ||||||
Other assets
|
4,008 | 3,345 | ||||||
Total assets
|
$ | 73,422 | $ | 72,979 | ||||
LIABILITIES
|
||||||||
Accounts payable
|
$ | 5,890 | $ | 10,738 | ||||
Accrued compensation and benefits
|
2,925 | 4,493 | ||||||
Accrued commissions
|
515 | 817 | ||||||
Other accrued expenses
|
2,958 | 2,259 | ||||||
Short term borrowings against line of credit
|
- | 8,000 | ||||||
Long term borrowings against line of credit
|
8,000 | - | ||||||
Total liabilities
|
20,288 | 26,307 | ||||||
STOCKHOLDERS' EQUITY
|
||||||||
Common stock, par value
|
46 | 45 | ||||||
Additional paid-in capital
|
191,619 | 189,444 | ||||||
Accumulated other comprehensive loss
|
(255 | ) | (226 | ) | ||||
Accumulated deficit
|
(138,276 | ) | (142,591 | ) | ||||
Total stockholders' equity
|
53,134 | 46,672 | ||||||
Total liabilities and stockholders' equity
|
$ | 73,422 | $ | 72,979 |
Three Months Ended |
Six Months Ended
|
|||||||||||||||||||
June 30
|
March 31
|
June 30
|
June 30
|
|||||||||||||||||
2013
|
2013
|
2012
|
2013
|
2012
|
||||||||||||||||
Income From Continuing Operations Reconciliation
|
||||||||||||||||||||
GAAP Income (Loss)
|
$ | 1,673 | $ | 2,699 | $ | (484 | ) | $ | 4,372 | $ | (1,707 | ) | ||||||||
Acquisition and restructuring related costs
|
- | 291 | 2,350 | 291 | 2,350 | |||||||||||||||
Share-based compensation
|
567 | 765 | 694 | 1,332 | 1,092 | |||||||||||||||
Lawsuit verdict contingency accrual
|
903 | - | - | 903 | - | |||||||||||||||
Amortization of purchased intangible assets
|
- | - | 78 | - | 159 | |||||||||||||||
Non-GAAP Income
|
$ | 3,143 | $ | 3,755 | $ | 2,638 | $ | 6,898 | $ | 1,894 | ||||||||||
Income Per Share From Continuing Operations Reconciliation
|
||||||||||||||||||||
GAAP Diluted Income (Loss) Per Share
|
$ | 0.04 | $ | 0.06 | $ | (0.01 | ) | $ | 0.09 | $ | (0.04 | ) | ||||||||
Effect of acquisition and restructuring related costs
|
- | 0.01 | 0.05 | 0.01 | 0.05 | |||||||||||||||
Effect of share-based compensation
|
0.01 | 0.02 | 0.02 | 0.03 | 0.02 | |||||||||||||||
Effect of lawsuit verdict contingency accrual
|
0.02 | - | - | 0.02 | - | |||||||||||||||
Effect of amortization of purchased intangible assets
|
- | - | - | - | - | |||||||||||||||
Non-GAAP Diluted Income Per Share
|
$ | 0.07 | $ | 0.09 | $ | 0.06 | $ | 0.15 | $ | 0.03 | ||||||||||
Operating Income From Continuing Operations Reconciliation
|
||||||||||||||||||||
GAAP Operating Income (Loss)
|
$ | 1,789 | $ | 2,854 | $ | (942 | ) | $ | 4,643 | $ | (2,112 | ) | ||||||||
Share-based compensation - COGS
|
14 | (23 | ) | 36 | (9 | ) | 49 | |||||||||||||
Share-based compensation - R&D
|
191 | 225 | 228 | 416 | 369 | |||||||||||||||
Share-based compensation - SG&A
|
362 | 563 | 430 | 925 | 674 | |||||||||||||||
Lawsuit verdict contingency accrual
|
903 | - | - | 903 | - | |||||||||||||||
Acquisition and restructuring related costs
|
- | 291 | 2,350 | 291 | 2,350 | |||||||||||||||
Amortization of purchased intangible assets
|
- | - | 78 | - | 159 | |||||||||||||||
Non-GAAP Operating Income
|
$ | 3,259 | $ | 3,910 | $ | 2,180 | $ | 7,169 | $ | 1,489 | ||||||||||
Operating Expense From Continuing Operations Reconciliation
|
||||||||||||||||||||
GAAP Operating Expenses
|
$ | 13,284 | $ | 12,671 | $ | 16,009 | $ | 25,955 | $ | 31,156 | ||||||||||
Share-based compensation - R&D
|
(191 | ) | (225 | ) | (228 | ) | (416 | ) | (369 | ) | ||||||||||
Share-based compensation - SG&A
|
(362 | ) | (563 | ) | (430 | ) | (925 | ) | (674 | ) | ||||||||||
Lawsuit verdict contingency accrual
|
(903 | ) | - | - | (903 | ) | - | |||||||||||||
Acquisition and restructuring related costs
|
- | (291 | ) | (2,350 | ) | (291 | ) | (2,350 | ) | |||||||||||
Amortization of purchased intangible assets
|
- | - | (78 | ) | - | (159 | ) | |||||||||||||
Non-GAAP Operating Expenses
|
$ | 11,828 | $ | 11,592 | $ | 12,923 | $ | 23,420 | $ | 27,604 |
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
|
Six Months Ended
|
|||||||||||||||||||
June 30
|
March 31
|
June 30
|
June 30
|
|||||||||||||||||
2013
|
2013
|
2012
|
2013
|
2012
|
||||||||||||||||
Net Revenues by Geography
|
||||||||||||||||||||
Americas
|
19 | % | 23 | % | 16 | % | 21 | % | 15 | % | ||||||||||
Asia Pacific
|
71 | % | 66 | % | 73 | % | 69 | % | 71 | % | ||||||||||
Europe
|
10 | % | 11 | % | 11 | % | 10 | % | 14 | % |
Three Months Ended
|
Six Months Ended
|
|||||||||||||||||||
June 30
|
March 31
|
June 30
|
June 30
|
|||||||||||||||||
2013
|
2013
|
2012
|
2013
|
2012
|
||||||||||||||||
Net Revenues by Type
|
||||||||||||||||||||
PCI Express Revenue
|
75 | % | 71 | % | 67 | % | 73 | % | 66 | % | ||||||||||
Connectivity Revenue
|
25 | % | 29 | % | 33 | % | 27 | % | 34 | % |