Quarterly Results
|
Year to Date
|
|||||||||||||||||||
Q3 2013 | Q2 2013 | Q3 2012 | 2013 | 2012 | ||||||||||||||||
Net revenues
|
$ | 25.7 | $ | 26.9 | $ | 26.9 | $ | 78.8 | $ | 76.8 | ||||||||||
Gross Margin
|
$ | 14.7 | $ | 15.1 | $ | 16.1 | $ | 45.3 | $ | 45.2 | ||||||||||
Operating expense
|
$ | 11.8 | $ | 11.8 | $ | 14.6 | $ | 35.2 | $ | 42.2 | ||||||||||
Operating income from continuing operations
|
$ | 2.9 | $ | 3.3 | $ | 1.5 | $ | 10.1 | $ | 3.0 | ||||||||||
Income from continuing operations
|
$ | 2.8 | $ | 3.1 | $ | 0.5 | $ | 9.7 | $ | 2.4 | ||||||||||
Income per share (diluted) from continuing operations
|
$ | 0.06 | $ | 0.07 | $ | 0.01 | $ | 0.22 | $ | 0.05 |
Quarterly Results
|
Year to Date
|
|||||||||||||||||||
Q3 2013 | Q2 2013 | Q3 2012 | 2013 | 2012 | ||||||||||||||||
Net revenues
|
$ | 25.7 | $ | 26.9 | $ | 26.9 | $ | 78.8 | $ | 76.8 | ||||||||||
Gross Margin
|
$ | 14.5 | $ | 15.1 | $ | 16.1 | $ | 45.1 | $ | 45.1 | ||||||||||
Operating expense
|
$ | 12.4 | $ | 13.3 | $ | 18.4 | $ | 38.4 | $ | 49.5 | ||||||||||
Operating income (loss) from continuing operations
|
$ | 2.0 | $ | 1.8 | $ | (2.3 | ) | $ | 6.7 | $ | (4.4 | ) | ||||||||
Income (loss) from continuing operations
|
$ | 2.0 | $ | 1.7 | $ | (3.3 | ) | $ | 6.4 | $ | (5.0 | ) | ||||||||
Income (loss) per share (diluted) from continuing operations
|
$ | 0.04 | $ | 0.04 | $ | (0.07 | ) | $ | 0.14 | $ | (0.11 | ) |
·
|
Net revenues for the fourth quarter ending Dec. 31, 2013 are expected to be between $25.0 million and $27.0 million;
|
·
|
Non-GAAP gross margins are expected to be approximately 56 percent with GAAP margins at approximately 55 percent;
|
·
|
Operating expenses are expected to be approximately $13.8 million. Included in operating expenses are share-based compensation related charges of approximately $0.8 million
|
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 |
Nine Months Ended
|
|||||||||||||||||||
September 30
|
June 30
|
September 30
|
September 30
|
|||||||||||||||||
2013
|
2013
|
2012
|
2013
|
2012
|
||||||||||||||||
Net revenues
|
$ | 25,725 | $ | 26,850 | $ | 26,866 | $ | 78,793 | $ | 76,834 | ||||||||||
Cost of revenues
|
11,265 | 11,777 | 10,808 | 33,735 | 31,732 | |||||||||||||||
Gross margin
|
14,460 | 15,073 | 16,058 | 45,058 | 45,102 | |||||||||||||||
Operating expenses:
|
||||||||||||||||||||
Research and development
|
6,107 | 6,480 | 8,823 | 18,548 | 21,362 | |||||||||||||||
Selling, general and administrative
|
6,309 | 6,804 | 6,654 | 19,532 | 22,764 | |||||||||||||||
Acquisition and restructuring related costs
|
- | - | 2,830 | 291 | 5,179 | |||||||||||||||
Amortization of purchased intangible assets
|
- | - | 64 | - | 223 | |||||||||||||||
Total operating expenses
|
12,416 | 13,284 | 18,371 | 38,371 | 49,528 | |||||||||||||||
Income (loss) from operations
|
2,044 | 1,789 | (2,313 | ) | 6,687 | (4,426 | ) | |||||||||||||
Interest income (expense) and other, net
|
(2 | ) | (55 | ) | (60 | ) | (128 | ) | (119 | ) | ||||||||||
Income (loss) from continuing operations before provision for income taxes
|
2,042 | 1,734 | (2,373 | ) | 6,559 | (4,545 | ) | |||||||||||||
Provision for income taxes
|
57 | 61 | 931 | 202 | 466 | |||||||||||||||
Income (loss) from continuing operations, net of tax
|
1,985 | 1,673 | (3,304 | ) | 6,357 | (5,011 | ) | |||||||||||||
Loss from discontinued operations, net of tax (1)
|
- | - | (3,013 | ) | (57 | ) | (26,965 | ) | ||||||||||||
Net income (loss)
|
$ | 1,985 | $ | 1,673 | $ | (6,317 | ) | $ | 6,300 | $ | (31,976 | ) | ||||||||
Basic net income (loss) per share:
|
||||||||||||||||||||
Income (loss) from continuing operations
|
$ | 0.04 | $ | 0.04 | $ | (0.07 | ) | $ | 0.14 | $ | (0.11 | ) | ||||||||
Loss from discontinued operations
|
$ | - | $ | - | $ | (0.07 | ) | $ | - | $ | (0.60 | ) | ||||||||
Net income (loss)
|
$ | 0.04 | $ | 0.04 | $ | (0.14 | ) | $ | 0.14 | $ | (0.71 | ) | ||||||||
Diluted net loss per share:
|
||||||||||||||||||||
Income (loss) from continuing operations
|
$ | 0.04 | $ | 0.04 | $ | (0.07 | ) | $ | 0.14 | $ | (0.11 | ) | ||||||||
Loss from discontinued operations
|
$ | - | $ | - | $ | (0.07 | ) | $ | - | $ | (0.60 | ) | ||||||||
Net income (loss)
|
$ | 0.04 | $ | 0.04 | $ | (0.14 | ) | $ | 0.14 | $ | (0.71 | ) | ||||||||
Shares used to compute per share amounts:
|
||||||||||||||||||||
Basic
|
45,682 | 45,611 | 44,946 | 45,553 | 44,824 | |||||||||||||||
Diluted
|
46,692 | 46,299 | 44,946 | 46,332 | 44,824 |
1
|
Loss from discontinued operations includes gain on disposal of $2,097 for the three and nine months ended September 30, 2012.
|
September 30
|
December 31
|
|||||||
2013
|
2012
|
|||||||
ASSETS
|
||||||||
Cash and investments
|
$ | 17,985 | $ | 16,711 | ||||
Accounts receivable, net
|
12,014 | 10,635 | ||||||
Inventories
|
10,070 | 10,560 | ||||||
Property and equipment, net
|
10,390 | 11,267 | ||||||
Goodwill
|
20,461 | 20,461 | ||||||
Other assets
|
3,806 | 3,345 | ||||||
Total assets
|
$ | 74,726 | $ | 72,979 | ||||
LIABILITIES
|
||||||||
Accounts payable
|
$ | 5,697 | $ | 10,738 | ||||
Accrued compensation and benefits
|
3,744 | 4,493 | ||||||
Accrued commissions
|
500 | 817 | ||||||
Other accrued expenses
|
3,060 | 2,259 | ||||||
Short term borrowings against line of credit
|
- | 8,000 | ||||||
Long term borrowings against line of credit
|
6,000 | - | ||||||
Total liabilities
|
19,001 | 26,307 | ||||||
STOCKHOLDERS' EQUITY
|
||||||||
Common stock, par value
|
46 | 45 | ||||||
Additional paid-in capital
|
192,237 | 189,444 | ||||||
Accumulated other comprehensive loss
|
(267 | ) | (226 | ) | ||||
Accumulated deficit
|
(136,291 | ) | (142,591 | ) | ||||
Total stockholders' equity
|
55,725 | 46,672 | ||||||
Total liabilities and stockholders' equity
|
$ | 74,726 | $ | 72,979 |
Three Months Ended |
Nine Months Ended
|
|||||||||||||||||||
September 30
|
June 30
|
September 30
|
September 30
|
|||||||||||||||||
2013
|
2013
|
2012
|
2013
|
2012
|
||||||||||||||||
Income From Continuing Operations Reconciliation
|
||||||||||||||||||||
GAAP Income (Loss)
|
$ | 1,985 | $ | 1,673 | $ | (3,304 | ) | $ | 6,357 | $ | (5,011 | ) | ||||||||
Acquisition and restructuring related costs
|
- | - | 2,830 | 291 | 5,179 | |||||||||||||||
Share-based compensation
|
545 | 567 | 914 | 1,877 | 2,006 | |||||||||||||||
Lawsuit verdict contingency accrual
|
293 | 903 | - | 1,196 | - | |||||||||||||||
Amortization of purchased intangible assets
|
- | - | 64 | - | 223 | |||||||||||||||
Non-GAAP Income
|
$ | 2,823 | $ | 3,143 | $ | 504 | $ | 9,721 | $ | 2,397 | ||||||||||
Income Per Share From Continuing Operations Reconciliation
|
||||||||||||||||||||
GAAP Diluted Income (Loss) Per Share
|
$ | 0.04 | $ | 0.04 | $ | (0.07 | ) | $ | 0.14 | $ | (0.11 | ) | ||||||||
Effect of acquisition and restructuring related costs
|
- | - | 0.06 | 0.01 | 0.12 | |||||||||||||||
Effect of share-based compensation
|
0.01 | 0.01 | 0.02 | 0.04 | 0.04 | |||||||||||||||
Effect of lawsuit verdict contingency accrual
|
0.01 | 0.02 | - | 0.03 | - | |||||||||||||||
Effect of amortization of purchased intangible assets
|
- | - | - | - | - | |||||||||||||||
Non-GAAP Diluted Income Per Share
|
$ | 0.06 | $ | 0.07 | $ | 0.01 | $ | 0.22 | $ | 0.05 | ||||||||||
Operating Income From Continuing Operations Reconciliation
|
||||||||||||||||||||
GAAP Operating Income (Loss)
|
$ | 2,044 | $ | 1,789 | $ | (2,313 | ) | $ | 6,687 | $ | (4,426 | ) | ||||||||
Share-based compensation - COGS
|
9 | 14 | 49 | - | 98 | |||||||||||||||
Share-based compensation - R&D
|
193 | 191 | 349 | 609 | 719 | |||||||||||||||
Share-based compensation - SG&A
|
343 | 362 | 516 | 1,268 | 1,189 | |||||||||||||||
Lawsuit verdict contingency accrual
|
293 | 903 | - | 1,196 | - | |||||||||||||||
Acquisition and restructuring related costs
|
- | - | 2,830 | 291 | 5,179 | |||||||||||||||
Amortization of purchased intangible assets
|
- | - | 64 | - | 223 | |||||||||||||||
Non-GAAP Operating Income
|
$ | 2,882 | $ | 3,259 | $ | 1,495 | $ | 10,051 | $ | 2,982 | ||||||||||
Gross Margin From Continuing Operations Reconciliation
|
||||||||||||||||||||
GAAP Gross Margin
|
$ | 14,460 | $ | 15,073 | $ | 16,058 | $ | 45,058 | $ | 45,102 | ||||||||||
Share-based compensation - COGS
|
9 | 14 | 49 | - | 98 | |||||||||||||||
Lawsuit verdict contingency accrual
|
235 | - | - | 235 | - | |||||||||||||||
Non-GAAP Gross Margin
|
$ | 14,704 | $ | 15,087 | $ | 16,107 | $ | 45,293 | $ | 45,200 | ||||||||||
Operating Expense From Continuing Operations Reconciliation
|
||||||||||||||||||||
GAAP Operating Expenses
|
$ | 12,416 | $ | 13,284 | $ | 18,371 | $ | 38,371 | $ | 49,528 | ||||||||||
Share-based compensation - R&D
|
(193 | ) | (191 | ) | (349 | ) | (609 | ) | (719 | ) | ||||||||||
Share-based compensation - SG&A
|
(343 | ) | (362 | ) | (516 | ) | (1,268 | ) | (1,189 | ) | ||||||||||
Lawsuit verdict contingency accrual
|
(58 | ) | (903 | ) | - | (961 | ) | - | ||||||||||||
Acquisition and restructuring related costs
|
- | - | (2,830 | ) | (291 | ) | (5,179 | ) | ||||||||||||
Amortization of purchased intangible assets
|
- | - | (64 | ) | - | (223 | ) | |||||||||||||
Non-GAAP Operating Expenses
|
$ | 11,822 | $ | 11,828 | $ | 14,612 | $ | 35,242 | $ | 42,218 |
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
|
Nine Months Ended
|
|||||||||||||||||||
September 30
|
June 30
|
September 30
|
September 30
|
|||||||||||||||||
2013
|
2013
|
2012
|
2013
|
2012
|
||||||||||||||||
Net Revenues by Geography
|
||||||||||||||||||||
Americas
|
20 | % | 19 | % | 18 | % | 20 | % | 16 | % | ||||||||||
Asia Pacific
|
71 | % | 71 | % | 72 | % | 70 | % | 71 | % | ||||||||||
Europe
|
9 | % | 10 | % | 10 | % | 10 | % | 13 | % |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||||||
September 30
|
June 30
|
September 30
|
September 30
|
|||||||||||||||||
2013
|
2013
|
2012
|
2013
|
2012
|
||||||||||||||||
Net Revenues by Type
|
||||||||||||||||||||
PCI Express Revenue
|
71 | % | 75 | % | 65 | % | 72 | % | 66 | % | ||||||||||
Connectivity Revenue
|
29 | % | 25 | % | 35 | % | 28 | % | 34 | % |