Quarterly Results
|
Year to Date
|
|||||||||||||||||||
Q4 2013 | Q3 2013 | Q4 2012 | 2013 | 2012 | ||||||||||||||||
Net revenues
|
$ | 25.7 | $ | 25.7 | $ | 23.4 | $ | 104.5 | $ | 100.2 | ||||||||||
Gross Margin
|
$ | 14.3 | $ | 14.7 | $ | 13.7 | $ | 59.6 | $ | 58.9 | ||||||||||
Operating expense
|
$ | 12.4 | $ | 11.8 | $ | 11.5 | $ | 47.6 | $ | 53.7 | ||||||||||
Operating income from continuing operations
|
$ | 1.9 | $ | 2.9 | $ | 2.2 | $ | 12.0 | $ | 5.2 | ||||||||||
Income from continuing operations
|
$ | 1.9 | $ | 2.8 | $ | 2.4 | $ | 11.6 | $ | 4.8 | ||||||||||
Income per share (diluted) from continuing operations
|
$ | 0.04 | $ | 0.06 | $ | 0.06 | $ | 0.25 | $ | 0.10 |
Quarterly Results
|
Year to Date
|
|||||||||||||||||||
Q4 2013 | Q3 2013 | Q4 2012 | 2013 | 2012 | ||||||||||||||||
Net revenues
|
$ | 25.7 | $ | 25.7 | $ | 23.4 | $ | 104.5 | $ | 100.2 | ||||||||||
Gross Margin
|
$ | 14.1 | $ | 14.5 | $ | 13.7 | $ | 59.1 | $ | 58.8 | ||||||||||
Operating expense
|
$ | 13.2 | $ | 12.4 | $ | 14.1 | $ | 51.6 | $ | 63.6 | ||||||||||
Operating income (loss) from continuing operations
|
$ | 0.8 | $ | 2.0 | $ | (0.4 | ) | $ | 7.5 | $ | (4.8 | ) | ||||||||
Income (loss) from continuing operations
|
$ | 0.8 | $ | 2.0 | $ | (0.2 | ) | $ | 7.1 | $ | (5.2 | ) | ||||||||
Income (loss) per share (diluted) from continuing operations
|
$ | 0.02 | $ | 0.04 | $ | - | $ | 0.15 | $ | (0.12 | ) |
·
|
Net revenues for the first quarter ending March 31, 2014, are expected to be between $24 million and $27 million
|
·
|
Non-GAAP gross margins are expected to be approximately 56 percent with GAAP margins at approximately 55 percent. The GAAP number includes an accrual for royalties associated with the Internet Machines litigation and share-based compensation.
|
·
|
Operating expenses are expected to be approximately $14.0 million. Included in operating expenses are share-based compensation charges of approximately $0.6 million. The first quarter also includes a 40nm tape-out and beginning of the year higher payroll taxes. For the year, operating expenses net of share-based compensation are expected to be about $52 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 |
Twelve Months Ended
|
|||||||||||||||||||
December 31
|
September 30
|
December 31
|
December 31
|
|||||||||||||||||
2013
|
2013
|
2012
|
2013
|
2012
|
||||||||||||||||
Net revenues
|
$ | 25,697 | $ | 25,725 | $ | 23,413 | $ | 104,490 | $ | 100,248 | ||||||||||
Cost of revenues
|
11,624 | 11,265 | 9,729 | 45,359 | 41,462 | |||||||||||||||
Gross margin
|
14,073 | 14,460 | 13,684 | 59,131 | 58,786 | |||||||||||||||
Operating expenses:
|
||||||||||||||||||||
Research and development
|
6,328 | 6,107 | 6,170 | 24,876 | 27,532 | |||||||||||||||
Selling, general and administrative
|
6,910 | 6,309 | 6,163 | 26,442 | 28,927 | |||||||||||||||
Acquisition and restructuring related costs
|
- | - | 1,719 | 291 | 6,898 | |||||||||||||||
Amortization of purchased intangible assets
|
- | - | 22 | - | 245 | |||||||||||||||
Total operating expenses
|
13,238 | 12,416 | 14,074 | 51,609 | 63,602 | |||||||||||||||
Income (loss) from operations
|
835 | 2,044 | (390 | ) | 7,522 | (4,816 | ) | |||||||||||||
Interest income (expense) and other, net
|
(29 | ) | (2 | ) | (30 | ) | (157 | ) | (149 | ) | ||||||||||
Income (loss) from continuing operations before provision for income taxes
|
806 | 2,042 | (420 | ) | 7,365 | (4,965 | ) | |||||||||||||
Provision (benefit) for income taxes
|
27 | 57 | (230 | ) | 229 | 236 | ||||||||||||||
Income (loss) from continuing operations, net of tax
|
779 | 1,985 | (190 | ) | 7,136 | (5,201 | ) | |||||||||||||
Gain (loss) from discontinued operations, net of tax (1)
|
258 | - | (423 | ) | 201 | (27,388 | ) | |||||||||||||
Net income (loss)
|
$ | 1,037 | $ | 1,985 | $ | (613 | ) | $ | 7,337 | $ | (32,589 | ) | ||||||||
Basic net income (loss) per share:
|
||||||||||||||||||||
Income (loss) from continuing operations
|
$ | 0.02 | $ | 0.04 | $ | - | $ | 0.16 | $ | (0.12 | ) | |||||||||
Gain (loss) from discontinued operations
|
$ | 0.01 | $ | - | $ | (0.01 | ) | $ | - | $ | (0.61 | ) | ||||||||
Net income (loss)
|
$ | 0.03 | $ | 0.04 | $ | (0.01 | ) | $ | 0.16 | $ | (0.73 | ) | ||||||||
Diluted net income (loss) per share:
|
||||||||||||||||||||
Income (loss) from continuing operations
|
$ | 0.02 | $ | 0.04 | $ | - | $ | 0.15 | $ | (0.12 | ) | |||||||||
Gain (loss) from discontinued operations
|
$ | 0.01 | $ | - | $ | (0.01 | ) | $ | - | $ | (0.61 | ) | ||||||||
Net income (loss)
|
$ | 0.03 | $ | 0.04 | $ | (0.01 | ) | $ | 0.15 | $ | (0.73 | ) | ||||||||
Shares used to compute per share amounts:
|
||||||||||||||||||||
Basic
|
45,750 | 45,682 | 45,053 | 45,603 | 44,882 | |||||||||||||||
Diluted
|
47,082 | 46,692 | 45,053 | 46,523 | 44,882 |
(1) Gain (loss) from discontinued operations includes gain on disposal of $297 for the three and twelve months ended December 31, 2013 and $1,353 and $3,450 for the three and twelve months ended December 31, 2012, respectively.
|
December 31
|
December 31
|
|||||||
2013
|
2012
|
|||||||
ASSETS
|
||||||||
Cash and investments
|
$ | 20,424 | $ | 16,711 | ||||
Accounts receivable, net
|
12,835 | 10,635 | ||||||
Inventories
|
10,289 | 10,560 | ||||||
Property and equipment, net
|
10,333 | 11,267 | ||||||
Goodwill
|
20,461 | 20,461 | ||||||
Other assets
|
2,818 | 3,345 | ||||||
Total assets
|
$ | 77,160 | $ | 72,979 | ||||
LIABILITIES
|
||||||||
Accounts payable
|
$ | 6,511 | $ | 10,738 | ||||
Accrued compensation and benefits
|
4,050 | 4,493 | ||||||
Accrued commissions
|
480 | 817 | ||||||
Other accrued expenses
|
3,213 | 2,259 | ||||||
Short term borrowings against line of credit
|
- | 8,000 | ||||||
Long term borrowings against line of credit
|
5,000 | - | ||||||
Total liabilities
|
19,254 | 26,307 | ||||||
STOCKHOLDERS' EQUITY
|
||||||||
Common stock, par value
|
46 | 45 | ||||||
Additional paid-in capital
|
193,391 | 189,444 | ||||||
Accumulated other comprehensive loss
|
(277 | ) | (226 | ) | ||||
Accumulated deficit
|
(135,254 | ) | (142,591 | ) | ||||
Total stockholders' equity
|
57,906 | 46,672 | ||||||
Total liabilities and stockholders' equity
|
$ | 77,160 | $ | 72,979 |
Three Months Ended |
Twelve Months Ended
|
|||||||||||||||||||
December 31
|
September 30
|
December 31
|
December 31
|
|||||||||||||||||
2013
|
2013
|
2012
|
2013
|
2012
|
||||||||||||||||
Income From Continuing Operations Reconciliation
|
||||||||||||||||||||
GAAP Income (Loss)
|
$ | 779 | $ | 1,985 | $ | (190 | ) | $ | 7,136 | $ | (5,201 | ) | ||||||||
Acquisition and restructuring related costs
|
- | - | 1,719 | 291 | 6,898 | |||||||||||||||
Share-based compensation
|
875 | 545 | 887 | 2,752 | 2,893 | |||||||||||||||
Lawsuit verdict contingency accrual
|
213 | 293 | - | 1,409 | - | |||||||||||||||
Amortization of purchased intangible assets
|
- | - | 22 | - | 245 | |||||||||||||||
Non-GAAP Income
|
$ | 1,867 | $ | 2,823 | $ | 2,438 | $ | 11,588 | $ | 4,835 | ||||||||||
Income Per Share From Continuing Operations Reconciliation
|
||||||||||||||||||||
GAAP Diluted Income (Loss) Per Share
|
$ | 0.02 | $ | 0.04 | $ | - | $ | 0.15 | $ | (0.12 | ) | |||||||||
Effect of acquisition and restructuring related costs
|
- | - | 0.04 | 0.01 | 0.15 | |||||||||||||||
Effect of share-based compensation
|
0.02 | 0.01 | 0.02 | 0.06 | 0.06 | |||||||||||||||
Effect of lawsuit verdict contingency accrual
|
- | 0.01 | - | 0.03 | - | |||||||||||||||
Effect of amortization of purchased intangible assets
|
- | - | - | - | 0.01 | |||||||||||||||
Non-GAAP Diluted Income Per Share
|
$ | 0.04 | $ | 0.06 | $ | 0.06 | $ | 0.25 | $ | 0.10 | ||||||||||
Operating Income From Continuing Operations Reconciliation
|
||||||||||||||||||||
GAAP Operating Income (Loss)
|
$ | 835 | $ | 2,044 | $ | (390 | ) | $ | 7,522 | $ | (4,816 | ) | ||||||||
Share-based compensation - COGS
|
12 | 9 | 49 | 12 | 147 | |||||||||||||||
Share-based compensation - R&D
|
179 | 193 | 288 | 788 | 1,007 | |||||||||||||||
Share-based compensation - SG&A
|
684 | 343 | 550 | 1,952 | 1,739 | |||||||||||||||
Lawsuit verdict contingency accrual
|
213 | 293 | - | 1,409 | - | |||||||||||||||
Acquisition and restructuring related costs
|
- | - | 1,719 | 291 | 6,898 | |||||||||||||||
Amortization of purchased intangible assets
|
- | - | 22 | - | 245 | |||||||||||||||
Non-GAAP Operating Income
|
$ | 1,923 | $ | 2,882 | $ | 2,238 | $ | 11,974 | $ | 5,220 | ||||||||||
Gross Margin From Continuing Operations Reconciliation
|
||||||||||||||||||||
GAAP Gross Margin
|
$ | 14,073 | $ | 14,460 | $ | 13,684 | $ | 59,131 | $ | 58,786 | ||||||||||
Share-based compensation - COGS
|
12 | 9 | 49 | 12 | 147 | |||||||||||||||
Lawsuit verdict contingency accrual
|
194 | 235 | - | 429 | - | |||||||||||||||
Non-GAAP Gross Margin
|
$ | 14,279 | $ | 14,704 | $ | 13,733 | $ | 59,572 | $ | 58,933 | ||||||||||
Operating Expense From Continuing Operations Reconciliation
|
||||||||||||||||||||
GAAP Operating Expenses
|
$ | 13,238 | $ | 12,416 | $ | 14,074 | $ | 51,609 | $ | 63,602 | ||||||||||
Share-based compensation - R&D
|
(179 | ) | (193 | ) | (288 | ) | (788 | ) | (1,007 | ) | ||||||||||
Share-based compensation - SG&A
|
(684 | ) | (343 | ) | (550 | ) | (1,952 | ) | (1,739 | ) | ||||||||||
Lawsuit verdict contingency accrual
|
(19 | ) | (58 | ) | - | (980 | ) | - | ||||||||||||
Acquisition and restructuring related costs
|
- | - | (1,719 | ) | (291 | ) | (6,898 | ) | ||||||||||||
Amortization of purchased intangible assets
|
- | - | (22 | ) | - | (245 | ) | |||||||||||||
Non-GAAP Operating Expenses
|
$ | 12,356 | $ | 11,822 | $ | 11,495 | $ | 47,598 | $ | 53,713 |
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
|
September 30
|
December 31
|
December 31
|
|||||||||||||||||
2013
|
2013
|
2012
|
2013
|
2012
|
||||||||||||||||
Net Revenues by Geography
|
||||||||||||||||||||
Americas
|
21 | % | 20 | % | 15 | % | 21 | % | 16 | % | ||||||||||
Asia Pacific
|
71 | % | 71 | % | 70 | % | 70 | % | 71 | % | ||||||||||
Europe
|
8 | % | 9 | % | 15 | % | 9 | % | 13 | % |
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||||||
December 31
|
September 30
|
December 31
|
December 31
|
|||||||||||||||||
2013
|
2013
|
2012
|
2013
|
2012
|
||||||||||||||||
Net Revenues by Type
|
||||||||||||||||||||
PCI Express Revenue
|
72 | % | 71 | % | 69 | % | 72 | % | 67 | % | ||||||||||
Connectivity Revenue
|
28 | % | 29 | % | 31 | % | 28 | % | 33 | % |