Quarterly Results
|
Year to Date
|
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Q3 2012 | Q2 2012 | Q3 2011 | 2012 | 2011 | ||||||||||||||||
Net revenues
|
$ | 26.9 | $ | 25.4 | $ | 29.8 | $ | 76.8 | $ | 86.3 | ||||||||||
Operating expense
|
$ | 14.6 | $ | 12.9 | $ | 13.3 | $ | 42.2 | $ | 41.8 | ||||||||||
Operating income from continuing operations
|
$ | 1.5 | $ | 2.2 | $ | 3.9 | $ | 3.0 | $ | 7.4 | ||||||||||
Net income from continuing operations
|
$ | 0.5 | $ | 2.6 | $ | 2.7 | $ | 2.4 | $ | 5.4 | ||||||||||
Income per share (diluted) from continuing operations
|
$ | 0.01 | $ | 0.06 | $ | 0.06 | $ | 0.05 | $ | 0.12 |
Quarterly Results
|
Year to Date
|
|||||||||||||||||||
Q3 2012 | Q2 2012 | Q3 2011 | 2012 | 2011 | ||||||||||||||||
Net revenues
|
$ | 26.9 | $ | 25.4 | $ | 29.8 | $ | 76.8 | $ | 86.3 | ||||||||||
Operating expense
|
$ | 18.4 | $ | 16.0 | $ | 14.2 | $ | 49.5 | $ | 45.4 | ||||||||||
Operating income (loss) from continuing operations
|
$ | (2.3 | ) | $ | (0.9 | ) | $ | 3.0 | $ | (4.4 | ) | $ | 3.9 | |||||||
Net income (loss) from continuing operations
|
$ | (3.3 | ) | $ | (0.5 | ) | $ | 1.9 | $ | (5.0 | ) | $ | 1.9 | |||||||
Income (loss) per share (diluted) from continuing operations
|
$ | (0.07 | ) | $ | (0.01 | ) | $ | 0.04 | $ | (0.11 | ) | $ | 0.04 |
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 |
Nine Months Ended
|
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September 30
|
June 30
|
September 30
|
September 30
|
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2012
|
2012
|
2011
|
2012
|
2011
|
||||||||||||||||
Net revenues
|
$ | 26,866 | $ | 25,437 | $ | 29,763 | $ | 76,834 | $ | 86,256 | ||||||||||
Cost of revenues
|
10,808 | 10,370 | 12,580 | 31,732 | 37,038 | |||||||||||||||
Gross margin
|
16,058 | 15,067 | 17,183 | 45,102 | 49,218 | |||||||||||||||
Operating expenses:
|
||||||||||||||||||||
Research and development
|
8,823 | 5,993 | 7,007 | 21,362 | 22,929 | |||||||||||||||
Selling, general and administrative
|
6,654 | 7,588 | 6,745 | 22,764 | 20,402 | |||||||||||||||
Acquisition and restructuring related costs
|
2,830 | 2,350 | (166 | ) | 5,179 | 52 | ||||||||||||||
Amortization of purchased intangible assets
|
64 | 78 | 382 | 223 | 1,145 | |||||||||||||||
Impairment of assets
|
- | - | 208 | - | 838 | |||||||||||||||
Total operating expenses
|
18,371 | 16,009 | 14,176 | 49,528 | 45,366 | |||||||||||||||
Income (loss) from operations
|
(2,313 | ) | (942 | ) | 3,007 | (4,426 | ) | 3,852 | ||||||||||||
Interest income (expense) and other, net
|
(60 | ) | (55 | ) | (42 | ) | (119 | ) | (209 | ) | ||||||||||
Income (loss) from continuing operations before provision for income taxes
|
(2,373 | ) | (997 | ) | 2,965 | (4,545 | ) | 3,643 | ||||||||||||
Provision (benefit) for income taxes
|
931 | (513 | ) | 1,083 | 466 | 1,767 | ||||||||||||||
Income (loss) from continuing operations, net of tax
|
(3,304 | ) | (484 | ) | 1,882 | (5,011 | ) | 1,876 | ||||||||||||
Loss from discontinued operations (including gain on disposal of $2,097), net of tax
|
(3,013 | ) | (17,734 | ) | (6,108 | ) | (26,965 | ) | (21,246 | ) | ||||||||||
Net loss
|
$ | (6,317 | ) | $ | (18,218 | ) | $ | (4,226 | ) | $ | (31,976 | ) | $ | (19,370 | ) | |||||
Basic net income (loss) per share:
|
||||||||||||||||||||
Income (loss) from continuing operations
|
$ | (0.07 | ) | $ | (0.01 | ) | $ | 0.04 | $ | (0.11 | ) | $ | 0.04 | |||||||
Loss from discontinued operations
|
$ | (0.07 | ) | $ | (0.40 | ) | $ | (0.14 | ) | $ | (0.60 | ) | $ | (0.48 | ) | |||||
Net loss
|
$ | (0.14 | ) | $ | (0.41 | ) | $ | (0.10 | ) | $ | (0.71 | ) | $ | (0.44 | ) | |||||
Diluted net loss per share:
|
||||||||||||||||||||
Income (loss) from continuing operations
|
$ | (0.07 | ) | $ | (0.01 | ) | $ | 0.04 | $ | (0.11 | ) | $ | 0.04 | |||||||
Loss from discontinued operations
|
$ | (0.07 | ) | $ | (0.40 | ) | $ | (0.14 | ) | $ | (0.60 | ) | $ | (0.47 | ) | |||||
Net loss
|
$ | (0.14 | ) | $ | (0.41 | ) | $ | (0.10 | ) | $ | (0.71 | ) | $ | (0.43 | ) | |||||
Shares used to compute per share amounts:
|
||||||||||||||||||||
Basic
|
44,946 | 44,797 | 44,537 | 44,824 | 44,525 | |||||||||||||||
Diluted
|
44,946 | 44,797 | 45,003 | 44,824 | 45,032 |
September 30
|
December 31
|
|||||||
2012
|
2011
|
|||||||
ASSETS
|
||||||||
Cash and investments
|
$ | 17,873 | $ | 19,752 | ||||
Accounts receivable, net
|
14,133 | 11,074 | ||||||
Inventories
|
10,240 | 8,896 | ||||||
Property and equipment, net
|
11,274 | 12,291 | ||||||
Goodwill
|
20,461 | 21,338 | ||||||
Other intangible assets
|
22 | 20,845 | ||||||
Other assets
|
3,941 | 2,622 | ||||||
Total assets
|
$ | 77,944 | $ | 96,818 | ||||
LIABILITIES
|
||||||||
Accounts payable
|
$ | 15,548 | $ | 7,134 | ||||
Accrued compensation and benefits
|
5,775 | 3,586 | ||||||
Accrued commissions
|
804 | 632 | ||||||
Other accrued expenses
|
4,268 | 3,132 | ||||||
Short term note payable & capital lease obligations
|
105 | 5,115 | ||||||
Short term borrowings against line of credit
|
5,000 | - | ||||||
Long term borrowings against line of credit
|
- | 2,000 | ||||||
Total liabilities
|
31,500 | 21,599 | ||||||
STOCKHOLDERS' EQUITY
|
||||||||
Common stock, par value
|
45 | 45 | ||||||
Additional paid-in capital
|
188,623 | 185,323 | ||||||
Accumulated other comprehensive loss
|
(246 | ) | (147 | ) | ||||
Accumulated deficit
|
(141,978 | ) | (110,002 | ) | ||||
Total stockholders' equity
|
46,444 | 75,219 | ||||||
Total liabilities and stockholders' equity
|
$ | 77,944 | $ | 96,818 | ||||
Three Months Ended |
Nine Months Ended
|
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September 30
|
June 30
|
September 30
|
September 30
|
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2012
|
2012
|
2011
|
2012
|
2011
|
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Income (Loss) From Continuing Operations Reconciliation
|
||||||||||||||||||||
GAAP Income (Loss)
|
$ | (3,304 | ) | $ | (484 | ) | $ | 1,882 | $ | (5,011 | ) | $ | 1,876 | |||||||
Acquisition and restructuring related costs
|
2,830 | 2,350 | (166 | ) | 5,179 | 52 | ||||||||||||||
Share-based compensation
|
914 | 694 | 443 | 2,006 | 1,517 | |||||||||||||||
Amortization of purchased intangible assets
|
64 | 78 | 382 | 223 | 1,145 | |||||||||||||||
Impairment of assets
|
- | - | 208 | - | 838 | |||||||||||||||
Non-GAAP Income (Loss)
|
$ | 504 | $ | 2,638 | $ | 2,749 | $ | 2,397 | $ | 5,428 | ||||||||||
Loss Per Share From Continuing Operations Reconciliation
|
||||||||||||||||||||
GAAP Diluted Income (Loss) Per Share
|
$ | (0.07 | ) | $ | (0.01 | ) | $ | 0.04 | $ | (0.11 | ) | $ | 0.04 | |||||||
Effect of acquisition and restructuring related costs
|
0.06 | 0.05 | - | 0.12 | - | |||||||||||||||
Effect of share-based compensation
|
0.02 | 0.02 | 0.01 | 0.04 | 0.03 | |||||||||||||||
Effect of amortization of purchased intangible assets
|
- | - | 0.01 | - | 0.03 | |||||||||||||||
Effect of asset impairment
|
- | - | - | - | 0.02 | |||||||||||||||
Non-GAAP Diluted Income (Loss) Per Share
|
$ | 0.01 | $ | 0.06 | $ | 0.06 | $ | 0.05 | $ | 0.12 | ||||||||||
Operating Loss From Continuing Operations Reconciliation
|
||||||||||||||||||||
GAAP Operating Income (Loss)
|
$ | (2,313 | ) | $ | (942 | ) | $ | 3,007 | $ | (4,426 | ) | $ | 3,852 | |||||||
Share-based compensation - COGS
|
49 | 37 | 11 | 98 | 34 | |||||||||||||||
Share-based compensation - R&D
|
349 | 228 | 193 | 719 | 588 | |||||||||||||||
Share-based compensation - SG&A
|
516 | 429 | 239 | 1,189 | 895 | |||||||||||||||
Acquisition and restructuring related costs
|
2,830 | 2,350 | (166 | ) | 5,179 | 52 | ||||||||||||||
Amortization of purchased intangible assets
|
64 | 78 | 382 | 223 | 1,145 | |||||||||||||||
Impairment of assets
|
- | - | 208 | - | 838 | |||||||||||||||
Non-GAAP Operating Income (Loss)
|
$ | 1,495 | $ | 2,180 | $ | 3,874 | $ | 2,982 | $ | 7,404 | ||||||||||
Operating Expense From Continuing Operations Reconciliation
|
||||||||||||||||||||
GAAP Operating Expenses
|
$ | 18,371 | $ | 16,009 | $ | 14,176 | $ | 49,528 | $ | 45,366 | ||||||||||
Share-based compensation - R&D
|
(349 | ) | (228 | ) | (193 | ) | (719 | ) | (588 | ) | ||||||||||
Share-based compensation - SG&A
|
(516 | ) | (429 | ) | (239 | ) | (1,189 | ) | (895 | ) | ||||||||||
Acquisition and restructuring related costs
|
(2,830 | ) | (2,350 | ) | 166 | (5,179 | ) | (52 | ) | |||||||||||
Amortization of purchased intangible assets
|
(64 | ) | (78 | ) | (382 | ) | (223 | ) | (1,145 | ) | ||||||||||
Impairment of assets
|
- | - | (208 | ) | - | (838 | ) | |||||||||||||
Non-GAAP Operating Expenses
|
$ | 14,612 | $ | 12,924 | $ | 13,320 | $ | 42,218 | $ | 41,848 |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||||||
September 30
|
June 30
|
September 30
|
September 30
|
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2012
|
2012
|
2011
|
2012
|
2011
|
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Net Revenues by Geography
|
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Americas
|
18 | % | 16 | % | 17 | % | 16 | % | 17 | % | ||||||||||
Asia Pacific
|
72 | % | 73 | % | 73 | % | 71 | % | 70 | % | ||||||||||
Europe
|
10 | % | 11 | % | 10 | % | 13 | % | 13 | % |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||||||
September 30
|
June 30
|
September 30
|
September 30
|
|||||||||||||||||
2012
|
2012
|
2011
|
2012
|
2011
|
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Net Revenues by Type
|
||||||||||||||||||||
PCI Express Revenue
|
65 | % | 67 | % | 55 | % | 66 | % | 55 | % | ||||||||||
Connectivity Revenue
|
35 | % | 33 | % | 45 | % | 34 | % | 45 | % | ||||||||||