Peregrine Semiconductor Corporation (Peregrine
Semiconductor) (NASDAQ: PSMI), a fabless provider of
high-performance radio frequency integrated circuits (RFICs), today
announced its third quarter 2012 financial results.
Revenue for the third quarter of 2012 was $60.6 million,
compared with $26.5 million for the same period in 2011. As
reported under U.S. generally accepted accounting principles
(GAAP), third quarter 2012 net income was $4.7 million, compared
with a GAAP net loss of $4.7 million in the same period in 2011.
Diluted net income per share attributable to common stockholders*
for the third quarter of 2012 was $0.10 per share compared to a net
loss per share of $1.72 for the same period in 2011.
Non-GAAP net income for the third quarter of 2012 was $5.9
million, or $0.17 per diluted share** based on weighted average
shares outstanding of 33.7 million giving effect to the conversion
of the preferred stock at the beginning of the quarter. This
compares with non-GAAP net loss of $4.0 million or $0.16 per
diluted share based on weighted average shares outstanding of 25.1
million for the same period in 2011.
Gross margin on a GAAP basis for the third quarter of 2012 was
41.3% of revenue, compared to 26.9% of revenue for the same period
in 2011. Gross margin on a non-GAAP basis for the third quarter of
2012 was 41.5% of revenue, compared to 27.2% of revenue for the
same period in 2011.
“In our first quarter as a public company, we achieved
significant revenue growth due to strong demand for our radio
frequency integrated circuits that are designed into the latest and
most popular smartphones,” commented Jim Cable, Chief Executive
Officer. “Our products deliver an industry leading combination of
performance and monolithic integration, and we believe we are
well-positioned for future growth in both our mobile wireless and
high performance solutions business units.”
*Diluted net income (loss) per share attributable to common
stockholders is computed by dividing net income (loss) attributable
to common stockholders, calculated as net income (loss) less income
allocable to preferred stockholders for the period prior to their
conversion upon our initial public offering, by the weighted
average number of common shares outstanding, including unvested
shares subject to repurchase, and potential dilutive securities
assuming the dilutive effect of outstanding stock options and
warrants using the treasury stock method.
**Non-GAAP diluted net income (loss) per share was computed to
give effect to the conversion of our preferred stock using the
as-if converted method into common shares as if the conversion had
occurred as of the beginning of each period presented.
Business Outlook
For the fourth quarter of 2012, the company expects revenue to
be in the range of $60 million to $63 million. Fourth quarter GAAP
gross margin is expected to be in the range of 43.0% to 44.5%.
Quarterly Conference Call Today
Jim Cable, President and Chief Executive Officer, and Jay
Biskupski, Chief Financial Officer, will host a third quarter 2012
financial results conference call today at 2:00 pm (Pacific) / 5:00
pm (Eastern). Attendees are asked to join the conference call at
least ten minutes prior to the scheduled conference call time. The
call may be accessed by dialing 1-877-303-8027 (toll free) or
1-760-536-5165 (international). The passcode is 38937402. A live
and archived webcast of the call will be available on Peregrine's
website at http://investors.psemi.com/ for one week following the
live call.
Use of GAAP and Non-GAAP Financial Measures
Peregrine Semiconductor prepares its financial statements in
accordance with generally accepted accounting principles
for the United States (GAAP). The non-GAAP financial
measures such as gross margin, net income and loss per share
information for the three and nine months ended September 29,
2012, and similar periods from the prior year included in this
press release are different from those otherwise presented under
GAAP. The non-GAAP financial measures exclude non-cash compensation
expense for stock options. When evaluating the performance of our
business and developing short and long-term plans, we do not
consider share-based compensation charges. Although share-based
compensation is necessary to attract and retain quality employees,
our consideration of share-based compensation places its primary
emphasis on overall shareholder dilution rather than the accounting
charges associated with such grants. Because of the varying
availability of valuation methodologies and subjective assumptions,
we believe that the exclusion of share-based compensation allows
for more accurate comparison of our financial results to previous
periods. In addition, we believe it useful to investors to
understand the specific impact of the application of the fair value
method of accounting for share-based compensation on our operating
results. The presentation of these financial measures is not
intended to be considered in isolation or as a substitute for, or
superior to, financial information prepared and presented in
accordance with GAAP. We believe these non-GAAP financial measures
provide investors with useful supplemental information about the
financial performance of our business, enable comparison of
financial results between periods where certain items may vary
independent of business performance, and allow for greater
transparency with respect to key metrics used by management in
operating our business. However, investors are cautioned that there
are material limitations associated with the use of non-GAAP
financial measures as an analytical tool. These measures may be
different from non-GAAP financial measures used by other companies,
limiting their usefulness for comparison purposes.
For more information on our non-GAAP financial measures and a
reconciliation of such measures to the nearest GAAP measure, please
see the “Condensed Consolidated Reconciliation of GAAP to Non-GAAP
Results” table in this press release.
Use of Forward-Looking Statements
This press release contains forward-looking statements regarding
our management's future expectations, beliefs, intentions, goals,
strategies, plans and prospects. Such statements constitute
“forward-looking” statements which are subject to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
The achievement of the matters covered by such forward-looking
statements involves risks, uncertainties and assumptions. If any of
these risks or uncertainties materialize or if any of the
assumptions prove incorrect, our actual results, performance or
achievements could be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements. Such risks and uncertainties include,
but are not limited to, our dependence on a limited number of
customers for a substantial portion of our revenues; intellectual
property risks; intense competition in our industry; our ability to
develop and introduce new and enhanced products on a timely basis
and achieve market acceptance of those products; consumer
acceptance of our customers’ products that incorporate our
solutions; our lack of long-term supply contracts and dependence on
limited sources of supply; and potential decreases in average
selling prices for our products.
For further information regarding risks and uncertainties
associated with Peregrine’s business, please refer to the filings
that we make with the Securities and Exchange Commission from time
to time, including those set forth in the section entitled “Risk
Factors” in the company's Prospectus filed on August 8, 2012 and
additional information that will be set forth in our Form 10-Q that
will be filed for the quarter ended September 29, 2012, which
should be read in conjunction with these financial results. These
documents are available on the SEC Filings section of the Investor
Relations section of our website at http://investors.psemi.com/.
Please also note that forward-looking statements represent our
management's beliefs and assumptions only as of the date of this
press release. Except as required by law, we assume no obligation
to update these forward-looking statements publicly, or to update
the reasons actual results could differ materially from those
anticipated in the forward-looking statements, even if new
information, becomes available in the future.
About Peregrine Semiconductor
Peregrine Semiconductor (NASDAQ: PSMI) is a fabless provider of
high-performance radio frequency integrated circuits (RFICs). Our
solutions leverage our proprietary
UltraCMOS® technology, an advanced
RF Silicon-On-Insulator process. Our products deliver what we
believe is an industry-leading combination of performance and
monolithic integration, and target a broad range of applications in
the aerospace and defense, broadband, industrial, mobile wireless
device, test and measurement equipment, and wireless infrastructure
markets. Additional information is available on the Company’s
website at http://www.psemi.com.
The Peregrine Semiconductor name, logo and
UltraCMOS are registered trademarks, and DuNE, and HaRP are
trademarks of Peregrine Semiconductor Corporation in the U.S.A.,
and other countries. All other trademarks are the property of their
respective owners.
(Tables Follow)
Peregrine Semiconductor Corporation CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except
per share data) (unaudited)
Three Months Ended Nine Months Ended September
29, September 24, September 29, September
24, 2012 2011 2012 2011 Net
revenue $ 60,575 $ 26,495 $ 140,909 $ 72,224 Cost of net revenue
35,560 19,370 88,418
46,090 Gross profit 25,015 7,125
52,491 26,134 Operating expense: Research and development 9,355
6,044 23,518 16,292 Selling, general and administrative
10,990 5,733 26,183
16,545 Total operating expense
20,345 11,777 49,701
32,837 Income (loss) from operations
4,670 (4,652 ) 2,790 (6,703 ) Interest income (expense), net (213 )
73 (1,247 ) (107 ) Other income (expense), net (52 )
(27 ) (132 ) 34 Income
(loss) before income taxes 4,405 (4,606 ) 1,411 (6,776 ) Provision
(benefit) for income taxes (308 ) 69
(234 ) 194 Net income (loss)
4,713 (4,675 ) 1,645 (6,970 ) Net income allocable to preferred
stockholders (2,279 ) - (1,362 )
- Net income (loss) attributable to
common stockholders $ 2,434 $ (4,675 ) $ 283
$ (6,970 ) Net income (loss) per share: Basic $ 0.12
$ (1.72 ) $ 0.03 $ (2.58 ) Diluted $
0.10 $ (1.72 ) $ 0.02 $ (2.58 )
Shares used to compute net income (loss) per share: Basic
19,748 2,725 8,442
2,704 Diluted 24,351
2,725 12,692 2,704
Peregrine Semiconductor Corporation CONDENSED
CONSOLIDATED BALANCE SHEETS (in thousands)
(unaudited) September 29, December
31, 2012 2011
Assets Current assets: Cash and cash equivalents $ 58,007 $
12,119 Short-term marketable securities 28,097 - Accounts
receivable, net 21,806 13,082 Inventories 56,526 29,822 Prepaids
and other current assets 7,998 2,644
Total current assets 172,434 57,667 Property and equipment,
net 20,299 10,272 Long-term marketable securities 20,152 - Other
assets 1,110 2,919 Total assets $ 213,995 $
70,858
Liabilities and stockholders’ equity
(deficit) Current liabilities: Accounts payable $ 30,109 $
9,390 Accrued liabilities 11,436 11,477 Accrued compensation 4,387
3,458 Customer deposits 41,791 - Deferred net revenue 12,800 5,298
Line of credit - 7,749 Current portion of notes payable - 861
Current portion of obligations under capital leases 12
520 Total current liabilities 100,535
38,753 Obligations under capital leases, less current
portion 22 189 Notes payable, less current portion - 757 Other
long-term liabilities 1,303 1,329 Convertible preferred
stock - 172,430 Stockholders’ equity (deficit): Preferred stock - -
Common stock 32 3 Additional paid-in capital 338,920 85,828
Accumulated deficit (226,562 ) (228,207 ) Accumulated other
comprehensive loss (255 ) (224 ) Total stockholders’
equity (deficit) 112,135 (142,600 ) Total
liabilities and stockholders’ equity (deficit) $ 213,995 $
70,858
Peregrine Semiconductor Corporation
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in
thousands) (unaudited) Nine Months
Ended September 29, September 24,
2012 2011 Operating
activities Net income (loss) $ 1,645 $ (6,970 )
Adjustments to reconcile net income (loss)
to net cash provided by operating activities:
Depreciation and amortization 3,132 2,991
Loss on disposal of property and
equipment
11 8 Stock-based compensation 3,116 2,159 Revaluation of warrants
to fair value 633 (147 ) Imputed interest related to customer
deposit financing arrangements 273 - Amortization of premium and
discount on investments, net 48 - Cash received for lease incentive
- 348 Changes in operating assets and liabilities: Accounts
receivable (8,727 ) (2,158 ) Inventories (26,709 ) (4,054 )
Prepaids and other current and noncurrent assets (6,354 ) (2,811 )
Accounts payable and accrued liabilities 21,606 9,944 Customer
deposits 29,791 - Deferred revenue 7,122 4,536
Net cash provided by operating activities 25,587
3,846
Investing activities Purchase of property and
equipment (13,168 ) (2,547 ) Proceeds from sale of equipment - 24
Purchases of marketable securities (48,462 ) -
Net cash used in investing activities (61,630 ) (2,523 )
Financing activities Payments on obligations under
capital leases (661 ) (531 ) Payments on notes payable (1,618 )
(611 ) Proceeds from line of credit 3,000 1,000 Payments on line of
credit (10,749 ) - Proceeds from exercise of stock options 369 126
Proceeds from exercise of warrants 31 - Proceeds from customer
deposit financing arrangement 13,000 -
Proceeds from initial public offering, net
of offering cost
80,278 - Costs paid in connection with initial public offering
(1,707 ) (1,599 ) Net cash provided by (used
in) financing activities 81,943 (1,615 ) Effect of exchange
rate changes on cash and cash equivalents (12 ) 41
Net change in cash and cash equivalents 45,888 (251 )
Cash and cash equivalents at beginning of period 12,119 15,226
Cash and cash equivalents at end of period $ 58,007
$ 14,975
Peregrine Semiconductor
Corporation RECONCILIATION OF GAAP TO NON-GAAP RESULTS
(in thousands, except per share data) (unaudited)
Three
Months Ended Nine Months Ended September 29,
September 24, September 29, September 24,
2012 2011 2012 2011
Gross profit - GAAP $ 25,015 41 % $ 7,125 27 % $ 52,491 37 %
$ 26,134 36 % Non-cash compensation expense 133 1
94 0 404 1
302 1 Gross profit
- Non-GAAP $ 25,148 42 % $ 7,219 27 % $
52,895 38 % $ 26,436 37 % Income
(loss) from operations - GAAP $ 4,670 8 % $ (4,652 ) (18 %) $ 2,790
2 % $ (6,703 ) (9 %) Non-cash compensation expense 1,152
2 676 3
3,116 2 2,159 3
Income (loss) from operations - Non-GAAP $ 5,822 10 %
$ (3,976 ) (15 %) $ 5,906 4 % $ (4,544
) (6 %) Net income (loss) - GAAP $ 4,713 8 % $ (4,675
) (18 %) $ 1,645 1 % $ (6,970 ) (10 %) Non-cash compensation
expense 1,152 2 676
3 3,116 2 2,159
3 Net income (loss) - Non-GAAP $ 5,865
10 % $ (3,999 ) (15 %) $ 4,761 3 %
$ (4,811 ) (7 %) Diluted net income (loss) per
share attributable to common stockholders - GAAP $ 0.10 $ (1.72 ) $
0.02 $ (2.58 ) Adjustment to reflect conversion of preferred stock
at the beginning of period 0.04 1.53 0.03 2.30 Non-cash
compensation expense 0.03 0.03 0.10
0.09 Diluted net income (loss) per share -
Non-GAAP $ 0.17 $ (0.16 ) $ 0.15 $ (0.19 ) Net income (loss)
attributable to common stockholders - GAAP $ 2,434 $ (4,675 ) $ 283
$ (6,970 ) Net income (loss) - Non-GAAP $ 5,865 $ (3,999 ) $ 4,761
$ (4,811 ) Shares used to compute diluted net income (loss)
per share attributable to common stockholders - GAAP 24,351 2,725
12,692 2,704 Adjustment to reflect conversion of preferred stock at
the beginning of period 9,347 22,365
18,039 22,365 Shares used to compute diluted
net income (loss) per share - Non-GAAP 33,698 25,090
30,731 25,069
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