- Third quarter revenue of $60.0
million
- GAAP third quarter diluted income
per share of $0.12
- Non-GAAP third quarter diluted
income per share of $0.17
Peregrine Semiconductor
Corporation (Peregrine Semiconductor) (NASDAQ: PSMI), a
fabless provider of high-performance radio frequency integrated
circuits (RFICs), today announced its third quarter 2013 fiscal
year financial results.
Third quarter 2013 revenue was $60.0 million, compared with
$60.6 million for the same period in 2012.
As reported under U.S. generally accepted accounting principles
(GAAP), third quarter 2013 net income was $4.4 million, compared
with a GAAP net income of $4.7 million in the same period in 2012.
Diluted net income per share was $0.12 for the third quarter of
2013 compared to a diluted net income per share of $0.10 for the
same period in 2012.
Non-GAAP net income for the third quarter of 2013 was $6.2
million, or $0.17 per diluted share based on weighted average
shares outstanding of 35.8 million. This compares with non-GAAP net
income of $5.9 million or $0.17 per diluted share based on weighted
average shares outstanding of 33.7 million for the same period in
2012.
Gross margin on a GAAP basis for the third quarter of 2013 was
42.1% of revenue, compared to 41.3% of revenue for the same period
in 2012. Gross margin on a non-GAAP basis for the third quarter of
2013 was 42.5% of revenue, compared to 41.5% of revenue for the
same period in 2012.
“We reported a solid third quarter as we continue to execute our
long-term strategic R&D roadmap. This week we will achieve a
key milestone with the launch of UltraCMOS 10, the latest advance
of our technology platform, moving us to the 130nm technology node
and 200mm wafers. This was achieved through our new development and
foundry partnership with GLOBALFOUNDRIES,” commented Jim Cable,
President and Chief Executive Officer. “The wireless operators
continue to increase the radio requirements to support LTE and
LTE-Advanced networks, and this industry trend favors Peregrine as
we are able to provide the truly differentiated performance needed
for the carrier aggregation elements of LTE-Advanced. Despite the
impact of near-term shifts in smartphone market seasonality, we are
advancing our capabilities and building a technology platform with
significant strategic value, and I believe the full value of our
expertise will become apparent with time."
Business Outlook
For the fourth quarter of 2013, the company expects revenue to
be in the range of $43 million to $47 million. Fourth quarter GAAP
gross margin is expected to be in the range of 40% to 42%.
Quarterly Conference Call Today
Jim Cable, President and Chief Executive Officer, and Jay
Biskupski, Chief Financial Officer, will host a third quarter 2013
financial results conference call today at 1:30 pm (Pacific) / 4:30
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 77223971. 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 per share information for
the three and nine months ended September 28, 2013, 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 our Form 10-K for the year ended December 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, automotive, broadband, industrial, mobile
wireless device, test and measurement equipment, and wireless
infrastructure markets. Additional information is available on our
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.
Peregrine Semiconductor Corporation
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(in thousands, except per share
data)
(unaudited)
Three Months Ended
Nine Months Ended September 28, 2013
September 29, 2012 September 28, 2013
September 29, 2012 Net revenue $ 60,002 $
60,575 $ 158,992 $ 140,909 Cost of net revenue 34,749 35,560
93,203 88,418 Gross profit 25,253 25,015
65,789 52,491 Operating expense: Research and development 10,777
9,355 31,417 23,518 Selling, general and administrative 10,210
10,990 31,487 26,183 Total
operating expense 20,987 20,345 62,904 49,701
Income from operations 4,266 4,670 2,885 2,790 Interest
expense, net (27 ) (213 ) (165 ) (1,247 ) Other income (expense),
net 99 (52 ) 50 (132 ) Income before income taxes
4,338 4,405 2,770 1,411 Income tax benefit (95 ) (308 ) (7 )
(234 ) Net income 4,433 4,713 2,777 1,645 Net income allocable to
preferred stockholders — (2,279 ) — (1,362 ) Net
income attributable to common stockholders $ 4,433 $ 2,434
$ 2,777 $ 283 Net income per share Basic $
0.14 $ 0.12 $ 0.09 $ 0.03 Diluted* $
0.12 $ 0.10 $ 0.08 $ 0.02 Shares used
to compute net income per share Basic 32,394 19,748
32,163 8,442 Diluted 35,804 24,351
35,738 12,692
* Diluted net income per share attributable to common
stockholders is computed by dividing net income attributable to
common stockholders, calculated as net income 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.
Peregrine Semiconductor Corporation
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousands)
(unaudited)
September 28, December 29, 2013
2012 Assets Current assets: Cash and cash equivalents
$ 17,206 $ 44,106 Short-term marketable securities 23,213 30,361
Accounts receivable, net 18,322 13,353 Inventories 52,311 57,017
Prepaids and other current assets 7,955 11,108 Total
current assets 119,007 155,945 Property and equipment, net 23,358
22,871 Long-term marketable securities 22,664 18,892 Other assets
211 210 Total assets $ 165,240 $ 197,918
Liabilities and stockholders’ equity Current
liabilities: Accounts payable $ 12,465 $ 22,306 Accrued liabilities
9,151 12,672 Accrued compensation 3,664 5,726 Customer deposits
4,954 24,425 Deferred revenue 5,627 12,755 Current portion of
obligations under capital leases 10 11 Total current
liabilities 35,871 77,895 Obligations under capital leases, less
current portion 18 18 Other long-term liabilities 826 886
Stockholders’ equity: Common stock 33 32 Additional paid-in capital
346,837 340,221 Accumulated deficit (218,158 ) (220,935 )
Accumulated other comprehensive loss (187 ) (199 ) Total
stockholders’ equity 128,525 119,119 Total
liabilities and stockholders’ equity $ 165,240 $ 197,918
Peregrine Semiconductor Corporation
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
(in thousands)
(unaudited)
Nine Months Ended September 28,
September 29, 2013 2012 Operating
activities Net income $ 2,777 $ 1,645 Adjustments to reconcile
net income to net cash provided by (used in) operating activities:
Depreciation and amortization 4,825 3,132 Stock-based compensation
4,854 3,116 Revaluation of warrants to fair value — 633 Imputed
interest related to deposit arrangements, net (307 ) 273
Amortization of premium and discount on investments, net 293 48
Cash received for lease incentives 135 — Changes in operating
assets and liabilities: Accounts receivable (4,956 ) (8,727 )
Inventories 4,717 (26,709 ) Prepaids and other current and
noncurrent assets 3,676 (6,354 ) Accounts payable and accrued
liabilities (16,144 ) 21,606 Customer deposits (11,425 ) 29,791
Deferred revenue (6,787 ) 7,122 Net cash provided by (used
in) operating activities (18,342 ) 25,576
Investing
activities Purchases of property and equipment (5,304 ) (13,157
) Purchase of marketable securities (28,552 ) (48,462 ) Sale of
marketable securities 31,607 — Net cash used in
investing activities (2,249 ) (61,619 )
Financing activities
Proceeds from customer deposit financing arrangement — 13,000
Payments on customer deposit financing arrangement (8,046 ) —
Proceeds from line of credit — 3,000 Payments on line of credit —
(10,749 ) Payments on obligations under capital leases (7 ) (661 )
Payments on notes payable — (1,618 ) Proceeds from exercise of
stock options 1,759 369 Proceeds from exercise of warrants — 31
Proceeds from initial public offering, net of offering cost —
80,278 Costs paid in connection with initial public offering —
(1,707 ) Net cash provided by (used in) financing activities
(6,294 ) 81,943 Effect of exchange rate changes on cash and cash
equivalents (15 ) (12 ) Net change in cash and cash equivalents
(26,900 ) 45,888 Cash and cash equivalents at beginning of period
44,106 12,119 Cash and cash equivalents at end of
period $ 17,206 $ 58,007
Peregrine
Semiconductor Corporation
RECONCILIATION OF GAAP TO NON-GAAP
RESULTS
(in thousands, except per share
data)
(unaudited)
Three Months Ended Nine Months
Ended September 28, 2013
September 29, 2012 September 28,
2013 September 29, 2012 Gross
profit - GAAP $ 25,253 42.1 % $ 25,015
41.3 % $ 65,789 41.4 % $ 52,491 37.3 %
Non-cash compensation expense (1) 238 0.4 133
0.2 652 0.4 404 0.2 Gross profit
- Non-GAAP $ 25,491 42.5 % $ 25,148 41.5 % $ 66,441
41.8 % $ 52,895 37.5 % Income from operations - GAAP
$ 4,266 7.1 % $ 4,670 7.7 % $ 2,885 1.8 % $ 2,790 2.0 % Non-cash
compensation expense (1) 1,728 2.9 1,152 1.9
4,854 3.1 3,116 2.2 Income from
operations - Non-GAAP $ 5,994 10.0 % $ 5,822 9.6 % $
7,739 4.9 % $ 5,906 4.2 % Net income - GAAP $ 4,433
7.4 % $ 4,713 7.8 % $ 2,777 1.7 % $ 1,645 1.2 % Non-cash
compensation expense (1) 1,728 2.9 1,152
1.9 4,854 3.1 3,116
2.2 Net income - Non-GAAP $ 6,161 10.3 % $
5,865 9.7 % $ 7,631 4.8 % $ 4,761 3.4 %
Diluted net income per share attributable to common stockholders -
GAAP $ 0.12 $ 0.10 $ 0.08 $ 0.02 Adjustment to reflect conversion
of preferred stock at the beginning of period — 0.04 — 0.03
Non-cash compensation expense 0.05 0.03 0.13
0.10 Diluted net income per share - Non-GAAP $ 0.17 $
0.17 $ 0.21 $ 0.15 Net income attributable to
common stockholders - GAAP $ 4,433 $ 2,434 $ 2,777
$ 283 Net income - Non-GAAP $ 6,161 $ 5,865
$ 7,631 $ 4,761 Shares used to compute diluted
net income per share attributable to common stockholders - GAAP
35,804 24,351 35,738 12,692 Adjustment to reflect conversion of
preferred stock at the beginning of period — 9,347 —
18,039 Shares used to compute diluted net income per
share - Non-GAAP 35,804 33,698 35,738 30,731
(1) Includes stock-based compensation as follows:
Three Months Ended Nine Months Ended
September 28, 2013 September 29,
2012 September 28, 2013
September 29, 2012 Cost of net revenue $ 238 $ 133 $
652 $ 404 Research and development 537 368 1,534 935 Selling,
general and administrative 953 651 2,668 1,777
Total $ 1,728 $ 1,152 $ 4,854 $ 3,116
Peregrine Semiconductor CorporationJonathan Goldberg,
Senior Director of Corporate Development858-795-0161ir@psemi.comorInvestor Relations
Contact:The Blueshirt GroupSuzanne Schmidt or Melanie
Solomon415-217-4962; 415-217-4964Suzanne@blueshirtgroup.comMelanie@blueshirtgroup.com
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