- First quarter revenue of $41.3
million
- GAAP first quarter diluted net loss
per share of $0.30
- Non-GAAP first quarter diluted net
loss per share of $0.24
Peregrine Semiconductor Corporation (Peregrine Semiconductor)
(NASDAQ: PSMI), founder of RF SOI (silicon on insulator) and
pioneer of advanced RF solutions, today announced its first
quarter 2014 financial results.
First quarter 2014 revenue was $41.3 million, compared with
$46.6 million for the same period in 2013.
As reported under U.S. generally accepted accounting principles
(GAAP), first quarter 2014 net loss was $10.0 million, compared
with a GAAP net loss of $1.2 million in the same period in 2013.
Diluted net loss per share was $0.30 for the first quarter of 2014
compared to a net loss per share of $0.04 for the same period in
2013.
Non-GAAP net loss for the first quarter of 2014 was $7.9
million, or $0.24 per diluted share based on weighted average
shares outstanding of 32.9 million. This compares with non-GAAP net
income of $0.3 million or $0.01 per diluted share based on weighted
average shares outstanding of 35.7 million for the same period in
2013.
Gross margin on a GAAP basis for the first quarter of 2014 was
35.7% of revenue, compared to 42.5% of revenue for the same period
in 2013. Gross margin on a non-GAAP basis for the first quarter of
2014 was 36.3% of revenue, compared to 42.9% of revenue for the
same period in 2013.
Operating expenses for the first quarter of 2014 were $24.7
million on a GAAP basis and $22.9 million on a non-GAAP basis,
compared to $20.9 million on a GAAP basis and $19.6 million on a
non-GAAP basis for the first quarter of 2013. For the first quarter
of 2014 both GAAP and non-GAAP operating expenses included
restructuring costs of $2.0 million, and $3.5 million in legal
costs related to our litigation action against RFMD and export
compliance investigation versus $0.9 million in the first quarter
of 2013.
“We reported better than expected revenue in the quarter driven
by healthy customer activity across our product portfolio. The
public unveiling of Global One at Mobile World Congress has
reinforced Peregrine’s reputation as the leading innovator in the
RF industry, driving a high level of customer and partner
interest,” commented Jim Cable, President and Chief Executive
Officer.
Business Outlook
For the second quarter of 2014, the company expects revenue to
be in the range of $42 million to $46 million. Second quarter GAAP
gross margin is expected to be in the range of 36% to 39%.
Quarterly Conference Call Today
Jim Cable, President and Chief Executive Officer, and Jay
Biskupski, Chief Financial Officer, will host a first quarter 2014
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 24683373. 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 months ended March 29, 2014, 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 28, 2013,
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), founder of RF SOI
(silicon on insulator), is a leading fabless provider of
high-performance, integrated RF solutions. Since 1988 Peregrine and
its founding team have been perfecting UltraCMOS® technology - a
patented, advanced form of SOI - to deliver the performance edge
needed to solve the RF market's biggest challenges, such as
linearity. With products that deliver best-in-class performance and
monolithic integration, Peregrine is the trusted choice for market
leaders in automotive, broadband, industrial, Internet of Things,
military, mobile devices, smartphones, space, test-and-measurement
equipment and wireless infrastructure. Peregrine holds more than
180 filed and pending patents and has shipped over 2 billion
UltraCMOS units. For more information, visit
http://www.psemi.com.
The Peregrine Semiconductor name, logo, and
UltraCMOS are registered trademarks of Peregrine Semiconductor
Corporation in the U.S.A., and other countries.
(Tables Follow)
Peregrine Semiconductor Corporation CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except
per share data) (unaudited) Three Months
Ended March 29, 2014 March 30,
2013 Net revenue $ 41,317 $ 46,625 Cost of net revenue
26,575 26,808 Gross profit 14,742 19,817 Operating
expense: Research and development 11,384 10,164 Selling, general
and administrative 13,361 10,720 Total operating
expense 24,745 20,884 Loss from operations (10,003 )
(1,067 ) Interest income (expense), net 35 (79 ) Other income
(expense), net 19 (34 ) Loss before income taxes (9,949 )
(1,180 ) Provision for income taxes 44 28 Net loss $
(9,993 ) $ (1,208 ) Basic and diluted net loss per share: $
(0.30 ) $ (0.04 ) Shares used to compute basic and diluted
net loss per share: 32,937 31,925
Peregrine Semiconductor Corporation CONDENSED
CONSOLIDATED BALANCE SHEETS (in thousands)
(unaudited) March 29, December
28, 2014 2013 Assets Current
assets: Cash and cash equivalents $ 12,385 $ 16,249 Short-term
marketable securities 25,963 28,035 Accounts receivable, net 17,761
16,905 Inventories 44,928 53,489 Prepaids and other current assets
7,181 4,085 Total current assets 108,218 118,763
Property and equipment, net 21,480 23,122 Long-term marketable
securities 20,591 18,888 Other assets 100 102 Total
assets $ 150,389 $ 160,875
Liabilities and
stockholders’ equity Current liabilities: Accounts payable $
11,838 $ 12,983 Accrued liabilities 9,934 11,829 Accrued
compensation 3,603 4,542 Customer deposits 916 916 Deferred revenue
7,106 6,131 Total current liabilities 33,397 36,401
Other long-term liabilities 828 943 Stockholders’ equity:
Common stock 33 33 Additional paid-in capital 351,313 348,684
Accumulated deficit (234,979 ) (224,986 ) Accumulated other
comprehensive loss (203 ) (200 ) Total stockholders’ equity 116,164
123,531 Total liabilities and stockholders’ equity $
150,389 $ 160,875
Peregrine
Semiconductor Corporation CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS (in thousands) (unaudited)
Three Months Ended March 29, March 30,
2014 2013 Operating activities
Net loss $ (9,993 ) $ (1,208 ) Adjustments to reconcile net loss to
net cash used in operating activities: Depreciation and
amortization 1,817 1,500 Loss on disposal of property and equipment
337 — Stock-based compensation 2,104 1,466 Imputed interest related
to deposit arrangements, net 41 19 Amortization of premium and
discount on investments, net 80 106 Changes in operating assets and
liabilities: Accounts receivable (767 ) (839 ) Inventories 8,570
(3,399 ) Prepaids and other current and noncurrent assets (3,188 )
5,272 Accounts payable and accrued liabilities (3,988 ) (15,613 )
Customer deposits — (9,093 ) Deferred revenue 974 (5,207 )
Net cash used in operating activities (4,013 ) (26,996 )
Investing activities Purchase of property and equipment (628
) (1,866 ) Purchase of marketable securities (11,222 ) (8,882 )
Sale of marketable securities 11,500 10,340 Net cash
used in investing activities (350 ) (408 )
Financing
activities Payments on customer deposit financing arrangement —
(2,787 ) Proceeds from exercise of stock options 525 261
Net cash provided by (used in) financing activities 525
(2,526 ) Effect of exchange rate changes on cash and cash
equivalents (26 ) (9 ) Net change in cash and cash equivalents
(3,864 ) (29,939 ) Cash and cash equivalents at beginning of period
16,249 44,106 Cash and cash equivalents at end of
period $ 12,385 $ 14,167
Peregrine
Semiconductor Corporation RECONCILIATION OF GAAP TO NON-GAAP
RESULTS (in thousands, except per share data)
(unaudited) Three Months Ended March
29, 2014 March 30, 2013
Gross profit - GAAP $ 14,742 35.7 % $ 19,817 42.5 % Non-cash
compensation expense (1) 258 0.6 143 0.4
Gross profit - Non-GAAP $ 15,000 36.3 % $ 19,960
42.9 % Loss from operations - GAAP $ (10,003 ) (24.2
%) $ (1,067 ) (2.3 %) Non-cash compensation expense (1) 2,104
5.1 1,466 3.2 Income (loss) from
operations - Non-GAAP $ (7,899 ) (19.1 %) $ 399 0.9 %
Net loss - GAAP $ (9,993 ) (24.2 %) $ (1,208 ) (2.6 %) Non-cash
compensation expense (1) 2,104 5.1 1,466
3.2 Net income (loss) - Non-GAAP $ (7,889 ) (19.1 %)
$ 258 0.6 % Diluted net loss per share - GAAP $ (0.30
) $ (0.04 ) Non-cash compensation expense 0.06 0.05
Diluted net income (loss) per share - Non-GAAP $ (0.24 ) $ 0.01
Shares used to compute diluted net loss per share -
GAAP 32,937 31,925 Dilutive effect of stock options and warrants —
3,810 Shares used to compute diluted net income (loss) per share -
Non-GAAP 32,937 35,735 (1) Includes
stock-based compensation as follows:
Three Months Ended
March 29, 2014 March 30, 2013 Cost of
net revenue $ 258 $ 196 Research and development 736 517 Selling,
general and administrative 1,110 753 Total $ 2,104
$ 1,466
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
(MM) (NASDAQ:PSMI)
Graphique Historique de l'Action
De Juil 2024 à Juil 2024
(MM) (NASDAQ:PSMI)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024