Peregrine Semiconductor Corporation (Peregrine
Semiconductor) (NASDAQ: PSMI), a fabless provider of
high-performance radio frequency integrated circuits (RFICs), today
announced its second quarter 2013 fiscal year financial
results.
Second quarter 2013 revenue was $52.4 million, compared with
$43.6 million for the same period in 2012.
As reported under U.S. generally accepted accounting principles
(GAAP), second quarter 2013 net loss was $448,000, compared with a
GAAP net loss of $26,000 in the same period in 2012. Diluted net
loss per share was $0.01 for the second quarter of 2013 and
2012.
Non-GAAP net income for the second quarter of 2013 was $1.2
million, or $0.03 per diluted share based on weighted average
shares outstanding of 35.7 million. This compares with non-GAAP net
income of $1.0 million or $0.03 per diluted share based on weighted
average shares outstanding of 29.5 million for the same period in
2012.
Gross margin on a GAAP basis for the second quarter of 2013 was
39.6% of revenue, compared to 37.2% of revenue for the same period
in 2012. Gross margin on a non-GAAP basis for the second quarter of
2013 was 40.0% of revenue, compared to 37.5% of revenue for the
same period in 2012.
“We continued to make great strides in the second quarter of
2013, further demonstrating our leadership position in
high-performance RF with new products such as our latest RF
switches, which enable carrier aggregation in the first handsets
launched on an LTE-Advanced network. We also believe the completion
of a multi-year sourcing agreement with Murata for RF switches
based on our proprietary UltraCMOS® technology validates the
importance of our intellectual property in the marketplace,”
commented Jim Cable, Chief Executive Officer. “We remain confident
in our future growth prospects and continue to expand our product
offerings in all areas of high-performance RF, including several
new developments announced at the International Microwave Symposium
in June that have applications beyond the handset in key markets
such as wireless infrastructure, defense, and test and measurement
equipment.”
Business Outlook
For the third quarter of 2013, the company expects revenue to be
in the range of $58 million to $62 million. Third quarter GAAP
gross margin is expected to be in the range of 42% to 44%.
Quarterly Conference Call Today
Jim Cable, President and Chief Executive Officer, and Jay
Biskupski, Chief Financial Officer, will host a second quarter 2013
financial results conference call today at 1:30 p.m. (Pacific) /
4:30 p.m. (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 14494609.
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 six months ended June 29, 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, 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 Six Months Ended June 29,
June 30, June 29, June 30,
2013 2012 2013 2012 Net revenue
$ 52,365 $ 43,639 $ 98,990 $ 80,334 Cost of net revenue
31,646 27,398 58,454
52,858 Gross profit 20,719 16,241 40,536 27,476 Operating
expense: Research and development 10,476 7,721 20,640 14,163
Selling, general and administrative 10,557
8,081 21,277 15,193 Total
operating expense 21,033 15,802
41,917 29,356 Income (loss) from operations
(314 ) 439 (1,381 ) (1,880 ) Interest expense, net (59 ) (354 )
(138 ) (1,034 ) Other expense, net (15 ) (86 )
(49 ) (80 ) Loss before income taxes (388 ) (1 ) (1,568 )
(2,994 ) Provision for income taxes 60 25
88 74 Net loss $ (448 ) $ (26 )
$ (1,656 ) $ (3,068 ) Basic and diluted net loss per share:
$ (0.01 ) $ (0.01 ) $ (0.05 ) $ (1.10 ) Shares used to
compute basic and diluted net loss per share: 32,171
2,814 32,048 2,790
Peregrine Semiconductor Corporation CONDENSED
CONSOLIDATED BALANCE SHEETS (in thousands)
(unaudited) June 29, December
29, 2013 2012 Assets Current
assets: Cash and cash equivalents $ 18,590 $ 44,106 Short-term
marketable securities 27,566 30,361 Accounts receivable, net 20,128
13,353 Inventories 60,209 57,017 Prepaids and other current assets
7,305 11,108 Total current assets
133,798 155,945 Property and equipment, net 23,678 22,871 Long-term
marketable securities 10,636 18,892 Other assets 208
210 Total assets $ 168,320 $ 197,918
Liabilities and stockholders’ equity (deficit)
Current liabilities: Accounts payable $ 15,897 $ 22,306 Accrued
liabilities 9,916 12,672 Accrued compensation 4,326 5,726 Customer
deposits 8,119 24,425 Deferred revenue 7,765 12,755 Current portion
of obligations under capital leases 9 11
Total current liabilities 46,032 77,895 Obligations under
capital leases, less current portion 21 18 Other long-term
liabilities 929 886 Stockholders’ equity: Common stock 32 32
Additional paid-in capital 344,085 340,221 Accumulated deficit
(222,591 ) (220,935 ) Accumulated other comprehensive loss
(188 ) (199 ) Total stockholders’ equity
121,338 119,119 Total liabilities and
stockholders’ equity $ 168,320 $ 197,918
Peregrine Semiconductor Corporation CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)
(unaudited) Six Months Ended June
29, June 30, 2013 2012 Operating
activities Net loss $ (1,656 ) $ (3,068 )
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation and amortization 3,104 1,949 Stock-based compensation
3,126 1,964 Revaluation of warrants to fair value - 633 Imputed
interest related to deposit arrangements, net (60 ) 144
Amortization of premium and discount on investments, net 210 - Cash
received for lease incentive 135 - Changes in operating assets and
liabilities: Accounts receivable (6,780 ) (5,048 ) Inventories
(3,191 ) (12,652 ) Prepaids and other current and noncurrent assets
4,236 (8,359 ) Accounts payable and accrued liabilities (11,107 )
15,928 Customer deposits (11,425 ) 31,058 Deferred revenue
(4,884 ) 385 Net cash provided by (used in) operating
activities (28,292 ) 22,934
Investing activities Purchase of
property and equipment (3,900 ) (6,126 ) Purchase of marketable
securities (8,882 ) - Sale of marketable securities 19,718
- Net cash provided by (used in) investing
activities 6,936 (6,126 )
Financing activities
Payments on obligations under capital leases (12 ) (261 ) Payments
on notes payable - (425 ) Proceeds from line of credit - 3,000
Payments on customer deposit financing arrangement (4,881 ) -
Proceeds from exercise of stock options 734 99 Proceeds from
customer deposit financing arrangement - 12,000 Costs paid in
connection with initial public offering - (425
) Net cash provided by (used in) financing activities (4,159 )
13,988 Effect of exchange rate changes on cash and cash equivalents
(1 ) 3 Net change in cash and cash equivalents
(25,516 ) 30,799 Cash and cash equivalents at beginning of period
44,106 12,119 Cash and cash equivalents
at end of period $ 18,590 $ 42,918
Peregrine Semiconductor Corporation RECONCILIATION OF
GAAP TO NON-GAAP RESULTS (in thousands, except per share
data) (unaudited) Three Months
Ended Six Months Ended June 29,
June 30, June 29, June 30, 2013
2012 2013 2012
Gross profit - GAAP $ 20,719 39.6 % $ 16,241 37.2 % $ 40,536
40.9 % $ 27,476 34.2 % Non-cash compensation expense (1) 218
0.4 128 0.3 414
0.5 271 0.3 Gross profit - Non-GAAP $
20,937 40.0 % $ 16,369 37.5 % $ 40,950 41.4 %
$ 27,747 34.5 % Income (loss) from operations - GAAP
$ (314 ) (0.6 %) $ 439 1.0 % $ (1,381 ) (1.4 %) $ (1,880 ) (2.3 %)
Non-cash compensation expense (1) 1,660 3.2
984 2.3 3,126 3.2
1,964 2.4 Income from operations - Non-GAAP $ 1,346
2.6 % $ 1,423 3.3 % $ 1,745 1.8 % $ 84
0.1 % Net loss - GAAP $ (448 ) (0.9 %) $ (26 ) (0.1 %) $
(1,656 ) (1.7 %) $ (3,068 ) (3.8 %) Non-cash compensation expense
(1) 1,660 3.2 984 2.3
3,126 3.2 1,964 2.4 Net
income (loss) - Non-GAAP $ 1,212 2.3 % $ 958 2.2 % $
1,470 1.5 % $ (1,104 ) (1.4 %) Diluted net loss per
share attributable to common stockholders - GAAP $ (0.01 ) $ (0.01
) $ (0.05 ) $ (1.10 ) Adjustment to reflect conversion of preferred
stock at the beginning of period - 0.01 - 0.98 Non-cash
compensation expense 0.04 0.03
0.09 0.08 Diluted net income (loss) per share
- Non-GAAP $ 0.03 $ 0.03 $ 0.04 $ (0.04 )
Net loss attributable to common stockholders - GAAP $ (448 )
$ (26 ) $ (1,656 ) $ (3,068 ) Net income (loss) - Non-GAAP $ 1,212
$ 958 $ 1,470 $ (1,104 ) Shares used to
compute diluted net loss per share attributable to common
stockholders - GAAP 32,171 2,814 32,048 2,790 Adjustment to reflect
conversion of preferred stock at the beginning of period - 22,365 -
22,367 Dilutive effect of stock options and warrants 3,514
4,317 3,659 -
Shares used to compute diluted net income (loss) per share -
Non-GAAP 35,685 29,496 35,707
25,157 (1) Includes stock-based
compensation as follows:
Three Months Ended Six
Months Ended June 29, June 30, June 29,
June 30, 2013 2012 2013
2012 Cost of net revenue $ 218 $ 128 $ 414 $ 271 Research
and development 480 299 997 567 Selling, general and administrative
962 557 1,715 1,126 Total $ 1,660
$ 984 $ 3,126 $ 1,964
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