Peregrine Semiconductor Corporation (Peregrine
Semiconductor) (NASDAQ: PSMI), a fabless provider of
high-performance radio frequency integrated circuits (RFICs), today
announced its fourth quarter and 2012 fiscal year financial
results.
Fourth quarter 2012 revenue was $63.0 million, compared with
$35.5 million for the same period in 2011. Revenue for fiscal year
2012 was $203.9 million, compared with $107.8 million for fiscal
year 2011.
As reported under U.S. generally accepted accounting principles
(GAAP), fourth quarter 2012 net income was $5.6 million, compared
with a GAAP net loss of $2.7 million in the same period in 2011.
Net income for fiscal year 2012 was $7.3 million, compared with a
GAAP net loss of $9.7 million for fiscal year 2011. Diluted net
income per share for the fourth quarter of 2012 was $0.15 per share
compared to a net loss per share of $0.99 for the same period in
2011. Diluted net income per share attributable to common
stockholders* for fiscal year 2012 was $0.15 per share compared to
a net loss per share of $3.57 for fiscal year 2011.
Non-GAAP net income for the fourth quarter of 2012 was $6.9
million, or $0.19 per diluted share based on weighted average
shares outstanding of 36.5 million. This compares with non-GAAP net
loss of $1.8 million or $0.07 per diluted share based on weighted
average shares outstanding of 25.1 million for the same period in
2011. Non-GAAP net income for the fiscal year 2012 was $11.7
million, or $0.36 per diluted share** based on weighted average
shares outstanding of 32.2 million giving effect to the conversion
of the preferred stock at the beginning of the year. This compares
with non-GAAP net loss of $6.6 million or $0.26 per diluted share
based on weighted average shares outstanding of 25.1 million for
fiscal year 2011.
Gross margin on a GAAP basis for the fourth quarter of 2012 was
43.3% of revenue, compared to 30.1% of revenue for the same period
in 2011. Gross margin on a non-GAAP basis for the fourth quarter of
2012 was 43.6% of revenue, compared to 30.4% of revenue for the
same period in 2011. Gross margin on a GAAP basis for fiscal year
2012 was 39.1% of revenue, compared to 34.2% of revenue for fiscal
year 2011. Gross margin on a non-GAAP basis for fiscal year 2012
was 39.4% of revenue, compared to 34.6% of revenue for fiscal year
2011.
"Coming off a record fourth quarter that completed a successful
fiscal 2012, we continue to see our technology being widely
accepted in many of the world’s most successful smartphones,
and we are expanding well in our targeted growth markets,”
commented Jim Cable, Chief Executive Officer. “Presently we are
addressing short-term challenges related to the demand for certain
OEM mobile devices, but we remain confident that the continued
adoption of LTE smartphones, our increasing
traction with leading customers worldwide, and the expansion
of our non-handset business, will all contribute to Peregrine’s
continued long-term growth.”
“In 2013 we look forward to building upon our momentum and
expanding on our leadership position. We believe through continued
focus on technology leadership and operational excellence, we can
deliver strong financial performance and value to our shareholders.
These objectives are achievable with the dedication of our
employees and the strong support and collaboration of our customers
and business partners worldwide," concluded Cable.
*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 first quarter of 2013, the company expects revenue to be
in the range of $43 million to $46 million. First 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 fourth 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 91307644. 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 year and three months ended December 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-K that
will be filed 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 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.
Peregrine Semiconductor Corporation
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in
thousands, except per share data) (unaudited)
Three Months Ended Years Ended
December 29, 2012
December 31, 2011
December 29, 2012
December 31, 2011
Net revenue $ 62,999 $ 35,547 $ 203,908 $ 107,771 Cost of
net revenue 35,717 24,865
124,135 70,955 Gross profit 27,282
10,682 79,773 36,816 Operating expense: Research and development
10,616 6,438 34,134 22,730 Selling, general and administrative
10,788 6,707 36,971
23,252 Total operating expense 21,404
13,145 71,105 45,982
Income (loss) from operations 5,878 (2,463 ) 8,668
(9,166 ) Interest expense, net (107 ) (204 ) (1,354 ) (311 ) Other
income (expense), net 2 (43 ) (130 )
(9 ) Income (loss) before income taxes 5,773 (2,710 )
7,184 (9,486 ) Provision (benefit) for income taxes 146
2 (88 ) 196 Net
income (loss) 5,627 (2,712 ) 7,272 (9,682 ) Net income allocable to
preferred stockholders - -
(4,515 ) - Net income (loss) attributable to
common stockholders $ 5,627 $ (2,712 ) $ 2,757 $
(9,682 ) Net income (loss) per share: Basic $ 0.18 $
(0.99 ) $ 0.19 $ (3.57 ) Diluted $ 0.15 $ (0.99 ) $
0.15 $ (3.57 ) Shares used to compute net income
(loss) per share: Basic 31,837 2,745
14,291 2,715 Diluted 36,548
2,745 18,651 2,715
Peregrine Semiconductor Corporation
CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)
(unaudited) December 29, December
31, 2012 2011
Assets Current assets: Cash and cash equivalents $ 44,106 $
12,119 Short-term marketable securities 30,361 - Accounts
receivable, net 13,353 13,082 Inventories 57,017 29,822 Prepaids
and other current assets 11,108 2,644
Total current assets 155,945 57,667 Property and equipment,
net 22,871 10,272 Long-term marketable securities 18,892 - Other
assets 210 2,919 Total assets $ 197,918 $
70,858
Liabilities and stockholders’ equity
(deficit) Current liabilities: Accounts payable $ 22,306 $
9,390 Accrued liabilities 12,672 11,477 Accrued compensation 5,726
3,458 Customer deposits 24,425 - Deferred net revenue 12,755 5,298
Line of credit - 7,749 Current portion of notes payable - 861
Current portion of obligations under capital leases 11
520 Total current liabilities 77,895
38,753 Obligations under capital leases, less current
portion 18 189 Notes payable, less current portion - 757 Other
long-term liabilities 886 1,329 Convertible preferred stock
- 172,430 Stockholders’ equity (deficit): Preferred stock - -
Common stock 32 3 Additional paid-in capital 340,221 85,828
Accumulated deficit (220,935 ) (228,207 ) Accumulated other
comprehensive loss (199 ) (224 ) Total stockholders’
equity (deficit) 119,119 (142,600 ) Total
liabilities and stockholders’ equity (deficit) $ 197,918 $
70,858
Peregrine Semiconductor
Corporation CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS (in thousands) (unaudited)
Years Ended December 29, December 31,
2012 2011 Operating
activities Net income (loss) $ 7,272 $ (9,682 )
Adjustments to reconcile net income (loss)
to net cash provided by (used in) operating activities:
Depreciation and amortization 4,579 3,980 Loss on disposal of
property and equipment 31 8 Stock-based compensation 4,437 3,084
Revaluation of warrants to fair value 633 (36 ) Imputed interest
related to customer deposit financing arrangements 420 -
Amortization of premium and discount on investments, net 169 - Cash
received for lease incentive 115 348 Changes in operating assets
and liabilities: Accounts receivable (255 ) (1,303 ) Inventories
(27,188 ) (7,522 ) Prepaids and other current and noncurrent assets
(7,751 ) (2,271 ) Accounts payable and accrued liabilities 16,098
13,032 Customer deposits 11,425 - Deferred revenue 6,865
265 Net cash provided by (used in)
operating activities 16,850 (97 )
Investing
activities Purchase of property and equipment (17,212 ) (4,354
) Proceeds from sale of equipment 6 24 Purchase of marketable
securities (54,663 ) - Sale of marketable securities 5,100
- Net cash used in investing activities
(66,769 ) (4,330 )
Financing activities Payments on
obligations under capital leases (661 ) (681 ) Payments on notes
payable (1,618 ) (820 ) Proceeds from line of credit 3,000 4,500
Payments on line of credit (10,749 ) - Proceeds from exercise of
stock options 445 148 Proceeds from exercise of warrants 31 -
Proceeds from customer deposit financing arrangement 13,000 -
Proceeds from initial public offering 80,278 - Costs paid in
connection with initial public offering (1,811 )
(1,845 ) Net cash provided by financing activities 81,915
1,302 Effect of exchange rate changes on cash and cash
equivalents (9 ) 18 Net change in cash
and cash equivalents 31,987 (3,107 ) Cash and cash equivalents at
beginning of year 12,119 15,226
Cash and cash equivalents at end of year $ 44,106 $
12,119
Peregrine Semiconductor
Corporation RECONCILIATION OF GAAP TO NON-GAAP RESULTS
(in thousands, except per share data) (unaudited)
Three
Months Ended Years Ended
December 29, 2012
December 31, 2011
December 29, 2012
December 31, 2011
Gross profit - GAAP $ 27,282 43 % $ 10,682 30 % $ 79,773 39
% $ 36,816 34 % Non-cash compensation expense 184 1
129 0 588 0 431 1
Gross profit - Non-GAAP $ 27,466 44 % $ 10,811
30 % $ 80,361 39 % $ 37,247 35 % Income (loss) from
operations - GAAP $ 5,878 9 % $ (2,463 ) (7 %) $ 8,668 4 % $ (9,166
) (9 %) Non-cash compensation expense 1,321 2
925 3 4,437 2 3,084 3
Income (loss) from operations - Non-GAAP $ 7,199 11 %
$ (1,538 ) (4 %) $ 13,105 6 % $ (6,082 ) (6 %) Net income
(loss) - GAAP $ 5,627 9 % $ (2,712 ) (8 %) $ 7,272 4 % $ (9,682 )
(9 %) Non-cash compensation expense 1,321 2
925 3 4,437 2 3,084 3
Net income (loss) - Non-GAAP $ 6,948 11 % $ (1,787 )
(5 %) $ 11,709 6 % $ (6,598 ) (6 %) Diluted net income
(loss) per share attributable to common stockholders - GAAP $ 0.15
$ (0.99 ) $ 0.15 $ (3.57 ) Adjustment to reflect conversion of
preferred stock at the beginning of period - 0.88 0.07 3.19
Non-cash compensation expense 0.04 0.04
0.14 0.12 Diluted net income (loss) per share
- Non-GAAP $ 0.19 $ (0.07 ) $ 0.36 $ (0.26 ) Net income
(loss) attributable to common stockholders - GAAP $ 5,627 $ (2,712
) $ 2,757 $ (9,682 ) Net income (loss) - Non-GAAP $ 6,948 $ (1,787
) $ 11,709 $ (6,598 ) Shares used to compute diluted net
income (loss) per share attributable to common stockholders - GAAP
36,548 2,745 18,651 2,715 Adjustment to reflect conversion of
preferred stock at the beginning of period - 22,365
13,529 22,365 Shares used to
compute diluted net income (loss) per share - Non-GAAP
36,548 25,110 32,180 25,080
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