Peregrine Semiconductor Corporation (Peregrine
Semiconductor) (NASDAQ: PSMI), a fabless provider of
high-performance radio frequency integrated circuits (RFICs), today
announced its first quarter 2013 financial results.
First quarter 2013 revenue was $46.6 million, compared with
$36.7 million for the same period in 2012.
As reported under U.S. generally accepted accounting principles
(GAAP), first quarter 2013 net loss was $1.2 million, compared with
a GAAP net loss of $3.0 million in the same period in 2012. Diluted
net loss per share for the first quarter of 2013 was $0.04 per
share compared to a net loss per share of $1.10 for the same period
in 2012.
Non-GAAP net income for the first quarter of 2013 was $0.3
million, or $0.01 per diluted share based on weighted average
shares outstanding of 35.7 million. This compares with non-GAAP net
loss of $2.1 million or $0.08 per diluted share based on weighted
average shares outstanding of 25.1 million for the same period in
2012.
Gross margin on a GAAP basis for the first quarter of 2013 was
42.5% of revenue, compared to 30.6% of revenue for the same period
in 2012. Gross margin on a non-GAAP basis for the first quarter of
2013 was 42.9% of revenue, compared to 31.0% of revenue for the
same period in 2012.
“During the first quarter of 2013 we made solid progress as we
continued to expand our position as a leader in the RF front-end.
In particular, we improved our end customer diversification with
share gains at a number of important accounts during the first
quarter. In addition, we introduced key new technologies and
partnerships including STeP8, an important advancement to our
UltraCMOS process technology, and our collaboration with Intel on
tuning solutions for LTE. We also announced our intent to license
IP to Murata, the market leader in RF modules, to solidify our
long-term partnership and further establish value in our patent
portfolio,” commented Jim Cable, Chief Executive Officer. “We have
positioned ourselves well for future growth as certain high-profile
smartphones begin to ramp and we continue to diversify the product
offerings in our non-handset business.”
Business Outlook
For the second quarter of 2013, the company expects revenue to
be in the range of $48 million to $50 million. Second quarter GAAP
gross margin is expected to be in the range of 39% to 41%.
Quarterly Conference Call Today
Jim Cable, President and Chief Executive Officer, and Jay
Biskupski, Chief Financial Officer, will host a first 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 35375317. 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 30, 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 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
March 30, 2013
March 31, 2012
Net revenue $ 46,625 $ 36,695 Cost of net revenue
26,808 25,460 Gross profit 19,817
11,235 Operating expense: Research and development 10,164 6,442
Selling, general and administrative 10,720
7,112 Total operating expense 20,884
13,554 Loss from operations (1,067 ) (2,319 )
Interest expense, net (79 ) (680 ) Other income (expense), net
(34 ) 6 Loss before income taxes (1,180
) (2,993 ) Provision for income taxes 28 49
Net loss $ (1,208 ) $ (3,042 ) Basic and
diluted net loss per share: $ (0.04 ) $ (1.10 ) Shares used
to compute basic and diluted net loss per share: 31,925
2,765
Peregrine Semiconductor
Corporation CONDENSED CONSOLIDATED BALANCE SHEETS (in
thousands) (unaudited) March 30,
December 29, 2013 2012
Assets Current assets: Cash and cash
equivalents $ 14,167 $ 44,106 Short-term marketable securities
31,167 30,361 Accounts receivable, net 12,089 13,353 Inventories
60,275 57,017 Prepaids and other current assets 6,499
11,108 Total current assets 124,197 155,945
Property and equipment, net 23,239 22,871 Long-term marketable
securities 16,525 18,892 Other assets 209 210 Total
assets $ 164,170 $ 197,918
Liabilities and
stockholders’ equity Current liabilities: Accounts payable $
15,265 $ 22,306 Accrued liabilities 7,679 12,672 Accrued
compensation 2,833 5,726 Customer deposits 10,213 24,425 Deferred
revenue 7,548 12,755 Current portion of obligations under capital
leases 10 11 Total current
liabilities 43,548 77,895 Obligations under capital leases,
less current portion 13 18 Other long-term liabilities 958 886
Stockholders’ equity: Common stock 32 32 Additional paid-in
capital 341,952 340,221 Accumulated deficit (222,143 ) (220,935 )
Accumulated other comprehensive loss (190 ) (199 )
Total stockholders’ equity 119,651 119,119
Total liabilities and stockholders’ equity $ 164,170
$ 197,918
Peregrine Semiconductor
Corporation CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS (in thousands) (unaudited)
Three Months Ended March 30, March 31,
2013 2012 Operating
activities Net loss $ (1,208 ) $ (3,042 )
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization 1,500 968 Stock-based compensation
1,466 980 Revaluation of warrants to fair value - 552 Imputed
interest related to deposit arrangements, net 19 - Amortization of
premium and discount on investments, net 106 - Changes in operating
assets and liabilities: Accounts receivable (839 ) (4,251 )
Inventories (3,399 ) (5,176 ) Prepaids and other current and
noncurrent assets 5,272 (2,081 ) Accounts payable and accrued
liabilities (15,613 ) 7,147 Customer deposits (9,092 ) - Deferred
revenue (5,207 ) 232 Net cash used in
operating activities (26,995 ) (4,671 )
Investing
activities Purchase of property and equipment (1,866 ) (1,427 )
Purchase of marketable securities (8,882 ) - Sale of marketable
securities 10,340 - Net cash
used in investing activities (408 ) (1,427 )
Financing
activities Payments on obligations under capital leases - (128
) Payments on notes payable - (211 ) Payments on customer deposit
financing arrangement (2,788 ) - Proceeds from line of credit -
3,000 Proceeds from exercise of stock options 261 18 Proceeds from
customer deposit financing arrangement - 7,200 Costs paid in
connection with initial public offering - (91
) Net cash provided by (used in) financing activities (2,527
) 9,788 Effect of exchange rate changes on cash and cash
equivalents (9 ) 19 Net change in cash
and cash equivalents (29,939 ) 3,709 Cash and cash equivalents at
beginning of period 44,106 12,119
Cash and cash equivalents at end of period $ 14,167
$ 15,828
Peregrine Semiconductor
Corporation RECONCILIATION OF GAAP TO NON-GAAP RESULTS
(in thousands, except per share data) (unaudited)
Three Months Ended
March 30, 2013
March 31, 2012
Gross profit - GAAP $ 19,817 42.5 % $ 11,235 30.6 % Non-cash
compensation expense (1) 196 0.4 143
0.4 Gross profit - Non-GAAP $ 20,013
42.9 % $ 11,378 31.0 % Loss from operations - GAAP $
(1,067 )
(2.3
%)
$ (2,319 )
(6.3
%)
Non-cash compensation expense (1) 1,466
3.2
980 2.7 Income (loss) from
operations - Non-GAAP $ 399 0.9 % $ (1,339 )
(3.6
%)
Net loss - GAAP $ (1,208 )
(2.6
%)
$ (3,042 )
(8.3
%)
Non-cash compensation expense (1) 1,466
3.2
980 2.7 Net income (loss) -
Non-GAAP $ 258 0.6 % $ (2,062 )
(5.6
%)
Diluted net loss per share - GAAP $ (0.04 ) $ (1.10 )
Adjustment to reflect conversion of preferred stock at the
beginning of period - 0.98 Non-cash compensation expense
0.05 0.04 Diluted net income (loss) per
share - Non-GAAP $ 0.01 $ (0.08 ) Net loss
attributable to common stockholders - GAAP $ (1,208 ) $ (3,042 )
Net (income) loss - Non-GAAP $ 258 $ (2,062 ) Shares
used to compute diluted net loss per share attributable to common
stockholders - GAAP 31,925 2,765 Adjustment to reflect conversion
of preferred stock at the beginning of period - 22,365 Dilutive
effect of stock options and warrants 3,810 - Shares used to compute
diluted net income (loss) per share - Non-GAAP 35,735
25,130 (1) Includes stock-based
compensation as follows:
Three Months Ended
March 30, 2013
March 31, 2012
Cost of net revenue $ 196 $ 143 Research and development 517 268
Selling, general and administrative
753 569 Total $ 1,466 $ 980
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