SUNNYVALE, CA -- (Marketwire) -- 01/28/13 -- PLX Technology, Inc. (NASDAQ: PLXT)
- Terminated IDT Merger Transaction, Divested 10GBase-T Ethernet Business
- Record Annual PCI Express Revenues, Now Nearly 70 Percent of PLX Sales
- 18 PCIe Gen3 Switches Including World's Largest Gen3 PCIe Switch at 96 Lanes
- Market Share of PCI Express Switches Now More Than 70 Percent
- David K. Raun Named President, CEO and Director
PLX Technology, Inc. (NASDAQ: PLXT), the global leader in PCI Express® (PCIe®) silicon and software connectivity solutions enabling emerging data center architectures, today announced fourth quarter revenues of $23.4 million and a GAAP loss from continuing operations of $0.2 million, or $0.00 per share (diluted). For 2012, PLX reported revenue from continuing operations of $100.2 million and a GAAP loss from continuing operations of $5.2 million or $0.12 per share (diluted), which reflects $6.9 million of non-recurring costs associated with the terminated IDT transaction and divested businesses.
"Our continuing steps to focus efforts on our successful PCI Express product line have allowed us to dramatically reduce expenses and achieve bottom line results that are just short of GAAP breakeven," said David Raun, PLX® president and CEO. "As we look out to 2013, we see healthy growth potential, driven by the rapid adoption of our Gen3 technology, solid PCI Express market share gains and a record number of PCI Express design wins using products from our portfolio. We believe that our continued growth and tight expense control position us well for GAAP profitability this year. Further, our employees are energized by the termination of the acquisition process and the uncertainty that it caused, and are firmly committed to our PCI Express product roadmap and the opportunity to proceed as a focused, growing and profitable company."
Non-GAAP Financial
Comparison
(in millions, except
per share amounts)
Quarterly Results Year to Date
Q4 2012 Q3 2012 Q4 2011 2012 2011 2010
------- ------- -------- ------- -------- --------
Net revenues $ 23.4 $ 26.9 $ 24.9 $ 100.2 $ 111.2 $ 115.5
Operating expense $ 11.5 $ 14.6 $ 12.8 $ 53.7 $ 54.6 $ 56.1
Operating income from
continuing operations $ 2.2 $ 1.5 $ 2.6 $ 5.2 $ 10.0 $ 11.8
Income from continuing
operations, net of
tax $ 2.4 $ 0.5 $ 1.6 $ 4.8 $ 7.1 $ 9.6
Income per share
(diluted) from
continuing operations $ 0.06 $ 0.01 $ 0.04 $ 0.10 $ 0.16 $ 0.25
The above non-GAAP financial information (other than net revenues, which are presented on a GAAP basis) excludes share-based compensation, acquisition, restructuring and impairment charges, amortization of acquired intangibles and discontinued operations. See "Use of Non-GAAP Financial Information" below.
GAAP Financial Comparison
(in millions, except per share amounts)
Quarterly Results Year to Date
Q4 2012 Q3 2012 Q4 2011 2012 2011 2010
------- ------- -------- ------- -------- --------
Net revenues $ 23.4 $ 26.9 $ 24.9 $ 100.2 $ 111.2 $ 115.5
Operating expense $ 14.1 $ 18.4 $ 13.2 $ 63.6 $ 58.5 $ 61.0
Operating income
(loss) from
continuing operations $ (0.4) $ (2.3) $ 2.2 $ (4.8) $ 6.0 $ 6.8
Income (loss) from
continuing
operations, net of
tax $ (0.2) $ (3.3) $ 1.2 $ (5.2) $ 3.1 $ 4.6
Income (loss) per
share (diluted) from
continuing operations $ - $ (0.07) $ 0.03 $ (0.12) $ 0.07 $ 0.12
"Although PCI Express demand was up at most of our market leading enterprise storage customers, we saw softer demand for some of the other markets we serve including high-end consumer motherboards and graphics products," said Raun. "Our guidance for Q1 takes into consideration continued softness in some of these areas but growth in our larger enterprise storage and communications markets."
Products: 2012 Year in Review
"The company now offers an industry-leading 18 PCI Express Gen3 switches, 11 of which are in production, with the remaining readily sampling to key customers," said Raun. "Many more PCI Express products are in development with planned releases later this year. The developing products offer new features to support emerging designs including SSD storage applications as well as the enablement of the ExpressFabric® where PCI Express will be used outside the box and expand the total available market for PLX significantly in the coming years."
In July, PLX announced a new trio of ultra-high-lane-count PCIe Gen3 switches developed for cutting-edge markets like storage systems, high-end graphics, and communications platforms. The high-performance ExpressLane PCIe Gen3 switches include the PEX8796 (96 lanes, 24 ports), PEX8780 (80 lanes, 20 ports) and PEX8764 (64 lanes, 16 ports). To illustrate the potential of PCIe, designers choosing the PEX8796 switch -- touting bandwidth of 8 Gigatransfers per second, per lane, in full duplex mode -- are rewarded with amazing throughput of 1,536 gigabits per second (192 gigabytes/s), delivering performance that challenges all other interconnect technologies.
During 2012, PLX delivered several key industry event presentations on its ExpressFabric initiative. ExpressFabric is a PLX-engineered solution for extending the PCIe standard from its current dominant presence inside servers, switches and storage appliances to a central position as a fabric. An ExpressFabric based on PCIe Gen3 and, eventually, Gen4 is complementary to InfiniBand and Ethernet in next-generation cloud-driven data centers. PCIe does not replace the existing network itself, but instead extends the benefits of PCIe outside the box by moving network interface cards to the top of the rack -- or edge of the cluster -- thereby reducing cost and power while maintaining features offered by other legacy network fabrics. When fully developed, ExpressFabric will be the lowest-power, lowest-cost solution, and will negate the cumbersome need to translate multiple interconnects, thus resulting in lower latency and higher performance.
PLX presented on and demonstrated ExpressFabric technology to broad audiences at important annual events such as the Linley Tech Data Center Conference, multiple PCI-SIG Developers Conferences, the Intel Developers Forum, the SC12 Supercomputing Conference, and the Server Design Summit.
Merger and Acquisition Update
IDT acquisition transaction terminated.
In April 2012, Integrated Device Technology (IDT) and PLX entered into a definitive agreement pursuant to which IDT was to acquire PLX in order to broaden IDT's solutions for data center interconnects in cloud computing. In December, after nearly eight months of review, the Federal Trade Commission (FTC) issued an administrative complaint seeking to block the proposed merger between PLX and IDT, and was authorized to pursue a preliminary injunction in federal district court or other relief necessary to stop the deal pending a full administrative trial. In December, IDT and PLX mutually agreed to terminate their merger agreement due to the FTC decision, scaling legal costs, and the absence of a clear path for the parties to complete the proposed transaction.
While reducing overall expenses associated with the divested networking and satellite products, PLX's core research and development center in its Sunnyvale headquarters have remained focused on the expanding opportunities in the fast-growing data center and cloud services markets with its industry-leading PCIe portfolio.
Business Outlook
The following statements are based on current expectations. The company does not intend to update, confirm or change this guidance until its first quarter 2013 earnings release, although it may provide additional details regarding its guidance during today's scheduled conference call.
- Net revenues for the first quarter ending March 31, 2013, are expected to be between $25 million and $27 million
- Gross margins are expected to be approximately 58 percent
- Operating expenses are expected to be approximately $13.9 million. Included in operating expenses are share-based compensation and acquisition and restructuring related charges of approximately $0.9 million. For the year, operating expenses net of share-based compensation and acquisition and restructuring related charges are expected to be about $52 million.
Conference Call
PLX management plans to conduct a conference call and webcast today at 2:00 p.m. (PT) to discuss its fourth quarter and fiscal year 2012 financial results, as well as its first quarter 2013 outlook. A live webcast of the conference call will be available through the Investor Relations section of the PLX Website at www.plxtech.com/investors, which also can be heard live via telephone at (800) 901-5231, using access code 70223785. International callers may dial +1 (617) 786-2961. A recorded replay of this webcast will be available on the PLX Website beginning 4:00 p.m. (PT) on January 28, 2013, through 11:59 p.m. (PT) on February 4, 2013. To listen to the replay via telephone, call (888) 286-8010 and use access code 69730946. International callers may dial +1 (617) 801-6888.
About PLX
PLX Technology, Inc. (NASDAQ: PLXT), based in Sunnyvale, Calif., USA, is the industry-leading global provider of semiconductor-based PCI Express connectivity solutions primarily targeting enterprise data center markets. The company develops innovative software-enriched silicon that enables product differentiation, reliable interoperability and superior performance. Visit PLX on plxtech.com, LinkedIn, Facebook, Twitter and YouTube.
Use of Non-GAAP Financial Information
To supplement PLX's financial statements presented on a GAAP basis, PLX has provided non-GAAP financial information, including non-GAAP income (loss), non-GAAP earnings (loss) per share (diluted), non-GAAP operating income (loss) and non-GAAP operating expenses. These non-GAAP results exclude share-based compensation, including ESOP expenses, acquisition, restructuring and impairment related charges, amortization of acquired intangibles and discontinued operations. A reconciliation of the adjustments to GAAP results is included in the tables below. Non-GAAP financial information is not meant as a substitute for GAAP results, but is included because management believes such information is useful to PLX investors for informational and comparative purposes. In addition, certain non-GAAP financial information is used internally by management to evaluate and manage the company. The non-GAAP financial information used by PLX may differ from that used by other companies. These non-GAAP measures should be considered in addition to, and not a substitute for, the results prepared in accordance with GAAP.
Safe Harbor Statement
This press release includes statements that qualify as forward-looking statements under the Private Securities Litigation Reform Act of 1995. These include statements about the company's estimated net revenues, estimated operating expenses and estimated gross margins, which are set forth under the caption "Business Outlook," and statements regarding PLX's growth potential and GAAP profitability this year, our expectations for data center, cloud services and storage solution markets and the growth in solid-state storage solutions that use PLX PCI Express Gen3 products. Such statements involve risks and uncertainties, which may cause actual results to differ materially from those set forth in the statements. Factors that could cause actual results to differ materially include risks and uncertainties, such as reduced demand for products of electronic equipment manufacturers that use the company's products, adverse economic conditions in general or those specifically affecting the company's markets, technical difficulties and delays in the development process, errors in the products, reduced backlog for the company's customers and unexpected expenses. Please refer to the documents filed by the company with the SEC from time to time, including, but not limited to, the Annual Report on Form 10-K for the year ended December 31, 2011, and PLX's quarterly reports on Forms 10-Q for the quarters ended March 31, 2012, June 30, 2012, and September 30, 2012, which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. All forward-looking statements are made as of today, and the company assumes no obligation to update such statements.
PLX, the PLX logo, ExpressLane, and ExpressFabric are trademarks of PLX Technology, Inc., which may be registered in some jurisdictions. All other product names that appear in this material are for identification purposes only and are acknowledged to be trademarks or registered trademarks of their respective companies.
PLX TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except per share amounts)
Three Months Ended
December 31 September 30 December 31
2012 2012 2011
------------- ------------- -------------
Net revenues $ 23,413 $ 26,866 $ 24,896
Cost of revenues 9,729 10,808 9,562
------------- ------------- -------------
Gross margin 13,684 16,058 15,334
------------- ------------- -------------
Operating expenses:
Research and development 6,170 8,823 5,289
Selling, general and
administrative 6,163 6,654 7,634
Acquisition and restructuring
related costs 1,719 2,830 (1,397)
Amortization of purchased
intangible assets 22 64 1,657
------------- ------------- -------------
Total operating expenses 14,074 18,371 13,183
------------- ------------- -------------
Income (loss) from operations (390) (2,313) 2,151
Interest income (expense) and
other, net (30) (60) 61
------------- ------------- -------------
Income (loss) from continuing
operations before provision
for income taxes (420) (2,373) 2,212
Provision (benefit) for income
taxes (230) 931 984
------------- ------------- -------------
Income (loss) from continuing
operations, net of tax (190) (3,304) 1,228
Loss from discontinued
operations (including gain on
disposal of $1,353 and
$2,097), net of tax (423) (3,013) (6,681)
------------- ------------- -------------
Net loss $ (613) $ (6,317) $ (5,453)
============= ============= =============
Basic net income (loss) per
share:
Income (loss) from continuing
operations $ - $ (0.07) $ 0.03
============= ============= =============
Loss from discontinued
operations $ (0.01) $ (0.07) $ (0.15)
============= ============= =============
Net loss $ (0.01) $ (0.14) $ (0.12)
============= ============= =============
Diluted net loss per share:
Income (loss) from continuing
operations $ - $ (0.07) $ 0.03
============= ============= =============
Loss from discontinued
operations $ (0.01) $ (0.07) $ (0.15)
============= ============= =============
Net loss $ (0.01) $ (0.14) $ (0.12)
============= ============= =============
Shares used to compute per
share amounts:
Basic 45,053 44,946 44,660
============= ============= =============
Diluted 45,053 44,946 44,990
============= ============= =============
PLX TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except per share amounts)
Twelve Months Ended
December 31,
-------------------------------------------
2012 2011 2010
------------- ------------- -------------
Net revenues $ 100,248 $ 111,152 $ 115,540
Cost of revenues 41,462 46,600 47,753
------------- ------------- -------------
Gross margin 58,786 64,552 67,787
------------- ------------- -------------
Operating expenses:
Research and development 27,532 28,218 30,799
Selling, general and
administrative 28,927 28,037 26,720
Acquisition and restructuring
related costs 6,898 (507) 855
Amortization of purchased
intangible assets 245 2,801 2,593
------------- ------------- -------------
Total operating expenses 63,602 58,549 60,967
------------- ------------- -------------
Income (loss) from operations (4,816) 6,003 6,820
Interest income (expense) and
other, net (149) (148) 57
------------- ------------- -------------
Income (loss) from continuing
operations before provision
for income taxes (4,965) 5,855 6,877
Provision for income taxes 236 2,751 2,235
------------- ------------- -------------
Income (loss) from continuing
operations, net of tax (5,201) 3,104 4,642
Loss from discontinued
operations (including gain on
disposal of $3,450), net of
tax (27,388) (27,927) (7,931)
------------- ------------- -------------
Net loss $ (32,589) $ (24,823) $ (3,289)
============= ============= =============
Basic net income (loss) per
share:
Income (loss) from continuing
operations $ (0.12) $ 0.07 $ 0.12
============= ============= =============
Loss from discontinued
operations $ (0.61) $ (0.63) $ (0.20)
============= ============= =============
Net loss $ (0.73) $ (0.56) $ (0.08)
============= ============= =============
Diluted net loss per share:
Income (loss) from continuing
operations $ (0.12) $ 0.07 $ 0.12
============= ============= =============
Loss from discontinued
operations $ (0.61) $ (0.62) $ (0.20)
============= ============= =============
Net loss $ (0.73) $ (0.55) $ (0.08)
============= ============= =============
Shares used to compute per
share amounts:
Basic 44,882 44,559 38,942
============= ============= =============
Diluted 44,882 45,016 39,625
============= ============= =============
PLX TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands)
December 31 December 31
2012 2011
------------- -------------
ASSETS
Cash and investments $ 16,711 $ 19,752
Accounts receivable, net 10,635 11,074
Inventories 10,560 8,896
Property and equipment, net 11,267 12,291
Goodwill 20,461 21,338
Other intangible assets - 20,845
Other assets 3,345 2,622
------------- -------------
Total assets $ 72,979 $ 96,818
============= =============
LIABILITIES
Accounts payable $ 10,738 $ 7,134
Accrued compensation and benefits 4,493 3,586
Accrued commissions 817 632
Other accrued expenses 2,259 3,132
Short term note payable & capital lease
obligations - 5,115
Short term borrowings against line of credit 8,000 -
Long term borrowings against line of credit - 2,000
------------- -------------
Total liabilities 26,307 21,599
STOCKHOLDERS' EQUITY
Common stock, par value 45 45
Additional paid-in capital 189,444 185,323
Accumulated other comprehensive loss (226) (147)
Accumulated deficit (142,591) (110,002)
------------- -------------
Total stockholders' equity 46,672 75,219
------------- -------------
Total liabilities and stockholders' equity $ 72,979 $ 96,818
============= =============
PLX TECHNOLOGY, INC.
RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION (1)
(unaudited, in thousands, except for per share data)
(not prepared in accordance with GAAP)
Twelve Months Ended
Three Months Ended December 31,
-------------------------
December September December
31 2012 30 2012 31 2011 2012 2011 2010
--------- --------- -------- ------- ------- -------
Income (Loss) From
Continuing
Operations
Reconciliation
GAAP Income
(Loss) $ (190) $ (3,304) $ 1,228 $(5,201) $ 3,104 $ 4,642
Acquisition and
restructuring
related costs 1,719 2,830 (1,397) 6,898 (507) 855
Share-based
compensation 887 914 153 2,893 1,670 1,498
Amortization of
purchased
intangible
assets 22 64 1,657 245 2,801 2,593
--------- --------- -------- ------- ------- -------
Non-GAAP Income
(Loss) $ 2,438 $ 504 $ 1,641 $ 4,835 $ 7,068 $ 9,588
========= ========= ======== ======= ======= =======
Loss Per Share
From Continuing
Operations
Reconciliation
GAAP Diluted
Income (Loss)
Per Share $ - $ (0.07) $ 0.03 $ (0.12) $ 0.07 $ 0.12
Effect of
acquisition and
restructuring
related costs 0.04 0.06 (0.03) 0.15 (0.01) 0.02
Effect of share-
based
compensation 0.02 0.02 - 0.06 0.04 0.04
Effect of
amortization of
purchased
intangible
assets - - 0.04 0.01 0.06 0.07
--------- --------- -------- ------- ------- -------
Non-GAAP Diluted
Income Per
Share $ 0.06 $ 0.01 $ 0.04 $ 0.10 $ 0.16 $ 0.25
========= ========= ======== ======= ======= =======
Operating Income
(Loss) From
Continuing
Operations
Reconciliation
GAAP Operating
Income (Loss) $ (390) $ (2,313) $ 2,151 $(4,816) $ 6,003 $ 6,820
Share-based
compensation -
COGS 49 49 13 147 47 33
Share-based
compensation -
R&D 288 349 (103) 1,007 485 602
Share-based
compensation -
SG&A 550 516 243 1,739 1,138 863
Acquisition and
restructuring
related costs 1,719 2,830 (1,397) 6,898 (507) 855
Amortization of
purchased
intangible
assets 22 64 1,657 245 2,801 2,593
--------- --------- -------- ------- ------- -------
Non-GAAP
Operating
Income (Loss) $ 2,238 $ 1,495 $ 2,564 $ 5,220 $ 9,967 $11,766
========= ========= ======== ======= ======= =======
Operating Expense
From Continuing
Operations
Reconciliation
GAAP Operating
Expenses $ 14,074 $ 18,371 $ 13,183 $63,602 $58,549 $60,967
Share-based
compensation -
R&D (288) (349) 103 (1,007) (485) (602)
Share-based
compensation -
SG&A (550) (516) (243) (1,739) (1,138) (863)
Acquisition and
restructuring
related costs (1,719) (2,830) 1,397 (6,898) 507 (855)
Amortization of
purchased
intangible
assets (22) (64) (1,657) (245) (2,801) (2,593)
--------- --------- -------- ------- ------- -------
Non-GAAP
Operating
Expenses $ 11,495 $ 14,612 $ 12,783 $53,713 $54,632 $56,054
========= ========= ======== ======= ======= =======
(1) Refer to " Use of Non-GAAP Financial Information" in the press release
for a discussion of management's use of non-GAAP financial measures.
PLX TECHNOLOGY, INC.
SUPPLEMENTAL DATA (Unaudited)
Twelve Months
Ended
Three Months Ended December 31
------------------
December September December
31 2012 30 2012 31 2011 2012 2011
-------- --------- -------- -------- --------
Net Revenues by Geography
Americas 15% 18% 30% 16% 20%
Asia Pacific 70% 72% 61% 71% 68%
Europe 15% 10% 9% 13% 12%
Twelve Months
Ended
Three Months Ended December 31
------------------
December September December
31 2012 30 2012 31 2011 2012 2011
-------- --------- -------- -------- --------
Net Revenues by Type
PCI Express Revenue 69% 65% 57% 67% 55%
Connectivity Revenue 31% 35% 43% 33% 45%
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