- Fourth quarter revenue of $43.3
million
- Fiscal year 2013 revenue of $202.3
million
- GAAP fourth quarter diluted net loss
per share of $0.21
- GAAP fiscal year 2013 diluted net
loss per share of $0.13
- Non-GAAP fourth quarter diluted net
loss per share of $0.16
- Non-GAAP fiscal year 2013 diluted
income per share of $0.07
Peregrine Semiconductor Corporation (Peregrine Semiconductor)
(NASDAQ: PSMI), a fabless provider of high-performance radio
frequency integrated circuits (RFICs), today announced its fourth
quarter and 2013 fiscal year financial results.
Fourth quarter 2013 revenue was $43.3 million, compared with
$63.0 million for the same period in 2012. Revenue for fiscal year
2013 was $202.3 million, compared with $203.9 million for fiscal
year 2012.
As reported under U.S. generally accepted accounting principles
(GAAP), fourth quarter 2013 net loss was $6.8 million, compared
with a GAAP net income of $5.6 million in the same period in 2012.
Net loss for fiscal 2013 was $4.1 million, compared with a GAAP net
income of $7.3 million for fiscal 2012. Diluted net loss per share
was $0.21 for the fourth quarter of 2013 compared to a net income
per share of $0.15 for the same period in 2012. Diluted net loss
per share for fiscal year 2013 was $0.13 per share, compared net
income per share to $0.15 per share for fiscal 2012.
Non-GAAP net loss for the fourth quarter of 2013 was $5.1
million, or $0.16 per diluted share based on weighted average
shares outstanding of 32.7 million. This compares with non-GAAP net
income of $6.9 million or $0.19 per diluted share based on weighted
average shares outstanding of 36.5 million for the same period in
2012. Non-GAAP net income for fiscal year 2013 was $2.6 million, or
$0.07 per diluted share based on weighted average shares
outstanding of 35.7 million. This compares with non-GAAP net income
of $11.7 million or $0.36 per diluted share based on weighted
average shares outstanding of 32.2 million for fiscal year
2012.
Gross margin on a GAAP basis for the fourth quarter of 2013 was
36.0% of revenue, compared to 43.3% of revenue for the same period
in 2012. Gross margin on a non-GAAP basis for the fourth quarter of
2013 was 36.6% of revenue, compared to 43.6% of revenue for the
same period in 2012. Gross margins in the fourth quarter were
impacted by a higher than normal inventory write-down of $3.1
million. Gross margin on a GAAP basis for fiscal year 2013 was
40.2% of revenue, compared to 39.1% of revenue for fiscal year
2012. Gross margin on a non-GAAP basis for fiscal year 2013 was
40.7% of revenue, compared to 39.4% of revenue for fiscal year
2012. Operating expenses increased to $22.4 million for the fourth
quarter 2013 as a result of higher than expected legal expenses and
restructuring charges by $1.4 million.
“We reported fourth quarter revenue in line with our prior
guidance. For 2014, we see a number of challenges facing the
smartphone industry. However, we believe our product development
and our progress in developing an integrated RF front-end positions
us well for 2015 as the industry enters a strategic transition,”
commented Jim Cable, President and Chief Executive Officer. “Today,
I am pleased to announce our introduction of the Ultra CMOS Global
1, the world’s first reconfigurable RF front-end system, featuring
our multi-mode, multi-band power amplifier and integrated suite of
switches and tuning elements. We are pleased to demonstrate that
our power amplifier offers raw performance comparable with GaAs,
but with all the benefits of our UltraCMOS SOI process.”
Business Outlook
For the first quarter of 2014, the company expects revenue to be
in the range of $33 million to $36 million. First quarter GAAP
gross margin is expected to be in the range of 36% to 38%.
Quarterly Conference Call Today
Jim Cable, President and Chief Executive Officer, and Jay
Biskupski, Chief Financial Officer, will host a fourth quarter and
full year 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 33642584. 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 28, 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 and
additional information that will be set forth in our Form 10-K that
will be filed 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
highperformance, 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
170 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.
Peregrine Semiconductor Corporation
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(in thousands, except per share
data)
(unaudited)
Three Months Ended
Years Ended December 28, 2013
December 29, 2012 December 28, 2013
December 29, 2012 Net revenue $ 43,324 $
62,999 $ 202,316 $ 203,908 Cost of net revenue 27,717 35,717
120,920 124,135 Gross profit 15,607 27,282
81,396 79,773 Operating expense: Research and development 10,775
10,616 42,192 34,134 Selling, general and administrative 11,655
10,788 43,142 36,971 Total
operating expense 22,430 21,404 85,334 71,105
Income (loss) from operations (6,823 ) 5,878 (3,938 ) 8,668
Interest income (expense), net 35 (107 ) (130 ) (1,354 ) Other
income (expense), net 34 2 84 (130 ) Income
(loss) before income taxes (6,754 ) 5,773 (3,984 ) 7,184 Provision
(benefit) for income taxes 74 146 67
(88 ) Net income (loss) (6,828 ) 5,627 (4,051 ) 7,272 Net income
allocable to preferred stockholders — — —
(4,515 ) Net income (loss) attributable to common stockholders $
(6,828 ) $ 5,627 $ (4,051 ) $ 2,757 Net income (loss)
per share Basic $ (0.21 ) $ 0.18 $ (0.13 ) $ 0.19
Diluted* $ (0.21 ) $ 0.15 $ (0.13 ) $ 0.15 Shares
used to compute net income (loss) per share Basic 32,687
31,837 32,294 14,291 Diluted 32,687
36,548 32,294 18,651
* Diluted net income per share
attributable to common stockholders is computed by dividing net
income attributable to common stockholders, calculated as net
income 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.
Peregrine Semiconductor Corporation
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousands)
(unaudited)
December 28, December 29, 2013
2012 Assets Current assets: Cash and cash equivalents
$ 16,249 $ 44,106 Short-term marketable securities 28,035 30,361
Accounts receivable, net 16,905 13,353 Inventories 53,489 57,017
Prepaids and other current assets 4,085 11,108 Total
current assets 118,763 155,945 Property and equipment, net 23,122
22,871 Long-term marketable securities 18,888 18,892 Other assets
102 210 Total assets $ 160,875 $ 197,918
Liabilities and stockholders’ equity Current
liabilities: Accounts payable $ 12,983 $ 22,306 Accrued liabilities
11,829 12,672 Accrued compensation 4,542 5,726 Customer deposits
916 24,425 Deferred revenue 6,131 12,755 Current portion of
obligations under capital leases — 11 Total current
liabilities 36,401 77,895 Obligations under capital leases, less
current portion — 18 Other long-term liabilities 943 886
Stockholders’ equity: Common stock 33 32 Additional paid-in capital
348,684 340,221 Accumulated deficit (224,986 ) (220,935 )
Accumulated other comprehensive loss (200 ) (199 ) Total
stockholders’ equity 123,531 119,119 Total
liabilities and stockholders’ equity $ 160,875 $ 197,918
Peregrine Semiconductor Corporation
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
(in thousands)
(unaudited)
Years Ended December 28, December
29, 2013 2012 Operating activities Net
income (loss) $ (4,051 ) $ 7,272 Adjustments to reconcile net
income (loss) to net cash provided by (used in) operating
activities: Depreciation and amortization 6,589 4,579 Loss on
disposal of property and equipment 46 31 Stock-based compensation
6,615 4,437 Revaluation of warrants to fair value — 633 Imputed
interest related to deposit arrangements, net (313 ) 420
Amortization of premium and discount on investments, net 368 169
Cash received for lease incentives 135 115 Changes in operating
assets and liabilities: Accounts receivable (3,634 ) (255 )
Inventories 3,545 (27,188 ) Prepaids and other current and
noncurrent assets 7,330 (7,751 ) Accounts payable and accrued
liabilities (12,585 ) 16,098 Customer deposits (11,425 ) 11,425
Deferred revenue (6,217 ) 6,865 Net cash provided by (used
in) operating activities (13,597 ) 16,850
Investing
activities Purchases of property and equipment (5,884 ) (17,212
) Proceeds from sale of equipment 6 6 Purchase of marketable
securities (39,097 ) (54,663 ) Sale of marketable securities 41,027
5,100 Net cash used in investing activities (3,948 )
(66,769 )
Financing activities Proceeds from customer
deposit financing arrangement — 13,000 Payments on customer deposit
financing arrangement (12,084 ) — Proceeds from line of credit —
3,000 Payments on line of credit — (10,749 ) Payments on
obligations under capital leases (37 ) (661 ) Payments on notes
payable — (1,618 ) Proceeds from exercise of stock options 1,845
445 Proceeds from exercise of warrants — 31 Proceeds from initial
public offering, net of offering cost — 80,278 Costs paid in
connection with initial public offering — (1,811 ) Net cash
provided by (used in) financing activities (10,276 ) 81,915 Effect
of exchange rate changes on cash and cash equivalents (36 ) (9 )
Net change in cash and cash equivalents (27,857 ) 31,987 Cash and
cash equivalents at beginning of year 44,106 12,119
Cash and cash equivalents at end of year $ 16,249 $ 44,106
Peregrine Semiconductor Corporation
RECONCILIATION OF GAAP TO NON-GAAP
RESULTS
(in thousands, except per share
data)
(unaudited)
Three Months Ended Years Ended
December 28, 2013 December 29,
2012 December 28, 2013 December
29, 2012 Gross profit - GAAP $ 15,607 36.0 % $
27,282 43.3 % $ 81,396 40.2 % $ 79,773
39.1 % Non-cash compensation expense (1) 231 0.6
184 0.3 883 0.5 588 0.3
Gross profit - Non-GAAP $ 15,838 36.6 % $
27,466 43.6 % $ 82,279 40.7 % $ 80,361 39.4 %
; Income (loss) from operations - GAAP $ (6,823 ) (15.7 )% $ 5,878
9.3 % $ (3,938 ) (2.0 )% $ 8,668 4.3 % Non-cash compensation
expense (1) 1,761 4.0 1,321 2.1 6,615
3.3 4,437 2.1
Income (loss) from operations - Non-GAAP $ (5,062 ) (11.7 )% $
7,199 11.4 % $ 2,677 1.3 % $ 13,105 6.4 %
Net income (loss) - GAAP $ (6,828 ) (15.7 )% $ 5,627 8.9 % $
(4,051 ) (2.0 )% $ 7,272 3.6 % Non-cash compensation expense (1)
1,761 4.0 1,321 2.1 6,615 3.3
4,437 2.1 Net income (loss) - Non-GAAP
$ (5,067 ) (11.7 )% $ 6,948 11.0 % $ 2,564 1.3 % $
11,709 5.7 % Diluted net income (loss) per share
attributable to common stockholders - GAAP $ (0.21 ) $ 0.15 $ (0.13
) $ 0.15 Adjustment to reflect conversion of preferred stock at the
beginning of period — — — 0.07 Non-cash compensation expense 0.05
0.04 0.20 0.14 Diluted net
income (loss) per share - Non-GAAP $ (0.16 ) $ 0.19 $ 0.07
$ 0.36 Net income (loss) attributable to
common stockholders - GAAP $ (6,828 ) $ 5,627 $ (4,051 ) $
2,757 Net income (loss) - Non-GAAP $ (5,067 ) $ 6,948
$ 2,564 $ 11,709 Shares used to compute
diluted net income (loss) per share attributable to common
stockholders - GAAP 32,687 36,548 32,294 18,651 Adjustment to
reflect conversion of preferred stock at the beginning of period —
— — 13,529 Dilutive effect of stock options and warrants — —
3,401 — Shares used to compute diluted
net income (loss) per share - Non-GAAP 32,687 36,548
35,695 32,180 (1) Includes stock-based
compensation as follows:
Three Months Ended Years
Ended December 28, 2013 December 29,
2012 December 28, 2013 December 29,
2012 Cost of net revenue $ 231 $ 184 $ 883 $ 588 Research
and development 563 484 2,097 1,419 Selling, general and
administrative 967 653 3,635 2,430
Total $ 1,761 $ 1,321 $ 6,615 $ 4,437
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
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