- Second quarter revenue of $47.1
million
- GAAP second quarter diluted net loss
per share of $0.18
- Non-GAAP second quarter diluted net
loss per share of $0.12
Peregrine Semiconductor Corporation (Peregrine Semiconductor)
(NASDAQ: PSMI), founder of RF SOI (silicon on insulator) and
pioneer of advanced RF solutions, today announced its second
quarter 2014 financial results.
Second quarter 2014 revenue was $47.1 million, compared with
$52.4 million for the same period in 2013.
As reported under U.S. generally accepted accounting principles
(GAAP), second quarter 2014 net loss was $6.0 million, compared
with a GAAP net loss of $0.4 million in the same period in 2013.
Diluted net loss per share was $0.18 for the second quarter of 2014
compared to a net loss per share of $0.01 for the same period in
2013.
Non-GAAP net loss for the second quarter of 2014 was $4.1
million, or $0.12 per diluted share based on weighted average
shares outstanding of 33.3 million. This compares with non-GAAP net
income of $1.2 million or $0.03 per diluted share based on weighted
average shares outstanding of 35.7 million for the same period in
2013.
Gross margin on a GAAP basis for the second quarter of 2014 was
38.4% of revenue, compared to 39.6% of revenue for the same period
in 2013. Gross margin on a non-GAAP basis for the second quarter of
2014 was 39.0% of revenue, compared to 40.0% of revenue for the
same period in 2013.
Operating expenses for the second quarter of 2014 were $24.0
million on a GAAP basis and $22.4 million on a non-GAAP basis,
compared to $21.0 million on a GAAP basis and $19.6 million on a
non-GAAP basis for the second quarter of 2013.
“We reported better than expected revenue this quarter driven by
strong growth of LTE smartphones in many global markets,” said
James Cable, Chairman and Chief Executive Officer. “In our High
Performance Analog business, we are also enjoying strong design win
growth and momentum in our sales channel.”
Business Outlook
For the third quarter of 2014, the company expects revenue to be
in the range of $40 million to $43 million. Third 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 second quarter 2014
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 68896637.
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 28, 2014,
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 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
high-performance, 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
180 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
Six Months Ended
June 28, June 29, June 28,
June 29, 2014 2013 2014
2013 Net revenue $ 47,060 $ 52,365 $ 88,378 $ 98,990 Cost of
net revenue 28,987 31,646 55,562
58,454 Gross profit 18,073 20,719 32,816
40,536 Operating expense: Research and development 9,095 10,476
20,479 20,640 Selling, general and administrative 14,902
10,557 28,263 21,277
Total operating expense 23,997 21,033
48,742 41,917 Loss from
operations (5,924 ) (314 ) (15,926 ) (1,381 ) Interest income
(expense), net 33 (59 ) 68 (138 ) Other income (expense), net
44 (15 ) 63 (49 ) Loss
before income taxes (5,847 ) (388 ) (15,795 ) (1,568 ) Provision
for income taxes 117 60 162
88 Net loss $ (5,964 ) $ (448 ) $ (15,957 ) $
(1,656 ) Basic and diluted net loss per share: $ (0.18 ) $
(0.01 ) $ (0.48 ) $ (0.05 ) Shares used to compute basic and
diluted net loss per share: 33,274 32,171
33,105 32,048
Peregrine Semiconductor Corporation CONDENSED
CONSOLIDATED BALANCE SHEETS (in thousands)
(unaudited) June 28,
December 28, 2014 2013 Assets Current
assets: Cash and cash equivalents $ 19,730 $ 16,249 Short-term
marketable securities 24,891 28,035 Accounts receivable, net 18,178
16,905 Inventories 39,965 53,489 Prepaids and other current assets
5,616 4,085 Total current assets
108,380 118,763 Property and equipment, net 20,404 23,122 Long-term
marketable securities 23,989 18,888 Other assets 97
102 Total assets $ 152,870 $ 160,875
Liabilities and stockholders’ equity Current
liabilities: Accounts payable $ 13,825 $ 12,983 Accrued liabilities
11,658 11,829 Accrued compensation 4,125 4,542 Customer deposits —
916 Deferred revenue 10,243 6,131 Total
current liabilities 39,851 36,401 Other long-term
liabilities 798 943 Stockholders’ equity: Common stock 33 33
Additional paid-in capital 353,321 348,684 Accumulated deficit
(240,943 ) (224,986 ) Accumulated other comprehensive loss
(190 ) (200 ) Total stockholders’ equity 112,221
123,531 Total liabilities and stockholders’
equity $ 152,870 $ 160,875
Peregrine
Semiconductor Corporation CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS (in thousands) (unaudited)
Six Months Ended June 28,
June 29, 2014 2013 Operating activities
Net loss $ (15,957 ) $ (1,656 ) Adjustments to reconcile net loss
to net cash provided by (used in) operating activities:
Depreciation and amortization 3,596 3,104 Loss on disposal of
property and equipment 592 — Stock-based compensation 3,966 3,126
Imputed interest related to deposit arrangements, net 41 (60 )
Amortization of premium and discount on investments, net 153 210
Cash received for lease incentives — 135 Changes in operating
assets and liabilities: Accounts receivable (1,183 ) (6,780 )
Inventories 13,558 (3,191 ) Prepaids and other current and
noncurrent assets (1,760 ) 4,236 Accounts payable and accrued
liabilities (338 ) (11,107 ) Customer deposits — (11,425 ) Deferred
revenue 4,111 (4,884 ) Net cash provided by
(used in) operating activities 6,779 (28,292 )
Investing
activities Purchase of property and equipment (891 ) (3,900 )
Purchase of marketable securities (18,153 ) (8,882 ) Sale and
maturity of marketable securities 16,040
19,718 Net cash provided by (used in) investing activities
(3,004 ) 6,936
Financing activities Payments on obligations
under capital leases — (12 ) Payments on customer deposit financing
arrangement (916 ) (4,881 ) Proceeds from exercise of stock options
805 734 Payments related to net share settlement of equity awards
(134 ) — Net cash used in financing activities
(245 ) (4,159 ) Effect of exchange rate changes on cash and cash
equivalents (49 ) (1 ) Net change in cash and cash
equivalents 3,481 (25,516 ) Cash and cash equivalents at beginning
of period 16,249 44,106 Cash and cash
equivalents at end of period $ 19,730 $ 18,590
Peregrine Semiconductor
Corporation
RECONCILIATION OF GAAP TO NON-GAAP
RESULTS
(in thousands, except per share
data)
(unaudited)
Three Months Ended Six
Months Ended June 28, June 29,
June 28, June 29, 2014
2013 2014 2013 Gross profit - GAAP $ 18,073
38.4 % $ 20,719 39.6 % $ 32,816
37.1 % $ 40,536 40.9 % Non-cash compensation
expense (1) 272 0.6 218 0.4
530 0.6 414 0.5
Gross profit - Non-GAAP $ 18,345 39.0 % $ 20,937 40.0
% $ 33,346 37.7 % $ 40,950 41.4 % Loss from
operations - GAAP $ (5,924 ) (12.6 )% $ (314 ) (0.6 )% $ (15,926 )
(18.0 )% $ (1,381 ) (1.4 )% Non-cash compensation expense (1)
1,862 4.0 1,660 3.2
3,966 4.5 3,126 3.2
Income (loss) from operations - Non-GAAP $ (4,062 ) (8.6 )% $ 1,346
2.6 % $ (11,960 ) (13.5 )% $ 1,745 1.8 % Net loss -
GAAP $ (5,964 ) (12.7 )% $ (448 ) (0.9 )% $ (15,957 ) (18.1 )% $
(1,656 ) (1.7 )% Non-cash compensation expense (1) 1,862
4.0 1,660 3.2
3,966 4.5 3,126 3.2
Net income (loss) - Non-GAAP $ (4,102 ) (8.7 )% $ 1,212
2.3 % $ (11,991 ) (13.6 )% $ 1,470 1.5 %
Diluted net loss per share - GAAP $ (0.18 ) $ (0.01 ) $ (0.48 ) $
(0.05 ) Non-cash compensation expense 0.06
0.04 0.12 0.09 Diluted net
income (loss) per share - Non-GAAP $ (0.12 ) $ 0.03 $ (0.36
) $ 0.04 Shares used to compute diluted net loss per
share - GAAP 33,274 32,171 33,105 32,048 Dilutive effect of stock
options and warrants — 3,514 —
3,659 Shares used to compute diluted net
income (loss) per share - Non-GAAP 33,274
35,685 33,105 35,707 (1)
Includes stock-based compensation as follows:
Three
Months Ended Six Months Ended June 28, June
29, June 28, June 29, 2014 2013
2014 2013 Cost of net revenue $272 $218 $530 $414
Research and development 559 480 1,295 997 Selling, general and
administrative 1,031 962 2,141 1,715
Total $1,862 $1,660 $3,966 $3,126
Peregrine Semiconductor CorporationJonathan Goldberg,
858-795-0161Senior Director of Corporate Developmentir@psemi.comorInvestor Relations
Contact:The Blueshirt GroupSuzanne Schmidt,
415-217-4962Suzanne@blueshirtgroup.comorMelanie Solomon,
415-217-4964Melanie@blueshirtgroup.com
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