Delicious
Digg
Facebook
LinkedIn
Twitter
Fourth quarter 2012 revenue was
As reported under U.S. generally accepted accounting principles (GAAP),
fourth quarter 2012 net income was
Non-GAAP net income for the fourth quarter of 2012 was
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
"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
Quarterly Conference Call Today
Use of GAAP and Non-GAAP Financial Measures
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
About
The
|
|
||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
| (in thousands, except per share data) | ||||||||||||||||
| (unaudited) | ||||||||||||||||
| Three Months Ended | Years Ended | |||||||||||||||
|
December 29, |
December 31, |
December 29, |
December 31, |
|||||||||||||
| 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 | ||||||||||||
|
|
||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| (in thousands) | ||||||||
| (unaudited) | ||||||||
|
|
|
|||||||
| 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 | ||||
|
|
||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
| (in thousands) | ||||||||
| (unaudited) | ||||||||
| Years Ended | ||||||||
|
|
|
|||||||
| 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 | ||||
|
|
||||||||||||||||||||||||||
| RECONCILIATION OF GAAP TO NON-GAAP RESULTS | ||||||||||||||||||||||||||
| (in thousands, except per share data) | ||||||||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||||||
| Three Months Ended | Years Ended | |||||||||||||||||||||||||
|
December 29, |
December 31, |
December 29, |
December 31, |
|||||||||||||||||||||||
| 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 | ||||||||||||||||||||||
858-731-9400
ir@psemi.com
or
Investor
Relations:
415-217-4962; 415-217-4964
Suzanne@blueshirtgroup.com
Melanie@blueshirtgroup.com
Source:
News Provided by Acquire Media
Yahoo! Buzz