- Third quarter revenue of $60.0 million
- GAAP third quarter diluted income per share of $0.12
- Non-GAAP third quarter diluted income per share of $0.17
SAN DIEGO — (BUSINESS WIRE) — October 28, 2013 — Peregrine Semiconductor Corporation (Peregrine Semiconductor) (NASDAQ: PSMI), a fabless provider of high-performance radio frequency integrated circuits (RFICs), today announced its third quarter 2013 fiscal year financial results.
Third quarter 2013 revenue was $60.0 million, compared with $60.6 million for the same period in 2012.
As reported under U.S. generally accepted accounting principles (GAAP), third quarter 2013 net income was $4.4 million, compared with a GAAP net income of $4.7 million in the same period in 2012. Diluted net income per share was $0.12 for the third quarter of 2013 compared to a diluted net income per share of $0.10 for the same period in 2012.
Non-GAAP net income for the third quarter of 2013 was $6.2 million, or $0.17 per diluted share based on weighted average shares outstanding of 35.8 million. This compares with non-GAAP net income of $5.9 million or $0.17 per diluted share based on weighted average shares outstanding of 33.7 million for the same period in 2012.
Gross margin on a GAAP basis for the third quarter of 2013 was 42.1% of revenue, compared to 41.3% of revenue for the same period in 2012. Gross margin on a non-GAAP basis for the third quarter of 2013 was 42.5% of revenue, compared to 41.5% of revenue for the same period in 2012.
“We reported a solid third quarter as we continue to execute our long-term strategic R&D roadmap. This week we will achieve a key milestone with the launch of UltraCMOS 10, the latest advance of our technology platform, moving us to the 130nm technology node and 200mm wafers. This was achieved through our new development and foundry partnership with GLOBALFOUNDRIES,” commented Jim Cable, President and Chief Executive Officer. “The wireless operators continue to increase the radio requirements to support LTE and LTE-Advanced networks, and this industry trend favors Peregrine as we are able to provide the truly differentiated performance needed for the carrier aggregation elements of LTE-Advanced. Despite the impact of near-term shifts in smartphone market seasonality, we are advancing our capabilities and building a technology platform with significant strategic value, and I believe the full value of our expertise will become apparent with time."
For the fourth quarter of 2013, the company expects revenue to be in the range of $43 million to $47 million. Fourth quarter GAAP gross margin is expected to be in the range of 40% to 42%.
Quarterly Conference Call Today
Jim Cable, President and Chief Executive Officer, and Jay Biskupski, Chief Financial Officer, will host a third 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 77223971. 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 per share information for the three and nine months ended
September 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.