PLX Technology, Inc. Reports First Quarter 2014 Financial Results

SUNNYVALE, CA -- (Marketwired) -- Apr 21, 2014 -- PLX Technology, Inc. (NASDAQ: PLXT), the global leader in PCI Express® (PCIe®) silicon and software connectivity solutions enabling emerging data center architectures, today announced first quarter revenues of $24.8 million and GAAP net income of $2.2 million, or $0.05 per share (diluted).

"Higher gross profits in the first quarter, combined with lower expenses, drove increased income over Q4 and contributed to our fifth straight profitable quarter," said David Raun, PLX® president and CEO. "In addition, we increased cash, saw strong bookings to support Q2 growth, and layered in another solid quarter of design wins."

                                                                            
Non-GAAP Financial Comparison                                               
(in millions, except per share amounts)                                     
                                                    Quarterly Results       
                                              Q1 2014    Q4 2013    Q1 2013 
                                             ---------  ---------  ---------
Net revenues                                 $    24.8  $    25.7  $    26.2
Gross Margin                                 $    15.0  $    14.3  $    15.5
Operating expense                            $    11.9  $    12.4  $    11.6
Operating income from continuing operations  $     3.1  $     1.9  $     3.9
Income from continuing operations            $     3.0  $     1.9  $     3.8
Income per share (diluted) from continuing                                  
 operations                                  $    0.07  $    0.04  $    0.09
                                                                            

The above non-GAAP financial information (other than net revenues, which are presented on a GAAP basis) excludes share-based compensation, royalty accruals associated with the Internet Machines litigation, acquisition and restructuring costs, and discontinued operations. See "Use of Non-GAAP Financial Information" below.

                                                                            
GAAP Financial Comparison                                                   
(in millions, except per share amounts)                                     
                                                    Quarterly Results       
                                              Q1 2014    Q4 2013    Q1 2013 
                                             ---------  ---------  ---------
Net revenues                                 $    24.8  $    25.7  $    26.2
Gross Margin                                 $    14.8  $    14.1  $    15.5
Operating expense                            $    12.5  $    13.2  $    12.7
Operating income from continuing operations  $     2.3  $     0.8  $     2.9
Income from continuing operations            $     2.2  $     0.8  $     2.7
Income per share (diluted) from continuing                                  
 operations                                        $        0.05    $        0.02    $        0.06
                                                                                                                                                        
 

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