PMC Investor Relations Website: http://investor.pmcs.com
Q1 2013 earnings announcement call live on Website at 1:30 p.m. PT
Conference call replay number 1 (888) 843-7419; passcode 34533385#.
Replay available shortly after end of conference call through May 9, 2013
SUNNYVALE, Calif. — (BUSINESS WIRE) — April 25, 2013 — PMC® (Nasdaq: PMCS), the semiconductor innovator transforming networks that connect, move and store big data, today reported results for the first quarter ended March 30, 2013.
Net revenues in the first quarter of 2013 totaled $125.2 million, a decrease of three percent compared to $129.4 million in the fourth quarter of 2012, and a decrease of five percent compared to $132.1 million in the first quarter of 2012.
GAAP net loss in the first quarter of 2013 totaled $6.8 million, or $0.03 per share, compared to GAAP net income in the fourth quarter of 2012 of $10.8 million, or $0.05 per diluted share. Note this GAAP comparative is restated for an immaterial correction described in the financial statements later in this release. Non-GAAP net income totaled $13.4 million, or $0.07 per diluted share, down 47 percent in the first quarter of 2013 compared to non-GAAP net income of $25.1 million, or $0.12 per diluted share in the fourth quarter of 2012.
“Our first quarter results were in line with our outlook and within the expected range,” said Greg Lang, PMC President and Chief Executive Officer. “We are encouraged by stronger bookings in the quarter and expect to grow revenues in the second quarter of 2013. Our book-to-bill ratio within the period was greater than one for the second consecutive quarter.”
Net income on a non-GAAP basis in the first quarter of 2013 excludes the following items: (i) $7.4 million stock-based compensation expense; (ii) $10.8 million amortization of purchased intangible assets; and (iii) $2 million of other adjustments including income tax related as described in the accompanying GAAP to non-GAAP reconciliation table.
For a full reconciliation of each non-GAAP item used herein to the most directly comparable GAAP financial measure, please refer to the schedule included with this release. The Company believes the additional non-GAAP measures are useful to investors for the purpose of financial analysis. Management uses the non-GAAP measures internally to evaluate its in-period operating performance before gains, losses and other charges that are considered by management to be outside of the Company’s core operating results. In addition, the measures are used to plan for the Company’s future periods. However, non-GAAP measures are neither stated in accordance with, nor are they a substitute for, GAAP measures.
FIRST QUARTER 2013 HIGHLIGHTS
The Company announced the following in the first quarter of 2013:
- To meet the elastic traffic demands of big data, PMC announced the introduction of DIGI 120G, the industry’s only single-chip OTN processor supporting 10G, 40G and 100G speeds for OTN transport, aggregation and switched deployments. DIGI 120G allows for the efficient sharing and dynamic assignment of network resources, enabling OTN networks to effectively virtualize optical network bandwidth. This unprecedented level of silicon integration facilitates the most cost effective designs, engineering efficiency, and lowest power approach to OTN system solutions.
- As a leader in secure data center storage solutions, PMC announced further expansion of its Adaptec storage product line with the industry’s first high performance, high density, low profile encrypted PCIe Gen3 host bus adapter (HBA) family. This product line is capable of executing over one million input/output operations per second (IOPS) with 6.6 GB/sec sustained throughput, provides 256 bit AES encryption, and offers up to 16 ports. The Adaptec Series 7H and 6H families of SAS/SATA HBAs provide customers with high-performance connectivity for hard disk drives (HDDs), solid-state drives (SSDs), removable media and tape drives. The product family is ideally suited for high performance data center applications.
First Quarter 2013 Conference Call
Management will review the first quarter of 2013 results and share its
outlook for the second quarter of 2013 during a conference call at 1:30
pm Pacific Time/4:30 pm Eastern Time on April 25, 2013. The conference
call webcast will be accessible under the Financial News and Events
To listen to the conference call live by telephone, dial 1 (888)
771-4371 (US Toll Free) or 1 (847) 585-4405 (International) with
passcode 34533385#, approximately ten minutes before the start time. A
telephone playback will be available after the completion of the call
and can be accessed at 1 (888) 843-7419 using the access code 34533385#.
A replay of the webcast will be available for 10 business days.