PLX Technology, Inc. Reports Second Quarter 2013 Financial Results

SUNNYVALE, CA -- (Marketwired) -- Jul 22, 2013 -- PLX Technology, Inc. (NASDAQ: PLXT)

  • Record First-Half Profitability
  • Record PCI Express Revenues (Up Eight Percent Over Q1)
  • First $20 Million PCI Express Quarter

PLX Technology, Inc. (PLX®) (NASDAQ: PLXT), the global leader in PCI Express® (PCIe®) silicon and software connectivity solutions enabling emerging data center architectures, today announced second quarter revenues of $26.8 million and net income of $1.7 million, or $0.04 per share (diluted).

"Our ongoing commitment to controlling costs and focusing on our growing leadership in PCI Express has resulted in consecutive profitable quarters," said David Raun, PLX president and CEO. "Although we still have much to do, these two quarters combined produced the most profitable first six months of any year in the company's history. PCI Express grew eight percent, led by Gen3 growth setting a new record and producing our first $20 million PCI Express quarter. PCI Express is now 75 percent of our sales, up from 67 percent one year ago."

                                                                            
                                                                            
Non-GAAP Financial Comparison                                               
(in millions, except per share amounts)                                     
                                                                            
                                   Quarterly Results         Year to Date   
                               Q2 2013  Q1 2013  Q2 2012    2013     2012   
                              -------- -------- --------  -------- -------- 
Net revenues                  $   26.9 $   26.2 $   25.4  $   53.1 $   50.0 
Operating expense             $   11.8 $   11.6 $   12.9  $   23.4 $   27.6 
Operating income from                                                       
 continuing operations        $    3.3 $    3.9 $    2.2  $    7.2 $    1.5 
Income from continuing                                                      
 operations                   $    3.1 $    3.8 $    2.6  $    6.9 $    1.9 
Income per share (diluted)                                                  
 from continuing operations   $   0.07 $   0.09 $   0.06  $   0.15 $   0.03 
                                                                            
                                                                            

The above non-GAAP financial information (other than net revenues, which are presented on a GAAP basis) excludes lawsuit verdict contingency accrual expense, share-based compensation, acquisition, restructuring and impairment charges, amortization of acquired intangibles and discontinued operations. See "Use of Non-GAAP Financial Information" below.

                                                                            
                                                                            
GAAP Financial Comparison                                                   
(in millions, except per share amounts)                                     
                                                                                                                     
                                                                      Quarterly  Results                  Year  to  Date      
                                                              Q2  2013    Q1  2013    Q2  2012        2013          2012      
                                                            --------  --------  --------    --------  --------  
Net  revenues                                    $      26.9  $      26.2  $      25.4    $      53.1  $      50.0  
Operating  expense                          $      13.3  $      12.7  $      16.0    $      26.0  $      31.2  
Operating  income  (loss)  from                                                                                                
  continuing  operations                $        1.8  $        2.9  $      (0.9)  $        4.6  $      (2.1)
Income  (loss)  from  continuing                                                                                              
  operations                                      $        1.7  $        2.7  $      (0.5)  $        4.4  $      (1.7)
Income  (loss)  per  share                                                                                                          
  (diluted)  from  continuing                                                                                                    
  operations                                      $      0.04  $      0.06  $    (0.01)  $      0.09  $    (0.04)
                                                                                                                                                        
                                                                                                                                                        
 

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