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PLX Technology, Inc. Reports First Quarter 2011 Financial Results

PLX Technology, Inc. (NASDAQ: PLXT), a leading global supplier of software-enriched silicon for the enterprise and consumer markets, today announced first quarter revenues of $28.1 million and a GAAP loss of $9.1 million, or $0.21 per share (diluted).

“Our revenues were up slightly in Q1 with record PCI Express switch revenue increasing more than 18 percent quarter over quarter due to strong demand in the enterprise storage market and Intel Sandy Bridge platforms,” said Ralph Schmitt, president and CEO of PLX. “We also completed the release of four new high-speed connectivity product families: 8Gbps PCI Express Gen3 switches, 10Gbps Ethernet Base-T PHYs, and 5Gbps USB 3.0 bridges and USB 3.0 storage controllers. These products continue to layer in opportunities for the rest of 2011 and 2012.”

Non-GAAP Financial Comparison
(in millions, except per share amounts)
    Quarterly Results

Q1 2011

   

Q1 2010

   

Q4 2010

Net revenues $ 28.1 $ 28.8 $ 27.8
Operating expense $ 19.3 $ 13.7 $ 19.0
Operating income (loss) $ (3.3 ) $ 2.7 $ (2.6 )
Net income (loss) $ (3.4 ) $ 2.5 $ (1.1 )
Earnings (loss) per share (diluted) $ (0.09 ) $ 0.07 $ (0.02 )

The above non-GAAP financial information (other than Net Revenues, which is presented on a GAAP basis) excludes share-based compensation, acquisition, restructuring and impairment charges and amortization of acquired intangibles. See “Use of Non-GAAP Financial Information” below.

GAAP Financial Comparison
(in millions, except per share amounts)
    Quarterly Results
Q1 2011     Q1 2010     Q4 2010
Net revenues $ 28.1 $ 28.8 $ 27.8
Operating expense $ 25.1 $ 14.7 $ 25.4
Operating income (loss) $ (9.0 ) $ 1.7 $ (9.1 )
Net income (loss) $ (9.1 ) $ 1.5 $ (7.6 )
Earnings (loss) per share (diluted) $ (0.21 ) $ 0.04 $ (0.17 )

“Our business metrics were in line with our previous projections,” said Schmitt. “While the impact of entering the 10G Ethernet business has caused our operating results to be negative for a few quarters, this investment will give the company another synergistic growth business as we see the technology become broadly adopted later in 2011 and into 2012.”

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