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PLX Technology, Inc. Reports Second Quarter 2011 Financial Results

Stocks in this article: PLXT

PLX Technology, Inc. (NASDAQ: PLXT), a leading global supplier of software-enriched silicon for the enterprise and consumer markets, today announced second quarter revenues of $30.7 million and a GAAP net loss of $6.0 million, or $0.14 per share (diluted).

“We continue to see excellent growth in our business, achieving records in both PCI Express revenue and new design wins with PCI Express and 10 Gigabit Ethernet products,” said Ralph Schmitt, president and CEO of PLX. “We are the innovation leader and continue to drive PCI Express and 10 Gigabit Ethernet as the connectivity solutions of choice for cloud-based network infrastructures, such as high-performance clustering, Solid State Drives (SSDs) and remote optical PCI Express distribution, as well as new Ethernet home-networking architectures. The PLX team has done an outstanding job driving revenue through the adoption of our technologies into new applications.”

Non-GAAP Financial Comparison      
(in millions, except per share amounts)
Quarterly Results
Q2 2011 Q2 2010 Q1 2011
Net revenues $ 30.7 $ 29.7 $ 28.1
Operating expense $ 19.5 $ 14.5 $ 19.3
Operating income (loss) $ (2.2 ) $ 3.0 $ (3.3 )
Net income (loss) $ (2.3 ) $ 2.8 $ (3.4 )
Earnings (loss) per share (diluted) $ (0.06 ) $ 0.07 $ (0.09 )

The above non-GAAP financial information (other than net revenues, which are 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
Q2 2011 Q2 2010 Q1 2011
Net revenues $ 30.7 $ 29.7 $ 28.1
Operating expense $ 23.2 $ 15.6 $ 25.1
Operating income (loss) $ (5.9 ) $ 1.9 $ (9.0 )
Net income (loss) $ (6.0 ) $ 1.7 $ (9.1 )
Earnings (loss) per share (diluted) $ (0.14 ) $ 0.04 $ (0.21 )

“We continue to make progress on our plan to bring the company back to profitability,” said Schmitt.“Through tight expense control, strong gross margin performance and more than seven percent sequential revenue growth, we posted meaningful improvements to our bottom line. We expect to see continued revenue growth moving forward, with a broader contribution across our product categories. This expectation is supported by strong bookings in the second quarter, which are positioning us well for growth in Q3.”

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