NetLogic Microsystems Announces Preliminary Fourth Quarter And 2011 Financial Information
NetLogic Microsystems, Inc. (NASDAQ: NETL), a worldwide leader in high performance intelligent semiconductor solutions for next-generation Internet networks, today announced preliminary financial information for its fourth quarter and fiscal year ended Dec. 31, 2011.
The company expects to report revenue for the fourth quarter of 2011 of $96.2 million, a 9.9 percent sequential decrease from $106.8 million for the third quarter of 2011 and a 4.2 percent decrease from $100.4 million for the fourth quarter of 2010. For the fiscal year 2011, the company expects to report revenue of $405.4 million, a 6.2 percent increase from $381.7 million for fiscal year 2010.
The company’s cash, cash equivalents and short-term investments at Dec. 31, 2011 totaled $258.9 million, an increase of $16.5 million from $242.4 million at Sept. 30, 2011.
“2011 was another strong year for NetLogic Microsystems,” said Ron Jankov, president and CEO. “In addition to achieving record levels of revenue, we saw an acceleration of our design win success across our multi-core processors, knowledge-based processors, physical layer products and digital front-end processor portfolio. The advanced capability of our solutions is ideally suited for multiple market trends in networking and communications as the demand for greater intelligence, performance and bandwidth drives significant architectural changes in the design of next-generation systems. Further, we continue to execute strongly, demonstrating our ability to consistently deliver an ambitious product and technology roadmap that positions us well for growth as these significant trends play out.”These preliminary results have not been audited by the company’s independent public accountants and the final audited results for 2011 may differ from the amounts stated in this press release. The company plans to announce its final fiscal fourth quarter and year-end results on Feb. 15, 2012. Restatement of 2011 Quarterly Results The company also announced today that it will be restating its quarterly financial statements in 2011 to account for a severance benefit accrual associated with an executive officer who left the company in December 2011. The company has concluded that certain severance benefits should have been fully expensed during the three months ended March 31, 2011 rather than the quarter in which the executive resigned. Consequently, stock-based compensation expense of $4.0 million associated with accelerated vesting of the officer’s equity awards, a cash severance payment of $384,000 and the related tax effect will be restated to record that expense in the first quarter of 2011.
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