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Peregrine Semiconductor Announces Third Quarter 2012 Financial Results

Stocks in this article: PSMI

Peregrine Semiconductor Corporation (Peregrine Semiconductor) (NASDAQ: PSMI), a fabless provider of high-performance radio frequency integrated circuits (RFICs), today announced its third quarter 2012 financial results.

Revenue for the third quarter of 2012 was $60.6 million, compared with $26.5 million for the same period in 2011. As reported under U.S. generally accepted accounting principles (GAAP), third quarter 2012 net income was $4.7 million, compared with a GAAP net loss of $4.7 million in the same period in 2011. Diluted net income per share attributable to common stockholders* for the third quarter of 2012 was $0.10 per share compared to a net loss per share of $1.72 for the same period in 2011.

Non-GAAP net income for the third quarter of 2012 was $5.9 million, or $0.17 per diluted share** based on weighted average shares outstanding of 33.7 million giving effect to the conversion of the preferred stock at the beginning of the quarter. This compares with non-GAAP net loss of $4.0 million or $0.16 per diluted share based on weighted average shares outstanding of 25.1 million for the same period in 2011.

Gross margin on a GAAP basis for the third quarter of 2012 was 41.3% of revenue, compared to 26.9% of revenue for the same period in 2011. Gross margin on a non-GAAP basis for the third quarter of 2012 was 41.5% of revenue, compared to 27.2% of revenue for the same period in 2011.

“In our first quarter as a public company, we achieved significant revenue growth due to strong demand for our radio frequency integrated circuits that are designed into the latest and most popular smartphones,” commented Jim Cable, Chief Executive Officer. “Our products deliver an industry leading combination of performance and monolithic integration, and we believe we are well-positioned for future growth in both our mobile wireless and high performance solutions business units.”

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