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PMC Reports Fourth Quarter And Full Year 2012 Results

PMC® (Nasdaq: PMCS), the semiconductor innovator transforming networks that connect, move and store big data , today reported results for the fourth quarter and full year ended December 29, 2012.

Net revenues in the fourth quarter of 2012 were $129.4 million, a sequential decrease of 2 percent compared to $131.7 million in the third quarter of 2012, and a decrease of 15 percent compared to $152.6 million in the fourth quarter of 2011.

GAAP net income in the fourth quarter of 2012 was $11.1 million, or $0.05 per diluted share, compared to GAAP net loss in the third quarter of 2012 was $274.4 million, or $1.31 per share. Third quarter of 2012 GAAP results included impairment write-downs of goodwill and intangible assets of $276.1 million. Non-GAAP net income in the fourth quarter of 2012 was $25.1 million, or $0.12 per diluted share, up 18 percent sequentially, compared to non-GAAP net income of $21.4 million, or $0.10 per diluted share, in the third quarter of 2012.

“We are pleased to report that our fourth quarter results were at the high end of our outlook, despite continued headwinds in the macro environment," said Greg Lang, PMC President and Chief Executive Officer.

Net income on a non-GAAP basis in the fourth quarter of 2012 excludes the following items: (i) $6.3 million stock-based compensation expense; (ii) $10.8 million amortization of purchased intangible assets; and (iii) $3.1 million of other adjustments including income tax related as described in the accompanying GAAP to non-GAAP reconciliation table.

For the full year ended December 29, 2012, net revenues were $531 million compared to $654.3 million for the year ended December 31, 2011, a decrease of 19 percent year over year. GAAP operating loss for the full year 2012 was $281.7 million compared to GAAP operating income of $52.8 million reported in the year ended December 31, 2011. GAAP operating loss for the full year 2012 included impairment write-downs of goodwill and intangible assets of $276.1 million. Non-GAAP operating income for the full year 2012 was $77.5 million compared to non-GAAP operating income of $142.7 million in the prior year. GAAP net loss for the full year 2012 was $333.1 million, or $1.54 per share, compared to GAAP net income of $84.7 million, or $0.36 per diluted share, for the prior year. Non-GAAP net income in the year ended December 29, 2012 was $81.8 million or $0.38 per diluted share, compared to non-GAAP net income of $142 million or $0.60 per diluted share, in the year ended December 31, 2011.

For a full reconciliation of each non-GAAP item used herein to the most directly comparable GAAP financial measure, please refer to the schedule included with this release. The Company believes the additional non-GAAP measures are useful to investors for the purpose of financial analysis. Management uses the non-GAAP measures internally to evaluate its in-period operating performance before gains, losses and other charges that are considered by management to be outside of the Company’s core operating results. In addition, the measures are used to plan for the Company’s future periods. However, non-GAAP measures are neither stated in accordance with, nor are they a substitute for, GAAP measures.

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