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Peregrine Semiconductor Announces Fourth Quarter And Full Year 2012 Financial Results

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

Fourth quarter 2012 revenue was $63.0 million, compared with $35.5 million for the same period in 2011. Revenue for fiscal year 2012 was $203.9 million, compared with $107.8 million for fiscal year 2011.

As reported under U.S. generally accepted accounting principles (GAAP), fourth quarter 2012 net income was $5.6 million, compared with a GAAP net loss of $2.7 million in the same period in 2011. Net income for fiscal year 2012 was $7.3 million, compared with a GAAP net loss of $9.7 million for fiscal year 2011. Diluted net income per share for the fourth quarter of 2012 was $0.15 per share compared to a net loss per share of $0.99 for the same period in 2011. Diluted net income per share attributable to common stockholders* for fiscal year 2012 was $0.15 per share compared to a net loss per share of $3.57 for fiscal year 2011.

Non-GAAP net income for the fourth quarter of 2012 was $6.9 million, or $0.19 per diluted share based on weighted average shares outstanding of 36.5 million. This compares with non-GAAP net loss of $1.8 million or $0.07 per diluted share based on weighted average shares outstanding of 25.1 million for the same period in 2011. Non-GAAP net income for the fiscal year 2012 was $11.7 million, or $0.36 per diluted share** based on weighted average shares outstanding of 32.2 million giving effect to the conversion of the preferred stock at the beginning of the year. This compares with non-GAAP net loss of $6.6 million or $0.26 per diluted share based on weighted average shares outstanding of 25.1 million for fiscal year 2011.

Gross margin on a GAAP basis for the fourth quarter of 2012 was 43.3% of revenue, compared to 30.1% of revenue for the same period in 2011. Gross margin on a non-GAAP basis for the fourth quarter of 2012 was 43.6% of revenue, compared to 30.4% of revenue for the same period in 2011. Gross margin on a GAAP basis for fiscal year 2012 was 39.1% of revenue, compared to 34.2% of revenue for fiscal year 2011. Gross margin on a non-GAAP basis for fiscal year 2012 was 39.4% of revenue, compared to 34.6% of revenue for fiscal year 2011.

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