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Peregrine Semiconductor Announces Second Quarter 2013 Financial Results

Peregrine Semiconductor Corporation (Peregrine Semiconductor) (NASDAQ: PSMI), a fabless provider of high-performance radio frequency integrated circuits (RFICs), today announced its second quarter 2013 fiscal year financial results.

Second quarter 2013 revenue was $52.4 million, compared with $43.6 million for the same period in 2012.

As reported under U.S. generally accepted accounting principles (GAAP), second quarter 2013 net loss was $448,000, compared with a GAAP net loss of $26,000 in the same period in 2012. Diluted net loss per share was $0.01 for the second quarter of 2013 and 2012.

Non-GAAP net income for the second quarter of 2013 was $1.2 million, or $0.03 per diluted share based on weighted average shares outstanding of 35.7 million. This compares with non-GAAP net income of $1.0 million or $0.03 per diluted share based on weighted average shares outstanding of 29.5 million for the same period in 2012.

Gross margin on a GAAP basis for the second quarter of 2013 was 39.6% of revenue, compared to 37.2% of revenue for the same period in 2012. Gross margin on a non-GAAP basis for the second quarter of 2013 was 40.0% of revenue, compared to 37.5% of revenue for the same period in 2012.

“We continued to make great strides in the second quarter of 2013, further demonstrating our leadership position in high-performance RF with new products such as our latest RF switches, which enable carrier aggregation in the first handsets launched on an LTE-Advanced network. We also believe the completion of a multi-year sourcing agreement with Murata for RF switches based on our proprietary UltraCMOS® technology validates the importance of our intellectual property in the marketplace,” commented Jim Cable, Chief Executive Officer. “We remain confident in our future growth prospects and continue to expand our product offerings in all areas of high-performance RF, including several new developments announced at the International Microwave Symposium in June that have applications beyond the handset in key markets such as wireless infrastructure, defense, and test and measurement equipment.”

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