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Peregrine Semiconductor Announces Second Quarter 2014 Financial Results

Peregrine Semiconductor Corporation (Peregrine Semiconductor) (NASDAQ: PSMI), founder of RF SOI (silicon on insulator) and pioneer of advanced RF solutions, today announced its second quarter 2014 financial results.

Second quarter 2014 revenue was $47.1 million, compared with $52.4 million for the same period in 2013.

As reported under U.S. generally accepted accounting principles (GAAP), second quarter 2014 net loss was $6.0 million, compared with a GAAP net loss of $0.4 million in the same period in 2013. Diluted net loss per share was $0.18 for the second quarter of 2014 compared to a net loss per share of $0.01 for the same period in 2013.

Non-GAAP net loss for the second quarter of 2014 was $4.1 million, or $0.12 per diluted share based on weighted average shares outstanding of 33.3 million. This compares with non-GAAP net income of $1.2 million or $0.03 per diluted share based on weighted average shares outstanding of 35.7 million for the same period in 2013.

Gross margin on a GAAP basis for the second quarter of 2014 was 38.4% of revenue, compared to 39.6% of revenue for the same period in 2013. Gross margin on a non-GAAP basis for the second quarter of 2014 was 39.0% of revenue, compared to 40.0% of revenue for the same period in 2013.

Operating expenses for the second quarter of 2014 were $24.0 million on a GAAP basis and $22.4 million on a non-GAAP basis, compared to $21.0 million on a GAAP basis and $19.6 million on a non-GAAP basis for the second quarter of 2013.

“We reported better than expected revenue this quarter driven by strong growth of LTE smartphones in many global markets,” said James Cable, Chairman and Chief Executive Officer. “In our High Performance Analog business, we are also enjoying strong design win growth and momentum in our sales channel.”

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