Peregrine Semiconductor Announces Fourth Quarter And Full Year 2013 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 2013 fiscal year financial results.

Fourth quarter 2013 revenue was $43.3 million, compared with $63.0 million for the same period in 2012. Revenue for fiscal year 2013 was $202.3 million, compared with $203.9 million for fiscal year 2012.

As reported under U.S. generally accepted accounting principles (GAAP), fourth quarter 2013 net loss was $6.8 million, compared with a GAAP net income of $5.6 million in the same period in 2012. Net loss for fiscal 2013 was $4.1 million, compared with a GAAP net income of $7.3 million for fiscal 2012. Diluted net loss per share was $0.21 for the fourth quarter of 2013 compared to a net income per share of $0.15 for the same period in 2012. Diluted net loss per share for fiscal year 2013 was $0.13 per share, compared net income per share to $0.15 per share for fiscal 2012.

Non-GAAP net loss for the fourth quarter of 2013 was $5.1 million, or $0.16 per diluted share based on weighted average shares outstanding of 32.7 million. This compares with non-GAAP net income of $6.9 million or $0.19 per diluted share based on weighted average shares outstanding of 36.5 million for the same period in 2012. Non-GAAP net income for fiscal year 2013 was $2.6 million, or $0.07 per diluted share based on weighted average shares outstanding of 35.7 million. This compares with non-GAAP net income of $11.7 million or $0.36 per diluted share based on weighted average shares outstanding of 32.2 million for fiscal year 2012.

Gross margin on a GAAP basis for the fourth quarter of 2013 was 36.0% of revenue, compared to 43.3% of revenue for the same period in 2012. Gross margin on a non-GAAP basis for the fourth quarter of 2013 was 36.6% of revenue, compared to 43.6% of revenue for the same period in 2012. Gross margins in the fourth quarter were impacted by a higher than normal inventory write-down of $3.1 million. Gross margin on a GAAP basis for fiscal year 2013 was 40.2% of revenue, compared to 39.1% of revenue for fiscal year 2012. Gross margin on a non-GAAP basis for fiscal year 2013 was 40.7% of revenue, compared to 39.4% of revenue for fiscal year 2012. Operating expenses increased to $22.4 million for the fourth quarter 2013 as a result of higher than expected legal expenses and restructuring charges by $1.4 million.

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