PMC Investor Relations Website: http://investor.pmcs.com
Q2 2013 earnings announcement call live on Website at 1:30 p.m. PT
Conference call replay number 1 (888) 843-7419; passcode 35145266#.
Replay available shortly after end of conference call through August
Strengthening the Company’s position as a leader in the rapidly
growing enterprise SSD market segment, PMC announced a definitive
agreement to acquire IDT’s Enterprise Flash Controller Business and
certain PCI Express (PCIe) Switch assets on May 29, 2013, which was
completed on July 15, 2013.
To meet the demands of Big Data, PMC introduced WinPath4, the
industry’s first backhaul processor that enables mobile operators to
scale capacity in their backhaul networks while transitioning to Layer
3 Packet Transport Networks (PTN). As the newest member of PMC’s
leading WinPath backhaul processor family, WinPath4 eliminates network
bottlenecks caused by the growing deployment of 4G LTE.
As a leader in secure data center storage solutions, PMC announced
further expansion of its Adaptec storage product line with the
industry’s first low-profile, 24-port, PCI Express Gen3 6Gb/s SAS/SATA
RAID adapter, enabling new dense architectures for scale-out or
space-limited data centers. With 24-port native connectivity, the
Adaptec 78165 triples storage connectivity by replacing up to three
eight-port RAID adapters, and more than doubles the performance of
competing solutions, significantly reducing cost and power.
On June 6, 2013, PMC received the Excellence in Product Innovation
award for its DIGI 120G multiservice OTN processor from the British
Columbia Technology Industry Association (BCTIA). The award recognizes
PMC's leadership, technology and product excellence within the
SUNNYVALE, Calif.--(BUSINESS WIRE)--
PMC-Sierra, Inc.(PMC®) (Nasdaq: PMCS), the semiconductor
innovator transforming networks that connect, move and store big data,today reported results for the second quarter ended June 29, 2013.
Net revenues in the second quarter of 2013 totaled $127.9
million, an increase of two percent compared to $125.2 million in the
first quarter of 2013, and a decrease of seven percent compared to
$137.8 million in the second quarter of 2012.
GAAP net loss in the second quarterof 2013 totaled $4.2
million, or $0.02 per share, compared to a GAAP net loss in the first
quarter of 2013of $6.8 million, or $0.03 per share. Non-GAAP net
income totaled $16.3 million, or $0.08 per diluted share, up 22 percent
in the second quarter of 2013 compared to non-GAAP net income of $13.4
million, or $0.07 per diluted share in the first quarter of 2013.
“Our second quarter results were in line with our outlook despite the
muted environment,” said Greg Lang, PMC president and chief executive
officer. “The recent acquisition of IDT’s PCI Express (PCIe) flash
controller business further expands our growth opportunities and
positions us as a leader in the rapidly growing enterprise solid-state
drive (SSD) market segment.”
Net income on a non-GAAP basis in the second quarter of 2013
excludes the following items: (i) $6.2 million stock-based compensation
expense; (ii) $10.8 million amortization of purchased intangible assets;
and (iii) $3.5 million of other adjustments including income tax related
as described in the accompanying GAAP to non-GAAP reconciliation table.
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 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.
SECOND QUARTER AND RECENT 2013 HIGHLIGHTS
The Company announced the following second quarter and recent