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Peregrine Semiconductor Reports Fourth Quarter and Full Year 2013 Financial Results

February 6, 2014

Peregrine Semiconductor Corp. , a fabless provider of high- performance radio frequency integrated circuits (RFICs), announced its fourth quarter and 2013 fiscal year financial results. In a release on February 3 , the company noted earnings details: 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 percent of revenue, compared to 43.3 percent of revenue for the same period in 2012. Gross margin on a non-GAAP basis for the fourth quarter of 2013 was 36.6 percent of revenue, compared to 43.6 percent 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 percent of revenue, compared to 39.1 percent of revenue for fiscal year 2012. Gross margin on a non-GAAP basis for fiscal year 2013 was 40.7 percent of revenue, compared to 39.4 percent 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 . "We reported fourth quarter revenue in line with our prior guidance. For 2014, we see a number of challenges facing the smartphone industry. However, we believe our product development and our progress in developing an integrated RF front-end positions us well for 2015 as the industry enters a strategic transition," commented Jim Cable , President and CEO. "Today, I am pleased to announce our introduction of the Ultra CMOS Global 1, the world's first reconfigurable RF front-end system, featuring our multi-mode, multi-band power amplifier and integrated suite of switches and tuning elements. We are pleased to demonstrate that our power amplifier offers raw performance comparable with GaAs, but with all the benefits of our UltraCMOS SOI process." Business Outlook For the first quarter of 2014, the company expects revenue to be in the range of $33 million to $36 million . First quarter GAAP gross margin is expected to be in the range of 36 percent to 38 percent. More Information: psemi.com ((Comments on this story may be sent to newsdesk@closeupmedia.com ))


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