The following statements are based on current expectations. The company does not intend to update, confirm or change this guidance until its second quarter 2013 earnings release, although it may provide additional details regarding its guidance during today's scheduled conference call.
•Net revenues for the second quarter ending June 30, 2013, are expected to be between $25.5 million and $27.5 million •Gross margins are expected to be approximately 58 percent •Operating expenses are expected to be approximately $13.4 million. Included in operating expenses are share-based compensation related charges of approximately $0.6 million.
PLX management plans to conduct a conference call and webcast today at 2:00 p.m. (PT) to discuss its first quarter results, as well as its second quarter 2013 outlook. A live webcast of the conference call will be available through the Investor Relations section of the PLX Website at www.plxtech.com/investors, which also can be heard live via telephone at (866) 318-8612, using access code 29370619. International callers may dial +1 (617) 399-5131. A recorded replay of this webcast will be available on the PLX Website beginning 4:00 p.m. (PT) on April 22, 2013, through 11:59 p.m. (PT) on April 29, 2013. To listen to the replay via telephone, call (888) 286-8010 and use access code 89523400. International callers may dial +1 (617) 801-6888.
Use of Non-GAAP Financial Information
To supplement PLX's financial statements presented on a GAAP basis, PLX has provided non-GAAP financial information, including non-GAAP income (loss), non-GAAP earnings (loss) per share (diluted), non-GAAP operating income (loss) and non-GAAP operating expenses. These non-GAAP results exclude share-based compensation, including ESOP expenses, acquisition, restructuring and impairment related charges, amortization of acquired intangibles and discontinued operations. A reconciliation of the adjustments to GAAP results is included in the tables below. Non-GAAP financial information is not meant as a substitute for GAAP results, but is included because management believes such information is useful to PLX investors for informational and comparative purposes. In addition, certain non-GAAP financial information is used internally by management to evaluate and manage the company. The non-GAAP financial information used by PLX may differ from that used by other companies. These non-GAAP measures should be considered in addition to, and not a substitute for, the results prepared in accordance with GAAP.
Safe Harbor Statement
This press release includes statements that qualify as forward-looking statements under the Private Securities Litigation Reform Act of 1995. These include statements about the company's estimated net revenues, estimated operating expenses and estimated gross margins, which are set forth under the caption "Business Outlook," and statements regarding PLX's future growth potential, demand for PCI Express, declines in Connectivity products, the strengthening of our business model, continued cost controls and expected solid results for 2013.. Such statements involve risks and uncertainties, which may cause actual results to differ materially from those set forth in the statements. Factors that could cause actual results to differ materially include risks and uncertainties, such as reduced demand for products of electronic equipment manufacturers that use the company's products, adverse economic conditions in general or those specifically affecting the company's markets, technical difficulties and delays in the development process, errors in the products, reduced backlog for the company's customers and unexpected expenses. Please refer to the documents filed by the company with the SEC from time to time, including, but not limited to, the Annual Report on Form 10-K for the year ended December 31, 2012 which identifies important risk factors that could cause actual results to differ from those contained in the forward-looking statements. All forward-looking statements are made as of today, and the company assumes no obligation to update such statements.
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