Peregrine Semiconductor Announces Third Quarter 2013 Financial Results

For more information on our non-GAAP financial measures and a reconciliation of such measures to the nearest GAAP measure, please see the “Condensed Consolidated Reconciliation of GAAP to Non-GAAP Results” table in this press release.

Use of Forward Looking Statements

This press release contains forward looking statements regarding our management's future expectations, beliefs, intentions, goals, strategies, plans and prospects. Such statements constitute “forward-looking” statements which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The achievement of the matters covered by such forward-looking statements involves risks, uncertainties and assumptions. If any of these risks or uncertainties materialize or if any of the assumptions prove incorrect, our actual results, performance or achievements could be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, but are not limited to, our dependence on a limited number of customers for a substantial portion of our revenues; intellectual property risks; intense competition in our industry; our ability to develop and introduce new and enhanced products on a timely basis and achieve market acceptance of those products; consumer acceptance of our customers’ products that incorporate our solutions; our lack of long-term supply contracts and dependence on limited sources of supply; and potential decreases in average selling prices for our products.

For further information regarding risks and uncertainties associated with Peregrine’s business, please refer to the filings that we make with the Securities and Exchange Commission from time to time, including those set forth in the section entitled “Risk Factors” in our Form 10-K for the year ended December 29, 2012, which should be read in conjunction with these financial results. These documents are available on the SEC Filings section of the Investor Relations section of our website at http://investors.psemi.com/. Please also note that forward-looking statements represent our management's beliefs and assumptions only as of the date of this press release. Except as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information, becomes available in the future.

About Peregrine Semiconductor

Peregrine Semiconductor (NASDAQ: PSMI) is a fabless provider of high-performance radio frequency integrated circuits (RFICs). Our solutions leverage our proprietary UltraCMOS® technology, an advanced RF Silicon-On-Insulator process. Our products deliver what we believe is an industry-leading combination of performance and monolithic integration, and target a broad range of applications in the aerospace and defense, automotive, broadband, industrial, mobile wireless device, test and measurement equipment, and wireless infrastructure markets. Additional information is available on our website at  http://www.psemi.com.

The Peregrine Semiconductor name, logo and UltraCMOS are registered trademarks, and DuNE, and HaRP are trademarks of Peregrine Semiconductor Corporation in the U.S.A., and other countries. All other trademarks are the property of their respective owners.

Peregrine Semiconductor Corporation

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

 
  Three Months Ended       Nine Months Ended
September 28,
2013
  September 29,
2012
September 28,
2013
  September 29,
2012
Net revenue $ 60,002 $ 60,575 $ 158,992 $ 140,909
Cost of net revenue 34,749   35,560   93,203   88,418  
Gross profit 25,253 25,015 65,789 52,491
Operating expense:
Research and development 10,777 9,355 31,417 23,518
Selling, general and administrative 10,210     10,990   31,487   26,183  
Total operating expense 20,987   20,345   62,904   49,701  
Income from operations 4,266 4,670 2,885 2,790
Interest expense, net (27 ) (213 ) (165 ) (1,247 )
Other income (expense), net 99   (52 ) 50   (132 )
Income before income taxes 4,338 4,405 2,770 1,411
Income tax benefit (95 )   (308 ) (7 ) (234 )
Net income 4,433 4,713 2,777 1,645
Net income allocable to preferred stockholders   (2,279 )   (1,362 )
Net income attributable to common stockholders $ 4,433   $ 2,434   $ 2,777   $ 283  
Net income per share
Basic $ 0.14   $ 0.12   $ 0.09   $ 0.03  
Diluted* $ 0.12   $ 0.10   $ 0.08   $ 0.02  
Shares used to compute net income per share
Basic 32,394   19,748   32,163   8,442  
Diluted 35,804   24,351   35,738   12,692  

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