Peregrine Semiconductor Announces Second Quarter 2014 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 28, 2013, 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), founder of RF SOI (silicon on insulator), is a leading fabless provider of high-performance, integrated RF solutions. Since 1988 Peregrine and its founding team have been perfecting UltraCMOS® technology - a patented, advanced form of SOI - to deliver the performance edge needed to solve the RF market's biggest challenges, such as linearity. With products that deliver best-in-class performance and monolithic integration, Peregrine is the trusted choice for market leaders in automotive, broadband, industrial, Internet of Things, military, mobile devices, smartphones, space, test-and-measurement equipment and wireless infrastructure. Peregrine holds more than 180 filed and pending patents and has shipped over 2 billion UltraCMOS units. For more information, visit http://www.psemi.com.

The Peregrine Semiconductor name, logo, and UltraCMOS are registered trademarks of Peregrine Semiconductor Corporation in the U.S.A., and other countries.

 
Peregrine Semiconductor Corporation
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)

 

   

Three Months Ended

   

Six Months Ended

June 28,     June 29, June 28,     June 29,
2014 2013 2014 2013
Net revenue $ 47,060 $ 52,365 $ 88,378 $ 98,990
Cost of net revenue   28,987     31,646     55,562     58,454  
Gross profit 18,073 20,719 32,816 40,536
Operating expense:
Research and development 9,095 10,476 20,479 20,640
Selling, general and administrative   14,902     10,557     28,263     21,277  
Total operating expense   23,997     21,033     48,742     41,917  
Loss from operations (5,924 ) (314 ) (15,926 ) (1,381 )
Interest income (expense), net 33 (59 ) 68 (138 )
Other income (expense), net   44     (15 )   63     (49 )
Loss before income taxes (5,847 ) (388 ) (15,795 ) (1,568 )
Provision for income taxes   117     60     162     88  
Net loss $ (5,964 ) $ (448 ) $ (15,957 ) $ (1,656 )
 
Basic and diluted net loss per share: $ (0.18 ) $ (0.01 ) $ (0.48 ) $ (0.05 )
 
Shares used to compute basic and diluted net loss per share:   33,274     32,171     33,105     32,048  
 
 
Peregrine Semiconductor Corporation
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
       
June 28, December 28,
2014 2013
Assets
Current assets:
Cash and cash equivalents $ 19,730 $ 16,249
Short-term marketable securities 24,891 28,035
Accounts receivable, net 18,178 16,905
Inventories 39,965 53,489
Prepaids and other current assets   5,616     4,085  
Total current assets 108,380 118,763
Property and equipment, net 20,404 23,122
Long-term marketable securities 23,989 18,888
Other assets   97     102  
Total assets $ 152,870   $ 160,875  
 
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable $ 13,825 $ 12,983
Accrued liabilities 11,658 11,829
Accrued compensation 4,125 4,542
Customer deposits 916
Deferred revenue   10,243     6,131  
Total current liabilities 39,851 36,401
 
Other long-term liabilities 798 943
Stockholders’ equity:
Common stock 33 33
Additional paid-in capital 353,321 348,684
Accumulated deficit (240,943 ) (224,986 )
Accumulated other comprehensive loss   (190 )   (200 )
Total stockholders’ equity   112,221     123,531  
Total liabilities and stockholders’ equity $ 152,870   $ 160,875  
 
 
Peregrine Semiconductor Corporation
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
 
    Six Months Ended
June 28,     June 29,
2014 2013
Operating activities
Net loss $ (15,957 ) $ (1,656 )
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization 3,596 3,104
Loss on disposal of property and equipment 592
Stock-based compensation 3,966 3,126
Imputed interest related to deposit arrangements, net 41 (60 )
Amortization of premium and discount on investments, net 153 210
Cash received for lease incentives 135
Changes in operating assets and liabilities:
Accounts receivable (1,183 ) (6,780 )
Inventories 13,558 (3,191 )
Prepaids and other current and noncurrent assets (1,760 ) 4,236
Accounts payable and accrued liabilities (338 ) (11,107 )
Customer deposits (11,425 )
Deferred revenue   4,111     (4,884 )
Net cash provided by (used in) operating activities 6,779 (28,292 )
Investing activities
Purchase of property and equipment (891 ) (3,900 )
Purchase of marketable securities (18,153 ) (8,882 )
Sale and maturity of marketable securities   16,040     19,718  
Net cash provided by (used in) investing activities (3,004 ) 6,936
Financing activities
Payments on obligations under capital leases (12 )
Payments on customer deposit financing arrangement (916 ) (4,881 )
Proceeds from exercise of stock options 805 734
Payments related to net share settlement of equity awards   (134 )    
Net cash used in financing activities (245 ) (4,159 )
Effect of exchange rate changes on cash and cash equivalents   (49 )   (1 )
Net change in cash and cash equivalents 3,481 (25,516 )
Cash and cash equivalents at beginning of period   16,249     44,106  
Cash and cash equivalents at end of period $ 19,730   $ 18,590  
 
 

Peregrine Semiconductor Corporation

RECONCILIATION OF GAAP TO NON-GAAP RESULTS

(in thousands, except per share data)

(unaudited)

 
    Three Months Ended     Six Months Ended
June 28,     June 29, June 28,     June 29,
2014 2013 2014 2013
Gross profit - GAAP $ 18,073     38.4 % $ 20,719     39.6 % $ 32,816     37.1 % $ 40,536     40.9 %
Non-cash compensation expense (1)   272   0.6     218   0.4     530   0.6     414   0.5  
Gross profit - Non-GAAP $ 18,345   39.0 % $ 20,937   40.0 % $ 33,346   37.7 % $ 40,950   41.4 %
Loss from operations - GAAP $ (5,924 ) (12.6 )% $ (314 ) (0.6 )% $ (15,926 ) (18.0 )% $ (1,381 ) (1.4 )%
Non-cash compensation expense (1)   1,862   4.0     1,660   3.2     3,966   4.5     3,126   3.2  
Income (loss) from operations - Non-GAAP $ (4,062 ) (8.6 )% $ 1,346   2.6 % $ (11,960 ) (13.5 )% $ 1,745   1.8 %
Net loss - GAAP $ (5,964 ) (12.7 )% $ (448 ) (0.9 )% $ (15,957 ) (18.1 )% $ (1,656 ) (1.7 )%
Non-cash compensation expense (1)   1,862     4.0     1,660     3.2     3,966     4.5     3,126   3.2  
Net income (loss) - Non-GAAP $ (4,102 ) (8.7 )% $ 1,212   2.3 % $ (11,991 ) (13.6 )% $ 1,470   1.5 %
 
Diluted net loss per share - GAAP $ (0.18 ) $ (0.01 ) $ (0.48 ) $ (0.05 )
Non-cash compensation expense   0.06     0.04     0.12     0.09  
Diluted net income (loss) per share - Non-GAAP $ (0.12 ) $ 0.03   $ (0.36 ) $ 0.04  
 
Shares used to compute diluted net loss per share - GAAP 33,274 32,171 33,105 32,048
Dilutive effect of stock options and warrants       3,514         3,659  
Shares used to compute diluted net income (loss) per share - Non-GAAP   33,274     35,685     33,105     35,707  
 
(1) Includes stock-based compensation as follows:
 
Three Months Ended Six Months Ended
June 28, June 29, June 28, June 29,
2014 2013 2014 2013
Cost of net revenue $272 $218 $530 $414
Research and development 559 480 1,295 997
Selling, general and administrative 1,031   962   2,141   1,715  
Total $1,862   $1,660   $3,966   $3,126  
 






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