PLX: Fiscal 2Q10 Financial Results

worst

(in US$ millions)	2Q09	2Q10	6 mo. 09	6 mo. 10
Revenues	18.2	29.7	34.6	58.5
*Growth*		63%		*69%*
Net income (loss)	(9.1)	(1.7)	(19.6)	3.2

PLX Technology, Inc. announced second quarter 2010 revenues of $29.7 million and net income of $1.7 million, or $0.04 per share (diluted).

“We have now had four successive growth quarters with strong trends continuing in some of our newer network attach storage and USB-interconnect products,” said Ralph Schmitt, president and CEO of PLX. “Bookings remain strong and we expect to see a robust third quarter, which will be seasonally driven by storage and supported with continued strength in the enterprise-based PCI Express business.”

Product Information
PLX continues to innovate and deliver industry-leading products with key customer engagements. “PLX’s new-product-execution machine continues to deliver, with the release of our new NAS product and USB3 controllers,” said Schmitt, “Both of these advanced consumer products have already won designs at market-leading customers. We also achieved our first successful PCI Express Gen 3 interoperation. This is a critical step to building out the next-generation high-speed PCI Express ecosystem, at which PLX is at the forefront.”

The following products and developments
were publicly announced during the second quarter:

the industry’s highest-performance SATA storage controller (OXUFS944SE), optimized for real-time encryption
the entire PLX PCI Express (PCIe) and Universal Serial Bus (USB) product families are now fully represented on integrators lists of the PCI Special Interest Group and USB Implementers Forum
PLX named ASUStek Best Partner
USB Duet simplifies Apple iPad photo, keyboard, audio sharing
all PLX PCIe Gen 2 switches support industrial temperature operation
sampling begins for the industry’s highest-performance USB SuperSpeed 3.0 controllers (OXU3100, OXU3101 and OXU3102)

Business Outlook
The following statements are based on current expectations. The Company does not intend to update, confirm or change this guidance until its third quarter 2010 earnings release, although it may provide additional details regarding its guidance during today’s scheduled conference call.

Net revenues for the third quarter ending September 30, 2010, are expected to be between $30.0 million and $32.0 million.
Gross margins are expected to be approximately 56 percent.
Operating expenses are expected to be approximately $15.5 million. Included in operating expenses are share-based compensation and acquisition-related amortization charges of approximately $1.0 million.