PLX: Fiscal 4Q11 Financial Results

(in US$ millions)	4Q10	4Q11	FY10	FY11
Revenues	27.8	25.9	116.6	115.8
*Growth*		-7%		*-1%*
Net income (loss)	(7.6)	(4.4)	(3.3)	(23.8)

PLX Technology, Inc. announced revenues of $25.9 million and a GAAP net loss of $4.4 million, or $0.10 per share (diluted) for its fourth quarter ended December 321, 2011.

For 2011, the company reported revenue of $115.8 million and a net loss of $23.8 million or $0.53 per share (diluted).

"We did not achieve our forecasted results during the fourth quarter due to weaker than expected demand for our connectivity products, as well as the negative impact to our consumer storage business from the flooding in Thailand," said Ralph Schmitt, PLX president and CEO. "However, we executed well in meeting our operational expense objectives and drove to higher gross margins in the quarter. Further, we dramatically reduced our inventories and improved our cash position."

"Throughout 2011, the company successfully increased its market position in its focus areas of high-speed interconnect by achieving record revenues and key design wins with PCI Express and networking products," said Schmitt. "We continue to demonstrate a deep commitment to our focus on enterprise data center opportunities with the divesture of our consumer storage team. We anticipate that the long-awaited rollout of Intel’s Romley platform this year will be a strong driver for these opportunities.

"As we look ahead to 2012, we expect healthy growth in the area of solid-state storage solutions using our PCI Express Gen3 silicon and we plan to announce products that enable the wider-spread use of PCI Express as a cloud fabric that will drive our ability to deliver both board and system solutions to customers building the most advanced data center networks. We are at the heart of some very positive growth vectors in the enterprise market that are likely to provide exciting opportunities for our growth in the coming year."

Business Outlook

Net revenues for the first quarter ending March 31, 2012, are expected to be between $25 million and $29 million
Gross margins are expected to be approximately 58 percent
Operating expenses are expected to be approximately $24.4 million. Included in operating expenses are share-based compensation and acquisition-related amortization charges of approximately $5.8 million