PLX: Fiscal 2Q13 Financial Results
First $20 million PCIe quarter
This is a Press Release edited by StorageNewsletter.com on August 9, 2013 at 2:55 pm| (in US$ million) | 2Q12 | 2Q13 | 6 mo. 12 | 6 mo. 13 |
| Revenues | 25.4 | 26.8 | 50.0 | 53.1 |
| Growth | 6% | 6% | ||
| Net income (loss) | (18.2) | 1.7 | (25.7) | 4.3 |
PLX Technology, Inc. announced second quarter revenues of $26.8 million and net income of $1.7 million, or $0.04 per share (diluted).
"Our ongoing commitment to controlling costs and focusing on our growing leadership in PCIe has resulted in consecutive profitable quarters," said David Raun, PLX president and CEO. "Although we still have much to do, these two quarters combined produced the most profitable first six months of any year in the company’s history. PCIe grew 8%, led by Gen3 growth setting a new record and producing our first $20 million PCIe quarter. PCIe is now 75% of our sales, up from 67% one year ago."
"Our leadership position in PCIe, along with innovative products in development, is driving growth and new opportunities in the enterprise data center and cloud," said Raun. "Networking and enterprise storage are leading the way on the design win front with strong activity around PCIe SSD platforms. We believe PLX won every significant switch design opportunity this past quarter.
"We estimate that the PCIe market will grow by 15 to 25% in 2013. As we discussed last quarter, our continued revenue increases in PCIe are expected to be somewhat offset through this year by declines in sales of our legacy connectivity products. However, we expect to exit 2013 with less than 20% of revenue from connectivity. Market growth, market share gains, solid design activity, and declining impact from connectivity products, should position PLX for greater growth in future quarters."
Business Outlook
- Net revenues for the third quarter ending September 30, 2013 are expected to be between $25.5 million and $27.5 million;
- GAAP gross margins are expected to be approximately 57 percent, approximately one% lower than non-GAAP margins;
- Operating expenses are expected to be approximately $13.6 million. Included in operating expenses are share-based compensation related charges of approximately $0.6 million;
- Annual non-GAAP operating expense guidance reduced from $52M to $51M as a result of tight expense control.
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