PLX Technology, Inc. Reports Fourth Quarter, Fiscal Year 2011 Financial Results
(firmenpresse) - SUNNYVALE, CA -- (Marketwire) -- 01/23/12 -- PLX Technology, Inc. (NASDAQ: PLXT)
Q4 Highlights
Reduced Operational Costs
Improved Gross Margins to 59 Percent, from 56 Percent
Increased Cash, Reduced Liabilities from Prior Quarter
10GBase-T PHY Listed as EDN's Prestigious "Hot 100" Products
2011 Highlights
Multiple Quarters of Record Revenue Achieved
Grew PCIe Revenue by 14 Percent
Released Five New PCIe Gen3 Products, Family now Totals 11
Third-Generation 40nm 10GBase-T PHYs in Full Production
PLX Technology, Inc. (NASDAQ: PLXT), a leading global supplier of
software-enriched, high-speed connectivity silicon for the enterprise data
center, today announced fourth quarter revenues of $25.9 million and a GAAP
net loss of $4.4 million, or $0.10 per share (diluted). 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."
The above non-GAAP financial information (other than net revenues, which
are presented on a GAAP basis) excludes share-based compensation,
acquisition, restructuring and impairment charges, and amortization of
acquired intangibles. See "Use of Non-GAAP Financial Information" below.
"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."
"As an early innovator of PCI Express Gen3 switches, we have been able to
capture a significant amount of design wins globally," said Schmitt.
"Customers have already announced products in storage-, server- and
graphics-based solutions that need this significantly higher bandwidth."
PLX expanded its ExpressLane™ PCI Express (PCIe) Gen3 switch family to
11 products, with five new high-performance, feature-packed devices
compliant with the PCI Express Gen3 r1.0 Specification. The new switches
blend valuable innovation and high port counts to enable new, more powerful
designs in server, storage and communications platforms. With the debut of
these five new switches, PLX now offers Gen3 devices ranging from 12 to 48
lanes, and three to 18 ports with many more key configurations in
development.
Although the main focus for PCIe is the data center, PLX expanded its
market share by offering two new low-cost PCI Express Gen 2 switches in the
world's smallest packaging, including the industry's only three-lane switch
and a new four-lane device, both of which feature very low power
requirements. These new devices are ideal for energy-sensitive,
form-factor-restrictive, cost-conscious markets, including digital
televisions, set-top boxes, home gateways, security systems, cable modems,
DVRs,
multi-function printers, digital media servers, video surveillance, and
numerous other control plane and embedded applications.
Avago and PLX teamed up to highlight high-performance PCIe over fiber
optics with speeds of 64Gbps. The collaboration uses Avago optical modules
and PLX Gen3 switch technology to demonstrate PCIe extending beyond its
dominant role within the box, to an optical cabled box-to-box solution.
This effort is paving the road to next-generation data center applications
in which lower latency and cost, extended cabling distances and I/O
conversion minimization create simpler architectures for cleaner PCIe
end-to-end environments, such as those using PCIe as a fabric for
clustering servers.
Marvell and PLX paired-up to showcase PCI-enabled solid-state disks (SSDs),
where together the companies achieved aggregate performance of four SSD
cards reaching an astounding 2.5 million IOPs. This milestone represents
enterprise-ready ultra-performance storage solutions -- based on the PCIe
standard, and each company's unique technologies -- industry-wide adoption
is well underway. Also, several industry leaders have joined PLX to drive
deployment of the PCIe-based non-volatile memory (NVM) standard, where PLX
SSD-optimized PCIe switches are being widely used to service cloud- and
data center-based applications.
PLX announced several key partnerships tied to its PCIe portfolio,
including industry-leader HP, which selected two configurations of PLX PCIe
switches due to the devices' industry-unique x16-lane support for enabling
the high-performance CPU-GPU flexible scale-out in HP's latest ProLiant
SL390s G7 4U server platform.
PCIe expanded into new markets when PLX announced its collaboration with
Texas Instruments (TI) on a solution encompassing TI's digital signal
processors (DSPs) enabled by PCIe standards. This resulted in Advantech
choosing PLX PCIe switches for connectivity based on TI's DSPs.
PCIe-enabled DSPs allow cross-functionality into multiple new market
segments including wireless infrastructure communications, DSP farms,
digital media, test and measurement, medical imaging and industrial
automation.
Additional key market breakthroughs using PLX's PCIe technology include
Altera, which successfully showed interoperability with its 28nm FPGA and
PLX Gen3 switches; ASRock, which chose PLX for its flagship X79, Gen3-ready
graphics platform; and ATTO, which announced the industry's first PCIe
Gen3-enabled host bus adapters.
NEC Corporation named PLX a First Tier Preferred Supplier, citing PLX's
commitment to superior service and technical support, combined with its
unmatched leadership in PCIe technology, for the award.
PLX announced the industry's first USB 3.0 general-purpose peripheral
controllers that connects to PCIe Gen2, thus bridging another
industry-dominant I/O and matching the high-performance 5Gbps bus speeds
experts predict will be required by most consumer-electronics and
industrial designs for the next five to ten years. The new USB338x family
targets a broad array of applications that include tablets, mobile PCs,
printers, projectors, embedded systems, graphics/video adapters, TV Tuners,
and the new Thunderbolt adapters.
"The latest PLX TeraPHY® family of 10GBase-T products brings to market
several unique features and attributes requested by multiple tier-one
customers, and the devices are currently being designed into several
networking platforms with some key customers having already announced
products," said Schmitt. "The demand for 10GBase-T technology is building
as newer solutions on the market are delivering lower power capabilities at
a reduced cost. At the same time, performance requirements in the data
center continue to grow, making this technology increasingly compelling to
equipment manufacturers."
PLX expanded its TeraPHY 10GBase-T physical layer (PHY) family with three
new single-, dual- and quad-port integrated transceivers, which offer lower
power, lower cost and several powerful features including enhanced Energy
Efficient Ethernet (eEEE), Media Access Control Security (MACsec), and
smaller 25mm square packaging. Designed on a 40-nanometer lithography node,
these devices represent the fourth generation of PLX 10GBase-T PHYs, and
its second generation in 40nm. During the third quarter, PLX released its
third-generation PHY family into full production.
Low power dissipation is crucial in today's data centers and PLX's upgraded
TN8000 PHY devices require only two watts for 10-meter distances over
standard copper cabling, which is a popular networking length. PLX TeraPHY
products automatically determine the length of a cable and only use the
necessary power to reach that distance. If long reach is needed, the
TeraPHY family is capable of 10Gbps operation at distances in excess of 120
meters on standard Category 6A cabling.
The influential EDN magazine has awarded the PLX TeraPHY TN8022 dual-port
10GBase-T PHY device a "Hot 100" product of 2011 from among thousands of
candidates. EDN editors noted the TN8022's breakthrough performance and
power achievements based on unique advancements, such as built-in noise and
interference mitigation, robust DSP algorithm, and ultra-low power
capabilities that feature a 50 percent reduction in power dissipation for
typical long-term traffic patterns.
EDN's assessment of the TN8022 was elevated when PLX announced it had
successfully demonstrated the PHY in 10Gbps Ethernet data and electrical
transfer, in full compliance with the IEEE 802.3an standard, over a
distance of 300 meters using typical, widely installed Category 6A
unshielded twisted pair copper cable. The unique networking demonstration,
enabled by PLX-designed Power-over-Ethernet (PoE) repeaters, utilizes a
TN8022 dual-port 10GBase-T PHY transceiver. This breakthrough distance
achievement with low-cost Ethernet cabling brings new capabilities to IT
managers seeking high-performance networking between multiple server rooms,
which, for example, may be located on different floors of a high-rise
building or in a campus environment.
With the market's broadest 10GBase-T PHY portfolio in production, followed
by next-generation 28nm products already in development, PLX is well
positioned to support this market as it rapidly develops in 2012 and
beyond.
The following statements are based on current expectations. The company
does not intend to update, confirm or change this guidance until its first
quarter 2012 earnings release, although it may provide additional details
regarding its guidance during today's scheduled conference call.
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
PLX management plans to conduct a conference call and webcast today at 2:00
p.m. (PST) to discuss its fourth quarter and fiscal year 2011 financial
results, as well as its first quarter 2012 outlook. A live webcast of the
conference call will be available through the Investor Relations section of
the PLX website at , which also can be heard live
via telephone at (866) 713-8564, using access code 12821172. International
callers may dial +1 (617) 597-5312. For the live webcast, listeners should
go to the PLX Website at least 15 minutes before the event starts to
download and install any necessary software.
A recorded replay of this webcast will be available on the PLX Website
beginning 5:00 p.m. (PST) on January 23, 2012, through 11:59 p.m. (PST) on
January 31, 2012. To listen to the replay via telephone, call (888)
286-8010 and use access code 47039308. International callers may dial +1
(617) 801-6888.
PLX Technology, Inc. (NASDAQ: PLXT), based in Sunnyvale, Calif., USA, is an
industry-leading global provider of semiconductor-based connectivity
solutions primarily targeting the enterprise and consumer markets. The
company develops innovative software-enriched silicon that enables product
differentiation, reliable interoperability and superior performance.
. Follow PLX on , and .
To supplement PLX's financial statements presented on a GAAP basis, PLX has
provided non-GAAP financial information, including non-GAAP net income
(loss), non-GAAP earnings (loss) per share (diluted), non-GAAP operating
income (loss) and non-GAAP operating expenses. These non-GAAP results
exclude share-based compensation, including ESOP expenses, acquisition,
restructuring and impairment related charges and amortization of acquired
intangibles. A reconciliation of the adjustments to GAAP results is
included in the tables below. Non-GAAP financial information is not meant
as a substitute for GAAP results, but is included because management
believes such information is useful to PLX investors for informational and
comparative purposes. In addition, certain non-GAAP financial information
is used internally by management to evaluate and manage the company. The
non-GAAP financial information used by PLX may differ from that used by
other companies. These non-GAAP measures should be considered in addition
to, and not a substitute for, the results prepared in accordance with GAAP.
This press release includes statements that qualify as forward-looking
statements under the Private Securities Litigation Reform Act of 1995.
These include statements about the company's estimated net revenues,
estimated operating expenses and estimated gross margins, which are set
forth under the caption "Business Outlook," and our expectations for data
center, cloud services and storage solution markets and the growth in
solid-state storage solutions that use our PCI Express Gen3 products and
our being well positioned to support the 10GBase-T physical layer (PHY)
market. Such statements involve risks and uncertainties, which may cause
actual results to differ materially from those set forth in the statements.
Factors that could cause actual results to differ materially include risks
and uncertainties, such as reduced demand for products of electronic
equipment manufacturers that use the company's products, adverse economic
conditions in general or those specifically affecting the company's
markets, technical difficulties and delays in the development process,
errors in the products, reduced backlog for the company's customers and
unexpected expenses. Please refer to the documents filed by the company
with the SEC from time to time, including, but not limited to, the Annual
Report on Form 10-K for the year ended December 31, 2010, and PLX's
quarterly reports on Forms 10-Q for the quarters ended March 31, 2011, June
30, 2011, and September 30, 2011, which identify important risk factors
that could cause actual results to differ from those contained in the
forward-looking statements. All forward-looking statements are made as of
today, and the company assumes no obligation to update such statements.
PLX and the PLX logo are trademarks of PLX Technology, Inc., which may be
registered in some jurisdictions. All other product names that appear in
this material are for identification purposes only and are acknowledged to
be trademarks or registered trademarks of their respective companies.
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