Print
Email
PLX Technology Inc. (PLXT) filed Quarterly Report for the period ended 2011-09-30.
Plx Technology Inc. has a market cap of $150 million; its shares were traded at around $3.37 with and P/S ratio of 1.2.
This is the annual revenues and earnings per share of PLXT over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of PLXT.
Highlight of Business Operations:
Net revenues consist primarily of product revenues generated principally by sales of our semiconductor devices. In the first quarter of 2011, we recorded development service revenues of approximately $1.6 million primarily associated with our Network PHY technology, which was accounted for under the milestone method of revenue recognition. Net revenues for the three months ended September 30, 2011 were $31.1 million, an increase of 2.8% from $30.2 million for the same period in 2010. The increase was due to higher sales of our PCI Express and Storage products and the introduction of the Network PHY products acquired as part of the Teranetics acquisition, partially offset by lower sales of Connectivity products.Net revenues for the nine months ended September 30, 2011 were $89.9 million, an increase of 1.3% from $88.8 million for the same period in 2010. The increase was due to higher sales of our PCI Express products and the introduction of the Network PHY products and services acquired as part of the Teranetics acquisition, partially offset by lower sales of Connectivity and Storage products as well as lower ASPs of our Storage products as a result of the transition to the low ASP markets.
R&D expenses increased by $14.7 million or 62.9% in the nine months ended September 30, 2011 compared to the same period in 2010. The increase in R&D in absolute dollars and as a percentage of revenue was primarily due to increased R&D spending, as a result of the acquisition of Teranetics, which increased spending by $15.1 million, primarily in compensation and benefit expenses of $7.7 million and tape-out related activities and engineering tools of $5.9 million. Excluding the effect of the acquisition, R&D spending decreased approximately $0.4 million. The decrease was due to decreases in engineering tools of $1.1 million, consulting expenses of $0.4 million and compensation and benefit expenses of $0.3 million, partially offset by increases in tape-out related activities of $1.2 million due to timing of projects taped-out and share-based compensation expense of $0.2 million.
SG&A expenses increased by $0.9 million or 4.7% in the nine months ended September 30, 2011 compared to the same period in 2010. The increase in SG&A in absolute dollars and a percentage of revenue was due primarily to an increase in legal fees of $1.1 million relating to the patent infringement lawsuit and consulting expenses of $0.2 million, partially offset by a decrease in compensation and benefit expenses, primarily variable compensation, as a result of decreased profitability.
Our investing activities are primarily driven by investment of our excess cash, sales of investments, business acquisitions and capital expenditures. Capital expenditures have generally been comprised of purchases of engineering equipment, computer hardware, software, server equipment and furniture and fixtures. The cash provided by investing activities for the nine months ended September 30, 2011 of $6.5 million was due to the sales and maturities of investments (net of purchases) of $9.0 million, partially offset by capital expenditures of $2.5 million. Cash provided by investing activities for the nine months ended September 30, 2010 of $8.3 million was due to the sales and maturities of investments (net of purchases) of $10.5 million, partially offset by capital expenditures of $2.2 million.
Subscribe RSS
