PLX Tech Q1 earnings report out-Nicely done.$0.06 Vs $0.01
Todd:
Here is the deal,I guess this was the reason for the action today.Well, I for one, am glad I am in at $9.00.
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Company Press Release
PLX Technology Reports First Quarter Financial Results
SUNNYVALE, Calif.--(BUSINESS WIRE)--April 28, 1999--PLX Technology, Inc. (Nasdaq:PLXT - news) today reported its financial results for the first quarter ended March 31, 1999.
Net revenues for the first quarter of 1999 were a record $8.9 million, an increase of 65% over the $5.4 million reported in the first quarter of 1998 and an increase of 13% over the $7.9 million reported in the fourth quarter of 1998.
Income from operations for the first quarter of 1999 was $1.6 million, an increase of 927% over the $0.2 million reported in the first quarter of 1998 and an increase of 23% over the $1.3 million reported in the fourth quarter of 1998.
Net income for the first quarter of 1999 was $1.1 million, or $0.06 per share on a diluted basis, compared with $0.1 million, or $0.01 per share, in the first quarter of 1998 and $1.1 million, or $0.06 per share, in the fourth quarter of 1998. The net income and earnings per share numbers reflect an increase in PLX's effective tax rate from 20% in 1998 to 35% in 1999.
''We continue to see excellent growth across all of our market segments as PCI and CompactPCI become the architecture standards of choice for many high performance embedded system designers,'' said Michael Salameh, President of PLX. ''As a result of the large number of design opportunities available, we are continuing to focus our efforts on expansion of our distribution and support infrastructure as well as new product development.''
On April 9, 1999 PLX completed its initial public offering totaling 3,795,000 shares of common stock at a price of $9.00 per share. This amount includes 495,000 shares purchased by the underwriters to cover over-allotments. Net proceeds to PLX from the initial public offering were approximately $31 million after all issuance expenses were deducted. After the initial public offering, the total outstanding shares of common stock were 22,146,591.
About PLX
PLX Technology, based in Sunnyvale, Calif., is a leading supplier of input/output (I/O) connectivity solutions that accelerate and manage the transfer of data in high-performance embedded systems. More than 500 original equipment manufacturers (OEMs) use PLX semiconductor devices in a wide variety of embedded applications including networking and telecommunications, enterprise storage, imaging, and industrial.
This release may contain forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to the documents filed by PLX with the SEC, specifically the Registration Statement on Form S-1, which identifies important risk factors that could cause actual results to differ from those contained in the forward-looking statements.
Company and product information is available on the PLX web site at www.plxtech.com.
PLX Technology, Inc.
Consolidated Statements of Income
(Unaudited)
(Thousands except per share data)
Three months ended March 31,
1999 1998
Net revenues $ 8,908 $ 5,413
Cost of revenues 3,252 2,008
Gross margin 5,656 3,405
Operating expenses:
Research and development 1,732 1,798
Selling, general and administrative 2,291 1,448
Total operating expenses 4,023 3,246
Income from operations 1,633 159
Interest income and other, net 43 14
Income before income taxes 1,676 173
Provision for income taxes 590 35
Net income $ 1,086 $ 138
Weighted average shares (diluted) 18,580 18,420
Earnings per share (diluted) $ 0.06 $ 0.01
PLX Technology, Inc.
Consolidated Balance Sheets
(Thousands)
March 31, December 31,
1999 1998
(unaudited)
Assets
Cash and cash equivalents $ 5,224 $ 5,638
Accounts receivable 4,604 2,073
Inventories 1,775 1,344
Deferred tax assets 735 735
Other current assets 479 332
Total current assets 12,817 10,122
Property and equipment, net 1,565 1,515
Deposits and licenses 155 129
Total assets $ 14,537 $ 11,766
Liabilities and Stockholders' Equity
Accounts payable $ 2,153 $ 1,601
Accrued compensation
and benefits 836 724
Accrued commissions 176 100
Deferred revenues 802 592
Other accrued expenses 610 547
Income tax payable 948 442
Total Liabilities 5,525 4,006
Stockholders' equity
Common stock, par value 18 18
Additional paid in capital 5,751 5,608
Deferred compensation (260) (283)
Notes receivable for
employee stock purchases (162) (163)
Retained earnings 3,665 2,580
Total stockholders' equity 9,012 7,760
Total liabilities and
stockholders' equity $ 14,537 $ 11,766
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