Peregrine Semiconductor Announces Fourth Quarter and Full Year 2012 Financial Results
SAN DIEGO--(BUSINESS WIRE)--
Peregrine
Semiconductor Corporation (Peregrine Semiconductor) (NASDAQ:
PSMI), a fabless provider of high-performance radio frequency integrated
circuits (RFICs), today announced its fourth quarter and 2012 fiscal
year financial results.
Fourth quarter 2012 revenue was $63.0 million, compared with $35.5
million for the same period in 2011. Revenue for fiscal year 2012 was
$203.9 million, compared with $107.8 million for fiscal year 2011.
As reported under U.S. generally accepted accounting principles (GAAP),
fourth quarter 2012 net income was $5.6 million, compared with a GAAP
net loss of $2.7 million in the same period in 2011. Net income for
fiscal year 2012 was $7.3 million, compared with a GAAP net loss of $9.7
million for fiscal year 2011. Diluted net income per share for the
fourth quarter of 2012 was $0.15 per share compared to a net loss per
share of $0.99 for the same period in 2011. Diluted net income per share
attributable to common stockholders* for fiscal year 2012 was $0.15 per
share compared to a net loss per share of $3.57 for fiscal year 2011.
Non-GAAP net income for the fourth quarter of 2012 was $6.9 million, or
$0.19 per diluted share based on weighted average shares outstanding of
36.5 million. This compares with non-GAAP net loss of $1.8 million or
$0.07 per diluted share based on weighted average shares outstanding of
25.1 million for the same period in 2011. Non-GAAP net income for the
fiscal year 2012 was $11.7 million, or $0.36 per diluted share** based
on weighted average shares outstanding of 32.2 million giving effect to
the conversion of the preferred stock at the beginning of the year. This
compares with non-GAAP net loss of $6.6 million or $0.26 per diluted
share based on weighted average shares outstanding of 25.1 million for
fiscal year 2011.
Gross margin on a GAAP basis for the fourth quarter of 2012 was 43.3% of
revenue, compared to 30.1% of revenue for the same period in 2011. Gross
margin on a non-GAAP basis for the fourth quarter of 2012 was 43.6% of
revenue, compared to 30.4% of revenue for the same period in 2011. Gross
margin on a GAAP basis for fiscal year 2012 was 39.1% of revenue,
compared to 34.2% of revenue for fiscal year 2011. Gross margin on a
non-GAAP basis for fiscal year 2012 was 39.4% of revenue, compared to
34.6% of revenue for fiscal year 2011.
"Coming off a record fourth quarter that completed a successful fiscal
2012, we continue to see our technology being widely accepted in many of
the world’s most successful smartphones, and we are expanding well in
our targeted growth markets,” commented Jim Cable, Chief Executive
Officer. “Presently we are addressing short-term challenges related to
the demand for certain OEM mobile devices, but we remain confident that
the continued adoption of LTE smartphones, our increasing traction with
leading customers worldwide, and the expansion of our non-handset
business, will all contribute to Peregrine’s continued long-term growth.”
“In 2013 we look forward to building upon our momentum and expanding on
our leadership position. We believe through continued focus on
technology leadership and operational excellence, we can deliver strong
financial performance and value to our shareholders. These objectives
are achievable with the dedication of our employees and the strong
support and collaboration of our customers and business partners
worldwide," concluded Cable.
*Diluted net income (loss) per share attributable to common stockholders
is computed by dividing net income (loss) attributable to common
stockholders, calculated as net income (loss) less income allocable to
preferred stockholders for the period prior to their conversion upon our
initial public offering, by the weighted average number of common shares
outstanding, including unvested shares subject to repurchase, and
potential dilutive securities assuming the dilutive effect of
outstanding stock options and warrants using the treasury stock method.
**Non-GAAP diluted net income (loss) per share was computed to give
effect to the conversion of our preferred stock using the as-if
converted method into common shares as if the conversion had occurred as
of the beginning of each period presented.
Business Outlook
For the first quarter of 2013, the company expects revenue to be in the
range of $43 million to $46 million. First quarter GAAP gross margin is
expected to be in the range of 43.0% to 44.5%.
Quarterly Conference Call Today
Jim Cable, President and Chief Executive Officer, and Jay Biskupski,
Chief Financial Officer, will host a fourth quarter 2012 financial
results conference call today at 2:00 pm (Pacific) / 5:00 pm (Eastern).
Attendees are asked to join the conference call at least ten minutes
prior to the scheduled conference call time. The call may be accessed by
dialing 1-877-303-8027 (toll free) or 1-760-536-5165 (international).
The passcode is 91307644. A live and archived webcast of the call will
be available on Peregrine's website at http://investors.psemi.com/
for one week following the live call.
Use of GAAP and Non-GAAP Financial Measures
Peregrine Semiconductor prepares its financial statements in accordance
with generally accepted accounting principles for the United
States (GAAP). The non-GAAP financial measures such as gross margin, net
income and loss per share information for the year and three months
ended December 29, 2012, and similar periods from the prior year
included in this press release are different from those otherwise
presented under GAAP. The non-GAAP financial measures exclude non-cash
compensation expense for stock options. When evaluating the performance
of our business and developing short and long-term plans, we do not
consider share-based compensation charges. Although share-based
compensation is necessary to attract and retain quality employees, our
consideration of share-based compensation places its primary emphasis on
overall shareholder dilution rather than the accounting charges
associated with such grants. Because of the varying availability of
valuation methodologies and subjective assumptions, we believe that the
exclusion of share-based compensation allows for more accurate
comparison of our financial results to previous periods. In addition, we
believe it useful to investors to understand the specific impact of the
application of the fair value method of accounting for share-based
compensation on our operating results. The presentation of these
financial measures is not intended to be considered in isolation or as a
substitute for, or superior to, financial information prepared and
presented in accordance with GAAP. We believe these non-GAAP financial
measures provide investors with useful supplemental information about
the financial performance of our business, enable comparison of
financial results between periods where certain items may vary
independent of business performance, and allow for greater transparency
with respect to key metrics used by management in operating our
business. However, investors are cautioned that there are material
limitations associated with the use of non-GAAP financial measures as an
analytical tool. These measures may be different from non-GAAP financial
measures used by other companies, limiting their usefulness for
comparison purposes.
For more information on our non-GAAP financial measures and a
reconciliation of such measures to the nearest GAAP measure, please see
the “Condensed Consolidated Reconciliation of GAAP to Non-GAAP Results”
table in this press release.
Use of Forward Looking Statements
This press release contains forward looking statements regarding our
management's future expectations, beliefs, intentions, goals,
strategies, plans and prospects. Such statements constitute
“forward-looking” statements which are subject to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. The
achievement of the matters covered by such forward-looking statements
involves risks, uncertainties and assumptions. If any of these risks or
uncertainties materialize or if any of the assumptions prove incorrect,
our actual results, performance or achievements could be materially
different from any future results, performance or achievements expressed
or implied by the forward-looking statements. Such risks and
uncertainties include, but are not limited to, our dependence on a
limited number of customers for a substantial portion of our revenues;
intellectual property risks; intense competition in our industry; our
ability to develop and introduce new and enhanced products on a timely
basis and achieve market acceptance of those products; consumer
acceptance of our customers’ products that incorporate our solutions;
our lack of long-term supply contracts and dependence on limited sources
of supply; and potential decreases in average selling prices for our
products.
For further information regarding risks and uncertainties associated
with Peregrine’s business, please refer to the filings that we make with
the Securities and Exchange Commission from time to time, including
those set forth in the section entitled “Risk Factors” in the company's
Prospectus filed on August 8, 2012 and additional information that will
be set forth in our Form 10-K that will be filed for the year ended
December 29, 2012, which should be read in conjunction with these
financial results. These documents are available on the SEC Filings
section of the Investor Relations section of our website at http://investors.psemi.com/.
Please also note that forward-looking statements represent our
management's beliefs and assumptions only as of the date of this press
release. Except as required by law, we assume no obligation to update
these forward-looking statements publicly, or to update the reasons
actual results could differ materially from those anticipated in the
forward-looking statements, even if new information, becomes available
in the future.
About Peregrine Semiconductor
Peregrine Semiconductor (NASDAQ: PSMI) is a fabless provider of
high-performance radio frequency integrated circuits (RFICs). Our
solutions leverage our proprietary, an
advanced RF Silicon-On-Insulator process. Our products deliver what we
believe is an industry-leading combination of performance and monolithic
integration, and target a broad range of applications in the aerospace
and defense, broadband, industrial, mobile wireless device, test and
measurement equipment, and wireless infrastructure markets. Additional
information is available on the Company’s website at .
The Peregrine Semiconductor name, logo and UltraCMOS are registered
trademarks, and DuNE, and HaRP are trademarks of Peregrine Semiconductor
Corporation in the U.S.A., and other countries. All other trademarks are
the property of their respective owners.
Peregrine Semiconductor Corporation
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended
Years Ended
December 29, 2012
December 31, 2011
December 29, 2012
December 31, 2011
Net revenue
$
62,999
$
35,547
$
203,908
$
107,771
Cost of net revenue
35,717
24,865
124,135
70,955
Gross profit
27,282
10,682
79,773
36,816
Operating expense:
Research and development
10,616
6,438
34,134
22,730
Selling, general and administrative
10,788
6,707
36,971
23,252
Total operating expense
21,404
13,145
71,105
45,982
Income (loss) from operations
5,878
(2,463
)
8,668
(9,166
)
Interest expense, net
(107
)
(204
)
(1,354
)
(311
)
Other income (expense), net
2
(43
)
(130
)
(9
)
Income (loss) before income taxes
5,773
(2,710
)
7,184
(9,486
)
Provision (benefit) for income taxes
146
2
(88
)
196
Net income (loss)
5,627
(2,712
)
7,272
(9,682
)
Net income allocable to preferred stockholders
-
-
(4,515
)
-
Net income (loss) attributable to common stockholders
$
5,627
$
(2,712
)
$
2,757
$
(9,682
)
Net income (loss) per share:
Basic
$
0.18
$
(0.99
)
$
0.19
$
(3.57
)
Diluted
$
0.15
$
(0.99
)
$
0.15
$
(3.57
)
Shares used to compute net income (loss) per share:
Basic
31,837
2,745
14,291
2,715
Diluted
36,548
2,745
18,651
2,715
Peregrine Semiconductor Corporation
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
December 29,
December 31,
2012
2011
Assets
Current assets:
Cash and cash equivalents
$
44,106
$
12,119
Short-term marketable securities
30,361
-
Accounts receivable, net
13,353
13,082
Inventories
57,017
29,822
Prepaids and other current assets
11,108
2,644
Total current assets
155,945
57,667
Property and equipment, net
22,871
10,272
Long-term marketable securities
18,892
-
Other assets
210
2,919
Total assets
$
197,918
$
70,858
Liabilities and stockholders’ equity (deficit)
Current liabilities:
Accounts payable
$
22,306
$
9,390
Accrued liabilities
12,672
11,477
Accrued compensation
5,726
3,458
Customer deposits
24,425
-
Deferred net revenue
12,755
5,298
Line of credit
-
7,749
Current portion of notes payable
-
861
Current portion of obligations under capital leases
11
520
Total current liabilities
77,895
38,753
Obligations under capital leases, less current portion
18
189
Notes payable, less current portion
-
757
Other long-term liabilities
886
1,329
Convertible preferred stock
-
172,430
Stockholders’ equity (deficit):
Preferred stock
-
-
Common stock
32
3
Additional paid-in capital
340,221
85,828
Accumulated deficit
(220,935
)
(228,207
)
Accumulated other comprehensive loss
(199
)
(224
)
Total stockholders’ equity (deficit)
119,119
(142,600
)
Total liabilities and stockholders’ equity (deficit)
$
197,918
$
70,858
Peregrine Semiconductor Corporation
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Years Ended
December 29,
December 31,
2012
2011
Operating activities
Net income (loss)
$
7,272
$
(9,682
)
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities:
Depreciation and amortization
4,579
3,980
Loss on disposal of property and equipment
31
8
Stock-based compensation
4,437
3,084
Revaluation of warrants to fair value
633
(36
)
Imputed interest related to customer deposit financing arrangements
420
-
Amortization of premium and discount on investments, net
169
-
Cash received for lease incentive
115
348
Changes in operating assets and liabilities:
Accounts receivable
(255
)
(1,303
)
Inventories
(27,188
)
(7,522
)
Prepaids and other current and noncurrent assets
(7,751
)
(2,271
)
Accounts payable and accrued liabilities
16,098
13,032
Customer deposits
11,425
-
Deferred revenue
6,865
265
Net cash provided by (used in) operating activities
16,850
(97
)
Investing activities
Purchase of property and equipment
(17,212
)
(4,354
)
Proceeds from sale of equipment
6
24
Purchase of marketable securities
(54,663
)
-
Sale of marketable securities
5,100
-
Net cash used in investing activities
(66,769
)
(4,330
)
Financing activities
Payments on obligations under capital leases
(661
)
(681
)
Payments on notes payable
(1,618
)
(820
)
Proceeds from line of credit
3,000
4,500
Payments on line of credit
(10,749
)
-
Proceeds from exercise of stock options
445
148
Proceeds from exercise of warrants
31
-
Proceeds from customer deposit financing arrangement
13,000
-
Proceeds from initial public offering
80,278
-
Costs paid in connection with initial public offering
(1,811
)
(1,845
)
Net cash provided by financing activities
81,915
1,302
Effect of exchange rate changes on cash and cash equivalents
(9
)
18
Net change in cash and cash equivalents
31,987
(3,107
)
Cash and cash equivalents at beginning of year
12,119
15,226
Cash and cash equivalents at end of year
$
44,106
$
12,119
Peregrine Semiconductor Corporation
RECONCILIATION OF GAAP TO NON-GAAP RESULTS
(in thousands, except per share data)
(unaudited)
Three Months Ended
Years Ended
December 29, 2012
December 31, 2011
December 29, 2012
December 31, 2011
Gross profit - GAAP
$
27,282
43
%
$
10,682
30
%
$
79,773
39
%
$
36,816
34
%
Non-cash compensation expense
184
1
129
0
588
0
431
1
Gross profit - Non-GAAP
$
27,466
44
%
$
10,811
30
%
$
80,361
39
%
$
37,247
35
%
Income (loss) from operations - GAAP
$
5,878
9
%
$
(2,463
)
(7
%)
$
8,668
4
%
$
(9,166
)
(9
%)
Non-cash compensation expense
1,321
2
925
3
4,437
2
3,084
3
Income (loss) from operations - Non-GAAP
$
7,199
11
%
$
(1,538
)
(4
%)
$
13,105
6
%
$
(6,082
)
(6
%)
Net income (loss) - GAAP
$
5,627
9
%
$
(2,712
)
(8
%)
$
7,272
4
%
$
(9,682
)
(9
%)
Non-cash compensation expense
1,321
2
925
3
4,437
2
3,084
3
Net income (loss) - Non-GAAP
$
6,948
11
%
$
(1,787
)
(5
%)
$
11,709
6
%
$
(6,598
)
(6
%)
Diluted net income (loss) per share attributable to common
stockholders - GAAP
$
0.15
$
(0.99
)
$
0.15
$
(3.57
)
Adjustment to reflect conversion of preferred stock at the beginning
of period
-
0.88
0.07
3.19
Non-cash compensation expense
0.04
0.04
0.14
0.12
Diluted net income (loss) per share - Non-GAAP
$
0.19
$
(0.07
)
$
0.36
$
(0.26
)
Net income (loss) attributable to common stockholders - GAAP
$
5,627
$
(2,712
)
$
2,757
$
(9,682
)
Net income (loss) - Non-GAAP
$
6,948
$
(1,787
)
$
11,709
$
(6,598
)
Shares used to compute diluted net income (loss) per share
attributable to common stockholders - GAAP
36,548
2,745
18,651
2,715
Adjustment to reflect conversion of preferred stock at the beginning
of period
-
22,365
13,529
22,365
Shares used to compute diluted net income (loss) per share - Non-GAAP
36,548
25,110
32,180
25,080
Peregrine Semiconductor Corporation Jay Biskupski, Chief Financial
Officer 858-731-9400 ir@psemi.com or Investor
Relations: The Blueshirt Group Suzanne Craig or Melanie
Friedman 415-217-4962; 415-217-4964 Suzanne@blueshirtgroup.com Melanie@blueshirtgroup.com
Press Release $PSMI Peregrine Semiconductor Corporation
SAN DIEGO--(BUSINESS WIRE)-- Peregrine Semiconductor Corporation (Peregrine Semiconductor) (NASDAQ: PSMI), a fabless provider of high-performance radio frequency integrated circuits (RFICs), today announced its fourth quarter and 2012 fiscal year financial results.
Fourth quarter 2012 revenue was $63.0 million, compared with $35.5 million for the same period in 2011. Revenue for fiscal year 2012 was $203.9 million, compared with $107.8 million for fiscal year 2011.
As reported under U.S. generally accepted accounting principles (GAAP), fourth quarter 2012 net income was $5.6 million, compared with a GAAP net loss of $2.7 million in the same period in 2011. Net income for fiscal year 2012 was $7.3 million, compared with a GAAP net loss of $9.7 million for fiscal year 2011. Diluted net income per share for the fourth quarter of 2012 was $0.15 per share compared to a net loss per share of $0.99 for the same period in 2011. Diluted net income per share attributable to common stockholders* for fiscal year 2012 was $0.15 per share compared to a net loss per share of $3.57 for fiscal year 2011.
Non-GAAP net income for the fourth quarter of 2012 was $6.9 million, or $0.19 per diluted share based on weighted average shares outstanding of 36.5 million. This compares with non-GAAP net loss of $1.8 million or $0.07 per diluted share based on weighted average shares outstanding of 25.1 million for the same period in 2011. Non-GAAP net income for the fiscal year 2012 was $11.7 million, or $0.36 per diluted share** based on weighted average shares outstanding of 32.2 million giving effect to the conversion of the preferred stock at the beginning of the year. This compares with non-GAAP net loss of $6.6 million or $0.26 per diluted share based on weighted average shares outstanding of 25.1 million for fiscal year 2011.
Gross margin on a GAAP basis for the fourth quarter of 2012 was 43.3% of revenue, compared to 30.1% of revenue for the same period in 2011. Gross margin on a non-GAAP basis for the fourth quarter of 2012 was 43.6% of revenue, compared to 30.4% of revenue for the same period in 2011. Gross margin on a GAAP basis for fiscal year 2012 was 39.1% of revenue, compared to 34.2% of revenue for fiscal year 2011. Gross margin on a non-GAAP basis for fiscal year 2012 was 39.4% of revenue, compared to 34.6% of revenue for fiscal year 2011.
"Coming off a record fourth quarter that completed a successful fiscal 2012, we continue to see our technology being widely accepted in many of the world’s most successful smartphones, and we are expanding well in our targeted growth markets,” commented Jim Cable, Chief Executive Officer. “Presently we are addressing short-term challenges related to the demand for certain OEM mobile devices, but we remain confident that the continued adoption of LTE smartphones, our increasing traction with leading customers worldwide, and the expansion of our non-handset business, will all contribute to Peregrine’s continued long-term growth.”
“In 2013 we look forward to building upon our momentum and expanding on our leadership position. We believe through continued focus on technology leadership and operational excellence, we can deliver strong financial performance and value to our shareholders. These objectives are achievable with the dedication of our employees and the strong support and collaboration of our customers and business partners worldwide," concluded Cable.
*Diluted net income (loss) per share attributable to common stockholders is computed by dividing net income (loss) attributable to common stockholders, calculated as net income (loss) less income allocable to preferred stockholders for the period prior to their conversion upon our initial public offering, by the weighted average number of common shares outstanding, including unvested shares subject to repurchase, and potential dilutive securities assuming the dilutive effect of outstanding stock options and warrants using the treasury stock method.
**Non-GAAP diluted net income (loss) per share was computed to give effect to the conversion of our preferred stock using the as-if converted method into common shares as if the conversion had occurred as of the beginning of each period presented.
Business Outlook
For the first quarter of 2013, the company expects revenue to be in the range of $43 million to $46 million. First quarter GAAP gross margin is expected to be in the range of 43.0% to 44.5%.
Quarterly Conference Call Today
Jim Cable, President and Chief Executive Officer, and Jay Biskupski, Chief Financial Officer, will host a fourth quarter 2012 financial results conference call today at 2:00 pm (Pacific) / 5:00 pm (Eastern). Attendees are asked to join the conference call at least ten minutes prior to the scheduled conference call time. The call may be accessed by dialing 1-877-303-8027 (toll free) or 1-760-536-5165 (international). The passcode is 91307644. A live and archived webcast of the call will be available on Peregrine's website at http://investors.psemi.com/ for one week following the live call.
Use of GAAP and Non-GAAP Financial Measures
Peregrine Semiconductor prepares its financial statements in accordance with generally accepted accounting principles for the United States (GAAP). The non-GAAP financial measures such as gross margin, net income and loss per share information for the year and three months ended December 29, 2012, and similar periods from the prior year included in this press release are different from those otherwise presented under GAAP. The non-GAAP financial measures exclude non-cash compensation expense for stock options. When evaluating the performance of our business and developing short and long-term plans, we do not consider share-based compensation charges. Although share-based compensation is necessary to attract and retain quality employees, our consideration of share-based compensation places its primary emphasis on overall shareholder dilution rather than the accounting charges associated with such grants. Because of the varying availability of valuation methodologies and subjective assumptions, we believe that the exclusion of share-based compensation allows for more accurate comparison of our financial results to previous periods. In addition, we believe it useful to investors to understand the specific impact of the application of the fair value method of accounting for share-based compensation on our operating results. The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business. However, investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. These measures may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes.
For more information on our non-GAAP financial measures and a reconciliation of such measures to the nearest GAAP measure, please see the “Condensed Consolidated Reconciliation of GAAP to Non-GAAP Results” table in this press release.
Use of Forward Looking Statements
This press release contains forward looking statements regarding our management's future expectations, beliefs, intentions, goals, strategies, plans and prospects. Such statements constitute “forward-looking” statements which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The achievement of the matters covered by such forward-looking statements involves risks, uncertainties and assumptions. If any of these risks or uncertainties materialize or if any of the assumptions prove incorrect, our actual results, performance or achievements could be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, but are not limited to, our dependence on a limited number of customers for a substantial portion of our revenues; intellectual property risks; intense competition in our industry; our ability to develop and introduce new and enhanced products on a timely basis and achieve market acceptance of those products; consumer acceptance of our customers’ products that incorporate our solutions; our lack of long-term supply contracts and dependence on limited sources of supply; and potential decreases in average selling prices for our products.
For further information regarding risks and uncertainties associated with Peregrine’s business, please refer to the filings that we make with the Securities and Exchange Commission from time to time, including those set forth in the section entitled “Risk Factors” in the company's Prospectus filed on August 8, 2012 and additional information that will be set forth in our Form 10-K that will be filed for the year ended December 29, 2012, which should be read in conjunction with these financial results. These documents are available on the SEC Filings section of the Investor Relations section of our website at http://investors.psemi.com/. Please also note that forward-looking statements represent our management's beliefs and assumptions only as of the date of this press release. Except as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information, becomes available in the future.
About Peregrine Semiconductor
Peregrine Semiconductor (NASDAQ: PSMI) is a fabless provider of high-performance radio frequency integrated circuits (RFICs). Our solutions leverage our proprietary , an advanced RF Silicon-On-Insulator process. Our products deliver what we believe is an industry-leading combination of performance and monolithic integration, and target a broad range of applications in the aerospace and defense, broadband, industrial, mobile wireless device, test and measurement equipment, and wireless infrastructure markets. Additional information is available on the Company’s website at .
The Peregrine Semiconductor name, logo and UltraCMOS are registered trademarks, and DuNE, and HaRP are trademarks of Peregrine Semiconductor Corporation in the U.S.A., and other countries. All other trademarks are the property of their respective owners.
December 29,
2012
December 31,
2011
December 29,
2012
December 31,
2011
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
December 29,
2012
December 31,
2011
December 29,
2012
December 31,
2011
Peregrine Semiconductor Corporation
Jay Biskupski, Chief Financial Officer
858-731-9400
ir@psemi.com
or
Investor Relations:
The Blueshirt Group
Suzanne Craig or Melanie Friedman
415-217-4962; 415-217-4964
Suzanne@blueshirtgroup.com
Melanie@blueshirtgroup.com
Source: Peregrine Semiconductor Corporation