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PLX Technology, Inc. Reports Fourth Quarter, Fiscal Year 2013 Financial Results

Record Annual GAAP Net Income, PCI Express Revenues, Design Wins

SUNNYVALE, CA -- (Marketwired) -- 01/27/14 -- PLX Technology, Inc. (NASDAQ: PLXT), the global leader in PCI Express® (PCIe®) silicon and software connectivity solutions enabling emerging data center architectures, today announced fourth quarter revenues of $25.7 million and GAAP income of $1.0 million, or $0.03 per share (diluted). For 2013, PLX® reported revenue of $104.5 million and GAAP income of $7.3 million, or $0.15 per share (diluted).

"Our ongoing commitment to controlling costs and focusing on our market-leading PCI Express products resulted in our most profitable year in company history," said David Raun, PLX president and CEO. "PCI Express revenues were up 2 percent over Q3 and 13 percent annually. We are pleased to see a number of Gen3 designs ramping to volume production and expect many more of our customers to launch their Gen3-enabled products in 2014. Design activity remains strong for both our Gen2 and Gen3 products, underscoring our market leadership and ongoing growth opportunity."


Non-GAAP Financial Comparison
(in millions, except per share amounts)
                                       Quarterly Results       Year to Date
                                   Q4 2013  Q3 2013  Q4 2012   2013    2012
                                  -------- -------- -------- ------- -------
Net revenues                      $   25.7 $   25.7 $   23.4 $ 104.5 $ 100.2
Gross Margin                      $   14.3 $   14.7 $   13.7 $  59.6 $  58.9
Operating expense                 $   12.4 $   11.8 $   11.5 $  47.6 $  53.7
Operating income from continuing
 operations                       $    1.9 $    2.9 $    2.2 $  12.0 $   5.2
Income from continuing operations $    1.9 $    2.8 $    2.4 $  11.6 $   4.8
Income per share (diluted) from
 continuing operations            $   0.04 $   0.06 $   0.06 $  0.25 $  0.10

The above non-GAAP financial information (other than net revenues, which are presented on a GAAP basis) excludes share-based compensation, royalty accruals associated with the Internet Machines litigation, acquisition, restructuring and impairment charges, amortization of acquired intangibles and discontinued operations. See "Use of Non-GAAP Financial Information" below.


GAAP Financial Comparison
(in millions, except per share amounts)
                                     Quarterly Results        Year to Date
                                 Q4 2013  Q3 2013  Q4 2012    2013    2012
                                -------- -------- --------  ------- -------
Net revenues                    $   25.7 $   25.7 $   23.4  $ 104.5 $ 100.2
Gross Margin                    $   14.1 $   14.5 $   13.7  $  59.1 $  58.8
Operating expense               $   13.2 $   12.4 $   14.1  $  51.6 $  63.6
Operating income (loss) from
 continuing operations          $    0.8 $    2.0 $   (0.4) $   7.5 $  (4.8)
Income (loss) from continuing
 operations                     $    0.8 $    2.0 $   (0.2) $   7.1 $  (5.2)
Income (loss) per share
 (diluted) from continuing
 operations                     $   0.02 $   0.04 $      -  $  0.15 $ (0.12)

"Our balance sheet in the quarter continued to improve as we paid down our bank debt and increased our cash and investments to $20.4 million, while increasing shareholder equity 24 percent over the course of the year," said Raun. "As we look to 2014, we anticipate growth in revenues and profits, driven by a robust design win pipeline and a strong focus on improving gross margins and controlling costs."

Product Update:
PLX today offers an industry-leading 18 PCI Express (PCIe) Gen3 switches now in production and expects to release next generation PCIe Gen3 feature-rich technology in the coming quarters to enable its ExpressFabric® initiative. ExpressFabric was demonstrated live at the Intel Developers Forum (IDF) and SuperComputing (SC13) conferences in 2013. PLX is working closely with market leaders who are planning to deploy ExpressFabric technology in data centers to replace box-to-box connectivity currently using Ethernet and InfiniBand within individual racks. ExpressFabric eliminates power hungry and costly protocol translation adapter cards and retains native PCIe within the rack while seamlessly connecting to Ethernet for rack-to-rack connectivity.

Business Outlook:
The following statements are based on current expectations. The company does not intend to update, confirm or change this guidance until its first quarter 2014 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, 2014, are expected to be between $24 million and $27 million
  • Non-GAAP gross margins are expected to be approximately 56 percent with GAAP margins at approximately 55 percent. The GAAP number includes an accrual for royalties associated with the Internet Machines litigation and share-based compensation.
  • Operating expenses are expected to be approximately $14.0 million. Included in operating expenses are share-based compensation charges of approximately $0.6 million. The first quarter also includes a 40nm tape-out and beginning of the year higher payroll taxes. For the year, operating expenses net of share-based compensation are expected to be about $52 million.

Conference Call:
PLX management plans to conduct a conference call and webcast today at 2:00 p.m. (PT) to discuss its fourth quarter and fiscal year 2013 financial results, as well as its first quarter 2014 outlook. A live webcast of the conference call will be available through the Investor Relations section of the PLX website at www.plxtech.com/investors, which also can be heard live via telephone at (877) 474-9506, using access code 18615127. International callers may dial +1 (857) 244-7559. A recorded replay of this webcast will be available on the PLX website beginning 6:00 p.m. (PT) on January 27, 2014, through 11:59 p.m. (PT) on February 3, 2014. To listen to the replay via telephone, call (888) 286-8010 and use access code 98425423. International callers may dial +1 (617) 801-6888.

About PLX:
PLX Technology, Inc. (NASDAQ: PLXT), based in Sunnyvale, Calif., USA, is the industry-leading global provider of semiconductor-based PCI Express connectivity solutions primarily targeting enterprise data center markets. The company develops innovative software-enriched silicon that enables product differentiation, reliable interoperability and superior performance. Visit PLX on plxtech.com, LinkedIn, Facebook, Twitter and YouTube.

Use of Non-GAAP Financial Information:
To supplement PLX's financial statements presented on a GAAP basis, PLX has provided non-GAAP financial information, including non-GAAP 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, royalty accruals associated with the Internet Machines litigation, acquisition, restructuring and impairment related charges, amortization of acquired intangibles and discontinued operations. 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.

Safe Harbor Statement:
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 statements regarding PLX's growth potential and GAAP profitability this year, our expectations for the release of feature-rich technology and expectations for Gen 3-enabled product customer launches. 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, 2012, and PLX's quarterly reports on Forms 10-Q for the quarters ended March 31, 2013, June 30, 2013, and September 30, 2013, 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, the PLX logo, and ExpressFabric 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 organizations.


                            PLX TECHNOLOGY, INC.
              CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                (Unaudited)
                  (in thousands, except per share amounts)






                                                            Twelve Months
                                                                Ended
                           Three Months Ended                December 31
                 December 31  September 30  December 31  ------------------
                     2013         2013          2012       2013      2012
                 -----------  ------------  -----------  --------  --------

Net revenues     $    25,697  $     25,725  $    23,413  $104,490  $100,248
Cost of revenues      11,624        11,265        9,729    45,359    41,462
                 -----------  ------------  -----------  --------  --------
Gross margin          14,073        14,460       13,684    59,131    58,786
                 -----------  ------------  -----------  --------  --------
Operating
 expenses:
  Research and
   development         6,328         6,107        6,170    24,876    27,532
  Selling,
   general and
   administrative      6,910         6,309        6,163    26,442    28,927
  Acquisition
   and
   restructuring
   related costs           -             -        1,719       291     6,898
  Amortization
   of purchased
   intangible
   assets                  -             -           22         -       245
                 -----------  ------------  -----------  --------  --------
Total operating
 expenses             13,238        12,416       14,074    51,609    63,602
                 -----------  ------------  -----------  --------  --------
Income (loss)
 from operations         835         2,044         (390)    7,522    (4,816)
Interest income
 (expense) and
 other, net              (29)           (2)         (30)     (157)     (149)
                 -----------  ------------  -----------  --------  --------
Income (loss)
 from continuing
 operations
 before
 provision for
 income taxes            806         2,042         (420)    7,365    (4,965)
Provision
 (benefit) for
 income taxes             27            57         (230)      229       236
                 -----------  ------------  -----------  --------  --------
Income (loss)
 from continuing
 operations, net
 of tax                  779         1,985         (190)    7,136    (5,201)
Gain (loss) from
 discontinued
 operations, net
 of tax (1)              258             -         (423)      201   (27,388)
                 -----------  ------------  -----------  --------  --------
Net income
 (loss)          $     1,037  $      1,985  $      (613) $  7,337  $(32,589)
                 ===========  ============  ===========  ========  ========

Basic net income
 (loss) per
 share:
  Income (loss)
   from
   continuing
   operations    $      0.02  $       0.04  $         -  $   0.16  $  (0.12)
                 ===========  ============  ===========  ========  ========
  Gain (loss)
   from
   discontinued
   operations    $      0.01  $          -  $     (0.01) $      -  $  (0.61)
                 ===========  ============  ===========  ========  ========
  Net income
   (loss)        $      0.03  $       0.04  $     (0.01) $   0.16  $  (0.73)
                 ===========  ============  ===========  ========  ========

Diluted net
 income (loss)
 per share:
  Income (loss)
   from
   continuing
   operations    $      0.02  $       0.04  $         -  $   0.15  $  (0.12)
                 ===========  ============  ===========  ========  ========
  Gain (loss)
   from
   discontinued
   operations    $      0.01  $          -  $     (0.01) $      -  $  (0.61)
                 ===========  ============  ===========  ========  ========
  Net income
   (loss)        $      0.03  $       0.04  $     (0.01) $   0.15  $  (0.73)
                 ===========  ============  ===========  ========  ========

Shares used to
 compute per
 share amounts:
  Basic               45,750        45,682       45,053    45,603    44,882
                 ===========  ============  ===========  ========  ========
  Diluted             47,082        46,692       45,053    46,523    44,882
                 ===========  ============  ===========  ========  ========


(1) Gain (Loss) from discontinued operations includes gain on disposal of
 $297 for the three and twelve months ended December 31, 2013, and $1,353
 and $3,450 for the three and twelve months ended December 31, 2012,
 respectively.


                            PLX TECHNOLOGY, INC.
                   CONDENSED CONSOLIDATED BALANCE SHEETS
                                (Unaudited)
                               (in thousands)





                                                December 31    December 31
                                                    2013           2012
                                               -------------  -------------
ASSETS

  Cash and investments                         $      20,424  $      16,711
  Accounts receivable, net                            12,835         10,635
  Inventories                                         10,289         10,560
  Property and equipment, net                         10,333         11,267
  Goodwill                                            20,461         20,461
  Other assets                                         2,818          3,345
                                               -------------  -------------
Total assets                                   $      77,160  $      72,979
                                               =============  =============

LIABILITIES

  Accounts payable                             $       6,511  $      10,738
  Accrued compensation and benefits                    4,050          4,493
  Accrued commissions                                    480            817
  Other accrued expenses                               3,213          2,259
  Short term borrowings against line of credit             -          8,000
  Long term borrowings against line of credit          5,000              -
                                               -------------  -------------
Total liabilities                                     19,254         26,307

STOCKHOLDERS' EQUITY

  Common stock, par value                                 46             45
  Additional paid-in capital                         193,391        189,444
  Accumulated other comprehensive loss                  (277)          (226)
  Accumulated deficit                               (135,254)      (142,591)
                                               -------------  -------------
Total stockholders' equity                            57,906         46,672
                                               -------------  -------------
Total liabilities and stockholders' equity     $      77,160  $      72,979
                                               =============  =============


                            PLX TECHNOLOGY, INC.
     RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION (1)
            (unaudited, in thousands, except for per share data)
                   (not prepared in accordance with GAAP)







                                                            Twelve Months
                                                                Ended
                           Three Months Ended                December 31
                 December 31  September 30  December 31  ------------------
                     2013         2013          2012       2013      2012
                 -----------  ------------  -----------  --------  --------
Income From
 Continuing
 Operations
 Reconciliation
  GAAP Income
   (Loss)        $       779  $      1,985  $      (190) $  7,136  $ (5,201)
  Acquisition
   and
   restructuring
   related costs           -             -        1,719       291     6,898
  Share-based
   compensation          875           545          887     2,752     2,893
  Lawsuit
   verdict
   contingency
   accrual               213           293            -     1,409         -
  Amortization
   of purchased
   intangible
   assets                  -             -           22         -       245
                 -----------  ------------  -----------  --------  --------
  Non-GAAP
   Income        $     1,867  $      2,823  $     2,438  $ 11,588  $  4,835
                 ===========  ============  ===========  ========  ========

Income Per Share
 From Continuing
 Operations
 Reconciliation
  GAAP Diluted
   Income (Loss)
   Per Share     $      0.02  $       0.04  $         -  $   0.15  $  (0.12)
  Effect of
   acquisition
   and
   restructuring
   related costs           -             -         0.04      0.01      0.15
  Effect of
   share-based
   compensation         0.02          0.01         0.02      0.06      0.06
  Effect of
   lawsuit
   verdict
   contingency
   accrual                 -          0.01            -      0.03         -
  Effect of
   amortization
   of purchased
   intangible
   assets                  -             -            -         -      0.01
                 -----------  ------------  -----------  --------  --------
  Non-GAAP
   Diluted
   Income Per
   Share         $      0.04  $       0.06  $      0.06  $   0.25  $   0.10
                 ===========  ============  ===========  ========  ========

Operating Income
 From Continuing
 Operations
 Reconciliation
  GAAP Operating
   Income (Loss) $       835  $      2,044  $      (390) $  7,522  $ (4,816)
  Share-based
   compensation
   - COGS                 12             9           49        12       147
  Share-based
   compensation
   - R&D                 179           193          288       788     1,007
  Share-based
   compensation
   - SG&A                684           343          550     1,952     1,739
  Lawsuit
   verdict
   contingency
   accrual               213           293            -     1,409         -
  Acquisition
   and
   restructuring
   related costs           -             -        1,719       291     6,898
  Amortization
   of purchased
   intangible
   assets                  -             -           22         -       245
                 -----------  ------------  -----------  --------  --------
  Non-GAAP
   Operating
   Income        $     1,923  $      2,882  $     2,238  $ 11,974  $  5,220
                 ===========  ============  ===========  ========  ========

Gross Margin
 From Continuing
 Operations
 Reconciliation
  GAAP Gross
   Margin        $    14,073  $     14,460  $    13,684  $ 59,131  $ 58,786
  Share-based
   compensation
   - COGS                 12             9           49        12       147
  Lawsuit
   verdict
   contingency
   accrual               194           235            -       429         -
                 -----------  ------------  -----------  --------  --------
  Non-GAAP Gross
   Margin        $    14,279  $     14,704  $    13,733  $ 59,572  $ 58,933
                 ===========  ============  ===========  ========  ========

Operating
 Expense From
 Continuing
 Operations
 Reconciliation
  GAAP Operating
   Expenses      $    13,238  $     12,416  $    14,074  $ 51,609  $ 63,602
  Share-based
   compensation
   - R&D                (179)         (193)        (288)     (788)   (1,007)
  Share-based
   compensation
   - SG&A               (684)         (343)        (550)   (1,952)   (1,739)
  Lawsuit
   verdict
   contingency
   accrual               (19)          (58)           -      (980)        -
  Acquisition
   and
   restructuring
   related costs           -             -       (1,719)     (291)   (6,898)
  Amortization
   of purchased
   intangible
   assets                  -             -          (22)        -      (245)
                 -----------  ------------  -----------  --------  --------
  Non-GAAP
   Operating
   Expenses      $    12,356  $     11,822  $    11,495  $ 47,598  $ 53,713
                 ===========  ============  ===========  ========  ========


  (1) Refer to " Use of Non-GAAP Financial Information" in the press
   release for a discussion of management's use of non-GAAP financial
   measures.


                            PLX TECHNOLOGY, INC.
                       SUPPLEMENTAL DATA (Unaudited)


                                                              Twelve Months
                              Three Months Ended                  Ended
                   December 31   September 30   December 31    December 31
                                                             --------------
                      2013           2013          2012       2013    2012
                  ------------  -------------  ------------  ------  ------
Net Revenues by
 Geography
Americas                    21%            20%           15%     21%     16%
Asia Pacific                71%            71%           70%     70%     71%
Europe                       8%             9%           15%      9%     13%


                                                              Twelve Months
                              Three Months Ended                  Ended
                   December 31   September 30   December 31    December 31
                                                             --------------
                      2013           2013          2012       2013    2012
                  ------------  -------------  ------------  ------  ------
Net Revenues by
 Type
PCI Express
 Revenue                    72%            71%           69%     72%     67%
Connectivity
 Revenue                    28%            29%           31%     28%     33%

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