[April 30, 2013] PMC Posts First Quarter 2013 Results [Manufacturing Close - Up] Tweet (Manufacturing Close - Up Via Acquire Media NewsEdge) PMC reported results for the first quarter ended March 30. In a release on April 25, the Company noted that net revenues in the first quarter of 2013 totaled $125.2 million, a decrease of three percent compared to $129.4 million in the fourth quarter of 2012, and a decrease of five percent compared to $132.1 million in the first quarter of 2012. GAAP net loss in the first quarter of 2013 totaled $6.8 million, or $0.03 per share, compared to GAAP net income in the fourth quarter of 2012 of $10.8 million, or $0.05 per diluted share. Note this GAAP comparative is restated for an immaterial correction described in the financial statements later in this release. Non- GAAP net income totaled $13.4 million, or $0.07 per diluted share, down 47 percent in the first quarter of 2013 compared to non-GAAP net income of $25.1 million, or $0.12 per diluted share in the fourth quarter of 2012. "Our first quarter results were in line with our outlook and within the expected range," said Greg Lang, PMC President and Chief Executive Officer. "We are encouraged by stronger bookings in the quarter and expect to grow revenues in the second quarter of 2013. Our book-to-bill ratio within the period was greater than one for the second consecutive quarter." Net income on a non-GAAP basis in the first quarter of 2013 excludes the following items: $7.4 million stock-based compensation expense; $10.8 million amortization of purchased intangible assets; and $2 million of other adjustments including income tax related as described in the accompanying GAAP to non-GAAP reconciliation table. FIRST QUARTER 2013 HIGHLIGHTS The Company announced the following in the first quarter of 2013: -To meet the elastic traffic demands of big data, PMC announced the introduction of DIGI 120G, the industry's only single-chip OTN processor supporting 10G, 40G and 100G speeds for OTN transport, aggregation and switched deployments. DIGI 120G allows for the efficient sharing and dynamic assignment of network resources, enabling OTN networks to effectively virtualize optical network bandwidth. This unprecedented level of silicon integration facilitates the most cost effective designs, engineering efficiency, and lowest power approach to OTN system solutions. -As a leader in secure data center storage solutions, PMC announced further expansion of its Adaptec storage product line with the industry's first high performance, high density, low profile encrypted PCIe Gen3 host bus adapter (HBA) family. This product line is capable of executing over one million input/output operations per second (IOPS) with 6.6 GB/sec sustained throughput, provides 256 bit AES encryption, and offers up to 16 ports. The Adaptec Series 7H and 6H families of SAS/SATA HBAs provide customers with high- performance connectivity for hard disk drives (HDDs), solid-state drives (SSDs), removable media and tape drives. The product family is ideally suited for high performance data center applications. More information: www.pmcs.com ((Comments on this story may be sent to [email protected])) (c) 2013 ProQuest Information and Learning Company; All Rights Reserved. [ Back To TMCnet.com's Homepage ]