![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
(MM) | NASDAQ:PSMI | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 12.44 | 0 | 01:00:00 |
ý
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
86-0652659
|
(State or Other Jurisdiction of
Incorporation or Organization)
|
(I.R.S. Employer
Identification No.)
|
9380 Carroll Park Drive
San Diego, CA
|
92121
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
Large accelerated filer
|
¨
|
|
Accelerated filer
|
x
|
Non-accelerated filer
|
¨
|
(Do not check if a smaller reporting company)
|
Smaller reporting company
|
¨
|
|
|
|
|
|
|||
|
Item 1.
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|||
|
Item 2.
|
||
|
Item 3.
|
||
|
Item 4.
|
||
|
Item 1.
|
||
|
Item 1A
|
||
|
Item 2.
|
||
|
Item 3.
|
||
|
Item 4.
|
||
|
Item 5.
|
||
|
Item 6.
|
||
|
EXHIBIT 31.1
|
|
|
|
EXHIBIT 31.2
|
|
|
|
EXHIBIT 32.1
|
|
|
|
EXHIBIT 32.2
|
|
|
June 28,
2014 |
|
December 28,
2013 |
||||
Assets
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
19,730
|
|
|
$
|
16,249
|
|
Short-term marketable securities
|
24,891
|
|
|
28,035
|
|
||
Accounts receivable, net
|
18,178
|
|
|
16,905
|
|
||
Inventories
|
39,965
|
|
|
53,489
|
|
||
Prepaids and other current assets
|
5,616
|
|
|
4,085
|
|
||
Total current assets
|
108,380
|
|
|
118,763
|
|
||
Property and equipment, net
|
20,404
|
|
|
23,122
|
|
||
Long-term marketable securities
|
23,989
|
|
|
18,888
|
|
||
Other assets
|
97
|
|
|
102
|
|
||
Total assets
|
$
|
152,870
|
|
|
$
|
160,875
|
|
|
|
|
|
||||
Liabilities and stockholders’ equity
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
13,825
|
|
|
$
|
12,983
|
|
Accrued liabilities
|
11,658
|
|
|
11,829
|
|
||
Accrued compensation
|
4,125
|
|
|
4,542
|
|
||
Customer deposits
|
—
|
|
|
916
|
|
||
Deferred revenue
|
10,243
|
|
|
6,131
|
|
||
Total current liabilities
|
39,851
|
|
|
36,401
|
|
||
Other long-term liabilities
|
798
|
|
|
943
|
|
||
Commitments and contingencies
|
|
|
|
||||
Stockholders’ equity:
|
|
|
|
||||
Preferred stock, $.001 par value, 5,000 shares authorized at June 28, 2014 and December 28, 2013; no shares issued and outstanding at June 28, 2014 and December 28, 2013
|
—
|
|
|
—
|
|
||
Common stock, $.001 par value, 100,000 shares authorized at June 28, 2014 and December 28, 2013, 33,423 and 32,712 shares issued and outstanding at June 28, 2014 and December 28, 2013, respectively
|
33
|
|
|
33
|
|
||
Additional paid-in capital
|
353,321
|
|
|
348,684
|
|
||
Accumulated deficit
|
(240,943
|
)
|
|
(224,986
|
)
|
||
Accumulated other comprehensive loss
|
(190
|
)
|
|
(200
|
)
|
||
Total stockholders’ equity
|
112,221
|
|
|
123,531
|
|
||
Total liabilities and stockholders’ equity
|
$
|
152,870
|
|
|
$
|
160,875
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 28,
2014 |
|
June 29,
2013 |
|
June 28,
2014 |
|
June 29,
2013 |
||||||||
Net revenue
|
$
|
47,060
|
|
|
$
|
52,365
|
|
|
$
|
88,378
|
|
|
$
|
98,990
|
|
Cost of net revenue
|
28,987
|
|
|
31,646
|
|
|
55,562
|
|
|
58,454
|
|
||||
Gross profit
|
18,073
|
|
|
20,719
|
|
|
32,816
|
|
|
40,536
|
|
||||
Operating expense:
|
|
|
|
|
|
|
|
||||||||
Research and development
|
9,095
|
|
|
10,476
|
|
|
20,479
|
|
|
20,640
|
|
||||
Selling, general and administrative
|
14,902
|
|
|
10,557
|
|
|
28,263
|
|
|
21,277
|
|
||||
Total operating expense
|
23,997
|
|
|
21,033
|
|
|
48,742
|
|
|
41,917
|
|
||||
Loss from operations
|
(5,924
|
)
|
|
(314
|
)
|
|
(15,926
|
)
|
|
(1,381
|
)
|
||||
Interest income (expense), net
|
33
|
|
|
(59
|
)
|
|
68
|
|
|
(138
|
)
|
||||
Other income (expense), net
|
44
|
|
|
(15
|
)
|
|
63
|
|
|
(49
|
)
|
||||
Loss before income taxes
|
(5,847
|
)
|
|
(388
|
)
|
|
(15,795
|
)
|
|
(1,568
|
)
|
||||
Income tax expense
|
117
|
|
|
60
|
|
|
162
|
|
|
88
|
|
||||
Net loss
|
(5,964
|
)
|
|
(448
|
)
|
|
(15,957
|
)
|
|
(1,656
|
)
|
||||
Basic and diluted net loss per share
|
$
|
(0.18
|
)
|
|
$
|
(0.01
|
)
|
|
$
|
(0.48
|
)
|
|
$
|
(0.05
|
)
|
Shares used to compute basic and diluted net loss per share
|
33,274
|
|
|
32,171
|
|
|
33,105
|
|
|
32,048
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 28,
2014 |
|
June 29,
2013 |
|
June 28,
2014 |
|
June 29,
2013 |
||||||||
Net loss
|
$
|
(5,964
|
)
|
|
$
|
(448
|
)
|
|
$
|
(15,957
|
)
|
|
$
|
(1,656
|
)
|
Foreign currency translation adjustments
|
(1
|
)
|
|
10
|
|
|
(4
|
)
|
|
11
|
|
||||
Unrealized gain (loss) on marketable securities
|
14
|
|
|
(8
|
)
|
|
14
|
|
|
—
|
|
||||
Comprehensive loss
|
$
|
(5,951
|
)
|
|
$
|
(446
|
)
|
|
$
|
(15,947
|
)
|
|
$
|
(1,645
|
)
|
|
Six Months Ended
|
||||||
|
June 28,
2014 |
|
June 29,
2013 |
||||
Operating activities
|
|
|
|
||||
Net loss
|
$
|
(15,957
|
)
|
|
$
|
(1,656
|
)
|
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
|
|
|
|
||||
Depreciation and amortization
|
3,596
|
|
|
3,104
|
|
||
Loss on disposal of property and equipment
|
592
|
|
|
—
|
|
||
Stock-based compensation
|
3,966
|
|
|
3,126
|
|
||
Imputed interest related to deposit arrangements, net
|
41
|
|
|
(60
|
)
|
||
Amortization of premium and discount on investments, net
|
153
|
|
|
210
|
|
||
Cash received for lease incentives
|
—
|
|
|
135
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
(1,183
|
)
|
|
(6,780
|
)
|
||
Inventories
|
13,558
|
|
|
(3,191
|
)
|
||
Prepaids and other current and noncurrent assets
|
(1,760
|
)
|
|
4,236
|
|
||
Accounts payable and accrued liabilities
|
(338
|
)
|
|
(11,107
|
)
|
||
Customer deposits
|
—
|
|
|
(11,425
|
)
|
||
Deferred revenue
|
4,111
|
|
|
(4,884
|
)
|
||
Net cash provided by (used in) operating activities
|
6,779
|
|
|
(28,292
|
)
|
||
Investing activities
|
|
|
|
||||
Purchase of property and equipment
|
(891
|
)
|
|
(3,900
|
)
|
||
Purchase of marketable securities
|
(18,153
|
)
|
|
(8,882
|
)
|
||
Sale and maturity of marketable securities
|
16,040
|
|
|
19,718
|
|
||
Net cash provided by (used in) investing activities
|
(3,004
|
)
|
|
6,936
|
|
||
Financing activities
|
|
|
|
||||
Payments on obligations under capital leases
|
—
|
|
|
(12
|
)
|
||
Payments on customer deposit financing arrangement
|
(916
|
)
|
|
(4,881
|
)
|
||
Proceeds from exercise of stock options
|
805
|
|
|
734
|
|
||
Payments related to net share settlement of equity awards
|
(134
|
)
|
|
—
|
|
||
Net cash used in financing activities
|
(245
|
)
|
|
(4,159
|
)
|
||
Effect of exchange rate changes on cash and cash equivalents
|
(49
|
)
|
|
(1
|
)
|
||
Net change in cash and cash equivalents
|
3,481
|
|
|
(25,516
|
)
|
||
Cash and cash equivalents at beginning of period
|
16,249
|
|
|
44,106
|
|
||
Cash and cash equivalents at end of period
|
$
|
19,730
|
|
|
$
|
18,590
|
|
Supplemental disclosure of non cash financing activities
|
|
|
|
||||
Capital lease obligation for capital equipment
|
$
|
—
|
|
|
$
|
17
|
|
Reclassification of restricted stock to equity upon vesting of early exercised options
|
$
|
—
|
|
|
$
|
4
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
June 28,
2014 |
|
June 29,
2013 |
|
June 28,
2014 |
|
June 29,
2013 |
||||
Macnica
|
48
|
%
|
|
71
|
%
|
|
41
|
%
|
|
68
|
%
|
Murata
|
21
|
%
|
|
*
|
|
|
24
|
%
|
|
*
|
|
Richardson
|
12
|
%
|
|
10
|
%
|
|
14
|
%
|
|
13
|
%
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 28,
2014 |
|
June 29,
2013 |
|
June 28,
2014 |
|
June 29,
2013 |
||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Net loss
|
$
|
(5,964
|
)
|
|
$
|
(448
|
)
|
|
$
|
(15,957
|
)
|
|
$
|
(1,656
|
)
|
Denominator:
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding
|
33,274
|
|
|
32,171
|
|
|
33,105
|
|
|
32,051
|
|
||||
Less: weighted average unvested shares of common stock subject to repurchase
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
||||
Weighted average common shares used in computing basic and diluted net loss per share
|
33,274
|
|
|
32,171
|
|
|
33,105
|
|
|
32,048
|
|
||||
Basic and diluted net loss per share
|
$
|
(0.18
|
)
|
|
$
|
(0.01
|
)
|
|
$
|
(0.48
|
)
|
|
$
|
(0.05
|
)
|
Historical outstanding anti-dilutive securities not included in diluted net loss per share calculation:
|
|
|
|
|
|
|
|
||||||||
Common stock options and awards
|
8,475
|
|
|
8,550
|
|
|
8,475
|
|
|
8,550
|
|
||||
Common stock warrants
|
2
|
|
|
2
|
|
|
2
|
|
|
2
|
|
||||
|
8,477
|
|
|
8,552
|
|
|
8,477
|
|
|
8,552
|
|
|
June 28,
2014 |
|
December 28,
2013 |
||||
Raw materials
|
$
|
13,298
|
|
|
$
|
22,265
|
|
Work in progress
|
20,824
|
|
|
22,100
|
|
||
Finished goods
|
5,843
|
|
|
9,124
|
|
||
|
$
|
39,965
|
|
|
$
|
53,489
|
|
|
Useful Life
(Years)
|
|
June 28,
2014 |
|
December 28,
2013 |
||||
Computer equipment and software
|
3 - 5
|
|
$
|
6,736
|
|
|
$
|
6,390
|
|
Machinery and equipment
|
5
|
|
41,541
|
|
|
40,427
|
|
||
Office furniture and equipment
|
7
|
|
789
|
|
|
1,081
|
|
||
Leasehold improvements
|
*
|
|
4,896
|
|
|
5,180
|
|
||
Construction in progress
|
|
|
1,377
|
|
|
1,544
|
|
||
|
|
|
55,339
|
|
|
54,622
|
|
||
Less accumulated depreciation and amortization
|
|
|
(34,935
|
)
|
|
(31,500
|
)
|
||
|
|
|
$
|
20,404
|
|
|
$
|
23,122
|
|
|
June 28,
2014 |
|
December 28,
2013 |
||||
Accrued inventory purchases
|
$
|
462
|
|
|
$
|
1,717
|
|
Accrued inventory repurchase obligation
|
4,187
|
|
|
6,510
|
|
||
Accrued professional fees
|
4,382
|
|
|
1,210
|
|
||
Accrued other
|
2,627
|
|
|
2,392
|
|
||
|
$
|
11,658
|
|
|
$
|
11,829
|
|
|
Six Months Ended
|
||||||
|
June 28,
2014 |
|
June 29,
2013 |
||||
Balance at beginning of period
|
$
|
159
|
|
|
$
|
57
|
|
Provision, net
|
546
|
|
|
650
|
|
||
Costs incurred
|
(118
|
)
|
|
(176
|
)
|
||
Balance at end of period
|
$
|
587
|
|
|
$
|
531
|
|
|
June 28, 2014
|
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
Reported as
|
||||||||||||||||||
|
Cost
|
|
Unrealized
Gains
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Cash and
Cash
Equivalents
|
|
Short-Term
Marketable
Securities
|
|
Long-Term
Marketable
Securities
|
||||||||||||||
Cash
|
$
|
4,244
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,244
|
|
|
$
|
4,244
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Level 1:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Money market funds
|
15,486
|
|
|
—
|
|
|
—
|
|
|
15,486
|
|
|
15,486
|
|
|
—
|
|
|
—
|
|
|||||||
Subtotal
|
15,486
|
|
|
—
|
|
|
—
|
|
|
15,486
|
|
|
15,486
|
|
|
—
|
|
|
—
|
|
|||||||
Level 2:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
U.S. Agency securities
|
23,830
|
|
|
8
|
|
|
(4
|
)
|
|
23,834
|
|
|
—
|
|
|
11,185
|
|
|
12,649
|
|
|||||||
Certificates of deposit
|
9,280
|
|
|
3
|
|
|
(4
|
)
|
|
9,279
|
|
|
—
|
|
|
6,399
|
|
|
2,880
|
|
|||||||
Commercial paper
|
1,000
|
|
|
—
|
|
|
—
|
|
|
1,000
|
|
|
—
|
|
|
1,000
|
|
|
—
|
|
|||||||
Corporate notes and bonds
|
14,756
|
|
|
16
|
|
|
(5
|
)
|
|
14,767
|
|
|
—
|
|
|
6,307
|
|
|
8,460
|
|
|||||||
Subtotal
|
48,866
|
|
|
27
|
|
|
(13
|
)
|
|
48,880
|
|
|
—
|
|
|
24,891
|
|
|
23,989
|
|
|||||||
Total
|
$
|
68,596
|
|
|
$
|
27
|
|
|
$
|
(13
|
)
|
|
$
|
68,610
|
|
|
$
|
19,730
|
|
|
$
|
24,891
|
|
|
$
|
23,989
|
|
|
December 28, 2013
|
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
Reported as
|
||||||||||||||||||
|
Cost
|
|
Unrealized
Gains
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Cash and
Cash
Equivalents
|
|
Short-Term
Marketable
Securities
|
|
Long-Term
Marketable
Securities
|
||||||||||||||
Cash
|
$
|
7,023
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7,023
|
|
|
$
|
7,023
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Level 1:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Money market funds
|
9,226
|
|
|
—
|
|
|
—
|
|
|
9,226
|
|
|
9,226
|
|
|
—
|
|
|
—
|
|
|||||||
Subtotal
|
9,226
|
|
|
—
|
|
|
—
|
|
|
9,226
|
|
|
9,226
|
|
|
—
|
|
|
—
|
|
|||||||
Level 2:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
U.S. Agency securities
|
22,929
|
|
|
4
|
|
|
(3
|
)
|
|
22,930
|
|
|
—
|
|
|
15,929
|
|
|
7,001
|
|
|||||||
Certificates of deposit
|
8,840
|
|
|
4
|
|
|
(10
|
)
|
|
8,834
|
|
|
—
|
|
|
5,959
|
|
|
2,875
|
|
|||||||
Commercial paper
|
998
|
|
|
—
|
|
|
(1
|
)
|
|
997
|
|
|
—
|
|
|
997
|
|
|
—
|
|
|||||||
Corporate notes and bonds
|
14,156
|
|
|
9
|
|
|
(3
|
)
|
|
14,162
|
|
|
—
|
|
|
5,150
|
|
|
9,012
|
|
|||||||
Subtotal
|
46,923
|
|
|
17
|
|
|
(17
|
)
|
|
46,923
|
|
|
—
|
|
|
28,035
|
|
|
18,888
|
|
|||||||
Total
|
$
|
63,172
|
|
|
$
|
17
|
|
|
$
|
(17
|
)
|
|
$
|
63,172
|
|
|
$
|
16,249
|
|
|
$
|
28,035
|
|
|
$
|
18,888
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 28,
2014 |
|
June 29,
2013 |
|
June 28,
2014 |
|
June 29,
2013 |
||||||||
Expected term (years)
|
5.00
|
|
|
5.00
|
|
|
5.00
|
|
|
5.00
|
|
||||
Risk-free interest rate
|
1.65
|
%
|
|
0.65
|
%
|
|
1.58
|
%
|
|
0.68
|
%
|
||||
Dividend rate
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Volatility
|
44
|
%
|
|
61
|
%
|
|
46
|
%
|
|
61
|
%
|
||||
Forfeiture rate
|
4
|
%
|
|
3
|
%
|
|
4
|
%
|
|
3
|
%
|
||||
Estimated fair value per stock option
|
$
|
2.37
|
|
|
$
|
4.97
|
|
|
$
|
2.42
|
|
|
$
|
5.13
|
|
|
|
|
Stock Options
|
|
Restricted Stock Units
|
|||||||||||
|
Available for Grant
|
|
Number of Shares
|
|
Weighted Average Exercise Price
|
|
Number of Shares
|
|
Weighted Average Grant Date Fair Value
|
|||||||
Balance at December 28, 2013
|
2,787
|
|
|
8,227
|
|
|
$
|
6.71
|
|
|
—
|
|
|
$
|
—
|
|
Shares added
|
1,308
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Granted
|
(1,438
|
)
|
|
915
|
|
|
5.83
|
|
|
523
|
|
|
5.81
|
|
||
Exercised
|
—
|
|
|
(676
|
)
|
|
1.19
|
|
|
—
|
|
|
—
|
|
||
Released
|
—
|
|
|
—
|
|
|
—
|
|
|
(57
|
)
|
|
—
|
|
||
Canceled
|
457
|
|
|
(435
|
)
|
|
10.83
|
|
|
(22
|
)
|
|
5.81
|
|
||
Shares withheld under net shares settlement of equity awards
|
23
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Balance at June 28, 2014
|
3,137
|
|
|
8,031
|
|
|
$
|
6.85
|
|
|
444
|
|
|
$
|
5.81
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 28,
2014 |
|
June 29,
2013 |
|
June 28,
2014 |
|
June 29,
2013 |
||||||||
Cost of net revenue
|
$
|
272
|
|
|
$
|
218
|
|
|
$
|
530
|
|
|
$
|
414
|
|
Research and development
|
559
|
|
|
480
|
|
|
1,295
|
|
|
997
|
|
||||
Selling, general and administrative
|
1,031
|
|
|
962
|
|
|
2,141
|
|
|
1,715
|
|
||||
|
$
|
1,862
|
|
|
$
|
1,660
|
|
|
$
|
3,966
|
|
|
$
|
3,126
|
|
|
Balance at December 28, 2013
|
|
Current Charges
|
|
Cash Payments/Utilization
|
|
Balance at June 28, 2014
|
||||||||
Employee termination benefits
|
$
|
418
|
|
|
$
|
1,416
|
|
|
$
|
(1,834
|
)
|
|
$
|
—
|
|
Lease and other contract termination costs
|
38
|
|
|
209
|
|
|
(247
|
)
|
|
—
|
|
||||
Loss on disposal of property and equipment
|
—
|
|
|
337
|
|
|
(337
|
)
|
|
—
|
|
||||
Total
|
$
|
456
|
|
|
$
|
1,962
|
|
|
$
|
(2,418
|
)
|
|
$
|
—
|
|
•
|
the pricing that the features and performance of our products can command;
|
•
|
the volume of products produced using the same manufacturing overhead structure for procurement, test, and quality support, and their related costs;
|
•
|
write-downs of inventory;
|
•
|
the competitive pressures on the pricing of our products from similar product offerings from other semiconductor manufacturers;
|
•
|
the costs and yields of semiconductor wafers, packages, and other materials used in manufacturing our products; fabrication costs; assembly and test costs; factory equipment utilization; warranty costs; and operating efficiencies; and
|
•
|
the change in the mix of products sold.
|
|
Three Months Ended
|
|||||||||||||||||||
|
June 28,
2014 |
|
% of Net
revenue
|
|
June 29,
2013 |
|
% of Net
revenue
|
|
Change
amount
|
|
Change %
|
|||||||||
|
(in thousands)
|
|
|
|||||||||||||||||
Net revenue
|
$
|
47,060
|
|
|
100
|
%
|
|
$
|
52,365
|
|
|
100
|
%
|
|
$
|
(5,305
|
)
|
|
(10
|
)%
|
Cost of net revenue
|
28,987
|
|
|
62
|
|
|
31,646
|
|
|
60
|
|
|
(2,659
|
)
|
|
(8
|
)
|
|||
Gross profit
|
18,073
|
|
|
38
|
|
|
20,719
|
|
|
40
|
|
|
(2,646
|
)
|
|
(13
|
)
|
|||
Operating expense:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Research and development
|
9,095
|
|
|
19
|
|
|
10,476
|
|
|
20
|
|
|
(1,381
|
)
|
|
(13
|
)
|
|||
Selling, general and administrative
|
14,902
|
|
|
32
|
|
|
10,557
|
|
|
20
|
|
|
4,345
|
|
|
41
|
|
|||
Total operating expense
|
23,997
|
|
|
51
|
|
|
21,033
|
|
|
40
|
|
|
2,964
|
|
|
14
|
|
|||
Loss from operations
|
(5,924
|
)
|
|
(13
|
)
|
|
(314
|
)
|
|
—
|
|
|
(5,610
|
)
|
|
*
|
|
|||
Interest income (expense), net
|
33
|
|
|
—
|
|
|
(59
|
)
|
|
—
|
|
|
92
|
|
|
*
|
|
|||
Other income (expense), net
|
44
|
|
|
1
|
|
|
(15
|
)
|
|
—
|
|
|
59
|
|
|
*
|
|
|||
Loss before income taxes
|
(5,847
|
)
|
|
(12
|
)
|
|
(388
|
)
|
|
—
|
|
|
(5,459
|
)
|
|
*
|
|
|||
Income tax expense
|
117
|
|
|
1
|
|
|
60
|
|
|
—
|
|
|
57
|
|
|
95
|
|
|||
Net loss
|
$
|
(5,964
|
)
|
|
(13
|
)%
|
|
$
|
(448
|
)
|
|
—
|
%
|
|
$
|
(5,516
|
)
|
|
*
|
|
|
Six Months Ended
|
|||||||||||||||||||
|
June 28,
2014 |
|
% of Net
revenue
|
|
June 29,
2013 |
|
% of Net
revenue
|
|
Change
amount
|
|
Change %
|
|||||||||
|
(in thousands)
|
|
|
|||||||||||||||||
Net revenue
|
$
|
88,378
|
|
|
100
|
%
|
|
$
|
98,990
|
|
|
100
|
%
|
|
$
|
(10,612
|
)
|
|
(11
|
)%
|
Cost of net revenue
|
55,562
|
|
|
63
|
|
|
58,454
|
|
|
59
|
|
|
(2,892
|
)
|
|
(5
|
)
|
|||
Gross profit
|
32,816
|
|
|
37
|
|
|
40,536
|
|
|
41
|
|
|
(7,720
|
)
|
|
(19
|
)
|
|||
Operating expense:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Research and development
|
20,479
|
|
|
23
|
|
|
20,640
|
|
|
21
|
|
|
(161
|
)
|
|
(1
|
)
|
|||
Selling, general and administrative
|
28,263
|
|
|
32
|
|
|
21,277
|
|
|
21
|
|
|
6,986
|
|
|
33
|
|
|||
Total operating expense
|
48,742
|
|
|
55
|
|
|
41,917
|
|
|
42
|
|
|
6,825
|
|
|
16
|
|
|||
Loss from operations
|
(15,926
|
)
|
|
(18
|
)
|
|
(1,381
|
)
|
|
(1
|
)
|
|
(14,545
|
)
|
|
*
|
|
|||
Interest income (expense), net
|
68
|
|
|
—
|
|
|
(138
|
)
|
|
—
|
|
|
206
|
|
|
*
|
|
|||
Other income (expense), net
|
63
|
|
|
—
|
|
|
(49
|
)
|
|
—
|
|
|
112
|
|
|
*
|
|
|||
Loss before income taxes
|
(15,795
|
)
|
|
(18
|
)
|
|
(1,568
|
)
|
|
(1
|
)
|
|
(14,227
|
)
|
|
*
|
|
|||
Income tax expense
|
162
|
|
|
—
|
|
|
88
|
|
|
—
|
|
|
74
|
|
|
84
|
|
|||
Net loss
|
$
|
(15,957
|
)
|
|
(18
|
)%
|
|
$
|
(1,656
|
)
|
|
(1
|
)%
|
|
$
|
(14,301
|
)
|
|
*
|
|
|
Six Months Ended
|
||||||
|
June 28,
2014 |
|
June 29,
2013 |
||||
|
(in thousands)
|
||||||
Net cash provided by (used in) operating activities
|
$
|
6,779
|
|
|
$
|
(28,292
|
)
|
Net cash provided by (used in) investing activities
|
(3,004
|
)
|
|
6,936
|
|
||
Net cash used in financing activities
|
(245
|
)
|
|
(4,159
|
)
|
||
Effect of exchange rates on cash and cash equivalents
|
(49
|
)
|
|
(1
|
)
|
||
Net increase (decrease) in cash and cash equivalents
|
$
|
3,481
|
|
|
$
|
(25,516
|
)
|
•
|
the timing and success of the introduction of new products and technologies by us and our competitors, and the acceptance of our new products by module manufacturers, OEMs, and end users;
|
•
|
our gain or loss of a key module manufacturer, OEM, distributor, or contract manufacturer customers;
|
•
|
the rescheduling, increase, reduction, or cancellation of significant orders or forecasted orders from module manufacturers, OEMs, distributors, or contract manufacturers;
|
•
|
our ability to develop, introduce, and ship in a timely manner new products and product enhancements that meet the requirements of module manufacturers, OEMs, or end users of our products, including performance, functionality, reliability, form factor, and cost requirements;
|
•
|
the rate at which module manufacturers, OEMs, and end users adopt our technologies in our target end markets;
|
•
|
the availability, cost, and quality of materials and components that we purchase from third-party foundries and any problems or delays in the fabrication, wafer preparation, assembly, testing, or delivery of our products;
|
•
|
fluctuations in manufacturing yields associated with new product introductions or changes in process technologies;
|
•
|
the quality of our products and any remediation costs, including costs associated with the return of previously sold products due to manufacturing defects; and
|
•
|
general economic conditions in our domestic and foreign markets.
|
•
|
complete and introduce new product designs;
|
•
|
achieve design wins with module manufacturers and OEMs, and broad adoption by end users;
|
•
|
meet the time pressures associated with the demands of the module manufacturers and OEMs to which we sell through our distributors and contract manufacturers;
|
•
|
accurately understand market requirements;
|
•
|
attract and retain skilled engineering, operations, and manufacturing personnel;
|
•
|
obtain adequate supplies of materials and components that meet our quality requirements; and
|
•
|
achieve adequate manufacturing yields and maintain sufficient supply through our third-party foundry relationships.
|
•
|
limited control over delivery schedules, quality assurance and control, and production costs;
|
•
|
discretion of foundries to reduce deliveries to us on short notice, allocate capacity to other customers that may be larger or have long-term customer or preferential arrangements with foundries we use;
|
•
|
inability of foundries to adequately allocate additional capacity to us based upon an increase in demand for our products;
|
•
|
unavailability of, or potential delays in accessing, key process technologies;
|
•
|
damage to equipment and facilities, power outages, equipment, or materials shortages that could limit manufacturing yields and capacity at the foundries;
|
•
|
potential unauthorized disclosure or misappropriation of IP, including use of our technology by the foundries to make products for our competitors;
|
•
|
financial difficulties and insolvency of foundries;
|
•
|
acquisition of foundries by third parties; and
|
•
|
lack of long-term manufacturing commitments by the foundries.
|
•
|
market acceptance of their mobile devices that contain our products;
|
•
|
the impact of slowdowns or declines in sales of mobile devices in general;
|
•
|
their ability to design products with features that meet the evolving tastes and preferences of consumers;
|
•
|
fluctuations in foreign currency;
|
•
|
relationships with wireless carriers in particular markets;
|
•
|
the implementation of, or changes to, mobile device certification standards and programs;
|
•
|
technological advancements in the functionality and capabilities of mobile devices;
|
•
|
the imposition of restrictions, tariffs, duties, or regulations by foreign governments on mobile device manufacturers;
|
•
|
failure to comply with governmental restrictions or regulations;
|
•
|
cost and availability of components for their products; and
|
•
|
inventory levels in the sales channels into which mobile device manufacturers sell their products.
|
•
|
difficulties and costs of staffing and managing international operations across different geographic areas and cultures;
|
•
|
compliance with a wide variety of domestic and foreign laws and regulations, including anti-bribery laws and laws relating to the import or export of semiconductor products;
|
•
|
legal uncertainties regarding taxes, tariffs, quotas, export controls, export licenses, and other trade barriers;
|
•
|
seasonal reductions in business activities;
|
•
|
our ability to receive timely payment and collect our accounts receivable;
|
•
|
political, legal, and economic instability, foreign conflicts, and the impact of regional and global infectious illnesses in the countries in which we and the module manufacturers, OEMs, distributors, contract manufacturers, suppliers, manufacturers, and subcontractors with whom we do business are located;
|
•
|
legal uncertainties regarding protection for contractual and intellectual property rights in some countries, which increase the risk of unauthorized and uncompensated use of our products or technologies;
|
•
|
fluctuations in foreign currency exchange rates and interest rates, including risks related to any interest rate swap or other hedging activities we undertake; and
|
•
|
fluctuations in freight rates and transportation disruptions.
|
•
|
cease the manufacture, use, or sale of the infringing products, processes, or technology;
|
•
|
pay substantial damages for infringement;
|
•
|
expend significant resources to develop non-infringing products, processes, or technology;
|
•
|
license technology from the third-party claiming infringement, which license may not be available on commercially reasonable terms, or at all;
|
•
|
cross-license our technology to a competitor to resolve an infringement claim, which could weaken our ability to compete with that competitor; or
|
•
|
pay substantial damages to module manufacturers, OEMs, distributors, contract manufacturers, or end users to discontinue their use of or to replace infringing technology sold to them with non-infringing technology.
|
•
|
general market conditions;
|
•
|
domestic and international economic factors unrelated to our performance;
|
•
|
actual or anticipated fluctuations in our quarterly operating results;
|
•
|
changes in or failure to meet publicly disclosed expectations as to our future financial performance;
|
•
|
changes in securities analysts’ estimates of our financial performance or lack of research and reports by industry analysts;
|
•
|
changes in market valuations or earnings of similar companies;
|
•
|
announcements by us or our competitors of significant products, contracts, acquisitions, or strategic partnerships;
|
•
|
developments or disputes concerning patents or proprietary rights, including increases or decreases in litigation expenses associated with intellectual property lawsuits we may initiate, or in which we may be named as defendants;
|
•
|
failure to complete significant sales;
|
•
|
any future sales of our common stock or other securities; and
|
•
|
additions or departures of key personnel.
|
•
|
authorize the issuance of “blank check” preferred stock that could be issued by our board of directors to thwart a takeover attempt;
|
•
|
establish a classified board of directors, as a result of which the successors to the directors whose terms have expired will be elected to serve from the time of election and qualification until the third annual meeting following their election;
|
•
|
require that directors only be removed from office for cause;
|
•
|
provide that vacancies on the board of directors, including newly-created directorships, may be filled only by a majority vote of directors then in office;
|
•
|
limit who may call special meetings of stockholders;
|
•
|
prohibit stockholder action by written consent, thereby requiring all actions to be taken at a meeting of the stockholders; and
|
•
|
require supermajority stockholder voting to effect certain amendments to our amended and restated certificate of incorporation and amended and restated bylaws.
|
Exhibit
Number
|
Description
|
31.1
|
Certification of Chief Executive Officer pursuant to Rules 13a-14 and 15d-14 promulgated pursuant to the Securities Exchange Act of 1934, as amended
|
31.2
|
Certification of Chief Financial Officer pursuant to Rules 13a-14 and 15d-14 promulgated pursuant to the Securities Exchange Act of 1934, as amended
|
32.1
|
Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
32.2
|
Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
101.INS*
|
XBRL Instance Document
|
101.SCH*
|
XBRL Taxonomy Extension Schema Document
|
101.CAL*
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF*
|
XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB*
|
XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE*
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
*
|
In accordance with Rule 406T of Regulation S-T, the information in these exhibits is furnished and deemed not filed or part of a registration statement or prospectus for purposes of sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of section 18 of the Exchange Act of 1934, and otherwise is not subject to liability under these sections.
|
|
PEREGRINE SEMICONDUCTOR CORPORATION
|
|
|
|
|
Date: August 1, 2014
|
By:
|
/s/ James S. Cable
|
|
|
James S. Cable
|
|
|
Chief Executive Officer, President, and Chairman
|
|
|
(Principal Executive Officer)
|
|
|
|
Date: August 1, 2014
|
By:
|
/s/ Jay Biskupski
|
|
|
Jay Biskupski
|
|
|
Chief Financial Officer
|
|
|
(Principal Financial and Accounting Officer)
|
Exhibit
Number
|
|
Description
|
31.1
|
|
Certification of Chief Executive Officer pursuant to Rules 13a-14 and 15d-14 promulgated pursuant to the Securities Exchange Act of 1934, as amended
|
31.2
|
|
Certification of Chief Financial Officer pursuant to Rules 13a-14 and 15d-14 promulgated pursuant to the Securities Exchange Act of 1934, as amended
|
32.1
|
|
Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
32.2
|
|
Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
101.INS*
|
|
XBRL Instance Document
|
101.SCH*
|
|
XBRL Taxonomy Extension Schema Document
|
101.CAL*
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF*
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB*
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE*
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
*
|
In accordance with Rule 406T of Regulation S-T, the information in these exhibits is furnished and deemed not filed or part of a registration statement or prospectus for purposes of sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of section 18 of the Exchange Act of 1934, and otherwise is not subject to liability under these sections.
|
1 Year (MM) Chart |
1 Month (MM) Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions