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PLX Technology, Inc. Reports Third Quarter 2012 Financial

PLX Technology, Inc. Reports Third Quarter 2012 Financial Results 
SUNNYVALE, CA -- (Marketwire) -- 10/29/12 --  PLX Technology, Inc.
(PLX) (NASDAQ: PLXT) 


 
--  Net Revenues from Continuing Operations Increased Six Percent to
    $26.9M
--  Consecutive Record Quarters in PCI Express Revenue
--  Gross Margins Improved to 59.8 Percent
--  Expanded PCIe Gen3 Portfolio with Three New Products
--  Closed Divestiture of Satellite TV and Ethernet Business
--  Board Named David Raun Interim President, CEO

  
PLX Technology, Inc. (PLX) (NASDAQ: PLXT), a leading global supplier of
high-speed connectivity solutions enabling emerging data center
architectures, today announced third quarter revenues of $26.9
million and a GAAP net loss from continuing operations of $3.3
million, or $0.07 per share (diluted). 
"The team did an excellent job of driving up PCI Express, as well as
overall revenues, while increasing margins and building our design
win portfolio," said David Raun, PLX(R) interim president and CEO.
"The divesture of the satellite and 10 Gigabit Ethernet business
increased cash by $7.6 million and drove credit line debt down by
$3.5 million during the quarter, and will reduce annual operating
spending by approximately $20 million." 


 
                                                                            
                                                                            
Non-GAAP Financial                                                          
 Comparison                                                                 
(in millions, except per                                                    
 share amounts)                                                             
                                                                            
                                   Quarterly Results         Year to Date   
                              Q3 2012   Q2 2012   Q3 2011   2012      2011  
                             --------  --------  -------- --------  --------
Net revenues                 $   26.9  $   25.4  $   29.8 $   76.8  $   86.3
Operating expense            $   14.6  $   12.9  $   13.3 $   42.2  $   41.8
Operating income from                                                       
 continuing operations       $    1.5  $    2.2  $    3.9 $    3.0  $    7.4
Net income from continuing                                                  
 operations                  $    0.5  $    2.6  $    2.7 $    2.4  $    5.4
Income per share (diluted)                                                  
 from continuing operations  $   0.01  $   0.06  $   0.06 $   0.05  $   0.12

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


 
                                                                            
                                                                            
GAAP Financial Comparison                                                   
(in millions, except per                                                    
 share amounts)                                                             
                                                                            
                                   Quarterly Results         Year to Date   
                              Q3 2012   Q2 2012   Q3 2011   2012      2011  
                             --------  --------  -------- --------  --------
Net revenues                 $   26.9  $   25.4  $   29.8 $   76.8  $   86.3
Operating expense            $   18.4  $   16.0  $   14.2 $   49.5  $   45.4
Operating income (loss) from                                                
 continuing operations       $   (2.3) $   (0.9) $    3.0 $   (4.4) $    3.9
Net income (loss) from                                                      
 continuing operations       $   (3.3) $   (0.5) $    1.9 $   (5.0) $    1.9
Income (loss) per share                                                     
 (diluted) from continuing                                                  
 operations                  $  (0.07) $  (0.01) $   0.04 $  (0.11) $   0.04

 
Product Highlights
 PLX announced a new trio of ultra-high lane count
PCI Express (PCIe) Gen3 switches developed for cutting-edge markets
like storage systems, high-end graphics, and communications
platforms. The high-performance ExpressLane(TM) PCIe Gen3 switches
include the PEX8796 (96 lanes, 24 ports), PEX8780 (80 lanes, 20
ports) and PEX8764 (64 lanes, 16 ports), which expand the PLX
portfolio to 18 PCIe Gen3 devices. Designers choosing the PEX8796
switch -- touting bandwidth of 8 Gigatransfers per second, per lane,
in full duplex mode -- are rewarded with amazing throughput of 1.5
terabits per second (192 gigabytes/s), delivering performance that
challenges all other interconnect technologies. 
"PLX continues to drive PCI Express Gen3 switch products including
the ExpressFabric(R) solution as an alternative to integrated CPUs as
well as other competitive high-speed system connectivity solutions
like InfiniBand, SAS, and Ethernet," said Raun. "Our offering of 18
different Gen3 switch devices provides our customers with more
options as they select their interconnect solutions." 
New PCI Express Markets
 By leveraging low-latency PCIe Gen3
performance, new market opportunities are developing to help manage
the massive flow of data driven mostly by today's Internet
applications. Designers are creating sophisticated solid state disk
(SSD) PCIe-based architectures dedicated to storing and retrieving
movies, music, photos, and other files. 
Individual racks making up the core of data centers now have a new
choice when considering fabrics for external box-to-box rack
connectivity. By implementing a PCIe-based ExpressFabric, architects
can take advantage of native PCIe-based systems to increase
performance and lower overall cost and power. 
Other markets experiencing growth via PCIe include oil and gas
exploration, Wall Street trade routing, test and measurement,
communications, and general-purpose computation on graphics
processing units (GPGPU) used to accelerate a wide range of
applications like embedded systems, mobile appliances, computers, and
gaming graphics. 
Merger and Acquisition Update
 On July 11, 2012, PLX entered into an
asset purchase transaction with Entropic Communications, pursuant to
which PLX transferred certain specific direct broadcast satellite
intellectual property and corresponding technologies to Entropic. The
purchased assets relate to the design and development of a digital
channel stacking switch (dCSS) semiconductor product for up to $8
million, $3 million of which was received at closing. In addition to
the asset purchase, Entropic paid a one-time $4 million licensing fee
for intellectual property.  
On Sept. 14, 2012, PLX Technology, Inc. entered into an asset
purchase transaction with Aquantia Corp. pursuant to which PLX agreed
to sell the physical layer 10GBase-T integrated circuit family of
products and certain assets exclusive
ly related to the products to
the purchaser, subject to the satisfaction of certain customary
closing conditions. On Sept. 20, 2012, PLX completed the transaction
and received the proceeds of $2 million in cash. 
The above divestitures resulted in the Satellite TV and Ethernet
business, as well as proceeds from the sale, being accounted for as
discontinued operations during the quarter and for all comparative
periods presented. 
On Oct. 3, 2012, Integrated Device Technology, Inc. (IDT) announced
that it is extending the expiration date of its exchange offer for
all outstanding shares of common stock of PLX Technology, Inc.,
pursuant to the previously announced merger agreement with PLX, dated
April 30, 2012, which contemplates the exchange offer for all
outstanding shares of PLX common stock, followed by a second step
merger. The exchange offer was previously scheduled to expire at the
end of the day on Oct. 4, 2012, at 12:00 midnight, New York City
time. The exchange offer is being extended as the applicable waiting
period pursuant to the Hart-Scott-Rodino Antitrust Improvements Act
of 1976 ("HSR Act") has not yet expired or been terminated. While
previous extensions of the expiration date of the exchange offer have
been limited to 20 business days pursuant to the terms of the
Agreement and Plan of Merger relating to the exchange offer, the
parties have agreed to a one-time waiver of this limitation, which
permits IDT to extend the offer period for 26 business days until the
end of the day on Nov. 9, 2012, at 12:00 midnight, New York City
time. This additional time period will allow the parties to
coordinate the timing of any subsequent extensions of the exchange
offer with financial reporting requirements of IDT and PLX that the
parties anticipate will be applicable to the registration statement
relating to the exchange offer on or after Nov. 9, 2012. IDT and PLX
both continue to provide information to the Federal Trade Commission
in connection with the antitrust review of the transaction. Receipt
of antitrust clearance under the HSR Act is a condition to the
closing of the merger. PLX recently extended the merger agreement
under its terms until January 31, 2013. 
Conference Call
 PLX management plans to conduct a conference call
and webcast today at 2:30 p.m. (PT) to discuss its third quarter
financial results. The company will not be announcing a fourth
quarter 2012 outlook due to the pending acquisition transaction. 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 (866) 203-2528, using access code 36834013. International callers
may dial +1 (617) 213-8847. 
A recorded replay of this webcast will be available on the PLX
Website beginning 4:30 p.m. (PT) on October 29, 2012, through 11:59
p.m. (PT) on November 5, 2012. To listen to the replay via telephone,
call (888) 286-8010 and use access code 85432552. International
callers may dial +1 (617) 801-6888. 
For the live webcast, listeners should go to the PLX Website at least
15 minutes before the event starts to download and install any
necessary software. 
About PLX
 PLX Technology, Inc. (NASDAQ: PLXT), based in Sunnyvale,
Calif., USA, is an industry-leading global provider of
semiconductor-based connectivity solutions primarily targeting the
enterprise and consumer markets. The company develops innovative
software-enriched silicon that enables product differentiation,
reliable interoperability and superior performance. Visit PLX on
plxtech.com, Facebook, Twitter and YouTube. 
ExpressLane, ExpressFabric, PLX and the PLX logo 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 companies. 
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 net 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, acquisition,
restructuring and impairment related charges and amortization of
acquired intangibles. A reconciliation of the adjustments to GAAP
results from continuing operations 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 forward-looking
statements. These include statements regarding our anticipated
reductions in operating spending due to the divestitures and
regarding new PCIe markets. 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 the reduced demand for products of electronic equipment
manufacturers that use PLX's products; adverse economic conditions in
general or those specifically affecting PLX's markets; reduced
backlog for PLX's customers and unexpected expenses; uncertainties as
to the timing of the proposed transaction with IDT; the risk that the
transaction will not close because of a failure to satisfy one or
more of the offer closing conditions (including regulatory
approvals); the risk that the announcement and pendency of the
transaction may make it more difficult to establish or maintain
relationships with employees, suppliers and other business partners
and the risk that PLX's business will have been adversely impacted
during the pendency of the transaction. Please also refer to the
documents filed by PLX 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, 2011, and PLX's quarterly reports on Forms 10-Q, 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. 
Additional Information
 This press release is for informational
purposes only and shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be
any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction. Any
offer with respect to the acquisition of PLX will only be made
through the prospectus, which is part of the registration statement
on Form S-4, which contains an offer to purchase, form o
f letter of
transmittal and other documents relating to the exchange offer, as
well as the Tender Offer Statement on Schedule TO (collectively, and
as amended and supplemented from time to time, the "Exchange Offer
Materials"), each initially filed with the U.S. Securities and
Exchange Commission (the "SEC") by Integrated Device Technology, Inc.
("IDT") on May 22, 2012. The registration statement has not yet
become effective. In addition, PLX filed with the SEC on May 22,
2012, a solicitation/recommendation statement on Schedule 14D-9 (as
amended and supplemented from time to time, the "Schedule 14D-9")
with respect to the exchange offer. Investors and security holders
are urged to carefully read these documents and the other documents
relating to the transactions because these documents contain
important information relating to the exchange offer and related
transactions. Investors and security holders may obtain a free copy
of these documents, as filed with the SEC, and other annual,
quarterly and special reports and other information filed with the
SEC by IDT or PLX, at the SEC's website at www.sec.gov. In addition,
such materials will be available from IDT or PLX, or by calling
Innisfree M&A Incorporated, the information agent for the exchange
offer, toll-free at (877) 456-3463 (banks and brokers may call
collect at (212) 750-5833). 


 
                                                                            
                                                                            
                            PLX TECHNOLOGY, INC.                            
              CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS               
                                (Unaudited)                                 
                  (in thousands, except per share amounts)                  
                                                                            
                            Three Months Ended            Nine Months Ended 
                   September 30   June 30  September 30     September 30    
                                                         ------------------ 
                       2012        2012        2011        2012      2011   
                   ------------  --------  ------------  --------  -------- 
                                                                            
Net revenues       $     26,866  $ 25,437  $     29,763  $ 76,834  $ 86,256 
Cost of revenues         10,808    10,370        12,580    31,732    37,038 
                   ------------  --------  ------------  --------  -------- 
Gross margin             16,058    15,067        17,183    45,102    49,218 
                   ------------  --------  ------------  --------  -------- 
Operating                                                                   
 expenses:                                                                  
  Research and                                                              
   development            8,823     5,993         7,007    21,362    22,929 
  Selling, general                                                          
   and                                                                      
   administrative         6,654     7,588         6,745    22,764    20,402 
  Acquisition and                                                           
   restructuring                                                            
   related costs          2,830     2,350          (166)    5,179        52 
  Amortization of                                                           
   purchased                                                                
   intangible                                                               
   assets                    64        78           382       223     1,145 
  Impairment of                                                             
   assets                     -         -           208         -       838 
                   ------------  --------  ------------  --------  -------- 
Total operating                                                             
 expenses                18,371    16,009        14,176    49,528    45,366 
                   ------------  --------  ------------  --------  -------- 
Income (loss) from                                                          
 operations              (2,313)     (942)        3,007    (4,426)    3,852 
Interest income                                                             
 (expense) and                                                              
 other, net                 (60)      (55)          (42)     (119)     (209)
                   ------------  --------  ------------  --------  -------- 
Income (loss) from                                                          
 continuing                                                                 
 operations before                                                          
 provision for                                                              
 income taxes            (2,373)     (997)        2,965    (4,545)    3,643 
Provision                                                                   
 (benefit) for                                                              
 income taxes               931      (513)        1,083       466     1,767 
                   ------------  --------  ------------  --------  -------- 
Income (loss) from                                                          
 continuing                                                                 
 operations, net                                                            
 of tax                  (3,304)     (484)        1,882    (5,011)    1,876 
Loss from                                                                   
 discontinued                                                               
 operations                                                                 
 (including gain                                                            
 on disposal of                                                             
 $2,097), net of                                                            
 tax                     (3,013)  (17,734)       (6,108)  (26,965)  (21,246)
                   ------------  --------  ------------  --------  -------- 
Net loss           $     (6,317) $(18,218) $     (4,226) $(31,976) $(19,370)
                   ============  ========  ============  ========  ======== 
                                                                            
Basic net income                                                            
 (loss) per share:                                                          
  Income (loss)                                                             
   from continuing                                                          
   operations      $      (0.07) $  (0.01) $       0.04  $  (0.11) $   0.04 
                   ============  ========  ============  ========  ======== 
  Loss 
from                                                                 
   discontinued                                                             
   operations      $      (0.07) $  (0.40) $      (0.14) $  (0.60) $  (0.48)
                   ============  ========  ============  ========  ======== 
  Net loss         $      (0.14) $  (0.41) $      (0.10) $  (0.71) $  (0.44)
                   ============  ========  ============  ========  ======== 
                                                                            
Diluted net loss                                                            
 per share:                                                                 
  Income (loss)                                                             
   from continuing                                                          
   operations      $      (0.07) $  (0.01) $       0.04  $  (0.11) $   0.04 
                   ============  ========  ============  ========  ======== 
  Loss from                                                                 
   discontinued                                                             
   operations      $      (0.07) $  (0.40) $      (0.14) $  (0.60) $  (0.47)
                   ============  ========  ============  ========  ======== 
  Net loss         $      (0.14) $  (0.41) $      (0.10) $  (0.71) $  (0.43)
                   ============  ========  ============  ========  ======== 
                                                                            
Shares used to                                                              
 compute per share                                                          
 amounts:                                                                   
  Basic                  44,946    44,797        44,537    44,824    44,525 
                   ============  ========  ============  ========  ======== 
  Diluted                44,946    44,797        45,003    44,824    45,032 
                   ============  ========  ============  ========  ======== 
                                                                            
                                                                            
                                                                            
                                                                            
                            PLX TECHNOLOGY, INC.                            
                   CONDENSED CONSOLIDATED BALANCE SHEETS                    
                                (Unaudited)                                 
                               (in thousands)                               
                                                                            
                                                 September 30   December 31 
                                                     2012          2011     
                                                 ------------  ------------ 
ASSETS                                                                      
                                                                            
  Cash and investments                           $     17,873  $     19,752 
  Accounts receivable, net                             14,133        11,074 
  Inventories                                          10,240         8,896 
  Property and equipment, net                          11,274        12,291 
  Goodwill                                             20,461        21,338 
  Other intangible assets                                  22        20,845 
  Other assets                                          3,941         2,622 
                                                 ------------  ------------ 
Total assets                                     $     77,944  $     96,818 
                                                 ============  ============ 
                                                                            
LIABILITIES                                                                 
                                                                            
  Accounts payable                               $     15,548  $      7,134 
  Accrued compensation and benefits                     5,775         3,586 
  Accrued commissions                                     804           632 
  Other accrued expenses                                4,268         3,132 
  Short term note payable & capital lease                                   
   obligations                                            105         5,115 
  Short term borrowings against line of credit          5,000             - 
  Long term borrowings against line of credit               -         2,000 
                                                 ------------  ------------ 
Total liabilities                                      31,500        21,599 
                                                                            
STOCKHOLDERS' EQUITY                                                        
                                                                            
  Common stock, par value                                  45            45 
  Additional paid-in capital                          188,623       185,323 
  Accumulated other comprehensive loss                   (246)         (147)
  Accumulated deficit                                (141,978)     (110,002)
                                                 ------------  ------------ 
Total stockholders' equity                             46,444        75,219 
                                                 ------------  ------------ 
Total liabilities and stockholders' equity       $     77,944  $     96,818 
                                                 ============  ============ 
                                                                            
                                                                            
                                                                            
                                                                            
                            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)                   
                                                                            
                                                              Nine Months   
                               Three Months Ended                Ended      
                      September 30  June 30  September 30    September 30   
                                                           ---------------- 
                          2012        2012       2011        2012     2011  
                      ------------  -------  ------------  -------  ------- 
Income (Loss) From                                                          
 Continuing                                                                 
 Operations                                                                 
 Reconciliation                                                             
  GAAP Income (Loss)  $     (3,304) $  (484) $      1,882  $(5,011) $ 1,876 
  Acquisition and                                                           
   restructuring                                                            
   related costs             2,830    2,350          (166)   5,179       52 
  Share-based                                                               
   compensation                914      694           443    2,006    1,517 
  Amortization of                                                           
   purchased                                                                
   intangible assets            64       78           382      223    1,145 
  Impairment of                                                             
   assets                        -        -           208        -      838 
                      ------------  -------  ------------  -------  ------- 
  Non-GAAP Income                                                           
   (Loss)             $        504  $ 2,638  $      2,749  $ 2,397  $ 5,428 
                      ============  =======  ============  =======  ======= 
                                                                            
Loss Per Share From                                                         
 Continuing                                                                 
 Operations                                                                 
 Reconciliation                                                             
  GAAP Diluted Income                                                       
   (Loss) Per Share   $      (0.07) $ (0.01) $       0.04  $ (0.11) $  0.04 
  Effect of                                                                 
   acquisition and 
                                                         
   restructuring                                                            
   related costs              0.06     0.05             -     0.12        - 
  Effect of share-                                                          
   based compensation         0.02     0.02          0.01     0.04     0.03 
  Effect of                                                                 
   amortization of                                                          
   purchased                                                                
   intangible assets             -        -          0.01        -     0.03 
  Effect of asset                                                           
   impairment                    -        -             -        -     0.02 
                      ------------  -------  ------------  -------  ------- 
  Non-GAAP Diluted                                                          
   Income (Loss) Per                                                        
   Share              $       0.01  $  0.06  $       0.06  $  0.05  $  0.12 
                      ============  =======  ============  =======  ======= 
                                                                            
Operating Loss From                                                         
 Continuing                                                                 
 Operations                                                                 
 Reconciliation                                                             
  GAAP Operating                                                            
   Income (Loss)      $     (2,313) $  (942) $      3,007  $(4,426) $ 3,852 
  Share-based                                                               
   compensation -                                                           
   COGS                         49       37            11       98       34 
  Share-based                                                               
   compensation - R&D          349      228           193      719      588 
  Share-based                                                               
   compensation -                                                           
   SG&A                        516      429           239    1,189      895 
  Acquisition and                                                           
   restructuring                                                            
   related costs             2,830    2,350          (166)   5,179       52 
  Amortization of                                                           
   purchased                                                                
   intangible assets            64       78           382      223    1,145 
  Impairment of                                                             
   assets                        -        -           208        -      838 
                      ------------  -------  ------------  -------  ------- 
  Non-GAAP Operating                                                        
   Income (Loss)      $      1,495  $ 2,180  $      3,874  $ 2,982  $ 7,404 
                      ============  =======  ============  =======  ======= 
                                                                            
Operating Expense                                                           
 From Continuing                                                            
 Operations                                                                 
 Reconciliation                                                             
  GAAP Operating                                                            
   Expenses           $     18,371  $16,009  $     14,176  $49,528  $45,366 
  Share-based                                                               
   compensation - R&D         (349)    (228)         (193)    (719)    (588)
  Share-based                                                               
   compensation -                                                           
   SG&A                       (516)    (429)         (239)  (1,189)    (895)
  Acquisition and                                                           
   restructuring                                                            
   related costs            (2,830)  (2,350)          166   (5,179)     (52)
  Amortization of                                                           
   purchased                                                                
   intangible assets           (64)     (78)         (382)    (223)  (1,145)
  Impairment of                                                             
   assets                        -        -          (208)       -     (838)
                      ------------  -------  ------------  -------  ------- 
  Non-GAAP Operating                                                        
   Expenses           $     14,612  $12,924  $     13,320  $42,218  $41,848 
                      ============  =======  ============  =======  ======= 
                                                                            
(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)                        
                                                                            
                              Three Months Ended          Nine Months Ended 
                      September 30  June 30  September 30    September 30   
                                                          ----------------- 
                          2012       2012        2011       2012     2011   
                     ------------- -------- ------------- -------- -------- 
Net Revenues by                                                             
 Geography                                                                  
Americas                        18%      16%           17%      16%      17%
Asia Pacific                    72%      73%           73%      71%      70%
Europe                          10%      11%           10%      13%      13%
                                                                            
                                                                            
                              Three Months Ended          Nine Months Ended 
                      September 30  June 30  September 30    September 30   
                                                          ----------------- 
                          2012       2012        2011       2012     2011   
                     ------------- -------- ------------- -------- -------- 
Net Revenues by Type                                                        
PCI Express Revenue             65%      67%           55%      66%      55%
Connectivity Revenue            35%      33%           45%      34%      45%

  
Investor Relations contact:
Leslie Green
Green Communications Consulting, LLC (for PLX)
Tel: (650) 312-9060
leslie@greencommunicationsllc.com 
Company contact:
Arthur Whipple
CFO
PLX Technology, Inc.
Tel: (408) 774-9060
investor-relations@plxtech.com