PLX Technology, Inc. Reports Fourth Quarter, Fiscal Year 2012 Financial Results

PLX Technology, Inc. Reports Fourth Quarter, Fiscal Year 2012 Financial Results 
SUNNYVALE, CA -- (Marketwire) -- 01/28/13 --  PLX Technology, Inc.
(NASDAQ: PLXT) 


 
--  Terminated IDT Merger Transaction, Divested 10GBase-T Ethernet
    Business
--  Record Annual PCI Express Revenues, Now Nearly 70 Percent of PLX Sales
--  18 PCIe Gen3 Switches Including World's Largest Gen3 PCIe Switch at 96
    Lanes
--  Market Share of PCI Express Switches Now More Than 70 Percent
--  David K. Raun Named President, CEO and Director

  
PLX Technology, Inc. (NASDAQ: PLXT), the global leader in PCI
Express(R) (PCIe(R)) silicon and software connectivity solutions
enabling emerging data center architectures, today announced fourth
quarter revenues of $23.4 million and a GAAP loss from continuing
operations of $0.2 million, or $0.00 per share (diluted). For 2012,
PLX reported revenue from continuing operations of $100.2 million and
a GAAP loss from continuing operations of $5.2 million or $0.12 per
share (diluted), which reflects $6.9 million of non-recurring costs
associated with the terminated IDT transaction and divested
businesses. 
"Our continuing steps to focus efforts on our successful PCI Express
product line have allowed us to dramatically reduce expenses and
achieve bottom line results that are just short of GAAP breakeven,"
said David Raun, PLX(R) president and CEO. "As we look out to 2013,
we see healthy growth potential, driven by the rapid adoption of our
Gen3 technology, solid PCI Express market share gains and a record
number of PCI Express design wins using products from our portfolio.
We believe that our continued growth and tight expense control
position us well for GAAP profitability this year. Further, our
employees are energized by the termination of the acquisition process
and the uncertainty that it caused, and are firmly committed to our
PCI Express product roadmap and the opportunity to proceed as a
focused, growing and profitable company." 


 
                                                                            
Non-GAAP Financial                                                          
 Comparison                                                                 
(in millions, except              
                                          
 per share amounts)                                                         
                            Quarterly Results            Year to Date       
                       Q4 2012  Q3 2012   Q4 2011   2012     2011     2010  
                       -------  -------  -------- -------  -------- --------
Net revenues           $  23.4  $  26.9  $   24.9 $ 100.2  $  111.2 $  115.5
Operating expense      $  11.5  $  14.6  $   12.8 $  53.7  $   54.6 $   56.1
Operating income from                                                       
 continuing operations $   2.2  $   1.5  $    2.6 $   5.2  $   10.0 $   11.8
Income from continuing                                                      
 operations, net of                                                         
 tax                   $   2.4  $   0.5  $    1.6 $   4.8  $    7.1 $    9.6
Income per share                                                            
 (diluted) from                                                             
 continuing operations $  0.06  $  0.01  $   0.04 $  0.10  $   0.16 $   0.25

 
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,
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 2012  Q3 2012   Q4 2011   2012     2011     2010  
                       -------  -------  -------- -------  -------- --------
Net revenues           $  23.4  $  26.9  $   24.9 $ 100.2  $  111.2 $  115.5
Operating expense      $  14.1  $  18.4  $   13.2 $  63.6  $   58.5 $   61.0
Operating income                                                            
 (loss) from                                                                
 continuing operations $  (0.4) $  (2.3) $    2.2 $  (4.8) $    6.0 $    6.8
Income (loss) from                                                          
 continuing                                                                 
 operations, net of                                                         
 tax                   $  (0.2) $  (3.3) $    1.2 $  (5.2) $    3.1 $    4.6
Income (loss) per                                                           
 share (diluted) from                                                       
 continuing operations $     -  $ (0.07) $   0.03 $ (0.12) $   0.07 $   0.12

 
"Although PCI Express demand was up at most of our market leading
enterprise storage customers, we saw softer demand for some of the
other markets we serve including high-end consumer motherboards and
graphics products," said Raun. "Our guidance for Q1 takes into
consideration continued softness in some of these areas but growth in
our larger enterprise storage and communications markets." 
Products: 2012 Year in Review 
"The company now offers an industry-leading 18 PCI Express Gen3
switches, 11 of which are in production, with the remaining readily
sampling to key customers," said Raun. "Many more PCI Express
products are in development with planned releases later this year.
The developing products offer new features to support emerging
designs including SSD storage applications as well as the enablement
of the ExpressFabric(R) where PCI Express will be used outside the
box and expand the total available market for PLX significantly in
the coming years." 
In July, PLX announced a new trio of ultra-high-lane-count 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). To illustrate the potential of PCIe, designers choosing the
PEX8796 switch -- touting bandwidth of 8 Gigatransfers per second,
per lane, in full duplex mode -- are rewarded with amazing throughput
of 1,536 gigabits per second (192 gigabytes/s), delivering
performance that challenges all other interconnect technologies. 
During 2012, PLX delivered several key industry event presentations
on its ExpressFabric initiative. ExpressFabric is a PLX-engineered
solution for extending the PCIe standard from its current dominant
presence inside servers, switches and storage appliances to a central
position as a fabric. An ExpressFabric based on PCIe Gen3 and,
eventually, Gen4 is complementary to InfiniBand and Ethernet in
next-generation cloud-driven data centers. PCIe does not replace the
existing network itself, but instead extends the benefits of PCIe
outside the box by moving network interface cards t
o the top of the
rack -- or edge of the cluster -- thereby reducing cost and power
while maintaining features offered by other legacy network fabrics.
When fully developed, ExpressFabric will be the lowest-power,
lowest-cost solution, and will negate the cumbersome need to
translate multiple interconnects, thus resulting in lower latency and
higher performance. 
PLX presented on and demonstrated ExpressFabric technology to broad
audiences at important annual events such as the Linley Tech Data
Center Conference, multiple PCI-SIG Developers Conferences, the Intel
Developers Forum, the SC12 Supercomputing Conference, and the Server
Design Summit. 
Merger and Acquisition Update 
IDT acquisition transaction terminated. 
In April 2012, Integrated Device Technology (IDT) and PLX entered
into a definitive agreement pursuant to which IDT was to acquire PLX
in order to broaden IDT's solutions for data center interconnects in
cloud computing. In December, after nearly eight months of review,
the Federal Trade Commission (FTC) issued an administrative complaint
seeking to block the proposed merger between PLX and IDT, and was
authorized to pursue a preliminary injunction in federal district
court or other relief necessary to stop the deal pending a full
administrative trial. In December, IDT and PLX mutually agreed to
terminate their merger agreement due to the FTC decision, scaling
legal costs, and the absence of a clear path for the parties to
complete the proposed transaction.  
While reducing overall expenses associated with the divested
networking and satellite products, PLX's core research and
development center in its Sunnyvale headquarters have remained
focused on the expanding opportunities in the fast-growing data
center and cloud services markets with its industry-leading PCIe
portfolio. 
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 2013 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, 2013, are expected
    to be between $25 million and $27 million
--  Gross margins are expected to be approximately 58 percent
--  Operating expenses are expected to be approximately $13.9 million.
    Included in operating expenses are share-based compensation and
    acquisition and restructuring related charges of approximately $0.9
    million. For the year, operating expenses net of share-based
    compensation and acquisition and restructuring related charges 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 2012
financial results, as well as its first quarter 2013 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 (800) 901-5231, using
access code 70223785. International callers may dial +1 (617)
786-2961. A recorded replay of this webcast will be available on the
PLX Website beginning 4:00 p.m. (PT) on January 28, 2013, through
11:59 p.m. (PT) on February 4, 2013. To listen to the replay via
telephone, call (888) 286-8010 and use access code 69730946.
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, 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 data center, cloud
services and storage solution markets and the growth in solid-state
storage solutions that use PLX PCI Express Gen3 products. 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, 2011, and PLX's quarterly reports on Forms
10-Q for the quarters ended March 31, 2012, June 30, 2012, and
September 30, 2012, 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, ExpressLane, 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 companies. 


 
                                                                            
                                                                            
                            PLX TECHNOLOGY, I
NC.                            
              CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS               
                                (Unaudited)                                 
                  (in thousands, except per share amounts)                  
                                                                            
                                             Three Months Ended             
                                 December 31    September 30   December 31  
                                     2012           2012           2011     
                                -------------  -------------  ------------- 
                                                                            
Net revenues                    $      23,413  $      26,866  $      24,896 
Cost of revenues                        9,729         10,808          9,562 
                                -------------  -------------  ------------- 
Gross margin                           13,684         1
6,058         15,334 
                                -------------  -------------  ------------- 
Operating expenses:                                                         
  Research and development              6,170          8,823          5,289 
  Selling, general and                                                      
   administrative                       6,163          6,654          7,634 
  Acquisition and restructuring                                             
   related costs                        1,719          2,830         (1,397)
  Amortization of purchased                                                 
   intangible assets                       22             64          1,657 
                                -------------  -------------  ------------- 
Total operating expenses               14,074         18,371         13,183 
                                -------------  -------------  ------------- 
Income (loss) from operations            (390)        (2,313)         2,151 
Interest income (expense) and                                               
 other, net                               (30)           (60)            61 
                                -------------  -------------  ------------- 
Income (loss) from continuing                                               
 operations before provision                                                
 for income taxes                        (420)        (2,373)         2,212 
Provision (benefit) for income                                              
 taxes                                   (230)           931            984 
                                -------------  -------------  ------------- 
Income (loss) from continuing                                               
 operations, net of tax                  (190)        (3,304)         1,228 
Loss from discontinued                                                      
 operations (including gain on                                              
 disposal of $1,353 and                                                     
 $2,097), net of tax                     (423)        (3,013)        (6,681)
                                -------------  -------------  ------------- 
Net loss                        $        (613) $      (6,317) $      (5,453)
                                =============  =============  ============= 
                                                                            
Basic net income (loss) per                                                 
 share:                                                                     
  Income (loss) from continuing                                             
   operations                   $           -  $       (0.07) $        0.03 
                                =============  =============  ============= 
  Loss from discontinued                                                    
   operations                   $       (0.01) $       (0.07) $       (0.15)
                                =============  =============  ============= 
  Net loss                      $       (0.01) $       (0.14) $       (0.12)
                                =============  =============  ============= 
                                                                            
Diluted net loss per share:                                                 
  Income (loss) from continuing                                             
   operations                   $           -  $       (0.07) $        0.03 
                                =============  =============  ============= 
  Loss from discontinued                                                    
   operations                   $       (0.01) $       (0.07) $       (0.15)
                                =============  =============  ============= 
  Net loss                      $       (0.01) $       (0.14) $       (0.12)
                                =============  =============  ============= 
                                                                            
Shares used to compute per                                                  
 share amounts:                                                             
  Basic                                45,053         44,946         44,660 
                                =============  =============  ============= 
  Diluted                              45,053         44,946         44,990 
                                =============  =============  ============= 
                                                                            
                                                                            
                                                                            
                            PLX TECHNOLOGY, INC.                            
               CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS              
                                 (Unaudited)                                
                  (in thousands, except per share amounts)                  
                                                                            
                                            Twelve Months Ended             
                                                December 31,                
                                ------------------------------------------- 
                                     2012           2011           2010     
                                -------------  -------------  ------------- 
                                                                            
Net revenues                    $     100,248  $     111,152  $     115,540 
Cost of revenues                       41,462         46,600         47,753 
                                -------------  -------------  ------------- 
Gross margin                           58,786         64,552         67,787 
                                -------------  -------------  ------------- 
Operating expenses:                                                         
  Research and development             27,532         28,218         30,799 
  Selling, general and                                                      
   administrative                      28,927         28,037         26,720 
  Acquisition and restructuring                                             
   related costs                        6,898           (507)           855 
  Amortization of purchased                                                 
   intangible assets                      245          2,801          2,593 
                                -------------  -------------  ------------- 
Total operating expenses               63,602         58,549         60,967 
                                -------------  -------------  ------------- 
Income (loss) from operations          (4,816)         6,003          6,820 
Interest income (expense) and                                               
 other, net                              (149) 
         (148)            57 
                                -------------  -------------  ------------- 
Income (loss) from continuing                                               
 operations before provision                                                
 for income taxes                      (4,965)         5,855          6,877 
Provision for income taxes                236          2,751          2,235 
                                -------------  -------------  ------------- 
Income (loss) from continuing                                               
 operations, net of tax                (5,201)         3,104          4,642 
Loss from discontinued                                                      
 operations (including gain on                                              
 disposal of $3,450), net of                                                
 tax                                  (27,388)       (27,927)        (7,931)
                                -------------  -------------  ------------- 
Net loss                        $     (32,589) $     (24,823) $      (3,289)
                                =============  =============  ============= 
                                                                            
Basic net income (loss) per                                                 
 share:                                                                     
  Income (loss) from continuing                                             
   operations                   $       (0.12) $        0.07  $        0.12 
                                =============  =============  ============= 
  Loss from discontinued                                                    
   operations                   $       (0.61) $       (0.63) $       (0.20)
                                =============  =============  ============= 
  Net loss                      $       (0.73) $       (0.56) $       (0.08)
                                =============  =============  ============= 
                                                                            
Diluted net loss per share:                                                 
  Income (loss) from continuing                                             
   operations                   $       (0.12) $        0.07  $        0.12 
                                =============  =============  ============= 
  Loss from discontinued                                                    
   operations                   $       (0.61) $       (0.62) $       (0.20)
                                =============  =============  ============= 
  Net loss                      $       (0.73) $       (0.55) $       (0.08)
                                =============  =============  ============= 
                                                                            
Shares used to compute per                                                  
 share amounts:                                                             
  Basic                                44,882         44,559         38,942 
                                =============  =============  ============= 
  Diluted                              44,882         45,016         39,625 
                                =============  =============  ============= 
                                                                            
                                                                            
                                                                            
                                                                            
                            PLX TECHNOLOGY, INC.                            
                   CONDENSED CONSOLIDATED BALANCE SHEETS                    
                                (Unaudited)                                 
                               (in thousands)                               
                                                                            
                                                December 31    December 31  
                                                    2012           2011     
                                               -------------  ------------- 
ASSETS                                                                      
                                                                            
  Cash and investments                         $      16,711  $      19,752 
  Accounts receivable, net                            10,635         11,074 
  Inventories                                         10,560          8,896 
  Property and equipment, net                         11,267         12,291 
  Goodwill                                            20,461         21,338 
  Other intangible assets                                  -         20,845 
  Other assets                                         3,345          2,622 
                                               -------------  ------------- 
Total assets                                   $      72,979  $      96,818 
                                               =============  ============= 
                                                                            
LIABILITIES                                                                 
                                                                            
  Accounts payable                             $      10,738  $       7,134 
  Accrued compensation and benefits                    4,493          3,586 
  Accrued commissions                                    817            632 
  Other accrued expenses                               2,259          3,132 
  Short term note payable & capital lease                                   
   obligations                                             -          5,115 
  Short term borrowings against line of credit         8,000              - 
  Long term borrowings against line of credit              -          2,000 
                                               -------------  ------------- 
Total liabilities                                     26,307         21,599 
                                                                            
STOCKHOLDERS' EQUITY                                                        
                                                                            
  Common stock, par value                                 45             45 
  Additional paid-in capital                         189,444        185,323 
  Accumulated other comprehensive loss                  (226)          (147)
  Accumulated deficit                               (142,591)      (110,002)
                                               -------------  ------------- 
Total stockholders' equity                            46,672         75,219 
                                               -------------  ------------- 
Total liabilities and stockholders' equity     $      72,979  $      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)                   
                                                                            
                                                     Twelve Months Ended    
                        Three Months Ended               December 31,       
                                                  ------------------------- 
                   December  September  December                            
                   31 2012    30 2012    31 2011    2012     2011     2010  
                  ---------  ---------  --------  -------  -------  ------- 
Income (Loss) From                                                          
 Continuing                                                                 
 Operations                                                                 
 Reconciliation                                                             
  GAAP Income                                                               
   (Loss)         $    (190) $  (3,304) $  1,228  $(5,201) $ 3,104  $ 4,642 
  Acquisition and                                                           
   restructuring                                                            
   related costs      1,719      2,830    (1,397)   6,898     (507)     855 
  Share-based                                                               
   compensation         887        914       153    2,893    1,670    1,498 
  Amortization of                                                           
   purchased                                                                
   intangible                                                               
   assets                22         64     1,657      245    2,801    2,593 
                  ---------  ---------  --------  -------  -------  ------- 
  Non-GAAP Income                                                           
   (Loss)         $   2,438  $     504  $  1,641  $ 4,835  $ 7,068  $ 9,588 
                  =========  =========  ========  =======  =======  ======= 
                                                                            
Loss Per Share                                                              
 From Continuing                                                            
 Operations                                                                 
 Reconciliation                                                             
  GAAP Diluted                                                              
   Income (Loss)                                                            
   Per Share      $       -  $   (0.07) $   0.03  $ (0.12) $  0.07  $  0.12 
  Effect of                                                                 
   acquisition and                                                          
   restructuring                                                            
   related costs       0.04       0.06     (0.03)    0.15    (0.01)    0.02 
  Effect of share-                                                          
   based                                                                    
   compensation        0.02       0.02         -     0.06     0.04     0.04 
  Effect of                                                                 
   amortization of                                                          
   purchased                                                                
   intangible                                                               
   assets                 -          -      0.04     0.01     0.06     0.07 
                  ---------  ---------  --------  -------  -------  ------- 
  Non-GAAP Diluted                                                          
   Income Per                                                               
   Share          $    0.06  $    0.01  $   0.04  $  0.10  $  0.16  $  0.25 
                  =========  =========  ========  =======  =======  ======= 
                                                                            
Operating Income                                                            
 (Loss) From                                                                
 Continuing                                                                 
 Operations                                                                 
 Reconciliation                                                             
  GAAP Operating                                                            
   Income (Loss)  $    (390) $  (2,313) $  2,151  $(4,816) $ 6,003  $ 6,820 
  Share-based                                                               
   compensation -                                                           
   COGS                  49         49        13      147       47       33 
  Share-based                                                               
   compensation -                                                           
   R&D                  288        349      (103)   1,007      485      602 
  Share-based                                                               
   compensation -                                                           
   SG&A                 550        516       243    1,739    1,138      863 
  Acquisition and                                                           
   restructuring                                                            
   related costs      1,719      2,830    (1,397)   6,898     (507)     855 
  Amortization of                                                           
   purchased                                                                
   intangible                                                               
   assets                22         64     1,657      245    2,801    2,593 
                  ---------  ---------  --------  -------  -------  ------- 
  Non-GAAP                                                                  
   Operating                                                                
   Income (Loss)  $   2,238  $   1,495  $  2,564  $ 5,220  $ 9,967  $11,766 
                  =========  =========  ========  =======  =======  ======= 
                                                                            
Operating Expense                                                           
 From Continuing                                                            
 Operations                                                                 
 Reconciliation                                                             
  GAAP Operating                                                            
   Expenses       $  14,074  $  18,371  $ 13,183  $63,602  $58,549  $60,967 
  Share-based                                                               
   compensation -                                                           
   R&D                 (288)      (349)      103   (1,007)    (485)    (602)
  Share-based                                                               
   compensation -                                                           
   SG&A                (550)      (516)     (243)  (1,739)  (1,138)    (863)
  Acquisition and                                                           
   restructuring                                                            
   related costs     (1,719)    (2,830)    1,397   (6,898)     507     (855)
  Amortization of                                                           
   purchased                                                                
   intangible                                                               
   assets               (22)       (64)   (1,657)    (245)  (2,801)  (2,593)
                  ---------  ---------  --------  -------  -------  ------- 
  Non-GAAP                                                                  
   Operating                                                                
   Expenses       $  11,495  $  14,612  $ 12,783  $53,713  $54,632  $56,054 
                  =========  =========  ========  =======  =======  ======= 
                                                                            
(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   
                                                                Ended       
                                Three Months Ended           December 31    
                                                         ------------------ 
                          December  September  December                     
                           31 2012   30 2012    31 2011    2012      2011   
                          --------  ---------  --------  --------  -------- 
Net Revenues by Geography                                                   
Americas                        15%        18%       30%       16%       20%
Asia Pacific                    70%        72%       61%       71%       68%
Europe                          15%        10%        9%       13%       12%
                                                                            
                                                                            
                                                            Twelve Months   
                                                                Ended       
                                Three Months Ended           December 31    
                                                         ------------------ 
                          December  September  December                     
                           31 2012   30 2012    31 2011    2012      2011   
                          --------  ---------  --------  --------  -------- 
Net Revenues by Type                                                        
PCI Express Revenue             69%        65%       57%       67%       55%
Connectivity Revenue            31%        35%       43%       33%       45%

  
Investor Relations Contact:
Leslie Green 
Green Communications Consulting, LLC (for PLX) 
Tel: (650) 312-9060 
leslie@greencommunicationsllc.com 
Company Contact:
Arthur O Whipple
CFO 
PLX Technology, Inc. 
Tel: (408) 774-9060 
investor-relations@plxtech.com 
Editorial Contact: 
Jerry Steach 
CommonGround Communications (for PLX) 
Tel: (415) 222-9996 
jsteach@plxtech.com 
 
 
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