The results for the quarter ended September 30, 2013 are as follows:
- Net revenue was $65.3 million, a 13.2% increase from $57.7 million in the second quarter of 2013 and a 15.6% increase from $56.5 million in the third quarter of 2012.
- Gross margin was 54.0%, compared with 53.6% in the second quarter of 2013 and 53.1% in the third quarter of 2012.
- GAAP operating expenses were $26.6 million, including $26.5 million for research and development (R&D) and selling, general and administrative (SG&A) expenses, which included $5.1 million for stock-based compensation and deferred compensation plan expenses, and $0.1 million for litigation expenses. Comparatively, for the quarter ended September 30, 2012, GAAP operating expenses were $23.7 million, including $23.9 million for R&D and SG&A expenses, which included $4.1 million for stock-based compensation expenses, and $(0.2) million for litigation benefit.
- Non-GAAP(1) operating expenses were $21.6 million, excluding $5.1 million for stock-based compensation and deferred compensation plan expenses, compared with $19.6 million, excluding $4.1 million for stock-based compensation expenses, for the quarter ended September 30, 2012.
- GAAP net income was $7.4 million and GAAP earnings per share were $0.19 per diluted share. Comparatively, GAAP net income was $5.9 million and GAAP earnings per share were $0.16 per diluted share for the quarter ended September 30, 2012.
- Non-GAAP(1) net income was $12.8 million and non-GAAP earnings per share were $0.33 per diluted share, excluding stock-based compensation and deferred compensation plan expenses and related tax effects, compared with non-GAAP net income of $9.9 million and non-GAAP earnings per share of $0.27 per diluted share, excluding stock-based compensation expenses and related tax effects, for the quarter ended September 30, 2012.
The results for the nine months ended September 30, 2013 are as follows:
- Net revenue was $174.5 million, a 5.4% increase from $165.6 million for the nine months ended September 30, 2012.
- Gross margin was 53.6%, compared with 52.9% for the nine months ended September 30, 2012.
- GAAP operating expenses were $77.7 million, including $78.2 million for R&D and SG&A expenses, which included $14.6 million for stock-based compensation and deferred compensation plan expenses, and $(0.5) million for litigation benefit. Comparatively, for the nine months ended September 30, 2012, GAAP operating expenses were $71.3 million, including $71.6 million for R&D and SG&A expenses, which included $11.0 million for stock-based compensation expenses, and $(0.3) million for litigation benefit.
- Non-GAAP(1) operating expenses were $63.1 million, excluding $14.6 million for stock-based compensation and deferred compensation plan expenses, compared with $60.3 million, excluding $11.0 million for stock-based compensation expenses, for the nine months ended September 30, 2012.
- GAAP net income was $15.4 million and GAAP earnings per share were $0.40 per diluted share. Comparatively, GAAP net income was $15.5 million and GAAP earnings per share were $0.43 per diluted share for the nine months ended September 30, 2012.
- Non-GAAP(1) net income was $28.5 million and non-GAAP earnings per share were $0.74 per diluted share, excluding stock-based compensation and deferred compensation plan expenses, a one-time cash award and related tax effects, compared with non-GAAP net income of $26.1 million and non-GAAP earnings per share of $0.73 per diluted share, excluding stock-based compensation expenses and related tax effects, for the nine months ended September 30, 2012.
The following is a summary of revenue by end market for the periods indicated, estimated based on the Company's assessment of available end market data (in millions):
|
|
Three months ended September 30, |
|
Nine months ended September 30, | ||||
End Market |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
Communication |
|
$ 15.0 |
|
$ 12.8 |
|
$ 43.2 |
|
$ 38.7 |
Storage and Computing |
|
12.2 |
|
10.8 |
|
35.3 |
|
31.2 |
Consumer |
|
28.1 |
|
26.0 |
|
70.8 |
|
76.1 |
Industrial |
|
10.0 |
|
6.9 |
|
25.2 |
|
19.6 |
Total |
|
$ 65.3 |
|
$ 56.5 |
|
$ 174.5 |
|
$ 165.6 |