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Inphi Corporation Announces Third Quarter 2012 Results

SANTA CLARA, CA -- (Marketwire) -- 11/01/12 -- Inphi Corporation (NYSE: IPHI), a leading provider of high-speed mixed signal semiconductor solutions for the communications and computing markets, today announced financial results for its third quarter ended September 30, 2012.

Revenue for the third quarter of 2012 was $24.8 million, up 50% from $16.5 million reported for the third quarter of 2011. This was also up 6 % sequentially compared to $23.3 million reported for the second quarter of 2012.

Gross margin under U.S. generally accepted accounting principles (GAAP) for the third quarter of 2012 was 64.7% of revenue, compared with 64.3% of revenue for the second quarter of 2012 and 60.1% of revenue for the third quarter of 2011.

GAAP net loss for the third quarter of 2012 was $1.1 million, or ($0.04) per diluted common share, compared with a GAAP net loss of $1.6 million or ($0.06) per diluted common share for the second quarter of 2012 and a GAAP net loss of $2.6 million, or ($0.10) per diluted common share, for the third quarter of 2011.

Inphi reports gross margin, net income and earnings per share in accordance with GAAP and, additionally, on a non-GAAP basis. A reconciliation of the GAAP to non-GAAP gross margin, net income, and earnings per share, as well as a description of the items excluded from the non-GAAP calculations, is included in the financial statements portion of this press release.

Gross margin on a non-GAAP basis for the third quarter of 2012 was 65.6% of revenue, compared with 65.1% for the second quarter of 2012 and 65.2% of revenue for the third quarter of 2011.

Non-GAAP net income for the third quarter of 2012 was $1.5 million, or $0.05 per diluted common share. This compared with non-GAAP net income of $1.5 million or $0.05 per diluted common share for the second quarter of 2012 and non-GAAP net income of $0.2 million, or $0.01 per diluted share, for the third quarter of 2011.

"Inphi delivered a record $24.8 million in revenue for the third quarter," said Ford Tamer, President and CEO of Inphi. "In spite of the near-term market weakness, our latest technologies are building important design wins with key customers and we remain optimistic about the company's continued prospects for growth."

Press Release Highlights

Nine Months 2012 Results
For the nine months ended September 30, 2012, revenue was $68.3 million, compared with $62.0 million for the nine months ended September 30, 2011. GAAP net loss for the nine months ended September 30, 2012 was $4.1 million, or ($0.15) per diluted share, on approximately 28.3 million diluted weighted average common shares outstanding. This compared with GAAP net income of $2.2 million, or $0.08 per diluted share, on approximately 29.4 million diluted weighted average common shares outstanding for the nine months ended September 30, 2011.

Non-GAAP net income for the nine months ended September 30, 2012 was $4.0 million, or $0.14 per diluted weighted average common share outstanding. This compared with non-GAAP net income of $7.0 million for the nine months ended September 30, 2011, or $0.24 per diluted weighted average common share outstanding.

Business Outlook
The following statements are based on our current expectations for the fourth quarter of 2012. These statements are forward-looking and actual results may differ materially.

  • Based on a slowing macroeconomic environment for Server markets, we expect our revenues to be down 3% -- 12% for Q4 2012, resulting in $ 22.9 million at the midpoint -- plus or minus $ 1 million.
  • GAAP net loss, which includes non-cash stock based compensation expense, is expected to be a loss of $1.3 million to $2.3 million, or ($0.04) to ($0.08) per diluted common share on an estimated 30 million fully diluted common shares.
  • Non-GAAP net income, excluding stock-based compensation expense, is expected to be between $0.1 million and $1.1 million, or $0.00 - $0.04 per diluted common share.

Quarterly Conference Call Today
Inphi plans to hold a conference call at 5:00 p.m. Eastern Time / 2:00 p.m. Pacific Time today with Ford Tamer, President and Chief Executive Officer, and John Edmunds, Chief Financial Officer, to discuss third quarter of 2012 results.

The call can be accessed by dialing (866) 788-0545; international callers should dial (857) 350-1683, participant passcode: 38891315. Please dial-in ten minutes prior to the scheduled conference call time. A live and archived webcast of the call will be available on Inphi's website at http://investors.inphi.com for up to 30 days after the call.

About Inphi
Inphi Corporation is a leading provider of high-speed mixed signal semiconductor solutions for the communications and computing markets. Inphi's end-to-end data transport platform delivers high signal integrity at leading-edge data speeds, addressing performance and bandwidth bottlenecks in networks, from fiber to memory. Inphi's solutions minimize latency in computing environments and enable the rollout of next- generation communications infrastructure. Inphi's solutions provide a vital interface between analog signals and digital information in high-performance systems, such as telecommunications transport systems, enterprise networking equipment, enterprise and data center servers, and storage platforms. To learn more about Inphi, visit www.inphi.com.

Cautionary Note Concerning Forward-Looking Statements
Statements in the press release and certain matters to be discussed on the third quarter of 2012 conference call regarding Inphi Corporation, which are not historical facts, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by terms such as outlook, believe, expect, may, will, provide, could, and should, and the negative of these terms or other similar expressions. These statements include statements relating to: our business outlook and current expectations for the fourth quarter of 2012, including our revenue, gross margin, stock-based compensation expense, operating performance, net income, earnings per share; expectations of our growth; expectations of economic trends and macroeconomic conditions; benefits of using non-GAAP financial measures; benefits of our products; and our operating prospects. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially from those anticipated as a result of various factors, including: the Company's ability to sustain profitable operations due to its history of losses and accumulated deficit; dependence on a limited number of customers for a substantial portion of revenue and lack of long-term purchase commitments from our customers; product defects; risk related to intellectual property matters, lengthy sales cycle and competitive selection process; lengthy and expensive qualification processes; ability to develop new or enhanced products in a timely manner; development of the markets that the Company targets; market demand for the Company's products; reliance on third parties to manufacture, assemble and test products; ability to compete; and other risks inherent in fabless semiconductor businesses. In addition, actual results could differ materially due to changes in tax rates or tax benefits available, changes in claims that may or may not be asserted, as well as changes in pending litigation. For a discussion of these and other related risks, please refer to Inphi Corporation's recent SEC filings, including its Annual Report on Form 10-K for the year ended December 31, 2011, which are available on the SEC's website at www.sec.gov. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date thereof. Inphi Corporation undertakes no obligation to update forward-looking statements for any reason, except as required by law, even as new information becomes available or other events occur in the future.

Inphi, the Inphi logo and Think fast are registered trademarks of Inphi Corporation. All other trademarks used herein are the property of their respective owners.


                              INPHI CORPORATION
                    CONSOLIDATED STATEMENTS OF OPERATIONS
        (in thousands of dollars, except share and per share amounts)
                                 (Unaudited)

                             Three Months Ended        Nine Months Ended
                                September 30,             September 30,
                          ------------------------  ------------------------
                              2012         2011         2012         2011
                          -----------  -----------  -----------  -----------
Revenue                   $    24,762  $    16,482  $    68,271  $    61,987
Cost of revenue                 8,734        6,573       24,490       22,418
                          -----------  -----------  -----------  -----------

Gross margin                   16,028        9,909       43,781       39,569
                          -----------  -----------  -----------  -----------

Operating expenses:
  Research and
   development                 10,500        6,951       29,072       20,612
  Sales and marketing           3,079        3,886       10,347        9,605
  General and
   administrative               3,263        2,570        9,630        6,989
                          -----------  -----------  -----------  -----------

Total operating expenses       16,842       13,407       49,049       37,206
                          -----------  -----------  -----------  -----------

Income (loss) from
 operations                      (814)      (3,498)      (5,268)       2,363

Other income                      230          142          678          273
                          -----------  -----------  -----------  -----------

Income (loss) before
 income taxes                    (584)      (3,356)      (4,590)       2,636
Provision (benefit) for
 income taxes                     471         (725)        (453)         424
                          -----------  -----------  -----------  -----------

Net income (loss)         $    (1,055) $    (2,631) $    (4,137) $     2,212
                          ===========  ===========  ===========  ===========


Earnings per share:
    Basic                 $     (0.04) $     (0.10) $     (0.15) $      0.08
                          ===========  ===========  ===========  ===========
    Diluted               $     (0.04) $     (0.10) $     (0.15) $      0.08
                          ===========  ===========  ===========  ===========

Weighted-average shares
 used in computing
 earnings per share:
    Basic                  28,491,789   27,477,137   28,284,612   26,471,544
    Diluted                28,491,789   27,477,137   28,284,612   29,365,902

The following table presents details of stock-based compensation expense included in each functional line item in the consolidated statements of operations above:


                                     Three Months Ended   Nine Months Ended
                                        September 30,       September 30,
                                     ------------------- -------------------
                                        2012      2011      2012      2011
                                     --------- --------- --------- ---------
                                            (in thousands of dollars)
                                                   (Unaudited)
Cost of revenue                      $     210 $      66 $     529 $     226
Research and development                 1,721       851     4,368     2,196
Sales and marketing                        490       584     2,034     1,382
General and administrative                 988       490     2,406     1,130
                                     --------- --------- --------- ---------

                                     $   3,409 $   1,991 $   9,337 $   4,934
                                     ========= ========= ========= =========



                             INPHI CORPORATION
                        CONSOLIDATED BALANCE SHEETS
                         (in thousands of dollars)
                                (Unaudited)

                                               September 30,   December 31,
                                                    2012           2011
                                               -------------  -------------
Assets
Current assets:
  Cash and cash equivalents                    $      31,651  $      29,696
  Short-term investments in marketable
   securities                                         91,062         89,283
  Accounts receivable, net                            12,864          9,358
  Inventories                                          4,618          5,716
  Deferred tax assets and other current assets         7,669          6,032
                                               -------------  -------------
    Total current assets                             147,864        140,085

Property and equipment, net                           12,351          9,566
Goodwill                                               5,875          5,875
Deferred tax assets and other assets                  18,162         17,102
                                               -------------  -------------
      Total assets                             $     184,252  $     172,628
                                               =============  =============

Liabilities and Stockholders' Equity

Current liabilities:
  Accounts payable                             $       5,301  $       5,016
  Accrued expenses and other current
   liabilities                                         4,642          3,745
  Deferred revenue                                     2,409          1,929
                                               -------------  -------------

    Total current liabilities                         12,352         10,690

Other liabilities                                      3,629          3,534
                                               -------------  -------------
    Total liabilities                                 15,981         14,224
                                               -------------  -------------

Stockholders' equity:
  Common Stock                                            29             28
  Additional paid-in capital                         204,005        190,314
  Accumulated deficit                                (36,850)       (32,713)
  Accumulated other comprehensive income               1,087            775
                                               -------------  -------------
Total stockholders' equity                           168,271        158,404
                                               -------------  -------------

Total liabilities and stockholders' equity     $     184,252  $     172,628
                                               =============  =============


                              INPHI CORPORATION
                 RECONCILIATION OF GAAP TO NON-GAAP MEASURES
        (in thousands of dollars, except share and per share amounts)

To supplement the audited financial data presented on a GAAP basis, the Company discloses certain non-GAAP financial measures, which exclude stock-based compensation, certain warranty, legal costs and other claims and restructuring charges of its Taiwan subsidiary. These non-GAAP financial measures are not in accordance with GAAP. These results should only be used to evaluate the Company's results of operations in conjunction with the corresponding GAAP measures. The Company believes that its non-GAAP financial information provides useful information to management and investors regarding financial and business trends relating to its financial condition and results of operations; non-GAAP financial information excludes charges or benefits that management considers to be outside of the Company's core operating results. The Company believes that the non-GAAP measures of gross margin, net income and earnings per share, in combination with the Company's financial results calculated in accordance with GAAP, provide investors with additional perspective and a more meaningful understanding of the Company's ongoing operating performance. In addition, the Company's management uses these non-GAAP measures to review and assess the financial performance of the Company, to determine executive officer incentive compensation and to plan and forecast performance in future periods. The Company's non-GAAP measurements are not prepared in accordance with GAAP and are not an alternative to GAAP financial information; these measurements may be calculated differently than non-GAAP financial information disclosed by other companies.


                              INPHI CORPORATION
                 RECONCILIATION OF GAAP TO NON-GAAP MEASURES
        (in thousands of dollars, except share and per share amounts)
                                 (Unaudited)

                    Three Months Ended            Nine Months Ended
                       September 30,                 September 30,
                --------------------------    --------------------------
                    2012           2011           2012           2011
                -----------    -----------    -----------    -----------
GAAP net income
 (loss)         $    (1,055)   $    (2,631)   $    (4,137)   $     2,212
Adjusting items
 to GAAP net
 income (loss):
 Operating
  expenses
  related to
  stock-based
  compensation
  expense, net
  of tax effect       1,688 (a)      1,173 (a)      5,789 (a)      3,183 (a)
 Adjustment to
  revenue as a
  result of
  warranty
  claim                   -              -            465 (b)          -
 Legal expense
  and accrual
  of
  provisional
  costs                 108 (c)          -            608 (c)          -
 Taiwan
  restructuring
  charges                 -          1,646 (d)          -          1,646 (d)
 Delta in
  interim
  period tax
  allocation
  from GAAP to
  non-GAAP              766 (e)          -          1,291 (e)          -
                -----------    -----------    -----------    -----------
Non-GAAP net
 income         $     1,507    $       188    $     4,016    $     7,041
                ===========    ===========    ===========    ===========

Shares used in
 computing non-
 GAAP basic
 earnings per
 share           28,491,789     27,477,137     28,284,612     26,471,544
                ===========    ===========    ===========    ===========

Shares used in
 computing non-
 GAAP diluted
 earnings per
 share           29,844,119     29,316,086     29,733,829     29,365,902
                ===========    ===========    ===========    ===========

Non-GAAP
 earnings per
 share:
 Basic          $      0.05    $      0.01    $      0.14    $      0.27
                ===========    ===========    ===========    ===========
 Diluted        $      0.05    $      0.01    $      0.14    $      0.24
                ===========    ===========    ===========    ===========

GAAP gross
 margin as a %
 of revenue            64.7%          60.1%          64.1%          63.8%
Stock-based
 compensation:
 Cost of
  revenue               0.9%           0.4%           0.8%           0.4%
Restructuring
 charges                  -            4.7%             -            1.3%
Adjustment to
 revenue as a
 result of
 warranty claim           -              -            0.4%             -
                -----------    -----------    -----------    -----------
Non-GAAP gross
 margin as a %
 of revenue            65.6%          65.2%          65.3%          65.5%
                ===========    ===========    ===========    ===========


 (a) Reflects the stock-based compensation expense recorded relating to
     stock based awards. The Company excludes this item when it evaluates
     the continuing operational performance of the Company as management
     believes this GAAP measure is not indicative of its core operating
     performance.
 (b) Reflects reduction in revenue as a result of warranty claim of a
     customer. The Company excludes this item when it evaluates the
     continuing operational performance of the Company as management
     believes this GAAP measure is not indicative of its core operating
     performance.
 (c) Reflects legal expense and accrual of provisional costs with regard to
     employment and other related claims, net of insurance reimbursement.
     The Company excludes this item when it evaluates the continuing
     operational performance of the Company as management believes this GAAP
     measure is not indicative of its core operating performance.
 (d) During the third quarter of 2011, the Company decided to discontinue
     the sale of acquired legacy products in Taiwan. The restructuring
     expenses were reflected in the statements of operations for the three
     and nine months ended September 30, 2011 as follows:


Cost of goods sold               $     782
Operating expenses:
  Research and development             187
  Sales and marketing                  671
  General and administrative             6
                                 ---------
Total                            $   1,646
                                 =========


     The Company excludes this item when it evaluates the continuing
     operational performance of the Company as management believes this GAAP
     measure is not indicative of its core operating performance.

(e)  Reflects the delta in interim period tax allocation from GAAP to non-
     GAAP related to non-GAAP adjustments. The Company excludes this item
     when it evaluates the continuing operational performance of the Company
     as management believes this GAAP measure is not indicative of its core
     operating performance.



                             INPHI CORPORATION
 RECONCILIATION OF GAAP TO NON-GAAP MEASURES -FOURTH QUARTER 2012 GUIDANCE
       (in thousands of dollars, except share and per share amounts)
                                (Unaudited)

                                                      Three Months Ending
                                                       December 31, 2012
                                                   ------------------------
                                                       High         Low
                                                   -----------  -----------
Estimated GAAP net income (loss)                   $    (1,300) $    (2,300)
Adjusting items to estimated GAAP net income
 (loss):
  Operating expenses related to stock-based
   compensation expense                                  3,400        3,400
  Tax effect of stock-based compensation expense        (1,000)      (1,000)
                                                   -----------  -----------
Estimated non-GAAP net income                      $     1,100  $       100
                                                   ===========  ===========

Shares used in computing estimated non-GAAP
 diluted earnings per share                         30,000,000   30,000,000
                                                   ===========  ===========

Estimated non-GAAP diluted earnings per share      $      0.04  $      0.00
                                                   ===========  ===========

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Corporate Contact:
Kim Markle
Inphi
408-217-7329
kmarkle@inphi.com

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