Q3 2012 Earnings Call Transcript

Transcript Call Date 10/29/2012

Operator: Welcome to the PMC Third Quarter 2012 Earnings Conference Call. My name is Christine and I'll be your operator for today's conference. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session. Please note today's conference is being recorded.

I will now turn the call over to Jennifer Gianola, Director of Investor Relations. You may begin.

Jennifer Gianola - Director, IR: Thank you, Christine. Good afternoon, everyone, and thank you for joining the call, and a special thank you to those of you who are joining us today in the throes of the storm. We appreciate your time. Stay safe.

Today with me are Greg Lang, President and CEO; and Mike Zellner, Vice President and CFO. Greg will begin the call with a discussion of the business and key highlights from the third quarter 2012, and Mike will then discuss the financial results for the third quarter of 2012 and the business outlook for the fourth quarter of 2012.

Please note that our third quarter 2012 earnings press release was disseminated today via Business Wire and a copy of the release can be downloaded from our website.

Before we begin, I would like to point out that during the course of this conference call, we will be making forward-looking statements that involve a number of risks and uncertainties. These risks and uncertainties include, but are not limited to, PMC's limited revenue visibility due to variable customer demands, market segment growth or decline, customer concentration, bookings rate, changes in inventory, supply constraints, foreign exchange rates, and volatility in global financial markets, and other risk factors that are detailed in the Company's Securities and Exchange Commission filings. Actual results may differ materially from the Company's projections. For further information about these risks and uncertainties, please read the Company's SEC filings, including our Forms 10-K and 10-Q. Note that PMC undertakes no obligation to update any forward-looking statements.

Please note that for each of the historical non-GAAP financial measures mentioned on this call a full reconciliation to the most comparable GAAP financial measures is included in our press release issued today. In addition, a GAAP to non-GAAP reconciliation of financial measures noted in our outlook will be posted on our website under the Financial Report section of the Investor Relations tab.

If you are asking a question during the Q&A session of today's call, we request that you limit yourself to one question. If you would like to ask a second question, please re-queue with the operator. Thank you.

I will now turn the call over to Greg Lang.

Gregory S. Lang - President and CEO: Thanks, Jennifer, and thank you for joining us today and welcome to our third quarter earnings call. Our third quarter revenues were $132 million, within the range of our guidance for the quarter. Our non-GAAP EPS was $0.10 a share, $0.01 above the top of our range. We generated over $24 million of cash from operations on $132 million of revenue. Non-GAAP net income was $21.4 million, about flat with Q2, despite $6 million less in revenue. Most of this was due to nearly $5 million in reduced OpEx in Q3.

Read our Earnings Call Transcript disclaimer.
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