the 2009 Annual Report (pdf) - PLX Technology

ITEM 6: SELECTED FINANCIAL DATA
The following selected consolidated financial data should be read in conjunction with the consolidated financial
statements and related notes thereto and "Management's Discussion and Analysis of Financial Condition and Results
of Operations" appearing elsewhere in this Annual Report on Form 10-K.
Years Ended December 31,
2009 (1) 2008 (2) 2007 2006 (4) 2005
in thousands, except per share data
Consolidated Statement of Operations Data:
Net Revenues……………………………………………………… $ 82,832 $ 81,068 $ 81,734 $ 81,425 $ 54,615
Gross Profit………………………………………………………… 46,932 48,282 49,525 47,630 35,002
Operat ing Income (Loss)………………………………………… (15,490) (57,947) (643) 1,715 (2,306)
Net Income (Loss)………………………………………………… (18,802) (56,530) 1,174 3,006 (1,748)
Basic Net Income (Loss) Per Share $ (0.53) $ (2.00) $ 0.04 $ 0.11 $ (0.06)
Shares Used t o Comput e Basic P er Share Amount s…………… 35,653 28,203 28,724 28,177 27,198
Diluted Net Income (Loss) Per Share $ (0.53) $ (2.00) $ 0.04 $ 0.10 $ (0.06)
Shares Used to Compute Diluted Per Share Amounts………… 35,653 28,203 29,156 28,925 27,198
Years Ended December 31,
2009 2008 (3) 2007 2006 2005
in thousands
Consolidated Balance Sheet Data:
Cash and Cash Equivalent s………………………………………… $ 11,299 $ 6,865 $ 19,175 $ 32,804 $ 21,028
Working Capital…………………………………………………… 49,945 49,153 50,153 49,031 36,994
T ot al Asset s………………………………………………………… 84,020 77,260 135,800 127,948 117,911
T ot al Long T erm Capital Lease Obligat ions ………………… 1,098 - - - -
Total Stockholders' Equity……………………………………… $ 71,999 $ 69,203 $127,892 $120,926 $107,489
(1) Results of operations for 2009 include acquisition and related restructuring expenses of $2.9 million and a loss of $3.8 million
on the fair value remeasurement of the contingently convertible note payable associated with the acquisition of Oxford in
January 2009.
(2) Results of operations for 2008 include impairment charges of $54.3 million and acquisition related fees of $0.8 million
associated with the acquisition of Oxford in January 2009.
(3) Total assets and stockholders’ equity for 2008 reflect impairment charges of $54.3 million.
(4) Results of operations for 2006 include an increase in revenues and cost of revenues of $2.8 million and $0.9 million,
respectively, as a result from a change in accounting for revenues from distributors.
ITEM 7: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
This Annual Report on Form 10-K and certain information incorporated herein by reference contain forwardlooking
statements within the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. All
statements contained in this Report on Form 10-K that are not purely historical are forward-looking statements,
including, without limitation, statements regarding our expectations, objectives, anticipations, plans, hopes, beliefs,
intentions or strategies regarding the future. Forward-looking statements are not guarantees of future performance and
are subject to risks and uncertainties that could cause actual results to differ materially from the results contemplated
by the forward-looking statements.
Forward-looking statements include, without limitation, the statements regarding the following:
• the growing demand for standards-based components such as our semiconductor devices that connect
systems together;
• our objective to expand our advantages in data transfer technology;
• our expectation that we will support new I/O standards where appropriate;
• the statements regarding our objective to continue to expand our market position as a developer and supplier
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