the 2009 Annual Report (pdf) - PLX Technology

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Revenues by product type were as follows (in thousands): Years Ended December 31, 2009 2008 2007 Revenues: P CI Express product s…………………… $ 31,819 $ 38,052 $ 28,449 St orage product s………………………… 19,007 - - Connectivity products…………………… 32,006 43,016 53,285 T ot al……………………………….… $ 82,832 $ 81,068 $ 81,734 There were no direct end customers that accounted for more than 10% of net revenues. Sales to the following distributors accounted for 10% or more of net revenues: Years Ended December 31, 2009 2008 2007 Excelpoint Systems Pte Ltd…………………………… 25% 29% 18% Promate Electronics Co., Ltd………………………… 15% - *% Answer Technology, Inc.……………………………… 12% 13% 10% Avnet, Inc.…………………………………………… 12% 12% *% Metatech.……………………………………………… - - 17% ∗ Less than 10% 15. Quarterly Financial Data (unaudited) (In thousands, except per share amounts) Th re e Mon th s En ded March 31, June 30, September 30, December 31, 2009 2009 2009 2009 Net revenues…………………………….…………… $ 16,457 $ 18,178 $ 21,559 $ 26,638 Gross profit…………………………….……………… $ 8,946 $ 10,102 $ 12,139 $ 15,745 Net income (loss)…………………………….……… $ (10,497) $ (9,056) $ (1,854) $ 2,605 Net income (loss) per basic share (1)……………… $ (0.31) $ (0.26) $ (0.05) $ 0.07 Net income (loss) per dilut ed share (1)…………… $ (0.31) $ (0.26) $ (0.05) $ 0.07 Th re e Mon th s En ded March 31, June 30, September 30, December 31, 2008 2008 2008 2008 Net revenues…………………………….…………… $ 22,755 $ 23,350 $ 20,790 $ 14,173 Gross profit…………………………….……………… $ 13,843 $ 13,858 $ 12,160 $ 8,421 Net income (loss)…………………………….……… $ 1,062 $ (75) $ 798 $ (58,315) Net income (loss) per basic share (1)……………… $ 0.04 $ (0.00) $ 0.03 $ (2.08) Net income (loss) per dilut ed share (1)…………… $ 0.04 $ (0.00) $ 0.03 $ (2.08) (1) The sum of per share amounts for the quarters does not necessarily equal that for the year due to rounding as the computations were made independently. 64
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS (in thousands) Additions Deductions Balance at Charged to Charged to Amount Balance at Beginning of Costs and Other Recovered End of Description Period Expenses Accounts (1) (Written off) Period Year ended December 31, 2009: Allowance for doubt ful accounts………………………… $ 82 $ - $ - $ - $ 82 Provision for excess and obsolete inventories………… $ 1,819 $ 460 $ - $ (146) $ 2,133 Allowance for ret urns and price concessions…………… $ 52 $ - $ 2,318 $ (1,040) $ 1,330 Allowance for ship and debits………………………….… $ 249 $ - $ 2,259 $ (1,773) $ 735 Year ended December 31, 2008: Allowance for doubt ful accounts………………………… $ 82 $ - $ - $ - $ 82 Provision for excess and obsolete inventories………… $ 1,279 $ 684 $ - $ (144) $ 1,819 Allowance for ret urns and price concessions…………… $ 149 $ - $ 152 $ (249) $ 52 Allowance for ship and debits………………………….… $ 285 $ - $ 2,192 $ (2,228) $ 249 Year ended December 31, 2007: Allowance for doubt ful accounts………………………… $ 94 $ 3 $ - $ (15) $ 82 Provision for excess and obsolete inventories………… $ 936 $ 763 $ - $ (420) $ 1,279 Allowance for ret urns and price concessions…………… $ 75 $ - $ 358 $ (284) $ 149 Allowance for ship and debits………………………….… $ 143 $ - $ 2,101 $ (1,959) $ 285 (1) Amounts charged to other accounts are recorded as a reduction of revenue. 65
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To PLX Stakeholders: PLX is positio
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UNITED STATES SECURITIES AND EXCHAN
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PART I ITEM 1: BUSINESS Overview PL
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The disks themselves have made the
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ehaviors often exist. PLX has a ded
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tools are more comprehensive than c
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Manufacturing We have adopted a "fa
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investment portfolio could be negat
Page 18 and 19: alternative technologies, capital s
Page 20 and 21: We record as expenses the costs rel
Page 22 and 23: that may be considered a change in
Page 24 and 25: Performance Graph COMPARISON OF 5 Y
Page 26 and 27: of I/O connectivity solutions for h
Page 28 and 29: Results of Operations Comparison of
Page 30 and 31: Years Ended December 31, 2009 2008
Page 32 and 33: Interest Income, Interest Expense a
Page 34 and 35: As of December 31, 2009, we had the
Page 36 and 37: management’s assessment that real
Page 38 and 39: Our independent registered public a
Page 40 and 41: PART IV ITEM 15: EXHIBITS AND FINAN
Page 42 and 43: The Board of Directors and Stockhol
Page 44 and 45: PLX TECHNOLOGY, INC. CONSOLIDATED B
Page 46 and 47: PLX TECHNOLOGY, INC. CONSOLIDATED S
Page 48 and 49: PLX TECHNOLOGY, INC. NOTES TO CONSO
Page 50 and 51: Long-lived Asset Impairment Long-li
Page 52 and 53: Comprehensive Income (Loss) The com
Page 54 and 55: These factors could change in the f
Page 56 and 57: 3. Net Income (Loss) Per Share The
Page 58 and 59: December 31, 2008 Amortized Unreali
Page 60 and 61: an amount equal to that excess. The
Page 62 and 63: Pro Forma Year Ended December 31 20
Page 64 and 65: 12. Income Taxes The provision (ben
Page 66 and 67: A reconciliation of the beginning a
Page 70 and 71: SIGNATURES Pursuant to the requirem
Page 72 and 73: EXHIBIT INDEX Exh i bi t Number Des
Page 74 and 75: EXHIBIT 23.1 PLX Technology, Inc. S
Page 76: EXHIBIT 31.2 CERTIFICATION PURSUANT
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Page 81: PLX Technology, Inc. 870 W. Maude A
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