Net revenue down 28% on year-ago quarter
PLX Technology, a provider of semiconductor devices, has reported a net loss of $10.5m, or diluted loss per share of $0.31, for the first quarter ended March 31, 2009, compared to a net income of $1.06m, or diluted earnings per share of $0.04, for the same quarter of 2008.
For the first quarter 2009, net revenues were $16.46m, down 28% compared to $22.75m for the same quarter of 2008. Gross margin was $8.95m, compared to $13.84m for the same quarter of 2008. Loss from operations was $9.34m, compared to an income from operations of $651,000 for the same quarter of 2008.
Ralph Schmitt, CEO of PLX Technology, said: After a period of inventory reduction at customers and in the channel, we are seeing an increase in orders in some of our end markets. The end customer demand continues to be stronger than the channel order pattern. As the overall economic climate improves, we expect to see a more broad-based increase in our business. Our connectivity product line was down mostly due to its concentration in a distribution-based industrial and communications customer base.