Peregrine Semiconductor Corp., which raised about $79 million when it went public in August, reported third quarter net income of $4.7 million compared with a net loss of $4.7 million in the like quarter of 2011.
For the nine months, Peregrine reported net income of $1.6 million compared with a net loss of $6.9 million for the like period of 2011.
Revenue in the third quarter was $60.6 million, up from $26.5 million in the like quarter of last year. For the first nine months of the year, the company reported revenue of $140.9 million, compared with $72.2 million in the same period of 2011.
CEO James Cable said the company achieved significant revenue growth due to strong demand for the radio frequency integrated circuits that are designed into the latest and most popular smartphones. “We believe we are well positioned for future growth in both our mobile wireless and high performance solutions business units,” Cable said.
For the fourth quarter Peregrine forecast revenue to come in the range of $60 million to $63 million, and its GAAP gross margins to be in the range of 43 to 44.5 percent.
Shares of Peregrine, traded under PSMI on Nasdaq, closed at $17.71 Oct. 31, down 23 cents from the prior day’s closing price, and have ranged from $13.99 to $19.47 over the past 52 weeks.
--SDBJ Staff Report