PLX Technology, Inc. Reports Second Quarter 2014 Financial

SUNNYVALE, CA --(Marketwired - July 21, 2014) -   PLX Technology , Inc. ( NASDAQ : PLXT ), the global leader in PCI Express ^® (PCIe ^® ) silicon and software connectivity solutions enabling emerging data center architectures, today announced second quarter revenues of $28.5 million and GAAP net loss of $0.3 million, or $0.01 per share (diluted).

On June 23, 2014, PLX ^® entered into a definitive agreement with Avago Technologies Limited (NASDAQ: AVGO) under which Avago will acquire PLX in an all-cash transaction valued at approximately $309 million, or $293 million net of cash and debt acquired.  Under the terms of the agreement, which was approved by the Boards of Directors of both companies, a subsidiary of Avago commenced a tender offer for all of the outstanding shares of PLX common stock for $6.50 per share in cash.  It is expected that the transaction will close in the fourth quarter of Avago's fiscal year ending November 3, 2014.  PLX will not issue financial guidance for the upcoming quarter or conduct a second quarter results conference call.

The above non-GAAP financial information (other than net revenues, which are presented on a GAAP basis) excludes share-based compensation, royalty accruals associated with the Internet Machines litigation, acquisition and restructuring costs, and discontinued operations.  See "Use of Non-GAAP Financial Information" below.

About PLX :  PLX Technology, Inc. ( NASDAQ : PLXT ), based in Sunnyvale, Calif., USA, is the industry-leading global provider of semiconductor-based PCI Express connectivity solutions primarily targeting enterprise data center markets.  The company develops innovative software-enriched silicon that enables product differentiation, reliable interoperability and superior performance.  Visit PLX on  plxtech.com ,  LinkedIn  and  YouTube .

Use of Non-GAAP Financial Information:  To supplement PLX's financial statements presented on a GAAP basis, PLX has provided non-GAAP financial information, including non-GAAP income (loss), non-GAAP earnings (loss) per share (diluted), non-GAAP operating income (loss) and non-GAAP operating expenses.  These non-GAAP results exclude share-based compensation, including ESOP expenses, royalty accruals associated with the Internet Machines litigation, acquisition and restructuring costs, and discontinued operations.  A reconciliation of the adjustments to GAAP results is included in the tables below.  Non-GAAP financial information is not meant as a substitute for GAAP results, but is included because management believes such information is useful to PLX investors for informational and comparative purposes.  In addition, certain non-GAAP financial information is used internally by management to evaluate and manage the company.  The non-GAAP financial information used by PLX may differ from that used by other companies.  These non-GAAP measures should be considered in addition to, and not a substitute for, the results prepared in accordance with GAAP.

Safe Harbor Statement:  This press release includes statements that qualify as forward-looking statements under the Private Securities Litigation Reform Act of 1995.  These include statements about the company's expectation and timing of the closing of the transaction by which Avago will acquire PLX.  Such statements involve risks and uncertainties, which may cause actual results to differ materially from those set forth in the statements.  Factors that could cause actual results to differ materially include, but are not limited to: the risk that the PLX/Avago transaction will not close because of a failure to satisfy one or more of the closing conditions (including regulatory approvals); litigation relating to the merger; unexpected costs, charges or expenses resulting from the merger; and adverse legislative, regulatory and economic developments. Please refer to the documents filed by the company with the SEC from time to time, including, but not limited to, the Annual Report on Form 10-K for the year ended December 31, 2013 and PLX's quarterly report on Form 10-Q, which identifies important risk factors that could cause actual results to differ from those contained in the forward-looking statements.  All forward-looking statements are made as of today, and the company assumes no obligation to update such statements.

Additional Information

This press release is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any offer will only be made through a Tender Offer Statement on Schedule TO (collectively, the "Offer Materials"), initially filed with the U.S. Securities and Exchange Commission (the "SEC") by Avago Technologies Limited ("Avago") on July 8, 2014.  In addition, PLX filed with the SEC on July 8, 2014, a solicitation/recommendation statement on Schedule 14D-9 (as amended and supplemented from time to time, the "Schedule 14D-9") with respect to the exchange offer. Investors and security holders are urged to carefully read these documents and the other documents relating to the transactions contemplated by the Merger Agreement because these documents contain important information relating to the Offer and related transactions. Investors and security holders may obtain a free copy of these documents, as filed with the SEC, and other annual, quarterly and special reports and other information filed with the SEC by Avago or PLX, at the SEC's website at www.sec.gov. In addition, such materials may be obtained from PLX or Avago by contacting PLX Investor Relations at (408) 774-9060 or  investor-relations@plxtech.com  or Avago Limited Investor Relations at (408)435-7400 or  investor.relations@avagotech.com .

PLX is a trademark of PLX Technology, Inc., which may be registered in some jurisdictions.  All other product names that appear in this material are for identification purposes only and are acknowledged to be trademarks or registered trademarks of their respective organizations.