Pdf Solutions (NASDAQ:PDFS)

First Quarter 2013 Results

• Total revenues for the first fiscal quarter of 2013 totaled $24.1 million, up 1% from $23.8 million for the fourth fiscal quarter of 2012 and up 17% when compared with total revenues of $20.6 million for the first fiscal quarter of 2012.
• Non-GAAP net income for the first fiscal quarter of 2013 was $6.7 million, or $0.22 per diluted share, compared to non-GAAP net income of $7.1 million, or $0.23 per diluted share, for the fourth fiscal quarter of 2012, and non-GAAP net income of $4.6 million, or $0.16 per diluted share for the first fiscal quarter of 2012.

Fourth Quarter 2012 Results

• Total revenues for the fourth fiscal quarter of 2012 totaled $23.8 million, up 6% from $22.6 million for the third fiscal quarter of 2012 and up 35% when compared with total revenues of $17.6 million for the fourth fiscal quarter of 2011.
• Using this non-GAAP measure, the preliminary non-GAAP net income for the fourth fiscal quarter of 2012 was $7.3 million, or $0.24 per diluted share, compared to non-GAAP net income of $6.3 million, or $0.21 per diluted share, for the third fiscal quarter of 2012, and non-GAAP net income of $3.3 million, or $0.12 per diluted share for the fourth fiscal quarter of 2011.

SAN JOSE, Calif., Oct. 24, 2012 (GLOBE NEWSWIRE) -- PDF Solutions, Inc. (Nasdaq:PDFS), the leading provider of yield improvement technologies and services for the integrated circuit (IC) manufacturing process life cycle, today announced financial results for its third fiscal quarter ended September 30, 2012.

• Total revenues for the third fiscal quarter of 2012 totaled $22.6 million, up 0.1% from $22.5 million for the second fiscal quarter of 2012 and up 33% when compared with total revenues of $16.9 million for the third fiscal quarter of 2011.
• On a GAAP basis, net income for the third fiscal quarter of 2012 was $5.0 million, or $0.17 per basic and diluted share, compared to net income of $4.8 million, or $0.17 per basic and $0.16 per diluted share, in the second fiscal quarter of 2012 and net income of $0.6 million, or $0.02 per basic and diluted share, in the third fiscal quarter of 2011.

In addition to using GAAP results in evaluating PDF Solutions' business, PDF Solutions' management also believes it is useful to measure results using a non-GAAP measure of net income (loss), excluding stock-based compensation expenses, amortization of acquired technology and other acquired intangible assets, restructuring charges, and their related income tax effects, as applicable. Using this non-GAAP measure, non-GAAP net income for the third fiscal quarter of 2012 totaled $6.3 million, or $0.21 per diluted share, compared with a non-GAAP net income of $6.4 million, or $0.22 per diluted share, for the second fiscal qua

On 02/14/2011 we added PDFS to the GeoSpecial list @ $6.46

Catalyst: Strong fourth quarter 2010 results; Had a GPR of 8; Increased stock repurchase plan. Full details can be found here.

We are now removing PDFSfrom the GeoSpeicial List @ $12.43

 
Current road block: Company exceeded our internal price targets and it is currently trading at 34 times fully taxed  trailing EPS of $0.36.  However, the stock could run some more since it has a GPR of 5 and is the leader in its industry.

• Peak performance: Reached a high of  $12.45 on 08/27/2012 for a maiximum potential return of 93% and a return of 92% at current prices.
• Current Price: $12.43

Second Quarter 2012 Results

• Total revenues for the second fiscal quarter of 2012 totaled $22.5 million, up 9% from $20.6 million for the first fiscal quarter of 2012 and up 31% when compared with total revenues of $17.2 million for the second fiscal quarter of 2011.
• Non-GAAP net income for the second fiscal quarter of 2012 totaled $6.4 million, or $0.22 per diluted share, compared with a non-GAAP net income of $4.6 million, or $0.16 per diluted share, for the first fiscal quarter of 2012, and a non-GAAP net income of $1.5 million, or $0.05 per diluted share, for the second fiscal quarter of 2011.

First Quarter 2012 Results

Total revenues for the first fiscal quarter of 2012 totaled $20.6 million, up 17% from $17.6 million for the fourth fiscal quarter of 2011 and up 37% when compared with total revenues of $15.0 million for the first fiscal quarter of 2011.

Using this non-GAAP measure, the non-GAAP net income for the first fiscal quarter of 2012 totaled $4.6 million, or $0.16 per diluted share, compared with a non-GAAP net income of $3.3 million, or $0.12 per diluted share, for the fourth fiscal quarter of 2011, and the non-GAAP net income of $559,000, or $0.02 per diluted share, for the first fiscal quarter of 2011.

2011 Year end conference call notes:

• Gained customers across all  major foundry industry players (semiconductor manufactures).
• Advanced Micro Devices, Inc. (NYSE:AMD) makes positive mention of the company during its 2011 third and fourth quarter earnings conference calls.
• Plans to offer its solutions to other industries such as LED, solar, wafer and memory markets that can benefit from PDFS products that improve efficiencies across the product life cycle chain.
• 2012 EPS will grow faster than revenues.

Fourth Quarter 2011 Results

• Total revenues for the fourth fiscal quarter of 2011 totaled $17.6 million, up 4% from $16.9 million for the third fiscal quarter of 2011 and up 9% when compared with total revenues of $16.2 million for the fourth fiscal quarter of 2010.
• Non-GAAP net income for the fourth fiscal quarter of 2011 was $3.3 million, or $0.12 per diluted share, compared to non-GAAP net income of $2.0 million, or $0.07 per diluted share, for the third fiscal quarter of 2011, and non-GAAP net income of $2.3 million, or $0.08 per diluted share for the fourth fiscal quarter of 2010.

Third Quarter 2011 Results

• Total revenues for the third fiscal quarter of 2011 totaled $16.9 million, down 2% from $17.2 million for the second fiscal quarter of 2011 and up 14% when compared with total revenues of $14.8 million for the third fiscal quarter of 2010.
• Non-GAAP net income for the third fiscal quarter of 2011 totaled $2.0 million, or $0.07 per diluted share, compared with a non-GAAP net income of $1.5 million, or $0.05 per diluted share, for the second fiscal quarter of 2011, and the non-GAAP net income of $1.9 million, or $0.07 per diluted share, for the third fiscal quarter of 2010.

SAN JOSE, Calif., Aug. 3, 2011 (GLOBE NEWSWIRE) -- PDF Solutions, Inc. (Nasdaq:PDFS), the leading provider of yield improvement technologies and services for the integrated circuit (IC) manufacturing process life cycle, today announced financial results for its second fiscal quarter ended June 30, 2011.

Total revenues for the second fiscal quarter of 2011 totaled $17.2 million, up 15% from $15.0 million for the first fiscal quarter of 2011 and up 12% when compared with total revenues of $15.4 million for the second fiscal quarter of 2010. Gainshare performance incentives revenues totaled $4.2 million, down 7% from $4.4 million for the first fiscal quarter of 2011 and down 8% when compared with gainshare performance incentives revenues of $4.5 million for the second fiscal quarter of 2010.

Net loss for the second fiscal quarter of 2011 was $(57,000), or $(0.00) per basic and diluted share, compared to net loss of $(599,000), or $(0.02) per basic and diluted share, in the first fiscal quarter of 2011 and net income of $339,000, or $0.01 per basic and diluted share, in the second fiscal quarter of 2010.

In addition to using GAAP results in evaluating PDF Solutions' business, PDF Solutions' management also believes it is useful to measure results using a non-GAAP measure of net income (loss), excluding stock-based compensation expenses, amortization of acquired technology and other acquired intangible assets, restructuring charges, and their related income tax effects, as applicable. Using this non-GAAP measure, the non-GAAP net income for the second fiscal quarter of 2011 totaled $1.5 million, or $0.05 per diluted share, compared with a non-GAAP net income of $718,000, or $0.03 per diluted share, for the first fiscal quarter of 2011, and the non-GAAP net income of $2.1 million, or $0.08 per diluted share, for the second fiscal quarter of 2010.

SAN JOSE, Calif., April 28, 2011 (GLOBE NEWSWIRE) -- PDF Solutions, Inc. today announced financial results for its first fiscal quarter ended March 31, 2011.

Total revenues for the first fiscal quarter of 2011 totaled $15.0 million, down 7% from $16.2 million for the fourth fiscal quarter of 2010 and down 2% when compared with total revenues of $15.3 million for the first fiscal quarter of 2010. Gainshare performance incentives revenues totaled $4.4 million, down 10% from $4.9 million for the fourth fiscal quarter of 2010 and down 8% when compared to gainshare performance incentives revenues of $4.8 million for the first fiscal quarter of 2010.

Net loss for the first fiscal quarter of 2011 was $(577,000), or $(0.02) per basic and diluted share, compared to net income of $156,000, or $0.01 per basic and diluted share, in the fourth fiscal quarter of 2010 and net loss for the first fiscal quarter of 2010 of $(296,000), or $(0.01) per basic and diluted share.

In addition to using GAAP results in evaluating PDF Solutions' business, PDF Solutions' management also believes it is useful to measure results using a non-GAAP measure of net income (loss), excluding stock-based compensation expenses, amortization of acquired technology and other acquired intangible assets, restructuring charges, and their related income tax effects, as applicable. Using this non-GAAP measure, the non-GAAP net income for the first fiscal quarter of 2011 totaled $622,000, or $0.02 per diluted share, compared with a non-GAAP net income of $2.2 million, or $0.08 per diluted share, for the fourth fiscal quarter of 2010, and the non-GAAP net income of $1.7 million, or $0.06 per diluted share, for the first fiscal quarter of 2010.

On February 11, 2011 we initiated a short-trading position in PDFS at $ 6.35.

After further research over the weekend we are coding PDFS as a GeoSpecial

PDFS

• Reported strong 2010 fourth quarter results.

• Has a GPR of 8, one of the best we have come across.  2011 EPS are expected to grow 114.3% to 0.60 followed by another 41.7%in 2012 to $0.85.

• Has exposure to Asia

• On October 19, 2010, authorized an extension of and an increase in the stock repurchase program. Pursuant to such action taken by the Board of Directors, the stock repurchase program has been extended for two more years until October 29, 2012, and the aggregate amount available for repurchase under the stock repurchase plan, as amended, has been increased to $10.0 million of the Company's common stock.

• Will benefit from smart phone trend

Subject to the current general economic environment, demand for consumer electronics and communications devices continues to drive technological innovation in the semiconductor industry as the need for products with greater performance, lower power consumption, reduced costs and smaller size continues to grow with each new product generation. In addition, advances in computing systems and mobile devices have fueled demand for higher capacity memory chips. To meet these demands, IC manufacturers and designers are constantly challenged to improve the overall performance of their ICs by designing and manufacturing ICs with more embedded applications to create greater functionality while lowering cost per transistor. As a result, both logic and memory manufacturers have migrated to more and more advanced manufacturing nodes, capable of integrating more devices with higher performance, higher density, and lower power. As this trend continues, companies will continually be challenged to improve process capabilities to optimally produce ICs with minimal random and systematic yield loss, which is driven by the lack of compatibility between the design and its respective manufacturing process. We believe that as volume production of deep submicron ICs continues to grow, the difficulties of integrating IC designs with their respective processes and ramping new manufacturing processes will create a greater need for products and services that address the yield loss and escalating cost issues the semiconductor industry is facing today and will face in the future.

• Management issued encouraging commentary on its 2010 year end conference call, saying that sales will continue to rise commensurate with industry trends and that net income will grow faster than sales.

Short-term price target based using a P/E of 15 on 2011 analyst EPS expectations of $0.60: $9.00

We would have coded the stock as a GeoBargain if our short-term valuation target would have been higher. However, we believe that there is a good chance that analyst estimates will be exceeded due to industry dynamics. We also believe there is an outside chance that the stock could reach $12.00 using a P/E multiple of 20 on 2011 EPS estimates.