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PLX Technology Revenue And Earnings Decline

|Includes:PLX Technology, Inc. (PLXT)

Originally published at www.seclive.com

PLX Technology Inc. (NASDAQ:PLXT) announced its first quarter financial results for the fiscal year 2014, posting a decline in both revenue and earnings. The silicon and software connectivity solutions company reported a dip in net revenue from $26.2M to $24.8M while net income fell from $2.6M and $0.06 per share to $2.2M and $0.05 per share. The company explained its decrease in revenue was from a key customer shifting to a vendor managed inventory (NYSE:VMI) program where it expended more of its own inventory instead of the VMI program. This change is expected to only have a temporary impact on first quarter and will not impact future quarters. President and CEO David Raun commented that product demand remains high and that all business segments are expected to post improvements in second quarter.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Stocks: PLXT