Form 8-K PEREGRINE SEMICONDUCTOR For: Oct 29
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E-mailUNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
________________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): October�29, 2014
PEREGRINE SEMICONDUCTOR CORPORATION
(Exact name of registrant as specified in charter)
Delaware | 001-35623 | 86-0652659 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
9380 Carroll Park Drive
San Diego, California 92121
(Address of principal executive offices and zip code)
Registrants telephone number, including area code: (858)�731-9400
______________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
� Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
x Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
� Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
� Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition.
On October�29, 2014, Peregrine Semiconductor Corporation issued a press release announcing its financial results for the three and nine months ended October�29, 2014. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information in this Current Report on Form 8-K (including Exhibit 99.1) shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, except as expressly set forth by specific reference in such a filing.
Item 8.01. Other Events.
Corrective Disclosure Concerning the Opinion of Evercore Group L.L.C.
On October 16, 2014, the Company filed its definitive proxy statement (the Proxy Statement ) related to the special meeting of stockholders to be held on November 19, 2014. Subsequent to filing the Proxy Statement, the Company discovered an error in the section entitled Opinion of Evercore Group L.L.C. In the seventh paragraph on page 39, the Proxy Statement states that, Under the terms of its engagement letter, Evercore provided us financial advisory services and a financial opinion in connection with the merger, and we have agreed to pay Evercore a fee of approximately $4,700,000 for its services, all of which is contingent upon the closing of the merger. The following corrects the foregoing disclosure in the Proxy Statement: Under the terms of its engagement letter, Evercore provided us financial advisory services and a financial opinion in connection with the merger, and we have agreed to pay Evercore a fee of approximately $4,700,000 for its services as our financial advisor, of which $2,000,000 became payable upon the delivery of Evercores opinion and the remainder of which is contingent upon consummation of the merger. This filing does not change any other information in the Proxy Statement as originally filed on October 16, 2014.
Regulatory Update
As described in the Proxy Statement, the Company and Murata filed a voluntary notice with the Committee on Foreign Investment in the United States ( CFIUS ) on September 23, 2014, the review period for which commenced on September 26, 2014. Under the governing regulations, CFIUS has a period of 30 days to review the notification and may, at the end of such period, initiate a 45-day investigation of the transaction. On October 27, 2014, the Company received written notification from CFIUS that it intended to commence such an investigation. The 45-day period expires on December 11, 2014, though it is possible CFIUS investigation could close sooner. CFIUS has not provided information with respect to its reasons for proceeding with the investigation. For more information regarding CFIUS review and the other closing conditions of the merger, please refer to Regulatory Matters beginning on page 55 of the Proxy Statement and The Merger Agreement-Conditions to Closing the Merger beginning on page 66 of the Proxy Statement.
Additional Information and Where to Find It
In connection with the proposed acquisition of Peregrine Semiconductor Corporation (the Company ), the Company has filed relevant materials with the Securities and Exchange Commission ( SEC ), including the Companys proxy statement in definitive form (the Proxy Statement ). The Company filed its Proxy Statement with the SEC on October 16, 2014. STOCKHOLDERS OF THE COMPANY ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING THE COMPANYS PROXY STATEMENT, BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. The Companys stockholders may obtain copies of these documents and any other documents filed with the SEC for free at the SECs website at www.sec.gov or at Peregrines website (http://www.psemi.com) under the tab Investors . In addition, these documents may also be obtained from Peregrine free of charge by directing a request to Peregrine, Office of the Secretary, 9380 Carroll Park Drive, San Diego, CA 92121 or (858) 731-9400.
The Company and its directors and executive officers may be deemed to be participants in the solicitation of proxies from the holders of the Companys Common Stock in respect of the proposed transaction. Security holders may obtain information regarding the Company and its directors and executive officers, including their respective names, affiliations and interests, in the Companys Annual Report on Form 10-K for the fiscal year ended December 28, 2013, which was filed with the SEC on February 19, 2014, and its definitive proxy statement for its 2014 annual meeting of stockholders, which was filed with the SEC on March 20, 2014. To the extent holdings of the Company securities have changed since the amounts contained in the definitive proxy statement for the 2014 Annual Meeting, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. Investors may obtain additional information regarding the interest of such participants by reading the Proxy Statement regarding the proposed transaction.
Forward-Looking Statements
Certain statements in this filing may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally can be identified by the words will, expects, believes and words or phrases of similar import. Actual results could differ materially from those projected or forecast in the forward-looking statements. The factors that could cause actual results to differ materially include, without limitation, risks or uncertainties associated with: the satisfaction of the conditions precedent to the consummation of the proposed transaction, including, without limitation, the receipt of stockholder and regulatory approvals; unanticipated difficulties or expenditures relating to the proposed transaction; legal proceedings that may be instituted against the Company and others following announcement of the proposed transaction; disruptions of current plans and operations caused by the announcement and pendency of the proposed transaction; potential difficulties in employee retention as a result of the announcement and pendency of the proposed transaction; the response of customers, distributors, suppliers and competitors to the announcement of the proposed transaction; and other factors described in the Companys Annual Report on Form 10-K for the year ended December 28, 2013 filed with the U.S. Securities and Exchange Commission (the SEC ) and in subsequent reports on Forms 10-Q and 8-K filed with the SEC by the Company. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, forward-looking statements should not be relied upon as predictions of future events or as representing the Companys views as of any date subsequent to the date hereof. The Company assume no obligation to update the information in this filing, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. | Description | |
99.1 | Text of press release issued by Peregrine Semiconductor Corporation on October 29, 2014 | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
PEREGRINE SEMICONDUCTOR CORPORATION �� | |
Date: October 29, 2014 | /s/ Jay Biskupski |
Jay Biskupski Chief Financial Officer | |
EXHIBIT INDEX
�
Exhibit�No. | Description | |
99.1 | Text of press release issued by Peregrine Semiconductor Corporation on October 29, 2014 | |
�
CONTACT:
Jonathan Goldberg, Senior Director of Corporate Development
Investor Relations Contact:
The Blueshirt Group
Suzanne Schmidt or Melanie Solomon
415-217-4962; 415-217-4964
Peregrine Semiconductor Announces Third Quarter 2014 Financial Results
San Diego, California, October�29, 2014 -- Peregrine Semiconductor Corporation (Peregrine Semiconductor) (NASDAQ: PSMI), founder of RF SOI (silicon on insulator) and pioneer of advanced RF solutions, today announced its third quarter 2014 financial results.
On August 22, 2014, Peregrine Semiconductor entered into an Agreement and Plan of Merger with Murata Electronics North America, Inc. (Murata) and PJ Falcon Acquisition Company, Limited, a wholly-owned subsidiary of Murata. Due to this proposed merger with Murata, Peregrine Semiconductor will not conduct a third quarter 2014 financial results conference call.
Third quarter 2014 revenue was $43.1 million, compared with $60.0 million for the same period in 2013.
As reported under U.S. generally accepted accounting principles (GAAP), third quarter 2014 net loss was $3.1 million, compared with a GAAP net income of $4.4 million in the same period in 2013. Diluted net loss per share was $0.09 for the third quarter of 2014 compared to a diluted net income per share of $0.12 for the same period in 2013.
Non-GAAP net loss for the third quarter of 2014 was $1.3 million, or $0.04 per diluted share based on weighted average shares outstanding of 33.6 million. This compares with non-GAAP net income of $6.2 million or $0.17 per diluted share based on weighted average shares outstanding of 35.8 million for the same period in 2013.
Gross margin on a GAAP basis for the third quarter of 2014 was 39.6% of revenue, compared to 42.1% of revenue for the same period in 2013. Gross margin on a non-GAAP basis for the third quarter of 2014 was 40.3% of revenue, compared to 42.5% of revenue for the same period in 2013.
Operating expenses for the third quarter of 2014 were $20.3 million on a GAAP basis and $18.8 million on a non-GAAP basis, compared to $21.0 million on a GAAP basis and $19.5 million on a non-GAAP basis for the third quarter of 2013.
In anticipation of the proposed merger with Murata, which the Company currently expects to be completed by the end of 2014, Peregrine Semiconductor will not issue financial guidance for the upcoming quarter or conduct a fourth quarter financial results conference call. The merger is subject to various closing conditions, including Peregrine stockholder and regulatory approvals.
Use of GAAP and Non-GAAP Financial Measures
Peregrine Semiconductor prepares its financial statements in accordance with generally accepted accounting principles for�the United States�(GAAP). The non-GAAP financial measures such as gross margin, net income and loss per share information for the three and nine months ended September�27, 2014, and similar periods from the prior year included in this press release are different from those otherwise presented under GAAP. The non-GAAP financial measures exclude non-cash compensation expense for stock options. When evaluating the performance of our business and developing short and long-term plans, we do not consider share-based compensation charges. Although share-based compensation is necessary to attract and retain quality employees, our consideration of share-based compensation places its primary emphasis on overall shareholder dilution rather than the accounting charges associated with such grants. Because of the varying availability of valuation methodologies and subjective assumptions, we believe that the exclusion of share-based compensation allows for more accurate comparison of our financial results to previous periods. In addition,
we believe it useful to investors to understand the specific impact of the application of the fair value method of accounting for share-based compensation on our operating results. The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business. However, investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. These measures may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes.
For more information on our non-GAAP financial measures and a reconciliation of such measures to the nearest GAAP measure, please see the Condensed Consolidated Reconciliation of GAAP to Non-GAAP Results table in this press release.
Use of Forward Looking Statements
This press release contains forward looking statements regarding our management's future expectations, beliefs, intentions, goals, strategies, plans and prospects. Such statements constitute forward-looking statements which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The achievement of the matters covered by such forward-looking statements involves risks, uncertainties and assumptions. If any of these risks or uncertainties materialize or if any of the assumptions prove incorrect, our actual results, performance or achievements could be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, but are not limited to, our dependence on a limited number of customers for a substantial portion of our revenues; intellectual property risks; intense competition in our industry; our ability to develop and introduce new and enhanced products on a timely basis and achieve market acceptance of those products; consumer acceptance of our customers products that incorporate our solutions; our lack of long-term supply contracts and dependence on limited sources of supply; and potential decreases in average selling prices for our products.
For further information regarding risks and uncertainties associated with Peregrines business, please refer to the filings that we make with the Securities and Exchange Commission from time to time, including those set forth in the section entitled Risk Factors in our Form 10-K for the year ended December�28, 2013, which should be read in conjunction with these financial results. These documents are available on the SEC Filings section of the Investor Relations section of our website at http://investors.psemi.com/. Please also note that forward-looking statements represent our management's beliefs and assumptions only as of the date of this press release. Except as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information, becomes available in the future.
About Peregrine Semiconductor
Peregrine Semiconductor (NASDAQ: PSMI), founder of RF SOI (silicon on insulator), is a leading fabless provider of high-performance, integrated RF solutions. Since 1988 Peregrine and its founding team have been perfecting UltraCMOS� technology - a patented, advanced form of SOI - to deliver the performance edge needed to solve the RF market's biggest challenges, such as linearity. With products that deliver best-in-class performance and monolithic integration, Peregrine is the trusted choice for market leaders in automotive, broadband, industrial, Internet of Things, military, mobile devices,
smartphones, space, test-and-measurement equipment and wireless infrastructure. Peregrine holds more than 190 filed and pending patents and has shipped over 2 billion UltraCMOS units. For more information, visit http://www.psemi.com.
The Peregrine Semiconductor name, logo, and UltraCMOS are registered trademarks of Peregrine Semiconductor Corporation
in the U.S.A., and other countries.
(Tables Follow)
| � | Peregrine Semiconductor Corporation CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited) | ||||||||||||||||
| � | Three Months Ended | Nine Months Ended | |||||||||||||||
| � | |||||||||||||||||
| � | September�27, 2014 | September�28, 2013 | September�27, 2014 | September�28, 2013 | |||||||||||||
| � | Net revenue | $ | 43,123 | $ | 60,002 | $ | 131,500 | $ | 158,992 | ||||||||
| � | Cost of net revenue | 26,031 | 34,749 | 81,593 | 93,203 | ||||||||||||
| � | Gross profit | 17,092 | 25,253 | 49,907 | 65,789 | ||||||||||||
| � | Operating expense: | ||||||||||||||||
| � | Research and development | 9,251 | 10,777 | 29,730 | 31,417 | ||||||||||||
| � | Selling, general and administrative | 11,092 | 10,210 | 39,355 | 31,487 | ||||||||||||
| � | Total operating expense | 20,343 | 20,987 | 69,085 | 62,904 | ||||||||||||
| � | Income (loss) from operations | (3,251 | ) | 4,266 | (19,178 | ) | 2,885 | ||||||||||
| � | Interest income (expense), net | 54 | (27 | ) | 123 | (165 | ) | ||||||||||
| � | Other income (expense), net | (14 | ) | 99 | 48 | 50 | |||||||||||
| � | Income (loss) before income taxes | (3,211 | ) | 4,338 | (19,007 | ) | 2,770 | ||||||||||
| � | Income tax expense (benefit) | (63 | ) | (95 | ) | 98 | (7 | ) | |||||||||
| � | Net income (loss) | $ | (3,148 | ) | $ | 4,433 | $ | (19,105 | ) | $ | 2,777 | ||||||
| � | |||||||||||||||||
| � | Net income (loss) per share | ||||||||||||||||
| � | Basic | $ | (0.09 | ) | $ | 0.14 | $ | (0.57 | ) | $ | 0.09 | ||||||
| � | Diluted | $ | (0.09 | ) | $ | 0.12 | $ | (0.57 | ) | $ | 0.08 | ||||||
| � | |||||||||||||||||
| � | Shares used to compute net income (loss) per share | ||||||||||||||||
| � | Basic | 33,572 | 32,394 | 33,261 | 32,163 | ||||||||||||
| � | Diluted | 33,572 | 35,804 | 33,261 | 35,738 | ||||||||||||
| � | |||||||||||||||||
Peregrine Semiconductor Corporation CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) | |||||||
September 27, | December 28, | ||||||
2014 | 2013 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 18,041 | $ | 16,249 | |||
Short-term marketable securities | 30,508 | 28,035 | |||||
Accounts receivable, net | 14,370 | 16,905 | |||||
Inventories | 34,970 | 53,489 | |||||
Prepaids and other current assets | 3,346 | 4,085 | |||||
Total current assets | 101,235 | 118,763 | |||||
Property and equipment, net | 19,851 | 23,122 | |||||
Long-term marketable securities | 28,472 | 18,888 | |||||
Other assets | 2,931 | 102 | |||||
Total assets | $ | 152,489 | $ | 160,875 | |||
Liabilities and stockholders equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 10,182 | $ | 12,983 | |||
Accrued liabilities | 11,203 | 11,829 | |||||
Accrued compensation | 3,994 | 4,542 | |||||
Customer deposits | 916 | ||||||
Deferred revenue | 11,044 | 6,131 | |||||
Total current liabilities | 36,423 | 36,401 | |||||
Other long-term liabilities | 2,461 | 943 | |||||
Stockholders equity: | |||||||
Common stock | 34 | 33 | |||||
Additional paid-in capital | 357,972 | 348,684 | |||||
Accumulated deficit | (244,091 | ) | (224,986 | ) | |||
Accumulated other comprehensive loss | (310 | ) | (200 | ) | |||
Total stockholders equity | 113,605 | 123,531 | |||||
Total liabilities and stockholders equity | $ | 152,489 | $ | 160,875 | |||
Peregrine Semiconductor Corporation CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) | ||||||||
Nine Months Ended | ||||||||
September 27, | September 28, | |||||||
2014 | 2013 | |||||||
Operating activities | ||||||||
Net income (loss) | $ | (19,105 | ) | $ | 2,777 | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||
Depreciation and amortization | 5,503 | 4,825 | ||||||
Loss on disposal of property and equipment | 541 | |||||||
Stock-based compensation | 5,782 | 4,854 | ||||||
Imputed interest related to deposit arrangements, net | 41 | (307 | ) | |||||
Amortization of premium and discount on investments, net | 221 | 293 | ||||||
Cash received for lease incentives | 135 | |||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | 2,625 | (4,956 | ) | |||||
Inventories | 18,614 | 4,717 | ||||||
Prepaids and other current and noncurrent assets | (2,552 | ) | 3,676 | |||||
Accounts payable and accrued liabilities | (2,928 | ) | (16,144 | ) | ||||
Customer deposits | (11,425 | ) | ||||||
Deferred revenue | 4,914 | (6,787 | ) | |||||
Net cash provided by (used in) operating activities | 13,656 | (18,342 | ) | |||||
Investing activities | ||||||||
Purchase of property and equipment | (2,527 | ) | (5,304 | ) | ||||
Purchase of marketable securities | (37,057 | ) | (28,552 | ) | ||||
Sale and maturity of marketable securities | 24,710 | 31,607 | ||||||
Proceeds from sale of equipment | 483 | |||||||
Net cash used in investing activities | (14,391 | ) | (2,249 | ) | ||||
Financing activities | ||||||||
Payments on obligations under capital leases | (7 | ) | ||||||
Payments on customer deposit financing arrangement | (916 | ) | (8,046 | ) | ||||
Proceeds from exercise of stock options | 3,787 | 1,759 | ||||||
Payments related to net share settlement of equity awards | (281 | ) | ||||||
Net cash provided by (used in) financing activities | 2,590 | (6,294 | ) | |||||
Effect of exchange rate changes on cash and cash equivalents | (63 | ) | (15 | ) | ||||
Net change in cash and cash equivalents | 1,792 | (26,900 | ) | |||||
Cash and cash equivalents at beginning of period | 16,249 | 44,106 | ||||||
Cash and cash equivalents at end of period | $ | 18,041 | $ | 17,206 | ||||
| � | Peregrine Semiconductor Corporation RECONCILIATION OF GAAP TO NON-GAAP RESULTS (in thousands, except per share data) (unaudited) | |||||||||||||||||||||||||||
| � | ||||||||||||||||||||||||||||
| � | ||||||||||||||||||||||||||||
| � | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||
| � | September�27, 2014 | September�28, 2013 | September�27, 2014 | September�28, 2013 | ||||||||||||||||||||||||
| � | Gross profit - GAAP | $ | 17,092 | 39.6% | $ | 25,253 | 42.1% | $ | 49,907 | 38.0% | $ | 65,789 | 41.4% | |||||||||||||||
| � | Non-cash compensation expense (1) | 277 | 0.7 | 238 | 0.4 | 807 | 0.6 | 652 | 0.4 | |||||||||||||||||||
| � | Gross profit - Non-GAAP | $ | 17,369 | 40.3% | $ | 25,491 | 42.5% | $ | 50,714 | 38.6% | $ | 66,441 | 41.8% | |||||||||||||||
| � | Income (loss) from operations - GAAP | $ | (3,251 | ) | (7.5)% | $ | 4,266 | 7.1% | $ | (19,178 | ) | (14.6)% | $ | 2,885 | 1.8% | |||||||||||||
| � | Non-cash compensation expense (1) | 1,816 | 4.2 | 1,728 | 2.9 | 5,782 | 4.4 | 4,854 | 3.1 | |||||||||||||||||||
| � | Income (loss) from operations - Non-GAAP | $ | (1,435 | ) | (3.3)% | $ | 5,994 | 10.0% | $ | (13,396 | ) | (10.2)% | $ | 7,739 | 4.9% | |||||||||||||
| � | Net income (loss) - GAAP | $ | (3,148 | ) | (7.3)% | $ | 4,433 | 7.4% | $ | (19,105 | ) | (14.5)% | $ | 2,777 | 1.7% | |||||||||||||
| � | Non-cash compensation expense (1) | 1,816 | 4.2 | 1,728 | 2.9 | 5,782 | 4.4 | 4,854 | 3.1 | |||||||||||||||||||
| � | Net income (loss) - Non-GAAP | $ | (1,332 | ) | (3.1)% | $ | 6,161 | 10.3% | $ | (13,323 | ) | (10.1)% | $ | 7,631 | 4.8% | |||||||||||||
| � | ||||||||||||||||||||||||||||
| � | Diluted net income (loss) per share - GAAP | $ | (0.09 | ) | $ | 0.12 | $ | (0.57 | ) | $ | 0.08 | |||||||||||||||||
| � | Non-cash compensation expense | 0.05 | 0.05 | 0.17 | 0.13 | |||||||||||||||||||||||
| � | Diluted net income (loss) per share - Non-GAAP | $ | (0.04 | ) | $ | 0.17 | $ | (0.40 | ) | $ | 0.21 | |||||||||||||||||
| � | ||||||||||||||||||||||||||||
| � | Shares used to compute diluted net income (loss) per share - GAAP and Non-GAAP | 33,572 | 35,804 | 33,261 | 35,738 | |||||||||||||||||||||||
| � | ||||||||||||||||||||||||||||
| � | (1) Includes stock-based compensation as follows: | |||||||||||||||||||||||||||
| � | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||
| � | September�27, 2014 | September�28, 2013 | September�27, 2014 | September�28, 2013 | ||||||||||||||||||||||||
| � | Cost of net revenue | $ | 277 | $ | 238 | $ | 807 | $ | 652 | |||||||||||||||||||
| � | Research and development | 574 | 537 | 1,869 | 1,534 | |||||||||||||||||||||||
| � | Selling, general and administrative | 965 | 953 | 3,106 | 2,668 | |||||||||||||||||||||||
| � | Total | $ | 1,816 | $ | 1,728 | $ | 5,782 | $ | 4,854 | |||||||||||||||||||
###
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