Peregrine Semiconductor Corp., founder of RF SOI (silicon on insulator) and pioneer of advanced RF solutions, 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 Co., Ltd., 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 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 percent 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 percent 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.