Virgin Mobile iPhone 5 16gb respring multiple times?

EDIT: Could it be a hardware issue? If so, how did the iPhone have an issue and what caused it? I've tried restoring as new but it still resprings and sometimes get stuck on the apple logo infinite times.

I get this message under Dianostics & Usage:

"2014-02-12-113027.panic.plist"

What does it mean?

Incident Identifier: 633C6092-B0DE-479B-B70A-F582760B88A6
CrashReporter Key: 778c8ba83f9555279cc33628ee270187db6378d8
Hardware Model: iPhone5,2
Date/Time: 2014-02-12 11:30:28.385 -0500
OS Version: iOS 7.0.4 (11B554a)
panic(cpu 1 caller 0x8da839a5): "IOP panic: h2fmi_dma_wait: WMR_PANIC: "dma timeout" drivers/apple/h2fmi/H2fmi_dma_iboot.c:182 "
Debugger message: panic
OS version: 11B554a
Kernel version: Darwin Kernel Version 14.0.0: Fri Sep 27 23:00:47 PDT 2013; root:xnu-2423.3.12~1/RELEASE_ARM_S5L8950X
Kernel slide: 0x000000000ce00000
Kernel text base: 0x8ce01000
Boot : 0x52fb963e 0x00000000
Sleep : 0x52fba144 0x00072dda
Wake : 0x52fba15e 0x00000158
Calendar: 0x52fba190 0x00065dc5
Panicked task 0x8ea98d48: 18180 pages, 125 threads: pid 0: kernel_task
panicked thread: 0xce117c70, backtrace: 0x89473e90
0x8cf18bdd
0x8cf195bf
0x8ce04b55
0x8da839a5
0x8da82a7b
0x8d0bed11
0x8ced030f
0x8ce1e61c
Task 0x8ea98d48: 18180 pages, 125 threads: pid 0: kernel_task
Task 0x8ea98aa0: 324 pages, 3 threads: pid 1: launchd
Task 0x8ea98550: 1459 pages, 12 threads: pid 14: UserEventAgent
Task 0x8ea982a8: 1260 pages, 5 threads: pid 15: wifid
Task 0x939eaaa0: 703 pages, 3 threads: pid 18: timed
Task 0x939ea2a8: 937 pages, 4 threads: pid 21: mediaremoted
Task 0x93a68aa0: 618 pages, 2 threads: pid 24: iaptransportd
Task 0x93a682a8: 362 pages, 2 threads: pid 27: softwareupdated
Task 0x93a68000: 4062 pages, 15 threads: pid 28: backboardd
Task 0x93d57d48: 1856 pages, 2 threads: pid 29: sharingd
Task 0x93d57550: 774 pages, 3 threads: pid 32: mDNSResponder
Task 0x93d572a8: 13127 pages, 14 threads: pid 33: SpringBoard
Task 0x93d57000: 1034 pages, 2 threads: pid 34: routined
Task 0x93e2dd48: 567 pages, 2 threads: pid 35: softwarebehavior
Task 0x93e2d550: 1516 pages, 7 threads: pid 38: aggregated
Task 0x940e4aa0: 268 pages, 8 threads: pid 42: syslogd
Task 0x940e47f8: 1124 pages, 2 threads: pid 43: aosnotifyd
Task 0x940e4550: 263 pages, 2 threads: pid 44: keybagd
Task 0x940e42a8: 6926 pages, 18 threads: pid 45: mediaserverd
Task 0x940e4000: 363 pages, 2 threads: pid 46: powerd
Task 0x940d8aa0: 1468 pages, 10 threads: pid 48: ubd
Task 0x940d82a8: 855 pages, 2 threads: pid 51: lockdownd
Task 0x940d8000: 2667 pages, 9 threads: pid 52: locationd
Task 0x94179aa0: 1292 pages, 6 threads: pid 54: identityservices
Task 0x941797f8: 1265 pages, 11 threads: pid 55: configd
Task 0x94179550: 987 pages, 4 threads: pid 56: imagent
Task 0x94179000: 1090 pages, 2 threads: pid 58: fairplayd.H2
Task 0x942b4d48: 1300 pages, 6 t