MILPITAS, CA--(Marketwired - Aug 6, 2014) - Pericom Semiconductor Corporation (
FOURTH QUARTER HIGHLIGHTS
- Revenues increased 6.7% sequentially to $32.7 million
- Achieved 41.4% gross margin (43.0% non-GAAP) and year-over-year increase of 381 bps
- Net income was $0.04 per diluted share
- Non-GAAP net income was $0.12 or a 50% increase from $0.08 in the previous quarter
Pericom Semiconductor Corporation (
Net revenues for the fourth quarter were $32.7 million, an increase of 6.7% from the $30.7 million reported in the third quarter of fiscal 2014, and up 3.3% from the $31.7 million reported in the comparable period last year. The revenue increase from the prior quarter reflects strength from primarily the embedded and server end-market segments. Net revenues for the fiscal year 2014 were $128.1 million, a decrease of 0.9% from the $129.3 million reported last year.
GAAP gross margin was 41.4% in the fourth quarter, an increase from 40.8% last quarter and from 37.6% for the comparable period last year. The GAAP gross margin was 39.9% for the full fiscal year of 2014, an increase of 286 basis points from the 37.0% reported for fiscal year 2013.
GAAP net income for the fourth quarter was $0.9 million, or $0.04 per diluted share, compared with net income of $1.6 million, or $0.07 per diluted share in the third quarter, and net loss of $16.8 million, or $0.74 per diluted share in the comparable period last year. For the full fiscal year 2014, GAAP net income was $4.1 million, or $0.18 per diluted share, compared with GAAP net loss of $21.6 million, or $0.93 per diluted share in fiscal year 2013.
To facilitate the complete understanding of comparable financial performance between periods, Pericom also presents performance results net of certain non-cash and one-time items as non-GAAP measures.
On a non-GAAP basis, gross margin was 43.0% in the fourth quarter, an increase from 42.5% last quarter and 39.3% in the comparable period last year. On a non-GAAP basis, the fiscal year 2014 gross margin was 41.6%, and increased by 286 basis points from fiscal year 2013's gross margin of 38.7%.
On a non-GAAP basis, net income for the fourth quarter was $2.8 million, or $0.12 per diluted share, compared with non-GAAP net income of $1.8 million or $0.08 per diluted share in the third quarter, and non-GAAP net income of $1.6 million, or $0.07 per diluted share in the comparable period last year. For the full fiscal year 2014, non-GAAP net income was $8.5 million, or $0.36 per diluted share, compared with $6.0 million, or $0.25 per diluted share in fiscal year 2013.
"We are pleased to deliver good sequential growth in revenue along with margin expansion, and this together with careful control of operating expenses resulted in a strong sequential increase in earnings," said Alex Hui, President and CEO of Pericom. "We believe these results validate our strategy of transforming our business with growth from market segments offering higher gross margin and growth potential. We will continue to focus on growing our customer base in networking, cloud computing and embedded applications with our serial connectivity and timing solutions."
New Products
In the fourth quarter of fiscal 2014, Pericom introduced a total of 17 new products in our Signal Integrity, Connectivity, Switching and Timing product areas. All of these products are targeted to our focus market segments, and were sampled to key customers during the quarter.
We introduced 7 new products across our Connectivity products which included new I2C and PCIe to UART bridge families targeting industrial control and instrumentation applications. A new addition to our PCIe GEN2 multi-lane packet switch family targets networking control plane and embedded applications.
We expanded our Timing solutions for next generation mobile and networking platforms with 5 new products, including a new high performance clock generator, Real Time Clock (RTC), and XO IC.
We introduced 2 new products across our Switching product families, a DDR and a USB high performance switch to further broaden our PC and Mobile market segment product offerings.
For Signal Integrity, we introduced 3 new products, including HDMI ReDrivers aimed at consumer and mobile video applications, and SAS3 ReDrivers aimed at next generation storage platforms.
Share Repurchase Update
On April 26, 2012, the Board authorized a repurchase program for up to $25 million of shares of our common stock, and on April 24, 2014, the Board authorized an additional $20 million of share repurchases. Pursuant to these authorizations, the Company repurchased 535,447 shares in the three months ended June 28, 2014 for an aggregate cost of $4,445,000 and an average per share purchase price of $8.30. The remaining balance of potential share repurchases under the authorization is approximately $26.6 million. Shares may be repurchased from time to time in the open market or through private transactions, at the discretion of Pericom management. As of August 4, 2014, Pericom had approximately 22.0 million shares of common stock outstanding.
Fiscal Q1 2015 Outlook
The following statements are based on current expectations. These statements are forward looking, and actual results may differ materially.
- Revenues are expected to be in the range of $32.0 million to $35.0 million.
- GAAP gross margins are expected to be between 40.0% and 42.0%, and adjusting for share-based compensation, amortization of intangibles and fair value adjustments that are expected to total approximately 1.5%, non-GAAP gross margins are expected to be in the 41.5% to 43.5% range.
- GAAP operating expenses are expected to be between $12.1 million and $12.4 million, and adjusting for share-based compensation, amortization of intangibles and fair value adjustments that are expected to total approximately $0.9 million, non-GAAP operating expenses are expected to be in the range of $11.2 million to $11.5 million.
- Other income is expected to be between $0.6 million and $0.8 million on a GAAP basis and on a non-GAAP basis.
- The effective tax rate is expected to be approximately 30-34% on a GAAP basis and 26-28% on a non-GAAP basis.
Conference Call
The press release will be followed by a conference call beginning at 1:30 p.m. Pacific time on August 6, 2014. To listen to the call, dial (877) 377-7103 and reference "Pericom." A slide presentation will accompany the conference call. To view the slides, please visit the investor relations section of www.pericom.com.
The Pericom financial results conference call will be available via a live webcast on the investor relations section of the web site at http://www.pericom.com. Access the web site 15 minutes prior to the start of the call to download and install any necessary audio software. An archived webcast replay will be available on the web site for approximately 90 days.
About Pericom
Pericom Semiconductor Corporation (
Non-GAAP Financial Information
In addition to disclosing financial results calculated in accordance with U.S. generally accepted accounting principles (GAAP), this announcement of operating results contains non-GAAP financial measures that exclude the income statement effects of share-based compensation, amortization of intangible assets, fair value adjustments on acquired fixed assets, write-off of property and equipment, restructuring charge, lease restructuring and moving costs, goodwill impairment, write-off of government subsidy, release of tax reserves, tax provision on intercompany transactions and the effects of excluding share-based compensation upon the number of diluted shares used in calculating non-GAAP earnings per share.
We have excluded share-based compensation expense in calculating these non-GAAP financial measures. These expenses are non-cash in nature and rely on valuations of the future market price of our common stock that is difficult to predict and is affected by market factors that are largely not within the control of management. We have excluded amortization of intangible assets, amortization of fair value adjustments on acquired fixed assets, write-off of property and equipment, restructuring charge, lease restructuring and moving costs, goodwill impairment, write-off of government subsidy, release of tax reserves, tax provision on intercompany transactions and the corresponding tax effects because we do not consider them to be related to our core operating performance. We also use non-GAAP data in calculating certain metrics such as non-GAAP cost of goods sold in computing inventory days of supply.
We use the non-GAAP financial measures that exclude these items to make strategic decisions, forecast future results and evaluate the Company's current operating performance. We believe that the presentation of non-GAAP financial measures that exclude these items is useful to investors because we do not consider these charges either part of the day-to-day business or reflective of the core operational activities of the Company that are within the control of management or that are used to evaluate the Company's operating performance.
The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations to those financial statements should be carefully evaluated. The non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. The Company has provided reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures.
Safe Harbor Statement
This press release contains forward-looking statements as defined under The Securities Litigation Reform Act of 1995. Forward-looking statements in this release include statements by our CEO concerning future business and revenue growth and margin improvement and the statements under the captions "Fiscal Q1 2015 Outlook", which regard the anticipated revenues, gross margin, operating expenses, other income, and effective tax rate in the first fiscal quarter of 2015. The Company's actual results could differ materially from what is set forth in such forward-looking statements due to a variety of risk factors, including softness in demand for our products, price erosion for certain of our products, unexpected difficulties in developing new products, customer decisions to reduce inventory, economic or financial difficulties experienced by our customers, or technological and market changes. All forward-looking statements included in this document are made as of the date hereof, based on information available to the Company as of the date hereof, and Pericom assumes no obligation to update any forward-looking statements. Parties receiving this release are encouraged to review our annual report on Form 10-K for the year ended June 29, 2013, our quarterly report on Form 10-Q for the quarter ended March 29, 2014, and in particular, the risk factors sections contained in those reports.
| Pericom Semiconductor Corporation | |||||||||||||||||||||
| Condensed Consolidated Statements of Operations | |||||||||||||||||||||
| (In thousands, except per share data) | |||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||||
| June 28, | March 29, | June 29, | June 28, | June 29, | |||||||||||||||||
| 2014 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||
| Net revenues | $ | 32,739 | $ | 30,681 | $ | 31,707 | $ | 128,068 | $ | 129,255 | |||||||||||
| Cost of revenues | 19,188 | 18,175 | 19,791 | 76,983 | 81,388 | ||||||||||||||||
| Gross profit | 13,551 | 12,506 | 11,916 | 51,085 | 47,867 | ||||||||||||||||
| Operating expenses: | |||||||||||||||||||||
| Research and development | 4,782 | 4,694 | 5,320 | 19,795 | 21,017 | ||||||||||||||||
| Selling, general and administrative | 8,100 | 7,407 | 7,217 | 30,320 | 29,581 | ||||||||||||||||
| Goodwill impairment | - | - | 16,899 | - | 16,899 | ||||||||||||||||
| Total operating expenses | 12,882 | 12,101 | 29,436 | 50,115 | 67,497 | ||||||||||||||||
| Income (loss) from operations | 669 | 405 | (17,520 | ) | 970 | (19,630 | ) | ||||||||||||||
| Interest and other income, net | 456 | 802 | 1,277 | 2,792 | 4,024 | ||||||||||||||||
| Income (loss) before income taxes | 1,125 | 1,207 | (16,243 | ) | 3,762 | (15,606 | ) | ||||||||||||||
| Income tax expense (benefit) | 291 | (421 | ) | 573 | (230 | ) | 6,223 | ||||||||||||||
| Net income (loss) from consolidated companies | 834 | 1,628 | (16,816 | ) | 3,992 | (21,829 | ) | ||||||||||||||
| Equity in net income of unconsolidated affiliates | 50 | 13 | 30 | 132 | 215 | ||||||||||||||||
| Net income (loss) | $ | 884 | $ | 1,641 | $ | (16,786 | ) | $ | 4,124 | $ | (21,614 | ) | |||||||||
| Basic income (loss) per share | $ | 0.04 | $ | 0.07 | $ | (0.74 | ) | $ | 0.18 | $ | (0.93 | ) | |||||||||
| Diluted income (loss) per share | $ | 0.04 | $ | 0.07 | $ | (0.74 | ) | $ | 0.18 | $ | (0.93 | ) | |||||||||
| Shares used in computing basic income (loss) per share | 22,123 | 22,659 | 22,783 | 22,594 | 23,251 | ||||||||||||||||
| Shares used in computing diluted income (loss) per share | 22,338 | 22,880 | 22,783 | 22,797 | 23,251 | ||||||||||||||||
| Pericom Semiconductor Corporation | |||||||||||||||||
| Supplemental Information | |||||||||||||||||
| (In thousands) | |||||||||||||||||
| (unaudited) | |||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||
| June 28, | March 29, | June 29, | June 28, | June 29, | |||||||||||||
| 2014 | 2014 | 2013 | 2014 | 2013 | |||||||||||||
| Share-based compensation | |||||||||||||||||
| Cost of revenues | $ | 37 | $ | 40 | $ | 41 | $ | 163 | $ | 187 | |||||||
| Research and development | 229 | 257 | 309 | 1,096 | 1,282 | ||||||||||||
| Selling, general and administrative | 329 | 420 | 447 | 1,533 | 1,871 | ||||||||||||
| Share-based compensation expense | $ | 595 | $ | 717 | $ | 797 | $ | 2,792 | $ | 3,340 | |||||||
| Amortization of intangible assets | |||||||||||||||||
| Cost of revenues | $ | 478 | $ | 483 | $ | 486 | $ | 1,930 | $ | 1,926 | |||||||
| Research and development | - | - | 50 | 67 | 206 | ||||||||||||
| Selling, general and administrative | 247 | 249 | 245 | 992 | 972 | ||||||||||||
| Amortization of intangible assets | $ | 725 | $ | 732 | $ | 781 | $ | 2,989 | $ | 3,104 | |||||||
| Pericom Semiconductor Corporation | ||||||||||||||||||||||
| Reconciliation of GAAP Net Income (Loss) to Non-GAAP Net Income | ||||||||||||||||||||||
| (In thousands) | ||||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||||
| June 28, | March 29, | June 29, | June 28, | June 29, | ||||||||||||||||||
| 2014 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
| GAAP net income (loss) | $ | 884 | $ | 1,641 | $ | (16,786 | ) | $ | 4,124 | $ | (21,614 | ) | ||||||||||
| Reconciling items: | ||||||||||||||||||||||
| Share-based compensation expense | 595 | 717 | 797 | 2,792 | 3,340 | |||||||||||||||||
| Amortization of intangible assets | 725 | 732 | 781 | 2,989 | 3,104 | |||||||||||||||||
| Write off of equipment | - | - | 184 | 210 | 184 | |||||||||||||||||
| Fair value adjustment to depreciation expense on acquired fixed assets | 51 | 51 | 51 | 204 | 201 | |||||||||||||||||
| Goodwill impairment | - | - | 16,899 | - | 16,899 | |||||||||||||||||
| Restructuring charge | 44 | 95 | - | 234 | - | |||||||||||||||||
| Release of tax reserves | - | (1,035 | ) | - | (1,776 | ) | - | |||||||||||||||
| Write off of government subsidy | 843 | - | - | 843 | - | |||||||||||||||||
| Tax on intercompany transaction | - | - | 118 | 15 | 5,487 | |||||||||||||||||
| Lease restructuring and moving costs | - | - | - | 522 | - | |||||||||||||||||
| Tax effect of adjustments | (321 | ) | (383 | ) | (420 | ) | (1,699 | ) | (1,633 | ) | ||||||||||||
| Total reconciling items | 1,937 | 177 | 18,410 | 4,334 | 27,582 | |||||||||||||||||
| Non-GAAP net income | $ | 2,821 | $ | 1,818 | $ | 1,624 | $ | 8,458 | $ | 5,968 | ||||||||||||
| Reconciliation of GAAP Diluted EPS to Non-GAAP Diluted EPS | ||||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||
| Diluted net income (loss) per share: | ||||||||||||||||||||||
| GAAP diluted income (loss) per share | $ | 0.04 | $ | 0.07 | $ | (0.74 | ) | $ | 0.18 | $ | (0.93 | ) | ||||||||||
| Adjustments: | ||||||||||||||||||||||
| Share-based compensation expense | 0.03 | 0.03 | 0.03 | $ | 0.12 | 0.15 | ||||||||||||||||
| Amortization of intangible assets | 0.03 | 0.03 | 0.04 | 0.12 | 0.13 | |||||||||||||||||
| Write off of equipment | - | - | 0.01 | 0.01 | 0.01 | |||||||||||||||||
| Fair value adjustment to depreciation expense on acquired fixed assets | - | - | 0.01 | 0.01 | 0.01 | |||||||||||||||||
| Goodwill impairment | - | - | 0.72 | - | 0.72 | |||||||||||||||||
| Restructuring charge | - | 0.01 | - | 0.01 | - | |||||||||||||||||
| Release of tax reserves | - | (0.04 | ) | - | (0.08 | ) | - | |||||||||||||||
| Write off of government subsidy | 0.04 | - | - | 0.04 | - | |||||||||||||||||
| Tax on intercompany transaction | - | - | 0.01 | - | 0.23 | |||||||||||||||||
| Lease restructuring and moving costs | - | - | - | 0.02 | - | |||||||||||||||||
| Tax effect of adjustments | (0.02 | ) | (0.02 | ) | (0.02 | ) | (0.07 | ) | (0.07 | ) | ||||||||||||
| Difference in share count | - | - | 0.01 | - | - | |||||||||||||||||
| Total adjustments | 0.08 | 0.01 | 0.81 | 0.18 | 1.18 | |||||||||||||||||
| Non-GAAP diluted income per share | $ | 0.12 | $ | 0.08 | $ | 0.07 | $ | 0.36 | $ | 0.25 | ||||||||||||
| Shares used in diluted net income (loss) per share calculation: | ||||||||||||||||||||||
| GAAP | 22,338 | 22,880 | 22,783 | 22,797 | 23,251 | |||||||||||||||||
| Change in diluted shares from GAAP net loss to non-GAAP net income | - | - | 117 | - | 139 | |||||||||||||||||
| Exclude the benefit of share-based compensation expense (1) | 486 | 526 | 467 | 457 | 451 | |||||||||||||||||
| Non-GAAP | 22,824 | 23,406 | 23,367 | 23,254 | 23,841 | |||||||||||||||||
| (1) For purposes of calculating non-GAAP diluted net income per share, the GAAP diluted weighted average shares outstanding is adjusted to exclude the benefits of unamortized stock compensation costs that are treated as proceeds assumed to be used to repurchase shares under the GAAP treasury stock method. |
| Pericom Semiconductor Corporation | ||||||||||||||||||||||
| Reconciliation of GAAP Gross Margin to Non-GAAP Gross Margin | ||||||||||||||||||||||
| (In thousands) | ||||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||||
| June 28, | March 29, | June 29, | June 28, | June 29, | ||||||||||||||||||
| 2014 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
| GAAP gross margin | $ | 13,551 | $ | 12,506 | $ | 11,916 | $ | 51,085 | $ | 47,867 | ||||||||||||
| - % of revenues | 41.4 | % | 40.8 | % | 37.6 | % | 39.9 | % | 37.0 | % | ||||||||||||
| Reconciling items: | ||||||||||||||||||||||
| Share-based compensation | 37 | 40 | 41 | 163 | 187 | |||||||||||||||||
| Amortization of intangible assets | 478 | 483 | 486 | 1,930 | 1,926 | |||||||||||||||||
| Fair value adjustment to depreciation expense on acquired fixed assets | 10 | 10 | 10 | 40 | 40 | |||||||||||||||||
| Total reconciling items | 525 | 533 | 537 | 2,133 | 2,153 | |||||||||||||||||
| Non-GAAP gross margin | $ | 14,076 | $ | 13,039 | $ | 12,453 | $ | 53,218 | $ | 50,020 | ||||||||||||
| - % of revenues | 43.0 | % | 42.5 | % | 39.3 | % | 41.6 | % | 38.7 | % | ||||||||||||
| Reconciliation of GAAP R&D Expenses to Non-GAAP R&D Expenses | ||||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||
| GAAP research and development expenses | $ | 4,782 | $ | 4,694 | $ | 5,320 | $ | 19,795 | $ | 21,017 | ||||||||||||
| - % of revenues | 14.6 | % | 15.3 | % | 16.8 | % | 15.5 | % | 16.3 | % | ||||||||||||
| Reconciling items: | ||||||||||||||||||||||
| Share-based compensation | (229 | ) | (257 | ) | (309 | ) | (1,096 | ) | (1,282 | ) | ||||||||||||
| Amortization of intangible assets | - | - | (50 | ) | (67 | ) | (206 | ) | ||||||||||||||
| Write off of equipment | - | - | (184 | ) | (210 | ) | (184 | ) | ||||||||||||||
| Fair value adjustment to depreciation expense on acquired fixed assets | (10 | ) | (10 | ) | (10 | ) | (40 | ) | (40 | ) | ||||||||||||
| Restructuring charge | (28 | ) | (59 | ) | - | (165 | ) | - | ||||||||||||||
| Total reconciling items | (267 | ) | (326 | ) | (553 | ) | (1,578 | ) | (1,712 | ) | ||||||||||||
| Non-GAAP research and development expenses | $ | 4,515 | $ | 4,368 | $ | 4,767 | $ | 18,217 | $ | 19,305 | ||||||||||||
| - % of revenues | 13.8 | % | 14.2 | % | 15.0 | % | 14.2 | % | 14.9 | % | ||||||||||||
| Reconciliation of GAAP SG&A Expenses to Non-GAAP SG&A Expenses | ||||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||
| GAAP selling, general and administrative expenses | $ | 8,100 | $ | 7,407 | $ | 7,217 | $ | 30,320 | $ | 29,581 | ||||||||||||
| - % of revenues | 24.7 | % | 24.1 | % | 22.8 | % | 23.7 | % | 22.9 | % | ||||||||||||
| Reconciling items: | ||||||||||||||||||||||
| Share-based compensation | (329 | ) | (420 | ) | (447 | ) | (1,533 | ) | (1,871 | ) | ||||||||||||
| Amortization of intangible assets | (247 | ) | (249 | ) | (245 | ) | (992 | ) | (972 | ) | ||||||||||||
| Fair value adjustment to depreciation expense on acquired fixed assets | (31 | ) | (31 | ) | (31 | ) | (124 | ) | (121 | ) | ||||||||||||
| Restructuring charge | (16 | ) | (36 | ) | - | (69 | ) | - | ||||||||||||||
| Lease restructuring and moving costs | - | - | - | (522 | ) | - | ||||||||||||||||
| Write off of government subsidy | (843 | ) | - | - | (843 | ) | - | |||||||||||||||
| Total reconciling items | (1,466 | ) | (736 | ) | (723 | ) | (4,083 | ) | (2,964 | ) | ||||||||||||
| Non-GAAP selling, general and administrative expenses | $ | 6,634 | $ | 6,671 | $ | 6,494 | $ | 26,237 | $ | 26,617 | ||||||||||||
| - % of revenues | 20.3 | % | 21.7 | % | 20.5 | % | 20.5 | % | 20.6 | % | ||||||||||||
| Pericom Semiconductor Corporation | ||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| (In thousands) | ||||||||
| (unaudited) | ||||||||
| As of | As of | |||||||
| June 28, 2014 | June 29, 2013 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 33,020 | $ | 30,844 | ||||
| Short-term investments | 86,104 | 86,839 | ||||||
| Accounts receivable - trade | 24,036 | 22,105 | ||||||
| Inventories | 12,288 | 14,844 | ||||||
| Prepaid expenses and other current assets | 5,336 | 5,886 | ||||||
| Deferred income taxes | 726 | 585 | ||||||
| Total current assets | 161,510 | 161,103 | ||||||
| Property, plant and equipment-net | 58,537 | 60,959 | ||||||
| Investments in unconsolidated affiliates | 2,445 | 2,525 | ||||||
| Deferred income taxes non-current | 2,460 | 3,411 | ||||||
| Intangible assets - net | 7,009 | 9,944 | ||||||
| Other assets | 8,118 | 8,625 | ||||||
| Total assets | $ | 240,079 | $ | 246,567 | ||||
| Liabilities and Shareholders' Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 8,927 | $ | 12,184 | ||||
| Accrued liabilities | 9,934 | 8,731 | ||||||
| Total current liabilities | 18,861 | 20,915 | ||||||
| Industrial development subsidy | 6,354 | 7,263 | ||||||
| Deferred tax liabilities | 5,460 | 5,798 | ||||||
| Other long-term liabilities | 1,912 | 3,700 | ||||||
| Total liabilities | 32,587 | 37,676 | ||||||
| Shareholders' equity: | ||||||||
| Common stock and paid in capital | 113,118 | 119,591 | ||||||
| Retained earnings and other comprehensive income | 94,374 | 89,300 | ||||||
| Total shareholders' equity | 207,492 | 208,891 | ||||||
| Total liabilities and shareholders' equity | $ | 240,079 | $ | 246,567 | ||||
Contact Information:
Contact:
Kevin Bauer
Pericom Semiconductor
Tel: 408 232-9100