-- Fiscal third quarter results exceeded guidance. -- Net revenues increased 2.4% sequentially, and 50% year-over-year. -- Gross margin increased 166 basis points sequentially. -- GAAP net income attributable to Pericom shareholders increased 23% sequentially and 1,093% year-over-year.Pericom Semiconductor Corporation (
-- Expanding its solutions for high speed serial protocol signal integrity, Pericom introduced 2 new ReDriver™ products addressing SATA3, SAS2 and DisplayPort protocols. These products address server, storage and computing market segments. -- Adding to high speed Connectivity solutions, Pericom introduced 6 new charger management, switching and connectivity products targeted across PCIe, HDMI, VGA, and USB 2.0/3.0 protocols. The USB 2.0/3.0 charger management products offer high level integration for notebook applications. These products target the computing, server, networking and embedded market segments. -- Expanding its timing solutions for next generation platforms, Pericom introduced 6 new products in the past quarter -- 3 advanced crystal oscillators (XO) and 3 clock generator/buffers -- all targeting next generation networking, server, storage and ultra-mobility market segments.Share Repurchase Update On April 29, 2008, our Board of Directors authorized the repurchase of $30 million of our common stock. Pursuant to the 2008 authority, the Company repurchased 337,586 shares in the three months ended March 27, 2010 for an aggregate cost of $3,194,220 and an average per share purchase price of $9.46. The remaining balance of potential share repurchases under the 2008 authority is approximately $22.2 million. Fiscal Q4 Outlook The following statements are based on current expectations. These statements are forward looking, and actual results may differ materially. Our fourth fiscal quarter is a 14-week period this year, and the outlook reflects the additional week.
-- Revenues in the fourth fiscal quarter are expected to be in the range of $40.0 million to $42.0 million. -- Gross margins are expected to be in the 35% to 36% range. -- Operating expenses are expected to be in the range of $11.2 to $11.7 million, which include stock-based compensation expense of approximately $1.1 million. -- Other income is expected to be approximately $1.1 million. -- Net income from unconsolidated affiliates PTI and JCP is expected to be approximately $0.6 million. -- The effective tax rate is expected to be approximately 34%.Conference Call The press release will be followed by a conference call beginning at 1:30 p.m. Pacific time. 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. A taped replay of the conference call will be made available for five business days. To listen to the replay, dial (800) 642-1687 and reference conference number 71620896. About Pericom Pericom Semiconductor Corporation (
Pericom Semiconductor Corporation Condensed Consolidated Statements of Operations (In thousands, except per share data) (unaudited) Three Months Ended Nine Months Ended --------------------------- -------------------- Mar 27 Dec 26 Mar 28 Mar 27 Mar 28 2010 2009 2009 2010 2009 -------- -------- -------- --------- --------- Net revenues $ 36,661 $ 35,805 $ 24,394 $ 105,418 $ 98,924 Cost of revenues 23,723 23,762 15,731 69,900 64,321 -------- -------- -------- --------- --------- Gross profit 12,938 12,043 8,663 35,518 34,603 Operating expenses: Research and development 4,251 4,336 3,996 12,633 12,580 Selling, general and administrative 6,201 6,035 5,136 19,065 17,490 Restructuring charge - - 293 - 510 -------- -------- -------- --------- --------- Total operating expenses 10,452 10,371 9,425 31,698 30,580 -------- -------- -------- --------- --------- Income from operations 2,486 1,672 (762) 3,820 4,023 Interest and other income 1,219 1,288 1,501 4,150 3,871 Other than temporary decline in value of investment - - (48) - (506) -------- -------- -------- --------- --------- Income before income taxes 3,705 2,960 691 7,970 7,388 Income tax expense 1,260 1,002 460 2,737 2,344 -------- -------- -------- --------- --------- Net income from consolidated companies 2,445 1,958 231 5,233 5,044 Equity in net income of unconsolidated affiliates 608 536 49 1,671 95 -------- -------- -------- --------- --------- Net income 3,053 2,494 280 6,904 5,139 Net income attributable to noncontrolling interests - (6) (24) (28) (92) -------- -------- -------- --------- --------- Net income attributable to Pericom shareholders $ 3,053 $ 2,488 $ 256 $ 6,876 $ 5,047 ======== ======== ======== ========= ========= Basic income per share to Pericom shareholders $ 0.12 $ 0.10 $ 0.01 $ 0.27 $ 0.20 ======== ======== ======== ========= ========= Diluted income per share to Pericom shareholders $ 0.12 $ 0.10 $ 0.01 $ 0.27 $ 0.20 ======== ======== ======== ========= ========= Shares used in computing basic income per share 25,386 25,543 25,218 25,479 25,438 ======== ======== ======== ========= ========= Shares used in computing diluted income per share 25,697 25,911 25,282 25,762 25,673 ======== ======== ======== ========= ========= Pericom Semiconductor Corporation Condensed Consolidated Balance Sheets (In thousands) (unaudited) As of As of Mar 27, Jun 27, 2010 2009 --------- --------- Assets Current Assets: Cash & cash equivalents $ 34,528 $ 37,321 Restricted cash - 3,200 Short-term investments 74,933 75,471 Accounts receivable - trade 22,458 22,875 Inventories 18,605 16,340 Prepaid expenses and other current assets 4,147 3,738 Deferred income taxes 2,674 2,433 --------- --------- Total current assets 157,345 161,378 Property, plant and equipment-net 49,274 47,238 Investments in unconsolidated affiliates 12,495 10,826 Deferred income taxes non current 3,767 4,657 Long-term investments in marketable securities 16,898 11,780 Goodwill 1,685 1,673 Intangible assets 1,543 1,764 Other assets 7,440 6,742 --------- --------- Total assets $ 250,447 $ 246,058 ========= ========= Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 11,140 $ 10,824 Accrued liabilities and other 10,555 15,118 Current portion of long-term debt 123 60 --------- --------- Total current liabilities 21,818 26,002 Long-term debt 1,570 1,610 Industrial development subsidy 4,822 3,718 Other long-term liabilities 1,522 1,287 --------- --------- Total liabilities 29,732 32,617 Shareholders' equity: Common stock and paid in capital 133,297 133,162 Retained earnings and other comprehensive income 87,418 79,046 --------- --------- Total Pericom shareholders' equity 220,715 212,208 Noncontrolling interests in consolidated subsidiaries - 1,233 --------- --------- Total shareholders' equity 220,715 213,441 --------- --------- Total liabilities and shareholders' equity $ 250,447 $ 246,058 ========= ========= Pericom Semiconductor Corporation Share-Based Compensation (In thousands) (unaudited) Nine Months Three Months Ended Ended ----------------------- --------------- Mar 27 Dec 26 Mar 28 Mar 27 Mar 28 2010 2009 2009 2010 2009 ------- ------- ------- ------- ------- Manufacturing $ 70 $ 65 $ 72 $ 198 $ 192 Research & development 371 342 393 1,065 1,048 Selling, general & administrative 557 526 533 1,598 1,458 ------- ------- ------- ------- ------- $ 998 $ 933 $ 998 $ 2,861 $ 2,698 ======= ======= ======= ======= =======
Contact Information: Contact: Robert Strickland Pericom Semiconductor Tel: 408 435-0800