-- 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