Attached files
| file | filename |
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| 8-K - PERICOM SEMICONDUCTOR CORP | v164818_8k.htm |
| EX-99.2 - PERICOM SEMICONDUCTOR CORP | v164818_ex99-2.htm |
[logo]
Contact: Robert
Strickland
Pericom
Semiconductor
Tel: 408
435-0800
rstrickland@pericom.com
PERICOM
SEMICONDUCTOR REPORTS
FISCAL
Q1 2010 FINANCIAL RESULTS
San Jose,
Calif. – November 4, 2009 - Pericom Semiconductor Corporation (NASDAQ: PSEM), a
worldwide supplier of high-speed integrated circuits and frequency control
products, today announced results for its fiscal first quarter of 2010 ended
September 26, 2009.
Quarterly
Highlights
|
|
§
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Net
revenues grew 10.9% sequentially to $33.0
million
|
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§
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Gross
margins improved 328 basis points sequentially to
32.0%
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§
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Net
income increased 28.4% sequentially to $1.3
million
|
First
Quarter 2010 Operating Results
Net
revenues for the first quarter were $33.0 million, up 10.9% from the
$29.7 million reported in the fourth quarter, and down 24.8% from the $43.8
million reported in the comparable period last year. Gross margin was 32.0%,
increased from 28.7% last quarter, and down from 36.5% in the comparable period
last year. Operating expenses in the quarter were $10.9 million, up from $9.5
million in the previous quarter and down from $11.1 million in the comparable
period last year. Operating expenses in the quarter included $1.2 million in
legal and accounting fees related to an accounting review and financial
restatements, in addition to the normal year-end audit. Stock-based compensation
expense in the quarter was $930,000, up from $888,000 in the previous quarter
and $795,000 in the comparable period last year. Net income in the quarter was
$1.3 million, or $0.05 per diluted share, compared with net income of $1.0
million, or $0.04 per diluted share in the fourth quarter and net income of $3.7
million, or $0.14 per diluted share, in the same period a year ago.
“Our
business has continued to improve with increased billings and bookings in FYQ1,”
said Alex Hui, president and CEO of Pericom. “We also entered the December
quarter with higher backlog coverage as compared to last quarter.
“In the
first quarter we saw gross margins recover from the reduced levels of the
previous quarter, a result of increased shipping volumes, reduced product costs
and improved product mix. We expect to see continued improvement in our gross
margins in FYQ2.
NEWS
RELEASE November 4, 2009
“Enabling
serial connectivity in computer, communication and consumer applications remains
our primary focus. In FY09, we had a broad deployment of our serial connectivity
and timing solutions in PC notebook, desktop and digital video applications. As
we entered FY10, we are pleased to see the application base expanding into new
areas including PC servers and embedded systems. We enjoyed very strong
sequential increases in revenue from PCI Express and e-SATA products in FYQ1,
which accounted for 24% of total quarterly revenue. We expect revenue from these
products would further increase in FYQ2 as we ramp up shipments into embedded
applications. We continue to leverage our core technologies in signal
switching and routing, signal integrity and timing to develop solutions for new
serial protocols. This is exemplified in our recent introduction of five new
products supporting the emerging USB 3.0 Superspeed standard.”
New
Products
Pericom
introduced 15 new products across the Signal Integrity, Switching, Timing and
Connectivity product areas in this quarter.
Expanding
its solutions for high-speed serial protocol signal integrity, Pericom
introduced five new ReDriver products. Two of these products are ‘first to
market’ and address the new USB ‘Superspeed’ 5 Gigabits/sec
protocol, two products address SATA2 and offer slumber mode, and
one product addresses the new DisplayPort video standard. These
products address the volume Consumer and Computer market segments.
Adding to
high speed connectivity solutions, Pericom introduced six new switching and
connectivity products targeted across USB Superspeed, DisplayPort, and HDMI
protocols. One of the products provides mobile device charging from notebook USB
ports. Target market segments include volume consumer digital video, PC
notebook, desktop, and graphics, and ultra mobility platforms such as cell
phones and PDA.
Expanding
its timing solutions for next generation platforms, Pericom introduced four new
products in the past quarter—two advanced low jitter clock generators addressing
the Gb Ethernet, PCIe Gen2, and USB Superspeed protocol applications, and two
advanced XO (crystal oscillator) products targeting the networking and computer
market segments.
Fiscal
Q2 Outlook
The
following statements are based on current expectations. These statements are
forward looking, and actual results may differ materially.
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·
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Revenues
in the second fiscal quarter are expected to be in the range of
$34.0 million to $36.0 million (midpoint up 6.2%
sequentially).
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·
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Gross
margins are expected to be in the 32.5% to 34.0% range. Margins are
influenced by the product mix of turns business and sales, if any, of
previously reserved inventory.
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·
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Operating
expenses are expected to be in the range of $9.7 to $10.5 million, which
include stock-based compensation expense of approximately $1.0
million.
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·
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Other
income is expected to be approximately $0.9 million, consisting primarily
of interest income.
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·
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Net
income from unconsolidated affiliates PTI and JCP is expected to be
approximately $0.4 million.
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·
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The
effective tax rate is expected to be approximately
32%.
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3545
North First Street San Jose,
CA 95134 (408)
435-0800
NEWS
RELEASE November 4, 2009
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 (888) 504-7953 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.
A taped
replay of the conference call will be made available for five business days. To
listen to the replay, dial (888) 203-1112 and reference conference number
4192687. 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 (NASDAQ: PSEM) enables serial connectivity with the
industry's most complete solutions for the computing, communications and
consumer market segments. Pericom's analog, digital and mixed-signal integrated
circuits, along with its SaRonix-eCERA frequency control products are essential
in the timing, switching, bridging and conditioning of high-speed signals
required by today's ever-increasing speed and bandwidth demanding applications.
Company headquarters is in San Jose, California, with design centers and
technical sales and support offices globally.
http://www.pericom.com.
This
press release contains forward-looking statements as defined under The
Securities Litigation Reform Act of 1995. Forward-looking statements in this
release include the statements under the caption ‘Fiscal Q2 Outlook’, which
regard the anticipated revenues, gross margin, operating expenses, other income
and tax rate in the second fiscal quarter, and statements regarding end user
demand strengthening, initiatives to reduce product cost and improve mix, and
Pericom being well positioned for long term growth. 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 27, 2009, and, in particular, the
risk factors section contained therein.
- See
Attached Tables -
3545
North First Street San Jose,
CA 95134 (408)
435-0800
NEWS
RELEASE, November 4, 2009
Pericom
Semiconductor Corporation
Condensed
Consolidated Statements of Operations
(In
thousands, except per share data)
(unaudited)
|
Three Months Ended
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||||||||||||
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Sep
26
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Jun
27
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Sep
27
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||||||||||
|
2009
|
2009
|
2008
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||||||||||
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Net
revenues
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$ | 32,952 | $ | 29,721 | $ | 43,798 | ||||||
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Cost
of revenues
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22,416 | 21,193 | 27,805 | |||||||||
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Gross
profit
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10,536 | 8,528 | 15,993 | |||||||||
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Operating
expenses:
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||||||||||||
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Research
and development
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4,046 | 4,117 | 4,221 | |||||||||
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Selling,
general and administrative
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6,828 | 5,343 | 6,901 | |||||||||
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Restructuring
charge
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- | 74 | - | |||||||||
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Total
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10,874 | 9,534 | 11,122 | |||||||||
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Income
(loss) from operations
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(338 | ) | (1,006 | ) | 4,871 | |||||||
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Interest
and other income, net
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1,643 | 1,677 | 1,106 | |||||||||
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Other
than temporary decline in value of investment
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- | - | (458 | ) | ||||||||
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Income
before income taxes
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1,305 | 671 | 5,519 | |||||||||
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Income
tax expense
|
475 | (135 | ) | 1,930 | ||||||||
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Income
from consolidated companies
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830 | 806 | 3,589 | |||||||||
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Equity
in income of unconsolidated affiliates
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527 | 256 | 117 | |||||||||
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Net
income including noncontrolling interests
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1,357 | 1,062 | 3,706 | |||||||||
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Noncontrolling
interest in net income
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(22 | ) | (22 | ) | (45 | ) | ||||||
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Net
income
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$ | 1,335 | $ | 1,040 | $ | 3,661 | ||||||
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Basic
income per share
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$ | 0.05 | $ | 0.04 | $ | 0.14 | ||||||
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Diluted
income per share
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$ | 0.05 | $ | 0.04 | $ | 0.14 | ||||||
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Shares
used in computing basic income per share
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25,509 | 25,354 | 25,679 | |||||||||
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Shares
used in computing diluted income per share
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25,678 | 25,485 | 26,239 | |||||||||
-
more -
3545
North First
Street San
Jose,
CA 95134 (408)
435-0800
NEWS
RELEASE, November 4, 2009
Condensed
Consolidated Balance Sheets
(In
thousands)
(unaudited)
|
As
of
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As
of
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|||||||
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Sept 26, 2009
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Jun 27, 2009
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|||||||
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Assets
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Current
Assets:
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Cash
& cash equivalents
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$ | 43,516 | $ | 37,321 | ||||
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Restricted
cash
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3,200 | 3,200 | ||||||
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Short-term
investments
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74,578 | 75,471 | ||||||
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Accounts
receivable - trade
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21,791 | 22,875 | ||||||
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Inventories
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16,032 | 16,340 | ||||||
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Prepaid
expenses and other current assets
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2,975 | 3,738 | ||||||
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Deferred
income taxes
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2,723 | 2,433 | ||||||
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Total
current assets
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164,815 | 161,378 | ||||||
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Property
and equipment, net
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48,799 | 47,238 | ||||||
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Investments
in unconsolidated affiliates
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11,319 | 10,826 | ||||||
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Deferred
income taxes-non current
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3,708 | 4,657 | ||||||
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Long-term
investments in marketable securities
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9,108 | 11,780 | ||||||
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Goodwill
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1,679 | 1,673 | ||||||
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Intangible
assets
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1,696 | 1,764 | ||||||
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Other
assets
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6,900 | 6,742 | ||||||
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Total
assets
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$ | 248,024 | $ | 246,058 | ||||
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Liabilities
and Shareholders' Equity
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Current
liabilities:
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Accounts
payable
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$ | 11,667 | $ | 10,824 | ||||
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Accrued
liabilities
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12,049 | 15,118 | ||||||
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Current
portion of long-term debt
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91 | 60 | ||||||
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Total
current liabilities
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23,807 | 26,002 | ||||||
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Long-term
debt
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1,605 | 1,610 | ||||||
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Industrial
development subsidy
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4,217 | 3,718 | ||||||
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Deferred
tax liabilities
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- | - | ||||||
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Other
long term liabilities
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1,274 | 1,287 | ||||||
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Total
liabilities
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30,903 | 32,617 | ||||||
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Shareholders'
equity:
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||||||||
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Common
stock
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134,375 | 133,162 | ||||||
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Retained
earnings and other
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81,492 | 79,046 | ||||||
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Company
shareholders' equity
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215,867 | 212,208 | ||||||
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Noncontrolling
interests
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1,254 | 1,233 | ||||||
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Total
equity
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217,121 | 213,441 | ||||||
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Total
liabilities and shareholders' equity
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$ | 248,024 | $ | 246,058 | ||||
- more
-
3545
North First
Street San
Jose,
CA 95134 (408)
435-0800
NEWS
RELEASE, November 4, 2009
Pericom
Semiconductor Corporation
Share-Based
Compensation
(In
thousands)
(unaudited)
|
Three Months Ended
|
||||||||||||
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Sep
26
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Jun
27
|
Sep
27
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||||||||||
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2009
|
2009
|
2008
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||||||||||
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Manufacturing
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$ | 63 | $ | 67 | $ | 51 | ||||||
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Research
& development
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352 | 354 | 307 | |||||||||
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Selling,
general & administrative
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515 | 467 | 437 | |||||||||
| $ | 930 | $ | 888 | $ | 795 | |||||||
- end
-
3545
North First
Street San
Jose,
CA 95134 (408)
435-0800