PERICOM SEMICONDUCTOR REPORTS

FISCAL SECOND QUARTER 2013 FINANCIAL RESULTS

San Jose, Calif. – January 29, 2013 - Pericom Semiconductor Corporation (NASDAQ: PSEM), a worldwide supplier of high performance connectivity and timing solutions, today announced results for its fiscal 2013 second quarter ended December 29, 2012.

Net revenues for the second quarter were $30.4 million, a decrease of 17% from the $36.7 million reported in the first quarter, and a decrease of 0.2% from the $30.5 million reported in the comparable period last year.

GAAP gross margin was 36.8% in the second quarter, a decrease from 37.9% last quarter and an increase from 36.0% in the comparable period last year. On a non-GAAP basis, gross margin was 38.5% in the second quarter, which reflects exclusion of share-based compensation, amortization of intangible assets and amortization of fair value adjustments on acquired fixed assets. The comparable non-GAAP gross margins were 39.3% last quarter and 37.3% in the comparable period last year. The improvement in gross margin from the prior year primarily reflects favorable product mix from our focus on higher margin opportunities in networking and telecom, server, storage, and embedded end-market segments. The sequential decline in gross margin primarily reflects increased underutilization expenses in the current quarter.

GAAP net loss for the second quarter was $5.3 million, or $0.23 per diluted share, compared with net income of $1.2 million, or $0.05 per diluted share in the first quarter, and net loss of $0.3 million, or $0.01 per diluted share in the comparable period last year. GAAP net income for all periods included share-based compensation, amortization of intangible assets, and amortization of fair value adjustments, and the current quarter also included a $5.0 million tax provision resulting from intercompany transactions completed in the implementation of an operating structure to more efficiently align our transaction flows with our geographic business operations. Excluding these items, non-GAAP net income for the second quarter was $0.9 million, or $0.04 per diluted share, compared with non-GAAP net income of $2.5 million or $0.10 per diluted share in the first quarter, and non-GAAP net income of $1.0 million, or $0.04 per diluted share in the comparable period last year.

The balance sheet remained very strong with cash and cash equivalents and investments in marketable securities of $124 million or $5.29 per diluted share at the end of the second quarter. Inventories decreased $1.4 million on a sequential basis to $16.1 million, which represents 78 days of supply based on non-GAAP cost of revenues. Trade accounts receivable decreased by $4.7 million sequentially to $19.8 million, which represents DSO of 59 days. At quarter-end, working capital was $119 million and the current ratio was 6.4.

“While our second quarter results reflected continued economic softness in global markets, we were able to maintain improved gross margins driven by market segments and product mix that aligned with our strategic focus,” said Alex Hui, President and CEO of Pericom. “The industry continues to face challenging times, yet we remain focused on our long-term growth strategy of expanding our customer base in server, networking, embedded and other high-margin applications for our high speed serial connectivity and timing products.”

New Products

In the second quarter of fiscal 2013, Pericom introduced a total of 23 new products in our Connectivity, Timing, and Signal Integrity product areas.

NEWS RELEASE January 29, 2013

We introduced 13 new products across our Connectivity product families targeting networking, server, storage, embedded, notebook/tablet, and consumer market segments. These included an HDMI switch, a new family of Microprocessor Supervisors (“MPS”), and a new family of Universal Level Shifters (“ULS”). All of these products were sampled to key customers during the quarter.

We expanded our Timing solutions for next generation platforms with 6 new products, including embedded clocks, a new family of ultra low jitter buffers, and a PCIe clock generator. These products target mainly networking, storage, server and embedded segments.

For Signal Integrity, we introduced 4 new ReDriver products targeting USB3 applications in notebook, server, storage, and networking applications, and a very low power PCIe GEN2 ReDriver for servers and computing.

Share Repurchase Update

On April 26, 2012 the Board authorized a repurchase program for up to $25 million of shares of our common stock. Pursuant to this authorization, the Company repurchased 150,201 shares in the three months ended December 29, 2012 for an aggregate cost of $1.1 million and an average per share purchase price of $7.47. The remaining balance of potential share repurchases under the authorization is approximately $23.9 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 January 25, 2013, Pericom had approximately 23.5 million shares of common stock outstanding.

Fiscal Q3 2013 Outlook

The following statements are based on current expectations. These statements are forward looking, and actual results may differ materially.

Below are the estimates for fiscal Q3 2013.

Conference Call

The press release will be followed by a conference call beginning at 1:30 p.m. Pacific time on January 29, 2013. 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 the period from this evening through midnight on Monday, February 4th. To listen to the replay, dial toll-free (855) 859-2056 and reference conference ID 91148924.

NEWS RELEASE January 29, 2013

About Pericom

Pericom Semiconductor Corporation (NASDAQ: PSEM) enables serial connectivity with the industry's most complete solutions for the computing, communications, consumer and embedded market segments. Pericom's analog, digital and mixed-signal integrated circuits, along with its 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. Pericom and the Pericom logo are trademarks or registered trademarks of Pericom Semiconductor Corp in the U.S. and/or other countries. Our website is http://www.pericom.com.

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 of acquired inventory, a 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 the fair value adjustments related to acquired inventory, tax on an intercompany transaction and the corresponding tax effects of these adjustments 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 revenues 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 the statements under the captions “Fiscal Q3 2013 Outlook”, which regard the anticipated revenues, gross margin, operating expenses, other income, and effective tax rate in the third fiscal quarter of 2013, and statements from our CEO regarding challenging times for the industry and other future expectations. 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 30, 2012, our quarterly report on Form 10-Q for the quarter ended September 29, 2012, and in particular, the risk factors section contained in those reports.

Contact: Aaron Tachibana

Pericom Semiconductor

Tel: 408 435-0800

atachibana@pericom.com

NEWS RELEASE January 29, 2013