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Pericom Semiconductor Announces Postponement of Earnings Announcement and Conference Call and Intent to Restate Interim
Financial Results for Fiscal 2005 |
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San Jose, CA, 2005-08-02 - Pericom Semiconductor Corporation [NASDAQ National Market: PSEM] today announced that its fiscal fourth
quarter and full year earnings release and conference call scheduled for Thursday, August 4, 2005 will be delayed. A press release announcing the
rescheduled time is expected to be issued not later than August 8, 2005.
The reason for the delay is to allow the Company additional time to
determine
the effects of a restatement on previously reported financial results for the
first three quarters of fiscal 2005. The restatement is the
result of certain
new product research and development costs (initial wafer production costs)
that were incorrectly capitalized into inventory. As a
result of the restatement,
engineering expenses will increase in each quarter of fiscal 2005 from amounts
previously reported and inventory and
cost of sales will decrease from amounts
previously reported. Future gross margin will be benefited to the extent previously
expensed new product
costs are subsequently sold. The Company's initial assessment
of the impact of this change indicates a net reduction to pre-tax profits for
the
nine months ended March 31, 2005 of not more than $700,000. The Company
is assessing the impact on its tax rate and believes that diluted net
income
per share for the year will be reduced by one to two cents per share. The impact
on each quarter of fiscal year 2005 from this
restatement will be disclosed
in the fourth quarter and full year earnings release and fiscal 2005 annual
report on Form 10-K. Management has
determined the impact on the prior fiscal
year is immaterial.
Management is considering the effect of these restatements on its evaluation
of disclosure controls and procedures and internal controls over financial reporting.
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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 are in San Jose, Calif., with design centers and technical sales and support offices globally.
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