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San Jose, CA, 2006-05-09 - Pericom Semiconductor Corporation [NASDAQ National Market:
PSEM] (“the Company”) today announced results for its fiscal 2006 third quarter ended April 1, 2006. Results include the acquired
operations of eCERA ComTek Corporation “eCERA” since September 7, 2005.
Net revenues for the third quarter were
$27,847,000 up 6% from $26,270,000 in the preceding quarter and are up 43% from $19,433,000 in the comparable period last year. GAAP net income
for the quarter was $1,838,000, or $0.07 per share (diluted), compared to GAAP net income of $1,412,000, or $0.05 per share (diluted), in the preceding
quarter and versus a GAAP net income of $100,000, or $0.00 per share, in the comparable period a year ago. Net revenues for the nine months ended
April 1, 2006 were $76,590,000, up 31% from $58,436,000 a year ago. GAAP net income for the nine month period ending April 1, 2006 was $3,875,000,
or $0.14 per share (diluted), as compared with a GAAP net loss of $246,000, or ($0.01) per share, in the prior year comparable period. In accordance
with Financial Accounting Standard No. 123R (FAS123R), “Share-based Payment”, the Company continued to estimate the cost of all forms
of stock-based compensation, including stock options, restricted stock and employee stock purchase plans, and recording of this estimated compensation
in the income statement. Since these expenses will be normal going forward, and this is our third quarter including these expenses, for information
purposes the following are the amounts of stock based compensation included in our GAAP results for the three and nine months ended April 1,
2006:
| |
Three Months |
Nine
Months |
| Cost of sales |
$26,000 |
$70,000 |
| Research and development |
$151,000 |
$377,000 |
| Sales, general and administrative |
$180,000 |
$482,000 |
| |
| Total stock-based compensation |
$357,000 |
$929,000 |
Our GAAP financial results sometimes include non-recurring charges or events which are explained in the reconciliation of pro forma and GAAP
financial results that would normally appear in the financial statements portion of this release. For the period ended April 1, 2006 there are no pro forma
adjustments to the financial results so a reconciliation of pro forma and GAAP financial results is not provided. Our criteria for determining pro forma
results may differ from other companies’ methods, and should not be regarded as a replacement for corresponding GAAP measures.
Alex Hui, President and Chief Executive Officer of Pericom said “We are pleased to achieve good sequential growth in revenue, operating profit
and net profit. We are making very good progress as a supplier of proprietary ASSP solution with the volume shipment of our HDMI switches to top tier TV
and Monitor customers this quarter and with us winning the Technology Innovation Accelerated Award at the Spring 06 Intel Development Forum with our
comprehensive PCI-Express suite of products. We believe these products position us well for revenue growth in the fast growing DTV and PCI-Express
applications.”
Pericom introduced several key focus products targeting markets that include Digital TV, Set-Top Box, Networking,
Storage, Server, and Telecom Switch, while our comprehensive PCI Express solutions won a Technology Innovation Accelerated Award at the Spring 06
Intel Developer Forum.
SiliconInterface
The Company launched four new Re-Driver products designed to
achieve excellent signal integrity over long distances and ensure high system reliability. The products support high-speed multi-gigabit/sec differential
signals such as SATA, XAUI, Rapid I/O, SAS, and Fiber Channel. These devices complement the PCI Express Re-Driver family that we introduced last
year.
SiliconSwitch
Pericom announced that all of its HDMI signal switches are compatible with the latest
HDMI Rev. 1.2 standard, with backward compatibility to the Rev. 1.1 standard.
SiliconClock
We released
seven new clock products including the PI6C557-03 PCI Express Clock Generator, a VCXO IC, and several new Clock Buffers.
Frequency Control Products
We released our S1643 and S1644 series of ultra-miniature 3.2x2.5mm clock oscillators
with 2.5V or 3.3V CMOS outputs operating from 1.8 to 106.25 MHz. These devices incorporate both a crystal resonator and a driver IC into an
ultra-miniature package designed for high-density or portable electronic applications.
JUNE 2006 QUARTER OUTLOOK
The following statements are based on current expectations. These statements are forward looking, and actual results may differ
materially.
- Revenues of $27.8M to $28.8M
- Gross margin of 35-37%
- Operating expenses are
expected to increase to approximately $9.5 million, plus or minus $200,000. A significant part of the increase is related to fiscal year end Audit and
SOX404 expenses.
- Other income, net, is expected to be approximately $0.8 million.
- Income from investees of $400K to
$600K
- Current expectation is that our tax rate will approximate 31%
Pericom will adhere to
Regulation Fair Disclosure. The Company will provide its investors and analysts with guidance in the areas of total revenues, gross margin, operating
expenses and other income each quarter in our earnings releases and in our conference calls. We will not provide further guidance or updates during the
quarter unless we do so via a press release.
NOTE: Our third quarter results telephone conference call will begin at 1:30 p.m. Pacific Time
today. The conference call may be accessed by calling (800) 949-8963 (domestic) or (706) 643-0097 (international) and referencing conference number
5039290. A replay of the third quarter results conference call will be available for 7 days commencing from 4:30 p.m. Pacific Time today. The replay
telephone number is (800) 642-1687 (domestic) or (706) 645-9291 (international) and the access code is 5039290. Please note also that the conference
call will be simultaneously Webcast live at: www.pericom.com/investors followed by on-demand Webcast beginning at 4:30 p.m. pacific time today through
June 10, 2006 (Webcast requires Windows MediaPlayer).
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