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San Jose, CA, 2006-08-16 - Pericom Semiconductor Corporation (NASDAQ: PSEM) today announced results for its fiscal fourth quarter and full fiscal year ended July 1, 2006. Net
revenues in the fourth quarter were $29.3 million, up 5.2 percent from revenues in the preceding quarter and up 38.7 percent from $21.1 million in the
comparable period last year. Net income in the quarter was $2.1 million, or $0.08 per share (diluted), compared with net income (restated) of $1.8 million,
or $0.07 per share (diluted), in the preceding quarter and versus net income of $1.2 million, or $0.04 per share (diluted), in the comparable period a year
ago. Net revenues for the year ended July 1, 2006 were $105.9 million, up 33.1 percent from $79.6 million a year ago. Net income for the year ended
July 1, 2006 was $6.0 million, or $0.22 per share (diluted), compared with net income of $927,000, or $0.03 per share (diluted), in the prior year
comparable period.
Q4 2006 Revenues up 38.7 percent over Q4 2005
“We are very pleased with
our 38.7 percent revenue increase over the fourth quarter of last year, as well as our third consecutive quarter of operating profit,” said Alex Hui,
president and chief executive officer of Pericom. “Fiscal 2006 was a year of key accomplishments: we successfully acquired and integrated
eCera, a leading Taiwanese FCP Company; significantly improved the operating performance of our Chinese sister Company, PTI; and emerged as a
strong player in the fast-growing PCI Express market,” he said.
“Our integrated circuit (IC) focus products— Analog
Switch, Clock, Bridge and Re-Driver--increased to approximately 61.4 percent of IC total revenue in the fourth quarter, evidence of the acceptance of
our new product offerings and our penetration into new market segments. We are seeing new design wins for our PCI Express products including
Re-Driver, Packet Switch and Bridge, and are sampling more customers in this quarter. Our focus is to continue to leverage our leading edge Signal
Switching, Signal Conditioning and System Timing products to offer a complete interface solution to our served markets”
The
Company is also issuing restated financial results for the first three quarters of fiscal 2006, reflecting the reclassification of certain capitalized new product
mask production costs that were amortized as research and development expense when they should have been amortized as cost of sales. There is no
profit or loss impact as a result of the reclassification. The comparisons with the previous reported results are included in the financial tables section of this
release.
Q4 NEW PRODUCTS
SiliconConnect
The Company released the first three products of its new PCI Express Bridge and Packet
Switch families for general customer sampling, including one 4-port PCI Express Packet Switch and two PCI Express to PCI and PCI-X Bridge products.
Receiving broad customer acceptance, these new product families are targeted at high-growth Computer, Consumer, Communications, Graphics and
Embedded applications requiring high-performance, low-power, and advanced feature capabilities.
SiliconSwitch
Pericom launched two new LVDS (PI2LVDxxx) analog switches, targeting notebook video
applications. Four new analog switches (PI3Axxx) for handheld applications were released, one of which has already found a major design win at a key
mobile phone manufacturer. The Company also delivered two new mobile analog switches (PI3USBxxx) featuring support for both next generation USB as
well as Audio.
SiliconClock
Pericom released samples of
five new Spread-spectrum clock generators and VCXO’s targeting LCD projectors, LCD televisions, DLP projectors and Set-top box applications.
Frequency Control (SaRonix division)
The Company began sampling
its new family of LVDS clock oscillators, operating at 3.3V (SDS383) and 2.5V (SDS382), to beta customers. These new families feature improved
performance and lower cost than the legacy SDS3811 series.
Fiscal Q1 2007 QUARTER OUTLOOK
The following statements are based on current expectations. These statements are forward looking, and actual results may differ materially.
- The Company continues to be in a high turns environment and therefore revenue visibility remains limited. Depending upon the
strength of turns orders, revenues are expected to be in the range of $29.5 million to $30.5 million in the first quarter. Gross margins are expected to be in
the 35 percent to 37 percent range.
- Operating expenses are expected to increase to a range of $9.5 million to $9.9 million, primarily as a
result of SOX consulting and audit fees related to the Company’s currently on-going annual audit.
- Other income is expected to be
approximately $1.1 million, consisting primarily of interest income.
- Equity in net income (loss) of investees will decrease in the current
quarter to $250,000 from the prior quarter of $736,000. The reasons for this decrease in net income will be discussed today within the Company’s
conference call.
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.
CONFERENCE CALL
Pericom’s fourth quarter results 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
4414919. A replay of the fourth quarter results conference call will be available for 7 days commencing from 4:30 PM pacific time today. The replay
telephone number is (800) 642-1687 (domestic) or (706) 645-9291 (international) and the access code is 4414919. The conference call will be
simultaneously Webcast live at: www.pericom.com/investor followed by an on-demand Webcast beginning at 4:30 p.m. Pacific
time today (Webcast requires Windows MediaPlayer).
Pericom Semiconductor Corporation (NASDAQ: PSEM) offers customers worldwide the industry’s most complete silicon and quartz-based
solutions for the Computing, Communications and Consumer market segments. Our broad portfolio of leading-edge analog, digital, and mixed-signal
integrated circuits and SaRonix frequency control products are essential in the timing, transferring, routing, and translating of high-speed signals as
required by today’s ever-increasing speed and bandwidth demanding applications. Company headquarters are in San Jose, Calif., with design
centers and sales offices located globally
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 Q1, 2007 Quarter
Outlook’ and statements regarding the continued market acceptance of the Company’s new products and the Company’s improving
operating performance, and its recognition of income from PTI. 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, difficulties in integrating eCERA with our business, 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/A for the year ended
July 2, 2005 our quarterly filings on Form 10-Q for the quarters ended September 30, 2005, December 31, 2005 and March 31, 2006 and, in particular,
the risk factors sections of that filing.
See Q4 2006
Tables
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