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San Jose, CA, 2006-10-26 - Pericom Semiconductor Corporation (NASDAQ: PSEM), a worldwide
preferred supplier of PCI Express technology used for switching, timing, connecting and signal integrity, today announced results for its first quarter of
fiscal 2007, ended Sept. 30, 2006. Net revenues in the first quarter were $30.8 million, up 5.3 percent from revenues in the fourth quarter and up 37.2
percent from the $22.5 million reported in the comparable period last year. Net income in the quarter was $1.6 million, or $0.06 per diluted share
compared with net income of $2.1 million, or $0.08 per diluted share in the fourth quarter and versus net income of $0.6 million, or $0.02 per diluted
share, in the same period a year ago.
"We are very pleased with our revenue growth in Q1, which was driven by increased shipments of our
HDMI switch products into digital video applications and the ramp of our PCI Express products for notebooks, servers and graphics applications. We also
expanded our product solutions for serial differential protocols and continued to see strong interest from our customers", said Alex Hui, president and chief
executive officer. Q1 NEW PRODUCTS
Continuing to expand upon the PCISIG certified PCI-e Packet
Switch and Bridge offerings, Pericom announced Packet 24™, a family of 4 new PCI Express Packet Switches, ranging from 3
port-12 lanes to 4 ports-24 lanes configurations. These new products provide customers with a higher performance and feature set to fit their needs and
they further broaden Pericom's comprehensive PCI Express offerings. Target applications for Packet 24™ include high volume
blade and motherboard servers, HBA and NIC cards, networking, embedded and storage applications.
Enhancing Pericom's product positioning in high growth Digital Video Platforms, the company has launched three new Spread-spectrum clock
generators (PI6C345x) and two VCXO's (PI6CX2xx) targeting DLP projectors, DLP TV, HDTV and Digital Set-top box applications.
The
company also released two new LVPECL differential clocks (PI6C4853xx) for Gigabit Ethernet networking switch clock distribution application. These new
products target high growth communication platforms where applications require precise timing distribution.
Fiscal
Q2 2007 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 $30.8 million to $31.7 million in the second quarter. Gross
margins are expected to be in the 35 percent to 37 percent range. Margins are influenced by the product mix of turns business and sales, if any, of
previously written down inventory.
- Operating expenses are expected to decrease to a range of $9.0 million to $9.3 million.
- Other
income is expected to be approximately $1.1 million, consisting primarily of interest income.
- Equity in net income (loss) of investees is
expected to be approximately $200,000.
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 first quarter results conference call will begin at 1:30 p.m. Pacific time today.
The conference call may be accessed by calling (866) 825-3308 (domestic) or (617) 213-8062 (international) and referencing conference number
40695799. A replay of the first quarter results conference call will be available for 7 days commencing from 4:30 PM pacific time today. The replay
telephone number is (888) 286-8010 (domestic) or (617) 801-6888 (international) and the access code is 14950279. 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). An archived webcast replay will be available on the web site for 12
months.
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. 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
captions 'Fiscal Q2, 2007 Quarter Outlook' and statements regarding the continued strong interest from our customers. 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 for the year ended July 1, 2006 and, in particular, the risk factors sections of that filing.
See Attached
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