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San Jose, CA, 2007-10-30 - Pericom Semiconductor Corporation (NASDAQ: PSEM), a worldwide supplier of high-speed integrated circuits and frequency control products, today announced results for its fiscal first quarter ended September 29, 2007.
Quarterly Highlights
- Net revenues grew 22 percent sequentially and 25 percent year-over-year to $38.5 million
- Gross margin of 36.4 percent was in-line on a sequential basis and up 260 basis points year-over-year
- Net income grew 82 percent sequentially and 139 percent year-over-year to $3.9 million
Net revenues for the first quarter were $38.5 million, up 22.0 percent from the $31.5 million reported in the fourth quarter of last year, and up 24.8 percent from the $30.8 million reported in the comparable period last year. Gross margin was 36.4 percent, in-line with the 36.5 percent last quarter, and up from 33.8 percent in the comparable period last year.
Operating expenses in the quarter were $9.9 million, up slightly from $9.8 million in the previous quarter and from $9.7 million in the comparable period last year. Stock-based compensation expense in the quarter was $508,000, down from $601,000 in the previous quarter and down from $515,000 in the comparable period last year.
Net income in the quarter was $3.9 million, or $0.15 per diluted share, compared with net income of $2.1 million, or $0.08 per diluted share in the fourth quarter of last year and net income of $1.6 million, or $0.06 per diluted share, in the same period a year ago.
New Products
Expanding our digital video solution, Pericom introduced a dual mode DisplayPort to DVI/HDMI Bridge product. The product supports Deep ColorTM up to 12-bits/channel on the HDMI output. The Company also launched two new HDMI switches that support sources with High-bandwidth Digital Content Protection (HDCP) communication capability, and a family of low power, low jitter Spread-spectrum clock generators. These products target applications in HDTV, display monitors, notebook and desktop PCs.
Expanding our solution for high speed serial protocol signal integrity, Pericom introduced several SATA2/SAS ReDriver products in small packages. These products insure ultra high speed 3.0 Gbps performance with good signal integrity at the receiver end points for disk drives applications in notebook computers, PCs, servers and storage arrays.
Share Repurchase Update
In April 2007, Pericom's board of directors authorized a share repurchase program to buy up to 2.0 million shares of its common stock. During the quarter, the Company spent approximately $5.0 million repurchasing 454,000 shares of Pericom common stock at an average price of $10.93. The company has purchased a total of approximately 756,000 shares under this program at an average price of $10.70.
Outlook
The following statements are based on current expectations. These statements are forward looking, and actual results may differ materially.
- Revenues in the second fiscal quarter are expected to be in the range of $39.3 million to $40.8 million.
- Gross margins are expected to be in the 36 to 37 percent range. Margins are influenced by the product mix of turns business and sales, if any, of previously reserved inventory.
- Operating expenses are expected to be in the range of $9.7 to $10.0 million, which include stock-based compensation expense of approximately $0.6 million.
- Other income is expected to be approximately $1.4 million, consisting primarily of interest income.
Conference Call
The press release will be followed by a conference call beginning at 1:30 p.m. Pacific time. To listen to the call, dial (888) 245-0932 and reference “Pericom”.
A taped replay of the conference call will be made available for two days. To listen to the replay, dial (888) 203-1112 and reference conference number 1874995. 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.
See attached tables
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