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San Jose, CA, 2004-04-20 - Pericom Semiconductor Corporation
[Nasdaq National Market: PSEM] today announced results for its fiscal third
quarter ended March 31, 2004 .
Results include the acquired operations of SaRonix
LLC since October 1, 2003 .
Net revenues for the third quarter were
$18,466,000, up 9.6% from $16,850,000
in the previous quarter and are up 60.7% from $11,492,000 in the comparable
period last year. Pro
forma net loss for the quarter was $56,000, or ($0.00)
per share, compared to a net loss of $629,000, or ($0.02) per share, in the
previous
quarter and versus a pro forma net loss of $631,000, or ($0.02) per
share, in the comparable period a year ago. Net revenues for the nine months
ended March 31, 2004 were $46,388,000, up 38.7% from $33,452,000 a year ago.
Pro forma net loss for the nine month period ending March 31,
2004 was $1,434,000,
or ($0.06) per share, versus a pro forma net loss of $2,369,000, or ($0.09)
per share, in the prior year comparable period.
Our GAAP financial results include one-time non-recurring charges which are
explained in the reconciliation of pro forma and GAAP
financial results that
appears in the financial statements portion of this release. Our net loss under
GAAP for the quarter was $96,000, or ($0.00)
per share, compared to a net loss
of $1,875,000, or ($0.07) per share, in the previous quarter and a net loss
of $631,000, or ($0.02) per share, in
the comparable period a year ago. Net
loss for the nine month period ending March 31, 2004 was $2,771,000, or ($0.11)
per share, versus a net
loss of $3,957,000, or ($0.15) per share, in the prior
year comparable period.
Pericom management believes pro forma financial
information is useful to investors because it illuminates underlying operational
trends by excluding significant non-recurring or otherwise unusual
transactions.
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 deliver sequential revenue growth of approximately 10% for the
second consecutive quarter. IC’s grew 10.7% sequentially and
Frequency
Control Products (“FCP’s”) advanced 6.7%. We are encouraged
that our consolidated gross margin percent
increased 230 basis points. This
margin growth was driven by our IC business which benefited from an improved
pricing environment, and
product mix. Bookings strength continued which again
provides an improved backlog for the current quarter. To meet this increased
demand and
possible tightening of supply we have continued to invest in inventory.
The integration of SaRonix is going as planned since the co-location of both
companies was completed in January 2004. We feel that the synergies we envisioned
from the combination of IC’s and quartz-based timing
solutions will yield
positive results in the future. We believe we are on the verge of returning
to profitability, and that we are well positioned to
leverage our financial
strength and our strategic investments in new product development, the acquisition
of SaRonix, employees and global
infrastructure.”
New Products
New products released during the quarter offer next generation
solutions for
customers in their focus market segments including communications,
networking, storage, computing, and industrial. .
- Launched
a new family
of switches that offers 500 MHz of bandwidth to enable true high-performance
differential switching in next generation PCI-X
servers and advanced memory
bus interface.
- A 2-bit voltage translator device to support voltage translation from
1.8V to 5V in
2-wire control bus like I2C or SM bus which is found in a large
variety of platforms.
- Introduced a new high-performance Registered
Buffer for next generation
DDR-2 registered memory modules in High-end Workstations, Servers, Routers/Switches,
and Storage Area
Networks.
- Expanded our Clock IC timing portfolio with a pair of high-performance
differential clock buffers that can be used as either
voltage translators
or I/O signal translators. Both clock devices are designed for high-speed
and low-skew applications such as Networking,
Telecommunications, Storage,
and Industrial Systems.
- Strengthened our clock IC portfolio with a high-speed single input to
four
output clock buffer. This 3.3V or 5V LVCMOS/LVTTL Clock Buffer is ideal
for networking clocks and inherently well suited for the Data
Communications
Market.
- On Frequency Control Products, the S7C series TCXO performance was improved
to enable a lifetime
stability guarantee of 4.6 ppm supporting Stratum-3
type of applications. Available frequencies for S1633 series clock oscillators
in 3.2 x 5.0
mm ceramic packages were extended to range from 1.8 MHz to 125.0
MHz.
June 2004 Quarter Outlook
The following statements are based on current expectations. These statements
are forward looking, and actual results may differ
materially.
- We believe net revenues will increase to $19.75 million to $20.3 million,
or approximately 7-10%.
- Gross
margin is expected to be in the 33-35% range, but this continues
to be highly dependent on product mix including the mix between IC products
and our frequency control product line.
- Operating expenses are expected to increase slightly from last quarter.
- Other income is
expected to be approximately $1.1 million.
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.
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