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San Jose, CA, 2004-07-27 - Pericom Semiconductor Corporation [Nasdaq National Market:
PSEM] today announced
results for its fiscal fourth quarter and full fiscal year ended June 30, 2004
. Results include the acquired operations of
SaRonix LLC since October 1, 2003
.
Net revenues for the fourth quarter were $20,029,000, up 8.5% from $18,466,000
in the
previous quarter and are up 74.1% from $11,506,000 in the comparable
period last year. GAAP net income for the quarter was $663,000, or $0.02
per
share (diluted), compared to a GAAP net loss of $96,000, or ($0.00) per share,
in the previous quarter and versus a GAAP net loss of
$370,000, or ($0.01)
per share, in the comparable period a year ago. Net revenues for the year ended
June 30, 2004 were $66,417,000, up
47.7% from $44,958,000 a year ago. GAAP
net loss for the year ended June 30, 2004 was $2,110,000, or ($0.08) per share,
versus a GAAP net
loss of $4,327,000, or ($0.17) per share, in the prior year
comparable period.
Our GAAP financial results include 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.
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 the methods
of other companies, and should not be regarded as a replacement
for corresponding GAAP measures.
Pro forma net income in the
quarter ended June 30, 2004 was $348,000, or $0.01
per share (diluted), compared with a pro forma net loss of $56,000, or ($0.00)
per share, in
the previous quarter and a proforma net loss of $370,000, or
($0.01) per share, in the comparable period a year ago. Pro Forma net loss
for the
year ended June 30, 2004 was $923,000, or ($0.04) per share, versus
a pro forma net loss of $2,739,000, or ($0.11) per share, in the prior
year
comparable period.
Alex Hui, President and Chief Executive Officer of Pericom said, “We
are pleased to report strong
sequential revenue growth of 8.5%, in line with
our guidance. Our IC (“Integrated Circuit”) product line revenues
grew 8.4%
sequentially and Frequency Control Products (“FCP’s”)
revenues advanced 8.7%. We continued to execute successfully on our
transition
to higher margin products in our IC product line, which is a key driver of
our margin expansion. As a result, our overall gross margin
increased 250 basis
points sequentially to 36.1% and gross margin has grown 590 basis points since
the comparable period last
year.
Last quarter also marks our return to bottom-line profitability. We are pleased
with our steady progress and believe this will continue
as design-ins that
we’ve secured in our focus products continue to ramp to production. Lastly,
we continue to have a very strong balance
sheet and cash position that we will
utilize strategically to fuel our growth.”
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. These products expand Pericom’s higher
margin focus product lines such as PCI Bridge and Timing
Solutions.
- Pericom expanded its PCI Bridge portfolio
with a new PCI-X to PCI-X Bridge (PI7C21P100)
that targets bus
expansion in next generation I/O intensive, high-bandwidth
data communication and telecommunication applications such as Gigabit Ethernet,
Fibre Channel, and RAID. Three new 2-port PCI Bridges were also added to
the Bridge portfolio. PI7C8140A/8148A/8148B support 32-bit
and
33/66MHz operation. These advanced devices target USB 2.0 and Firewire
cards, video capture/decoder cards, and multimedia applications.
- The Company released three new advanced ultra-low voltage CMOS logic devices
(PI74AUCxxx) for customers developing mixed voltage
systems between 0.8V
and 2.5V. The devices’ lower operating voltages increase battery life,
while offering 3.6V tolerance in support of
legacy designs. Pericom’s
AUC devices are ideal for Consumer Electronics, Handheld Systems, Communications
Devices, PCMCIA
Cards, Switches/Routers, Servers, Base Stations, Test Equipment,
and Industrial Computers.
- Pericom expanded its Clock IC timing
portfolio with a new PLL based multiplier
clock (PI6C4500) that reduces overall system cost by enabling customers to
use a low cost crystal
with our device to generate frequencies up to 160
MHz. This new device can be found within various applications such as Set-top
Box,
Communications Systems, Router/Switches, and Printers.
- The Company delivered two new Application Specific Switch products. The
PI3DBV14 supports both TMDS and LVDS signals up to 300 MHz and is used in
new LCD Flat Panel Displays or PDP Monitors. The PI3USB14 is
used in Keyboard,
Video, and Mouse products.
- We expanded our Frequency Control product line with two new VCXO products.
The
ST1308 is optimized for Digital TV infrastructure equipment, including broadcasting,
distribution, networking, and storage platforms
and the S1569J is
optimized for optical telecom and synchronous Ethernet metro-area applications.
SEPTEMBER 2004 QUARTER OUTLOOK
The following statements are based on current expectations. These
statements
are forward looking, and actual results may differ materially.
- With current visibility we believe net revenues will be
relatively flat
with the quarter just ended.
- Gross margin is expected to be in the 36-37% 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 in the range of $0.9 to $1.0 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.
See Attached Tables
NOTE: Our fourth quarter and annual results telephone conference call will
begin at 1:30 p.m. PDT today. The conference call may be accessed by calling
(800) 949-8963 and referencing conference number 8747314. A
replay of the fourth
quarter and annual results conference call will be available for 7 days commencing
from 4:30 PM PDT today. The replay
telephone number is (800) 642-1687 (domestic)
or (706) 645-9291 (international) and the access code is 8747314. 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. PDT today through August
26, 2004 (Webcast requires Windows MediaPlayer). |
