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San Jose, CA, 2004-10-19 - Pericom Semiconductor Corporation [Nasdaq National Market: PSEM] today
announced
results for its fiscal first quarter ended September 30, 2004. Results include
the acquired operations of SaRonix LLC since October 1,
2003 .
Net revenues for the first quarter were $19,786,000, down 1.2% from $20,029,000
in the preceding quarter and are up 78.7% from
$11,072,000 in the comparable
period last year. GAAP net income for the quarter was $151,000, or $0.01 per
share (diluted), compared to GAAP
net income of $661,000, or $0.02 per share
(diluted), in the preceding quarter and versus a GAAP net loss of $800,000,
or ($0.03) per share, in
the comparable period a year ago.
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. Pro forma results are
not meant as a
substitute for GAAP, but are included solely for informational
and comparative purposes. 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.
Net income in the quarter ended September 30, 2004 was $151,000, or $0.01
per
share (diluted), compared with pro forma net income of $346,000, or $0.01
per share (diluted), in the preceding quarter and a net loss of $800,000,
or
($0.03) per share, in the comparable period a year ago. No pro forma adjustments
have been made to the results for the quarters ended
September 30, 2004 and
September 30, 2003. For the quarter ended June 30, 2004, pro forma net income
reflects an income tax benefit
adjustment.
Alex Hui, President and Chief Executive Officer of Pericom said, “We
were pleased to deliver net revenues very close
to our guidance for the quarter.
Our migration to an improving mix of our focus products continued—these
products now represent almost
53% of our net IC revenues. Our gross margin
declined slightly from the preceding quarter but improved 620 basis points
over the comparable
prior year quarter. We are also pleased to have remained
profitable for the second consecutive quarter. Despite near-term uncertainty,
we will
continue to execute our product and end-market strategies which have
yielded good revenue, margin and profitability growth over the past year.
We
plan to continue to increase the mix of our higher margin focus products and
increase our penetration in new markets such as cell phones
and digital video
media. As stability returns to end markets and channel inventories are balanced,
we expect to continue to build upon our
improved financial performance.”
New Products
The Company introduced 14 higher margin IC focus products
during the quarter
that support a variety of key market segments including Desktop and Notebook
PC, Video, Memory Modules, Networking,
Telecom, Storage, and Industrial Systems.
SiliconClock:
- Launched three new 3.3V, 1:4 LVPECL Clock
Buffers/Converters used in higher
end networking switches and routers.
- Delivered our new 1.8V 1:10 PLL Clock Driver for DDR2
Registered DIMM’s.
- Launched two new 3.3V Clock Generator’s for Intel PCI-Express Chipsets.
These Intel defined
products are used in the majority of Desktop and Notebook
PCs around the world.
SiliconConnect:
- Expanded the 64-bit PCI Bridge product line by introducing Asynchronous
and higher performance versions along with a
unique 80MHz device.
- Also released the smallest known packaging for a 32-bit PCI Bridge in
the industry. These products are offered
in both Asynchronous and Synchronous
modes.
SiliconSwitch:
- Expanded the successful ASSP
Video Switch product line by starting to
sample 3-port and 5-port Low On-Resistance, 3.3V High-Bandwidth 4:1 Mux/DeMux
Video Switches.
Frequency Control Products
- Extended the available frequency range of our miniature
quartz-based
clock products to 125MHz, encompassing a much broader range of networking
and computing applications.
December 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 expect revenues to be flat to down 5%
depending
on the strength of turns orders.
- Gross margin is expected to be in the 35-37% range, but this continues
to be highly
dependent on product mix and overhead absorption.
- Operating expenses are expected to increase slightly from last quarter.
- Other income is expected to be approximately $0.8 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.
NOTE: Our first quarter results telephone conference call will begin at 1:30
p.m. pacific time today. The conference call
may be accessed by calling (800)
949-8963 and referencing conference number 1336073. 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 (800) 642-1687 (domestic)
or (706)
645-9291 (international) and the access code is 1336073. 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 November
18, 2004
(Webcast requires Windows MediaPlayer).
See Attached Tables |
