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Net revenues for the second quarter were $19,217,000, down 2.9% from $19,786,000 in the preceding quarter and are up 14.0% from $16,850,000 in the comparable period last year. GAAP net loss for the quarter was $303,000, or ($0.01) per share, compared to GAAP net income of $151,000, or $0.01 per share (diluted), in the preceding quarter and versus a GAAP net loss of $1,875,000, or ($0.07) per share, in the comparable period a year ago. Net revenues for the six months ended December 31, 2004 were $39,003,000, up 39.7% from $27,922,000 a year ago. GAAP net loss for the six month period ending December 31, 2004 was $152,000, or ($0.01) per share, as compared with a GAAP net loss of $2,675,000, or ($0.10) per share, in the prior year comparable period.

Our GAAP financial results include non-recurring charges or events 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.

Pro forma net income in the quarter ended December 31, 2004 was $201,000, or $0.01 per share (diluted), compared with net income of $151,000, or $0.01 per share (diluted), in the preceding quarter and a pro forma net loss of $629,000, or ($0.02) per share, in the comparable period a year ago. There were no pro forma adjustments to the results for the quarter ended September 30, 2004. Pro forma net income for the six month period ending December 31, 2004 was $352,000, or $0.01 per share (diluted), as compared with a pro forma net loss of $1,429,000, or ($0.06) per share, in the prior year comparable period.

Alex Hui, President and Chief Executive Officer of Pericom said, “We are pleased to deliver revenues in the midpoint of our guidance and pro forma gross margins at the upper end of our guidance. Gross margins on our core IC business are at their highest level since March 2001. This is evidence of the success of our ongoing shift to higher margin focus products that now represent over 55% of our IC revenues. We continue to provide an increasing breadth of solutions to our focus markets, and new markets such as cell phones and digital media. We will continue to expand our high value-added Application Specific Interface Solutions to our customers served markets. This is an important part of our overall plan to drive improvement in our operating results.”

NEW PRODUCTS

The Company launched eight new Clock IC and Analog Video switch products targeting key markets including Networking, Telecom and Digital Media applications and we are continuing to enhance our frequency control product offerings.

SiliconClock

• PI6C487016 & PI6C487020 are low-skew, high-frequency programmable output clock drivers. The devices provide 4 banks of outputs with the flexibility of divided frequencies, and choice of output voltages including 1.2V, 1.8V, 2,5V or 3.3V.
• PI6C22392-1 & PI6C2292-3 are multimedia & system peripheral clock generators for HDTV applications.
• PI6C18551 is a 3.3V/5V, 1-to-4 clock buffer with very low skew, low noise, and frequencies up to 160 MHz. The buffer targets networking and telecom applications such as fiber channel, Fast Ethernet, PCI, PCI-X, and SONET.
• PI6CV855 is a DDR-2 PLL clock driver with very low jitter of less than +/-75ps.
• PI6X100-27 is a 3.3V VCXO for set top applications and offers a wide pull-range.

SiliconSwitch

• PI5V330S is a low on-resistance wide-bandwidth analog video switch with enhanced ESD tolerance. This is an enhanced version of our popular 5V330 video switch for both RGB and composite video switching applications.

Frequency Control Products

• Custom Pericom-designed silicon was integrated into several of our high-speed (up to 160MHz) quartz clock oscillator products, allowing much improved performance in high-speed networking applications.

MARCH 2005 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 up 1% to down 4%, depending on the strength of turns orders.
• Gross margin is expected to be in the 36-37% 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 second 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 3829326. A replay of the second 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 3829326. 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. pacific time today through March 4, 2005 (Webcast requires Windows MediaPlayer).

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