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San Jose, CA, 2005-04-21 - Pericom Semiconductor Corporation [NASDAQ National Market: PSEM] today
announced
results for its fiscal third quarter ended March 31, 2005. Results include the
acquired operations of SaRonix LLC since October 1,
2003.
Net revenues for the third quarter were $19,433,000, up 1.1% from $19,217,000
in the preceding quarter and are up 5.2%
from $18,466,000 in the comparable
period last year. GAAP net income for the quarter was $134,000, or $0.00
per share (diluted), compared
to a GAAP net loss of $303,000, or ($0.01)
per share, in the preceding quarter and versus a GAAP net loss of $96,000, or
($0.00) per share, in
the comparable period a year ago. Net revenues for the
nine months ended March 31, 2005 were $58,436,000, up 26.0% from $46,388,000
a
year ago. GAAP net loss for the nine month period ending March 31, 2005 was
$18,000, or ($0.00) per share, as compared with a GAAP net loss of
$2,771,000,
or ($0.11) 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 March 31, 2005 was $167,000, or
$0.01 per share (diluted), compared with pro forma net income of $201,000, or
$0.01 per share
(diluted), in the preceding quarter and a pro forma net loss
of $56,000, or ($0.00) per share, in the comparable period a year ago. Pro
forma
net income for the nine month period ending March 31, 2005 was $519,000,
or $0.02 per share (diluted), as compared with a pro forma net loss of
$1,434,000, or ($0.06) per share, in the prior year comparable period.
Alex Hui, President and Chief Executive Officer of Pericom
said, "With
revenues and margins at the top of our guidance and expenses under guidance,
we are very encouraged to see this ongoing
evidence of the successful
execution of our strategy. Our integrated circuit (IC) business gross margin
remained above 40% and overall gross
margin rose another 30 basis points from
the prior quarter and improved 330 basis points from the comparable quarter a
year ago. Our focus
products continue to represent approximately 55% of our
IC business. We have seen very solid revenue growth in our Connect/PCI Bridge
product line which grew 37% from the previous quarter and 76% year over year.
The restructuring of our workforce announced in February 2005
helped drive the
reduction in operating expenses and the increase in gross margin. Going
forward, our emphasis will continue to be building
upon the success of our
focus IC products, offering increased Application Specific Interface Solutions
to our customers served markets, and
leveraging the synergies of our IC and
frequency control product lines to drive improved operating results across
the
company."
NEW PRODUCTS
The Company launched 16 new Clock, Analog Switch
and Interface Logic
products supporting Computing, Networking and Digital Video applications in
the March quarter.
SiliconClock
- PI6C410B, PI6C410B-01, and PI6C410M-01 Clock Generator IC's for Intel
based PCI-Express
Server and Notebook chipsets.
- PI6C20400, PI6C20800, and PI6C21200 are 4, 8, and 12 output
PCI-Express Clock buffers for
notebook and server markets.
- PI6CUA877 and PI6CUA878 are PLL Clock Buffers for DDR-II-667/800 DIMMs.
- PI6C48530,
PI6C48530-01, PI6C48543, PI6C48545, and PI6C48545-11 are
LVPECL and LVDS clock buffer/converters for high-speed Networking
applications.
SiliconSwitch
- PI2PCIE412-C, a PCI-Express compliant signal switch for PC, Servers,
Notebook, and Networking/Telecom applications. We have already
obtained key design wins at major motherboard companies.
- PI3HDMI412, an ASSP analog switch supporting HDMI/DVI switching
in high performance digital video
applications.
SiliconInterface
- PI74SSTUA32864 DDR-II-667, an Address Register for DDR-II
Memory
Modules.
Frequency Control Products
- S1613XP, S1614XP, SEL383, and SEL382,
Four new families of 3.3
volt/ 2.5 volt CMOS/LVPECL crystal clock oscillators in the frequency
range of 100 MHz to 160 MHZ with Pericom
silicon inside. The devices
achieve very low jitter and tight frequency stability and are designed
for improved reliability and cost in
high-speed networking, server, and
storage applications.
JUNE 2005
QUARTER OUTLOOK
The following statements are based on current expectations. These statements
are forward looking, and actual
results may differ materially.
- We are entering the quarter with an improved backlog position and
the quarter will be 14 weeks
instead of 13 weeks in the prior quarter.
As we continue to be in a high turns environment and visibility therefore
remains limited, we expect
revenues to be up within a range of 6-10% from
the prior quarter depending on the strength of turns orders.
- Gross margin is expected
to remain in the 37% range, plus or minus 50
basis points, but this continues to be highly dependent on the product mix
of turns
business.
- Operating expenses are expected to increase 2-4% from the prior quarter
primarily as a result of the extra week in the
quarter.
- Other income is expected to be approximately $0.9 million.
- We are now required to report separately our equity in the
income or
loss of unconsolidated subsidiaries. This was previously included with
Other Income. This is currently estimated to be a loss of
approximately
$0.2 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 third 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 5447863. A replay of the second
third 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 5447863.
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 May 21,
2005 (Webcast requires Windows MediaPlayer).
Pericom Semiconductor Corporation
(NASDAQ: PSEM) offers customers worldwide the industry's most complete silicon and quartz based solutions for the Computing, Communications, and
Industrial market segments. Our broad portfolio of leading-edge analog, digital, and mixed-signal integrated circuits and SaRonix frequency control
products are essential in the timing, transferring, routing, and translating of high-speed signals as required by today's ever-increasing speed and
bandwidth demanding applications. Company headquarters are in San Jose, California, with design centers and sales offices located globally.
http://www.pericom.com
This press release contains forward-looking statements as defined under The Securities Litigation Reform Act of
1995. Forward-looking statements in this release include the statements under the captions "June 2005 Quarter Outlook" and statements regarding the
Company's ongoing shift to higher margin focus products, our expansion of Application Specific Interface Solutions, our future improvements in operating
results, our future enhancements of frequency control product offerings and the leveraging of the synergies of our IC and frequency control product lines.
The company's actual results could differ materially from what is set forth in such forward-looking statements due to a variety of risk factors, including
softness in demand for our products, price erosion for certain of our products, unexpected difficulties in developing new products, customer decisions to
reduce inventory, economic or financial difficulties experienced by our customers, difficulties in integrating SaRonix with our business, or technological
and market changes. All forward-looking statements included in this document are made as of the date hereof, based on information available to the
company as of the date hereof, and Pericom assumes no obligation to update any forward-looking statements. Parties receiving this release are
encouraged to review our annual report on Form 10-K/A for the year ended June 30, 2004 and, in particular, the risk factors sections of that
filing.
See Attached Tables |
