MILPITAS, CA — (Marketwired) — 10/29/13 — Pericom Semiconductor Corporation (NASDAQ: PSEM)
Pericom Semiconductor Corporation (NASDAQ: PSEM), a worldwide supplier of high performance connectivity and timing solutions, today announced results for its fiscal 2014 first quarter ended September 28, 2013.
Net revenues for the first quarter were $32.6 million, an increase of 2.8% from the $31.7 million reported in the fourth quarter of fiscal 2013, and down 11.3% from the $36.7 million reported in the comparable period last year. The revenue increase from the prior quarter is primarily due to volume increases in the consumer and embedded end-market segments. GAAP gross margin was 39.3% in the first quarter, an increase from 37.6% last quarter and from 37.9% in the comparable period last year. On a non-GAAP basis, gross margin was 40.9% in the first quarter, which reflects exclusion of share-based compensation, amortization of intangible assets and amortization of fair value adjustments on acquired fixed assets. The comparable non-GAAP gross margins were 39.3% last quarter and also in the comparable period last year.
GAAP net income for the first quarter was $374,000, or $0.02 per diluted share, compared with net loss of $16.8 million, or $0.74 per diluted share last quarter, and net income of $1.2 million, or $0.05 per diluted share in the comparable period last year. GAAP net income for all periods included share-based compensation, amortization of intangible assets and amortization of fair value adjustments, and the current quarter also included $522,000 of lease restructuring and moving costs and a tax provision of $15,000 on an intercompany transaction. Excluding these items, non-GAAP net income for the first quarter was $1.9 million, or $0.08 per diluted share, compared with non-GAAP net income of $1.6 million or $0.07 per diluted share in the prior quarter, and non-GAAP net income of $2.5 million, or $0.10 per diluted share in the comparable period last year.
The balance sheet remained very strong with cash and investments in marketable securities of $116.2 million or $5.06 per diluted share at the end of the first quarter. At quarter-end, working capital was $102.3 million and the current ratio was 5.9.
“We were pleased to deliver operating results better than our previous guidance, driven by shipment of new products with better gross margin,” said Alex Hui, President and CEO of Pericom. “We continue to focus on the execution of our strategy to grow business in networking, cloud computing and embedded applications with our broad serial connectivity and timing solutions. During the quarter, we shipped several million units of our USB 3.0 signal integrity product to a tier one wireless mobile customer, which further endorses our leadership position in signal integrity solutions.”
In the first quarter of fiscal 2014, Pericom introduced a total of 21 new products in our Signal Integrity, Connectivity/Switching, and Timing product areas. All of these products are targeted to our focus market segments, and were sampled to key customers during the quarter.
We introduced 12 new products across our Connectivity/Switching product families which included power management USB chargers, video decoders and universal voltage level shifters.
We also expanded our Timing solutions for next generation platforms with 6 new products including high performance clock generators and clock buffers.
For Signal Integrity, we introduced 3 new products targeting 10Gb Ethernet, 12Gb SAS3 and HDMI applications.
On April 26, 2012 the Board authorized a repurchase program for up to $25 million of shares of our common stock. Pursuant to this authorization, the Company repurchased 106,645 shares in the three months ended September 28, 2013 for an aggregate cost of $765,000 and an average per share purchase price of $7.17. The remaining balance of potential share repurchases under the authorization is approximately $17.2 million. Shares may be repurchased from time to time in the open market or through private transactions, at the discretion of Pericom management. As of October 8, 2013, Pericom had approximately 22.8 million shares of common stock outstanding.
The following statements are based on current expectations. These statements are forward looking, and actual results may differ materially.
The press release will be followed by a conference call beginning at 1:30 p.m. Pacific time on October 29, 2013. To listen to the call, dial (877) 377-7103 and reference “Pericom”. A slide presentation will accompany the conference call. To view the slides, please visit the investor relations section of .
The Pericom financial results conference call will be available via a live webcast on the investor relations section of the web site at . Access the web site 15 minutes prior to the start of the call to download and install any necessary audio software. An archived webcast replay will be available on the web site for approximately 90 days.
A taped replay of the conference call will be made available for the period from this evening through midnight on Wednesday, November 6th. To listen to the replay, dial toll-free (855) 859-2056 and reference conference ID 89036087.
Pericom Semiconductor Corporation (NASDAQ: PSEM) enables serial connectivity with the industry-s most complete solutions for the computing, communications, consumer and embedded market segments. Pericom-s analog, digital and mixed-signal integrated circuits, along with its frequency control products are essential in the timing, switching, bridging and conditioning of high-speed signals required by today-s ever-increasing speed and bandwidth demanding applications. Company headquarters is in Milpitas, California, with design centers and technical sales and support offices globally. Pericom and the Pericom logo are trademarks or registered trademarks of Pericom Semiconductor Corp in the U.S. and/or other countries. Our website is .
In addition to disclosing financial results calculated in accordance with U.S. generally accepted accounting principles (GAAP), this announcement of operating results contains non-GAAP financial measures that exclude the income statement effects of share-based compensation, amortization of intangible assets, fair value adjustments on acquired fixed assets, write off of equipment, goodwill impairment, a tax provision on intercompany transactions and the effects of excluding share-based compensation upon the number of diluted shares used in calculating non-GAAP earnings per share.
We have excluded share-based compensation expense in calculating these non-GAAP financial measures. These expenses are non-cash in nature and rely on valuations of the future market price of our common stock that is difficult to predict and is affected by market factors that are largely not within the control of management. We have excluded amortization of intangible assets, amortization of fair value adjustments on acquired fixed assets, write off of equipment, goodwill impairment, a tax provision on intercompany transactions and the corresponding tax effects because we do not consider them to be related to our core operating performance. We also use non-GAAP data in calculating certain metrics such as non-GAAP cost of goods sold in computing inventory days of supply.
We use the non-GAAP financial measures that exclude these items to make strategic decisions, forecast future results and evaluate the Company-s current operating performance. We believe that the presentation of non-GAAP financial measures that exclude these items is useful to investors because we do not consider these charges either part of the day-to-day business or reflective of the core operational activities of the Company that are within the control of management or that are used to evaluate the Company-s operating performance.
The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations to those financial statements should be carefully evaluated. The non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. The Company has provided reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures.
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 “Fiscal Q2 2014 Outlook”, which regard the anticipated revenues, gross margin, operating expenses, other income, and effective tax rate in the second fiscal quarter of 2014. 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, 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 for the year ended June 29, 2013, and in particular, the risk factors sections contained in that report.
– See Attached Tables –
Pericom Semiconductor
Tel: 408 232-9100
You must be logged in to post a comment Login