Washington, D.C. 20549
[X] | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
[ ] | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(Exact Name of Registrant as Specified in Its Charter)
California | 77-0254621 | |||||
(State or Other Jurisdiction of | (I.R.S. Employer | |||||
Incorporation or Organization) | Identification No.) |
San Jose, California 95134
(408) 435-0800
(Address of Principal Executive Offices and
Issuer’s Telephone Number, Including Area Code)
Large Accelerated Filer [ ] | Accelerated Filer [X] |
Non-accelerated Filer [ ] | Smaller Reporting Company [ ] |
Form 10-Q for the Quarter Ended March 31, 2012
INDEX
PART I. FINANCIAL INFORMATION | Page | ||||||||||
Item 1: | Condensed Consolidated Financial Statements (Unaudited) | ||||||||||
Condensed Consolidated Balance Sheets as of March 31, 2012 and July 2, 2011 | 3 | ||||||||||
Condensed Consolidated Statements of Operations for the three and nine months ended March 31, 2012 and April 2, 2011 | 4 | ||||||||||
Condensed Consolidated Statements of Cash Flows for the nine months ended March 31, 2012 and April 2, 2011 | 5 | ||||||||||
Notes to Condensed Consolidated Financial Statements | 6 | ||||||||||
Item 2: | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 23 | |||||||||
Item 3: | Quantitative and Qualitative Disclosures about Market Risk | 32 | |||||||||
Item 4: | Controls and Procedures | 32 | |||||||||
PART II. OTHER INFORMATION | |||||||||||
Item 1A: | Risk Factors | 33 | |||||||||
Item 2: | Unregistered Sales of Equity Securities and Use of Proceeds | 43 | |||||||||
Item 6: | Exhibits | 44 | |||||||||
Signatures |
Item 1: Condensed Consolidated Financial Statements
Condensed Consolidated Balance Sheets
(In thousands, except share data)
(Unaudited)
March 31, 2012 | July 2, 2011 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 19,823 | $ | 30,023 | |||||||
Restricted cash | — | 2,947 | |||||||||
Short-term investments | 79,021 | 76,266 | |||||||||
Accounts receivable | |||||||||||
Trade (net of allowances of $2,140 and $1,947) | 21,368 | 28,185 | |||||||||
Other receivables | 3,752 | 5,859 | |||||||||
Inventories | 17,185 | 21,942 | |||||||||
Prepaid expenses and other current assets | 3,703 | 1,929 | |||||||||
Deferred income taxes | 2,419 | 2,564 | |||||||||
Total current assets | 147,271 | 169,715 | |||||||||
Property, plant and equipment – net | 57,262 | 60,859 | |||||||||
Investments in unconsolidated affiliates | 2,724 | 2,596 | |||||||||
Deferred income taxes – non-current | 4,284 | 4,324 | |||||||||
Long-term investments in marketable securities | 26,132 | 21,282 | |||||||||
Goodwill | 16,779 | 16,669 | |||||||||
Intangible assets (net of accumulated amortization of $5,868 and $3,868) | 13,601 | 15,690 | |||||||||
Other assets | 9,748 | 9,881 | |||||||||
Total assets | $ | 277,801 | $ | 301,016 | |||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Short-term debt | $ | 3,840 | $ | 8,671 | |||||||
Accounts payable | 11,748 | 12,221 | |||||||||
Accrued liabilities | 7,907 | 19,645 | |||||||||
Total current liabilities | 23,495 | 40,537 | |||||||||
Industrial development subsidy | 8,252 | 9,075 | |||||||||
Deferred income taxes | 6,330 | 6,605 | |||||||||
Other long-term liabilities | 1,934 | 2,074 | |||||||||
Total liabilities | 40,011 | 58,291 | |||||||||
Commitments and contingencies (Note 7) | |||||||||||
Shareholders’ equity: | |||||||||||
Common stock and paid in capital – no par value, 60,000,000 shares authorized; shares issued and outstanding: March 31, 2012, 23,750,000; July 2, 2011, 24,716,000 | 125,090 | 130,960 | |||||||||
Retained earnings | 102,605 | 102,762 | |||||||||
Accumulated other comprehensive income | 10,095 | 9,003 | |||||||||
Total shareholders’ equity | 237,790 | 242,725 | |||||||||
Total liabilities and shareholders’ equity | $ | 277,801 | $ | 301,016 |
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended | Nine Months Ended | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
March 31, 2012 | April 2, 2011 | March 31, 2012 | April 2, 2011 | ||||||||||||||||
Net revenues | $ | 33,378 | $ | 39,555 | $ | 99,191 | $ | 123,001 | |||||||||||
Cost of revenues | 21,789 | 27,190 | 64,088 | 82,488 | |||||||||||||||
Gross profit | 11,589 | 12,365 | 35,103 | 40,513 | |||||||||||||||
Operating expenses: | |||||||||||||||||||
Research and development | 5,669 | 5,238 | 16,262 | 14,695 | |||||||||||||||
Selling, general and administrative | 7,114 | 7,231 | 21,513 | 21,960 | |||||||||||||||
Total operating expenses | 12,783 | 12,469 | 37,775 | 36,655 | |||||||||||||||
Income (loss) from operations | (1,194 | ) | (104 | ) | (2,672 | ) | 3,858 | ||||||||||||
Interest and other income, net | 847 | 1,132 | 2,555 | 13,683 | |||||||||||||||
Income (loss) before income taxes | (347 | ) | 1,028 | (117 | ) | 17,541 | |||||||||||||
Income tax expense (benefit) | (76 | ) | 514 | 123 | 6,338 | ||||||||||||||
Net income (loss) from consolidated companies | (271 | ) | 514 | (240 | ) | 11,203 | |||||||||||||
Equity in net income of unconsolidated affiliates | 4 | 17 | 83 | 651 | |||||||||||||||
Net income (loss) | $ | (267 | ) | $ | 531 | $ | (157 | ) | $ | 11,854 | |||||||||
Basic income (loss) per share | $ | (0.01 | ) | $ | 0.02 | $ | (0.01 | ) | $ | 0.48 | |||||||||
Diluted income (loss) per share | $ | (0.01 | ) | $ | 0.02 | $ | (0.01 | ) | $ | 0.47 | |||||||||
Shares used in computing basic income (loss) per share | 24,030 | 24,993 | 24,255 | 24,926 | |||||||||||||||
Shares used in computing diluted income (loss) per share | 24,030 | 25,341 | 24,255 | 25,291 |
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Nine Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
March 31, 2012 | April 2, 2011 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income (loss) | $ | (157 | ) | $ | 11,854 | ||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 8,959 | 7,878 | |||||||||
Share-based compensation | 2,833 | 3,255 | |||||||||
Tax benefit resulting from stock option transactions | 382 | 715 | |||||||||
Excess tax benefit resulting from stock option transactions | (4 | ) | (101 | ) | |||||||
Write-off of receivables | 300 | — | |||||||||
Gain on previously held shares in PTI | — | (11,004 | ) | ||||||||
Gain on sale of investments | (556 | ) | (1,520 | ) | |||||||
Write-off of property and equipment | 292 | 68 | |||||||||
Equity in net income of unconsolidated affiliates | (83 | ) | (651 | ) | |||||||
Deferred taxes | (56 | ) | 4,091 | ||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable | 8,203 | 4,515 | |||||||||
Inventories | 4,617 | 2,604 | |||||||||
Prepaid expenses and other current assets | (1,962 | ) | (707 | ) | |||||||
Other assets | 75 | (225 | ) | ||||||||
Accounts payable | (451 | ) | (4,502 | ) | |||||||
Accrued liabilities | (2,401 | ) | (3,089 | ) | |||||||
Other long-term liabilities | 41 | 1,638 | |||||||||
Net cash provided by operating activities | 20,032 | 14,819 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Purchase of property, plant and equipment | (5,108 | ) | (9,661 | ) | |||||||
Purchase of available-for-sale investments | (84,080 | ) | (158,187 | ) | |||||||
Maturities and sales of available-for-sale investments | 76,749 | 161,447 | |||||||||
Acquisition of PTI, net of cash acquired | (8,076 | ) | (17,514 | ) | |||||||
Change in restricted cash balance | 2,947 | (2,947 | ) | ||||||||
Net cash used in investing activities | (17,568 | ) | (26,862 | ) | |||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Proceeds from common stock issuance under stock plans | 525 | 1,043 | |||||||||
Proceeds from short-term debt | 10,743 | 6,446 | |||||||||
Payments on short-term debt | (15,206 | ) | — | ||||||||
Excess tax benefit resulting from stock option transactions | 4 | 101 | |||||||||
Repurchase of common stock | (9,223 | ) | (2,483 | ) | |||||||
Net cash provided by (used in) financing activities | (13,157 | ) | 5,107 | ||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 493 | 765 | |||||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | (10,200 | ) | (6,171 | ) | |||||||
CASH AND CASH EQUIVALENTS: | |||||||||||
Beginning of period | 30,023 | 29,495 | |||||||||
End of period | $ | 19,823 | $ | 23,324 |
Notes To Condensed Consolidated Financial Statements
(Unaudited)
Company’s standardized manufacturing processes and product testing procedures, returns of defective product are infrequent and the quantities have not been significant. Accordingly, historical warranty costs have not been material.
(in thousands) | March 31, 2012 | April 2, 2011 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Beginning balance | $ | 16,669 | $ | 1,681 | |||||||
PTI acquisition | — | 15,543 | |||||||||
Elimination of previous PTI goodwill | — | (1,325 | ) | ||||||||
Adjustments | (239 | ) | (95 | ) | |||||||
Currency translation adjustments | 349 | 639 | |||||||||
Ending balance | $ | 16,779 | $ | 16,443 |
March 31, 2012 | July 2, 2011 | ||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(in thousands) | Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | |||||||||||||||||||||
Customer relationships | $ | 5,900 | $ | (1,646 | ) | $ | 4,254 | $ | 5,777 | $ | (909 | ) | $ | 4,868 | |||||||||||||
eCERA trade name | 44 | (42 | ) | 2 | 45 | (38 | ) | 7 | |||||||||||||||||||
Core developed technology | 13,120 | (4,180 | ) | 8,940 | 12,040 | (2,648 | ) | 9,392 | |||||||||||||||||||
SaRonix supplier relationship | — | — | — | 398 | (273 | ) | 125 | ||||||||||||||||||||
Total amortizable purchased intangible assets | 19,064 | (5,868 | ) | 13,196 | 18,260 | (3,868 | ) | 14,392 | |||||||||||||||||||
In-process research and development | — | — | — | 883 | — | 883 | |||||||||||||||||||||
SaRonix trade name | 405 | — | 405 | 415 | — | 415 | |||||||||||||||||||||
Total purchased intangible assets | $ | 19,469 | $ | (5,868 | ) | $ | 13,601 | $ | 19,558 | $ | (3,868 | ) | $ | 15,690 |
Months from March 31, 2012 | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(in thousands) | Next 12 Months | 13-24 Months | 25-36 Months | 37-48 Months | 49-60 Months | Over 60 Months | Total | |||||||||||||||||||||||
Customer relationships | $ | 963 | $ | 963 | $ | 963 | $ | 963 | $ | 402 | $ | — | $ 4,254 | |||||||||||||||||
eCERA trade name | 2 | — | — | — | — | — | 2 | |||||||||||||||||||||||
Core developed technology | 2,128 | 2,007 | 1,864 | 1,864 | 1,077 | — | 8,940 | |||||||||||||||||||||||
$ | 3,093 | $ | 2,970 | $ | 2,827 | $ | 2,827 | $ | 1,479 | $ | — | $13,196 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(in thousands, except per share data) | March 31, 2012 | April 2, 2011 | March 31, 2012 | April 2, 2011 | |||||||||||||||
Net income (loss) | ($267 | ) | $ | 531 | ($157 | ) | $ | 11,854 | |||||||||||
Computation of common shares outstanding — basic earnings (loss) per share: | |||||||||||||||||||
Weighted average shares of common stock | 24,030 | 24,993 | 24,255 | 24,926 | |||||||||||||||
Basic income (loss) per share | ($0.01 | ) | $ | 0.02 | ($0.01 | ) | $ | 0.48 | |||||||||||
Computation of common shares outstanding — diluted income (loss) per share: | |||||||||||||||||||
Weighted average shares of common stock | 24,030 | 24,993 | 24,255 | 24,926 | |||||||||||||||
Dilutive shares using the treasury stock method | — | 348 | — | 365 | |||||||||||||||
Shares used in computing diluted income (loss) per share | 24,030 | 25,341 | 24,255 | 25,291 | |||||||||||||||
Diluted income (loss) per share | ($0.01 | ) | $ | 0.02 | ($0.01 | ) | $ | 0.47 |
(in thousands) | March 31, 2012 | July 2, 2011 | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Raw materials | $ | 7,372 | $ | 5,905 | ||||||
Work in process | 4,479 | 4,701 | ||||||||
Finished goods | 5,334 | 11,336 | ||||||||
$ | 17,185 | $ | 21,942 |
(in thousands) | March 31, 2012 | July 2, 2011 | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Accrued compensation | $ | 5,210 | $ | 6,979 | ||||||
Accrued construction liabilities | 846 | 2,316 | ||||||||
Sales commissions | 452 | 545 | ||||||||
Income taxes payable | 161 | 249 | ||||||||
Contingent earn-out liability | — | 4,774 | ||||||||
Acquisition-related liabilities | — | 3,541 | ||||||||
Other accrued expenses | 1,238 | 1,241 | ||||||||
$ | 7,907 | $ | 19,645 |
Company’s obligation pursuant to the Merger Agreement for the achievement of gross profit milestones during fiscal year 2011, and the payout of this amount was completed in the third quarter.
Cash consideration | $ | 30,236 | ||||
Acquisition date fair value of contingent earn-out consideration | 4,087 | |||||
Acquisition date fair value of previously held interest in PTI | 23,672 | |||||
Total | $ | 57,995 |
Net tangible assets | $ | 26,665 | ||||
Amortizable intangible assets: | ||||||
Existing and core technology | 7,165 | |||||
Customer relationships | 5,368 | |||||
Backlog | 365 | |||||
Indefinite-lived intangible asset: | ||||||
In-process research and development | 3,223 | |||||
Goodwill | 15,209 | |||||
Total | $ | 57,995 |
historical results of the Company and PTI on a standalone basis through the closing date of acquisition, with adjustments as noted in the supplemental information. The pro forma results presented do not purport to be indicative of the results that would have been achieved had the acquisition been made as of that date nor of the results which may occur in the future.
Nine Months Ended | |||||||
---|---|---|---|---|---|---|---|
(unaudited) (in thousands except per share data) | April 2, 2011 | ||||||
Revenue | $ | 127,167 | |||||
Net income | 11,365 | ||||||
Net income per share—basic | 0.46 | ||||||
Net income per share—diluted | 0.45 | ||||||
Supplemental Information on Pro Forma Adjustments | |||||||
Pro forma adjustment to revenue | |||||||
Eliminate intercompany sales | $ | (383 | ) | ||||
Total revenue adjustment | $ | (383 | ) | ||||
Pro forma adjustments to net income | |||||||
Depreciation and amortization | $ | (673 | ) | ||||
Earnout and compensation expense accruals | (298 | ) | |||||
Eliminate the Company’s share of PTI income | (467 | ) | |||||
Eliminate intercompany sales and costs | (155 | ) | |||||
Total net income adjustments | $ | (1,593 | ) |
Months from March 31, 2012 | |||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(in thousands) | Less than 12 Months | 12-24 Months | 24-36 Months | 36-48 Months | 48-60 Months | Total | |||||||||||||||||||||
Short-term debt | $ | 3,840 | $ | — | $ | — | $ | — | $ | — | $ | 3,840 | |||||||||||||||
Operating lease payments | 1,641 | 1,104 | 195 | 39 | 2 | 2,981 | |||||||||||||||||||||
Capital equipment purchase commitments | 1,319 | — | — | — | — | 1,319 | |||||||||||||||||||||
Yangzhou capital injection | 7,000 | 8,000 | — | — | — | 15,000 | |||||||||||||||||||||
Total | $ | 13,800 | $ | 9,104 | $ | 195 | $ | 39 | $ | 2 | $ | 23,140 |
Net Revenues | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Three Months Ended | Nine Months Ended | ||||||||||||||||||
March 31, 2012 | April 2, 2011 | March 31, 2012 | April 2, 2011 | ||||||||||||||||
Customer A | 18 | % | 16 | % | 17 | % | 20 | % | |||||||||||
Customer B | 14 | % | 19 | % | 14 | % | 14 | % | |||||||||||
All others | 68 | % | 65 | % | 69 | % | 66 | % | |||||||||||
100 | % | 100 | % | 100 | % | 100 | % | ||||||||||||
Accounts Receivable | |||||||||||||||||||
March 31, 2012 | July 2, 2011 | ||||||||||||||||||
Customer A | 24 | % | 16 | % | |||||||||||||||
Customer B | 10 | % | 12 | % | |||||||||||||||
All others | 66 | % | 72 | % | |||||||||||||||
100 | % | 100 | % |
Net Revenues | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Three Months Ended | Nine Months Ended | ||||||||||||||||||
(in thousands) | March 31, 2012 | April 2, 2011 | March 31, 2012 | April 2, 2011 | |||||||||||||||
Taiwan | $ | 15,227 | $ | 18,724 | $ | 45,232 | $ | 55,829 | |||||||||||
China (including Hong Kong) | 11,543 | 13,712 | 34,422 | 42,311 | |||||||||||||||
United States | 2,010 | 2,294 | 5,670 | 7,852 | |||||||||||||||
Other (less than 10% each) | 4,598 | 4,825 | 13,867 | 17,009 | |||||||||||||||
Total net revenues | $ | 33,378 | $ | 39,555 | $ | 99,191 | $ | 123,001 |
(in thousands) | March 31, 2012 | July 2, 2011 | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
China (including Hong Kong) | $ | 38,660 | $ | 40,112 | ||||||
Taiwan | 15,261 | 16,459 | ||||||||
United States | 2,328 | 2,913 | ||||||||
Korea | 574 | 898 | ||||||||
Others (less than 10% each) | 439 | 477 | ||||||||
Total long-lived assets | $ | 57,262 | $ | 60,859 |
Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(in thousands) | (years) | (in thousands) | |||||||||||||||||
Options outstanding at July 2, 2011 | 2,974 | $ | 10.89 | 4.88 | $ | 645 | |||||||||||||
Granted | 142 | 7.65 | |||||||||||||||||
Exercised | (16 | ) | 7.73 | ||||||||||||||||
Cancelled or expired | (489 | ) | 12.67 | ||||||||||||||||
Options outstanding at March 31, 2012 | 2,611 | $ | 10.40 | 5.07 | $ | 187 | |||||||||||||
Options vested and expected to vest at March 31, 2012 | 2,566 | $ | 10.43 | 5.01 | $ | 178 | |||||||||||||
Options exercisable at March 31, 2012 | 2,159 | $ | 10.65 | 4.38 | $ | 113 |
Options Outstanding | Exercisable Options | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Range of Exercise Prices | Number Outstanding as of March 31, 2012 | Weighted Average Remaining Contractual Term (years) | Weighted Average Exercise Price | Number Exercisable as of March 31, 2012 | Weighted Average Exercise Price | |||||||||||||||||||
$ 4.89 | $ 8.18 | 527,000 | 5.63 | $ | 7.74 | 375,000 | $ | 7.79 | ||||||||||||||||
8.24 | 8.88 | 532,000 | 4.27 | 8.52 | 441,000 | 8.51 | ||||||||||||||||||
8.94 | 10.20 | 522,000 | 6.01 | 9.80 | 373,000 | 9.76 | ||||||||||||||||||
10.25 | 11.50 | 565,000 | 3.96 | 10.98 | 525,000 | 10.94 | ||||||||||||||||||
11.81 | 18.10 | 465,000 | 5.64 | 15.56 | 445,000 | 15.57 | ||||||||||||||||||
$ 4.89 | $18.10 | 2,611,000 | 5.07 | $ | 10.40 | 2,159,000 | $ | 10.65 |
Shares | Weighted Average Award Date Fair Value | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(in thousands) | (years) | (in thousands) | |||||||||||||||||
RSUs outstanding at July 2, 2011 | 592 | $ | 9.73 | 1.60 | $ | 5,253 | |||||||||||||
Awarded | 110 | 7.72 | |||||||||||||||||
Released | (147 | ) | 9.97 | ||||||||||||||||
Forfeited | (37 | ) | 9.67 | ||||||||||||||||
RSUs outstanding at March 31, 2012 | 518 | $ | 9.24 | 1.45 | $ | 4,190 | |||||||||||||
RSUs expected to vest after March 31, 2012 | 454 | $ | 9.27 | 1.36 | $ | 3,671 |
Shares | Weighted Average Purchase Price | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Beginning Available | 1,944,707 | |||||||||
Purchases | (55,915 | ) | $ | 7.22 | ||||||
Ending Available | 1,888,792 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(In Thousands) | March 31, 2012 | April 2, 2011 | March 31, 2012 | April 2, 2011 | |||||||||||||||
Cost of goods sold | 60 | $ | 62 | $ | 161 | $ | 192 | ||||||||||||
Research and development | 371 | 421 | 1,099 | 1,164 | |||||||||||||||
Selling, general and administrative | 496 | 708 | 1,573 | 1,899 | |||||||||||||||
Pre-tax share-based compensation expense | 927 | 1,191 | 2,833 | 3,255 | |||||||||||||||
Income tax impact | (41 | ) | (398 | ) | (689 | ) | (1,066 | ) | |||||||||||
Net share-based compensation expense | $ | 886 | $ | 793 | $ | 2,144 | $ | 2,189 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(In Thousands) | March 31, 2012 | April 2, 2011 | March 31, 2012 | April 2, 2011 | |||||||||||||||
Stock options | $ | 304 | $ | 553 | $ | 1,074 | $ | 1,606 | |||||||||||
Restricted stock units | 549 | 571 | 1,556 | 1,402 | |||||||||||||||
Stock purchase plan | 74 | 67 | 203 | 247 | |||||||||||||||
Total share-based compensation expense | $ | 927 | $ | 1,191 | $ | 2,833 | $ | 3,255 |
(in thousands) | March 31, 2012 | July 2, 2011 | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Jiyuan Crystal Photoelectric Frequency Technology Ltd. | $ | 2,724 | $ | 2,596 |
(In Thousands) | Shareholders’ Equity | ||||||
---|---|---|---|---|---|---|---|
Balance July 3, 2010 | $ | 221,906 | |||||
Net income | 11,854 | ||||||
Other comprehensive income | |||||||
Unrealized gain (loss) on securities available for sale, net | (630 | ) | |||||
Translation gain (loss), net | 5,836 | ||||||
Total comprehensive income | 17,060 | ||||||
Issuance of common stock – options and ESPP | 1,043 | ||||||
Stock expense – APIC | 3,255 | ||||||
Stock repurchases | (2,483 | ) | |||||
Balance April 2, 2011 | $ | 240,781 | |||||
Balance July 2, 2011 | $ | 242,725 | |||||
Net loss | (157 | ) | |||||
Other comprehensive income | |||||||
Unrealized gain (loss) on securities available for sale, net | 85 | ||||||
Translation gain (loss), net | 1,007 | ||||||
Total comprehensive income | 935 | ||||||
Issuance of common stock – options and ESPP | 525 | ||||||
Stock expense – APIC | 2,828 | ||||||
Stock repurchases | (9,223 | ) | |||||
Balance March 31, 2012 | $ | 237,790 |
16. | INVESTMENTS IN MARKETABLE SECURITIES |
As of March 31, 2012 | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(in thousands) | Amortized Cost | Unrealized Gains | Unrealized Losses | Net Unrealized Gains (Losses) | Fair Market Value | ||||||||||||||||||
Available-for-Sale Securities | |||||||||||||||||||||||
Time deposits | $ | 10,163 | $ | — | $ | — | $ | — | $ | 10,163 | |||||||||||||
US Treasury securities | 3,647 | — | (10 | ) | (10 | ) | 3,637 | ||||||||||||||||
National government and agency securities | 8,130 | 165 | — | 165 | 8,295 | ||||||||||||||||||
State and municipal bond obligations | 788 | 1 | — | 1 | 789 | ||||||||||||||||||
Corporate bonds and notes | 61,863 | 497 | (198 | ) | 299 | 62,162 | |||||||||||||||||
Asset backed securities | 10,102 | 19 | (93 | ) | (74 | ) | 10,028 | ||||||||||||||||
Mortgage backed securities | 10,074 | 82 | (77 | ) | 5 | 10,079 | |||||||||||||||||
Total | $ | 104,767 | $ | 764 | $ | (378 | ) | $ | 386 | $ | 105,153 |
As of July 2, 2011 | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(in thousands) | Amortized Cost | Unrealized Gains | Unrealized Losses | Net Unrealized Gains (Losses) | Fair Market Value | ||||||||||||||||||
Available-for-Sale Securities | |||||||||||||||||||||||
Time Deposits | $ | 10,740 | $ | — | $ | — | $ | — | $ | 10,740 | |||||||||||||
US Treasury securities | 600 | 2 | — | 2 | 602 | ||||||||||||||||||
National government and agency securities | 9,065 | 128 | (7 | ) | 121 | 9,186 | |||||||||||||||||
State and municipal bond obligations | 1,250 | 8 | — | 8 | 1,258 | ||||||||||||||||||
Corporate bonds and notes | 53,346 | 458 | (105 | ) | 353 | 53,699 | |||||||||||||||||
Asset backed securities | 11,381 | 32 | (75 | ) | (43 | ) | 11,338 | ||||||||||||||||
Mortgage backed securities | 10,767 | 41 | (83 | ) | (42 | ) | 10,725 | ||||||||||||||||
Total | $ | 97,149 | $ | 669 | $ | (270 | ) | $ | 399 | $ | 97,548 |
Continuous Unrealized Losses at March 31, 2012 | |||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Less Than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||
(In thousands) | Fair Market Value | Unrealized Losses | Fair Market Value | Unrealized Losses | Fair Market Value | Unrealized Losses | |||||||||||||||||||||
National government and agency securities | $ | 3,977 | $ | 10 | $ | — | $ | — | $ | 3,977 | $ | 10 | |||||||||||||||
State and municipal bond obligations | 370 | — | — | — | 370 | — | |||||||||||||||||||||
Corporate bonds and notes | 17,098 | 181 | 1,003 | 17 | 18,101 | 198 | |||||||||||||||||||||
Asset backed securities | 2,019 | 18 | 1,846 | 75 | 3,865 | 93 | |||||||||||||||||||||
Mortgage backed securities | 1,655 | 3 | 388 | 74 | 2,043 | 77 | |||||||||||||||||||||
$ | 25,119 | $ | 212 | $ | 3,237 | $ | 166 | $ | 28,356 | $ | 378 | ||||||||||||||||
Continuous Unrealized Losses at July 2, 2011 | |||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||
(In thousands) | Fair Market Value | Unrealized Losses | Fair Market Value | Unrealized Losses | Fair Market Value | Unrealized Losses | |||||||||||||||||||||
National government and agency securities | $ | 2,254 | $ | 7 | $ | — | $ | — | $ | 2,254 | $ | 7 | |||||||||||||||
Corporate bonds and notes | 12,765 | 103 | 251 | 2 | 13,016 | 105 | |||||||||||||||||||||
Asset backed securities | 4,867 | 64 | 149 | 11 | 5,016 | 75 | |||||||||||||||||||||
Mortgage backed securities | 3,407 | 10 | 336 | 73 | 3,743 | 83 | |||||||||||||||||||||
$ | 23,293 | $ | 184 | $ | 736 | $ | 86 | $ | 24,029 | $ | 270 |
(in thousands) | March 31, 2012 | |||||
---|---|---|---|---|---|---|
Contractual Maturities | ||||||
Less than 12 months | $ | 14,035 | ||||
One to three years | 55,393 | |||||
Over three years | 20,177 | |||||
Multiple dates | 15,548 | |||||
Total | $ | 105,153 |
measure fair value, of which the first two are considered observable and the last is considered unobservable:
• | Level 1 — Quoted prices in active markets for identical assets or liabilities. |
• | Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. |
• | Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. |
As of March 31, 2012 | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(in thousands) | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||
Investments (1) | |||||||||||||||||||
Time deposits | $ | 11,609 | $ | — | $ | 11,609 | $ | — | |||||||||||
US Treasury securities | 3,638 | 3,638 | — | — | |||||||||||||||
Government and agency securities | 8,295 | — | 8,295 | — | |||||||||||||||
State and municipal bond obligations | 789 | — | 789 | — | |||||||||||||||
Corporate bonds and notes | 62,162 | — | 62,162 | — | |||||||||||||||
Asset-backed securities | 10,028 | — | 10,028 | — | |||||||||||||||
Mortgage-backed securities | 10,078 | — | 10,078 | — | |||||||||||||||
Total | $ | 106,599 | $ | 3,638 | $ | 102,961 | $ | — |
(1) | $1,446 of the time deposits are included in cash and cash equivalents; the balance of the investments are included in short-term and long-term investments in marketable securities on our consolidated balance sheet |
of Financial Condition and Results of Operations
Three Months Ended | Nine Months Ended | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
March 31, 2012 | April 2, 2011 | March 31, 2012 | April 2, 2011 | ||||||||||||||||
Net revenues | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||
Cost of revenues | 65.3 | % | 68.7 | % | 64.6 | % | 67.1 | % | |||||||||||
Gross profit | 34.7 | % | 31.3 | % | 35.4 | % | 32.9 | % | |||||||||||
Operating expenses: | |||||||||||||||||||
Research and development | 17.0 | % | 13.3 | % | 16.4 | % | 11.9 | % | |||||||||||
Selling, general and administrative | 21.3 | % | 18.3 | % | 21.7 | % | 17.9 | % | |||||||||||
Total operating expenses | 38.3 | % | 31.6 | % | 38.1 | % | 29.8 | % | |||||||||||
Income (loss) from operations | (3.6 | )% | (0.3 | )% | (2.7 | )% | 3.1 | % | |||||||||||
Interest and other income, net | 2.6 | % | 2.9 | % | 2.6 | % | 11.1 | % | |||||||||||
Income (loss) before income taxes | (1.0 | )% | 2.6 | % | (0.1 | )% | 14.2 | % | |||||||||||
Income tax expense (benefit) | (0.2 | )% | 1.3 | % | 0.1 | % | 5.1 | % | |||||||||||
Net income (loss) from consolidated companies | (0.8 | )% | 1.3 | % | (0.2 | )% | 9.1 | % | |||||||||||
Equity in net income of unconsolidated affiliates | 0.0 | % | 0.0 | % | 0.0 | % | 0.5 | % | |||||||||||
Net income (loss) | (0.8 | )% | 1.3 | % | (0.2 | )% | 9.6 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(In thousands) | March 31, 2012 | April 2, 2011 | % Change | March 31, 2012 | April 2, 2011 | % Change | |||||||||||||||||||||
Net revenues | $ | 33,378 | $ | 39,555 | –15.6 | % | $ | 99,191 | $ | 123,001 | –19.4 | % | |||||||||||||||
% of net sales accounted for by top 5 direct customers (1) | 44.8 | % | 52.3 | % | 46.9 | % | 51.5 | % | |||||||||||||||||||
Number of direct customers that each account for more than 10% of net sales | 2 | 2 | 2 | 2 | |||||||||||||||||||||||
% of net sales accounted for by top 5 end customers (2) | 26.1 | % | 30.0 | % | 27.4 | % | 26.2 | % | |||||||||||||||||||
Number of end customers that each account for more than 10% of net sales | 1 | 0 | 0 | 0 |
(1) | Direct customers purchase products directly from us and include distributors, contract manufacturers and original equipment manufacturers (“OEM”s). |
(2) | End customers are OEMs and their products are manufactured using our products. End customers may purchase directly from us or from distributors or contract manufacturers. For end customer data, we rely on information provided by our direct distribution and contract manufacturing customers. |
• | a $5.4 million decrease in sales of IC products to $20.9 million, a decrease of 20.5%, and |
• | a decrease of $790,000 or 5.9% in sales of our FCP products to $12.5 million. |
• | a $20.1 million decrease in sales of IC products to $62.4 million, for a 24.3% sales decrease, and |
• | a decrease of $3.7 million or 9.2% in sales of our FCP products to $36.7 million. |
Net Revenues | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Three Months Ended | Nine Months Ended | ||||||||||||||||||
March 31, 2012 | April 2, 2011 | March 31, 2012 | April 2, 2011 | ||||||||||||||||
Taiwan | 46 | % | 47 | % | 46 | % | 45 | % | |||||||||||
China (including Hong Kong) | 35 | % | 35 | % | 35 | % | 34 | % | |||||||||||
United States | 6 | % | 6 | % | 6 | % | 6 | % | |||||||||||
Other (less than 10% each) | 13 | % | 12 | % | 13 | % | 15 | % | |||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(In thousands) | March 31, 2012 | April 2, 2011 | % Change | March 31, 2012 | April 2, 2011 | % Change | |||||||||||||||||||||
Net revenues | $ | 33,378 | $ | 39,555 | –15.6 | % | $ | 99,191 | $ | 123,001 | –19.4 | % | |||||||||||||||
Gross profit | 11,589 | 12,365 | –6.3 | % | 35,103 | 40,513 | –13.4 | % | |||||||||||||||||||
Gross profit as a percentage of net revenues (gross margin) | 34.7 | % | 31.3 | % | 35.4 | % | 32.9 | % |
• | a 15.6% decrease in sales, which led to $1.9 million of decreased gross profit, partially offset by |
• | a gross margin increase from 31.3% to 34.7%, resulting in a $1.1 million improvement in gross profit. |
• | a 19.4% decrease in sales, which led to $7.8 million of decreased gross profit, partially offset by |
• | a gross margin increase from 32.9% to 35.4%, resulting in a $2.4 million increase in gross profit. |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(In thousands) | March 31, 2012 | April 2, 2011 | % Change | March 31, 2012 | April 2, 2011 | % Change | ||||||||||||||||||||
Net revenues | $ | 33,378 | $ | 39,555 | –15.6 | % | $ | 99,191 | $ | 123,001 | –19.4 | % | ||||||||||||||
Research and development | 5,669 | 5,238 | 8.2 | % | 16,262 | 14,695 | 10.7 | % | ||||||||||||||||||
R&D as a percentage of net revenues | 17.0 | % | 13.3 | % | 16.4 | % | 11.9 | % |
Research and development expenses consist primarily of costs related to personnel and overhead, non-recurring engineering charges, and other costs associated with the design, prototyping, testing, manufacturing process design support, and technical customer applications support of our products. The $431,000 expense increase for the three month period ended March 31, 2012 as compared to the same period of the prior year is primarily attributable to increases of $235,000 in consulting services and $164,000 in severance costs related to personnel reductions made by the Company in the three months ended March 31, 2012. The $1.6 million expense increase for the nine month period ended March 31, 2012 as compared to the same period of the prior year is primarily attributable to increases of $441,000 in depreciation and amortization, $380,000 in consulting services, $326,000 for masks and assembly expenditures, $156,000 in severance costs and 151,000 in facilities-related expenses.
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(In thousands) | March 31, 2012 | April 2, 2011 | % Change | March 31, 2012 | April 2, 2011 | % Change | |||||||||||||||||||||
Net revenues | $ | 33,378 | $ | 39,555 | –15.6 | % | $ | 99,191 | $ | 123,001 | –19.4 | % | |||||||||||||||
Selling, general and administrative | 7,114 | 7,231 | –1.6 | % | 21,513 | 21,960 | –2.0 | % | |||||||||||||||||||
SG&A as a percentage of net revenues | 21.3 | % | 18.3 | % | 21.7 | % | 17.9 | % |
partially offset by a $100,000 increase in severance costs related to personnel reductions made by the Company in the three months ended March 31, 2012. The expense decrease of approximately $447,000 for the nine month period ended March 31, 2012 as compared to the same period of the prior year is attributable primarily to decreased expenditures of $782,000 in compensation expenses, partially offset by $300,000 of charges for receivables write-offs.
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(In thousands) | March 31, 2012 | April 2, 2011 | % Change | March 31, 2012 | April 2, 2011 | % Change | |||||||||||||||||||||
Interest income | $ | 975 | $ | 1,128 | –13.6 | % | $ | 2,555 | $ | 3,366 | –24.1 | % | |||||||||||||||
Gain on previously held interest in PTI | — | — | — | 11,004 | |||||||||||||||||||||||
Other income (expense) | (15 | ) | (238 | ) | (169 | ) | (514 | ) | |||||||||||||||||||
Exchange gain (loss) | (113 | ) | 242 | 169 | (173 | ) | |||||||||||||||||||||
Interest and other income | $ | 847 | $ | 1,132 | $ | 2,555 | $ | 13,683 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(In thousands) | March 31, 2012 | April 2, 2011 | March 31, 2012 | April 2, 2011 | |||||||||||||||
Pre-tax income (loss) | $ | (347 | ) | $ | 1,028 | $ | (117 | ) | $ | 17,541 | |||||||||
Income tax expense (benefit) | (76 | ) | 514 | 123 | 6,338 | ||||||||||||||
Effective tax rate | 22 | % | 50 | % | NM | 36 | % | ||||||||||||
NM means not meaningful |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(In thousands) | March 31, 2012 | April 2, 2011 | Change | March 31, 2012 | April 2, 2011 | Change | |||||||||||||||||||||
Equity in net income of JCP | $ | 4 | $ | 17 | $ | (13 | ) | $ | 83 | $ | 184 | $ | (101 | ) | |||||||||||||
Equity in net income of PTI | — | — | — | — | 467 | (467 | ) | ||||||||||||||||||||
Total | $ | 4 | $ | 17 | $ | (13 | ) | $ | 83 | $ | 651 | $ | (568 | ) |
$300,000 of receivables write off, partially offset by a $556,000 gain on sale of investments in marketable securities and $83,000 equity in net income of unconsolidated affiliates. Additional contributions to cash included decreases of $8.2 million in accounts receivable and $4.6 million in inventory. Such contributions were partially offset by a net loss of $157,000, increases of $2.0 million in prepaid expenses and other current assets, and decreases of $451,000 in accounts payable and $2.4 million in accrued liabilities. Our net cash provided by operating activities was $14.8 million in the nine months ended April 2, 2011.
Payments Due by Period | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(In thousands) | Total | Less than 1 Year | 1 – 3 Years | 3 – 5 Years | Thereafter | ||||||||||||||||||
Short-term debt | $ | 3,840 | $ | 3,840 | $ | — | $ | — | $ | — | |||||||||||||
Operating leases | 2,981 | 1,641 | 1,299 | 41 | — | ||||||||||||||||||
Capital equipment purchase obligations | 1,319 | 1,319 | — | — | — | ||||||||||||||||||
Yangzhou capital injection | 15,000 | 7,000 | 8,000 | — | — | ||||||||||||||||||
Total obligations | $ | 23,140 | $ | 13,800 | $ | 9,299 | $ | 41 | $ | — |
returns, which are the result of a part not meeting specifications or being non-functional, have been immaterial and parts can frequently be re-sold to other customers for use in other applications.
• | changes in the quantity of our products sold; |
• | changes in the average selling price of our products; |
• | general conditions in the domestic or global economy and in the semiconductor industry; |
• | changes in our product mix; |
• | a change in the gross margins of our products; |
• | the operating results of the FCP product line, which normally has a lower profit margin than IC products; |
• | expenses incurred in obtaining, enforcing, and defending intellectual property rights; |
• | the timing of new product introductions and announcements by us and by our competitors; |
• | customer acceptance of new products introduced by us; |
• | delay or decline in orders received from distributors; |
• | growth or reduction in the size of the market for interface ICs; |
• | the availability of manufacturing capacity with our wafer suppliers, especially to support sales growth and new products; |
• | changes in manufacturing costs; |
• | fluctuations in manufacturing yields; |
• | disqualification by our customers for quality or performance related issues; |
• | the ability of customers to pay us; |
• | increased research and development expenses associated with product introductions or process changes; |
• | the impairment of our goodwill, intangible assets or other long-lived assets; and |
• | fluctuations in our effective tax rate from quarter to quarter. |
• | computers and computer related peripherals; |
• | data communications and telecommunications equipment; |
• | electronic commerce and the Internet; and |
• | consumer electronics equipment. |
• | product performance and functionality; |
• | customer acceptance; |
• | competitive cost structure and pricing; |
• | successful and timely completion of product development; |
• | sufficient wafer fabrication capacity; and |
• | achievement of acceptable manufacturing yields by our wafer suppliers. |
• | lack of adequate capacity; |
• | lack of available manufactured products; |
• | lack of control over delivery schedules; and |
• | unanticipated changes in wafer prices. |
• | the level of contaminants in the manufacturing environment; |
• | impurities in the materials used; and |
• | the performance of manufacturing personnel and production equipment. |
• | large one-time write-offs; |
• | the difficulty in integrating newly-acquired businesses and operations in an efficient and effective manner; |
• | the challenges in achieving strategic objectives, cost savings, and other benefits from acquisitions as anticipated; |
• | the risk of diverting the attention of senior management from other business concerns; |
• | risks of entering geographic and business markets in which we have no or limited prior experience and potential loss of key employees of acquired organizations; |
• | the risk that our markets do not evolve as anticipated and that the technologies and capabilities acquired do not prove to be those needed to be successful in those markets; |
• | potentially dilutive issuances of equity securities; |
• | excessive usages of cash; |
• | the incurrence of debt and contingent liabilities or amortization expenses related to intangible assets; |
• | difficulties in the assimilation of operations, personnel, technologies, products and the information systems of the acquired companies; and |
• | difficulties in integrating or expanding information technology systems and other financial or business processes that may lead to financial reporting issues. |
• | general conditions in the semiconductor and electronic systems industries; |
• | quarter-to-quarter variations in operating results; |
• | announcements of technological innovations or new products by us or our competitors; |
• | changes in earnings estimates by analysts; and |
• | price and volume fluctuations in the overall stock market, which have particularly affected the market prices of many high technology companies. |
• | disruptions or delays in shipments; |
• | changes in economic conditions in the countries where these subcontractors are located; |
• | currency fluctuations; |
• | changes in political conditions; |
• | potentially reduced protection for intellectual property; |
• | foreign governmental regulations; |
• | import and export controls; and |
• | changes in tax laws, tariffs and freight rates. |
• | tariffs and other barriers and restrictions; |
• | unexpected changes in regulatory requirements; |
• | the burdens of complying with a variety of foreign laws; and |
• | delays resulting from difficulty in obtaining export licenses for technology. |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum $ Value That May Yet be Purchased Under the Plans or Programs | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
January, 2012 | — | — | 4,852,446 | $ | 6,522,901 | |||||||||||||
February, 2012 | 152,598 | 8.16 | 5,005,044 | 5,277,021 | ||||||||||||||
March, 2012 | 273,168 | 7.95 | 5,278,212 | 3,103,977 | ||||||||||||||
Total | 425,766 | $ | 8.03 | 5,278,212 | $ | 3,103,977 |
Exhibit Number | Exhibit Description | |||||
---|---|---|---|---|---|---|
3.1 | Amended and Restated Certificate of Determination of Series D Junior Participating Preferred Stock of Pericom Semiconductor Corporation, classifying and designating the Series D Junior Participating Preferred Stock, as filed March 6, 2012 with the Secretary of State of the State of California, filed as Exhibit 3.1 to the Company’s 8-K filed March 8, 2012 and incorporated herein by reference. | |||||
4.1 | Rights Agreement, dated as of March 6, 2012, between Pericom Semiconductor Corporation and Computershare Trust Company, N.A., as Rights Agent, which includes the form of Amended and Restated Certificate of Determination of the Series D Junior Participating Preferred Stock of Pericom Semiconductor Corporation as Exhibit A and the form of Right Certificate as Exhibit B, filed as Exhibit 4.1 to the Company’s 8-K filed March 8, 2012 and incorporated herein by reference. | |||||
31.1 | Certification of Alex C. Hui, Chief Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |||||
31.2 | Certification of Aaron Tachibana, Chief Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |||||
32.1 | Certification of Alex C. Hui, Chief Executive Officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |||||
32.2 | Certification of Aaron Tachibana, Chief Financial Officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |||||
101.INS* | XBRL Instance Document | |||||
101.SCH* | XBRL Taxonomy Extension Schema Document | |||||
101.CAL* | XBRL Taxonomy Extension Calculation Linkbase Document | |||||
101.DEF* | XBRL Taxonomy Extension Definition Linkbase Document | |||||
101.LAB* | XBRL Taxonomy Extension Label Linkbase Document | |||||
101.PRE* | XBRL Taxonomy Extension Presentation Linkbase Document |
* | XBRL (Extensible Business Reporting Language) information is furnished and not filed herewith, is not a part of a registration statement or Prospectus for purposes of sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of section 18 of the Securities Exchange Act of 1934, and otherwise is not subject to liability under these sections. |
(Registrant)
By: | /s/ Alex C. Hui Alex C. Hui Chief Executive Officer |
By: | /s/ Aaron Tachibana Aaron Tachibana Chief Financial Officer |