Exhibit 99.1
CONTACT:
Stapleton Communications
Alexis Pascal/Deborah Stapleton
Tel: 650-470-0200
alexis@stapleton.com/deb@stapleton.com
PERICOM SEMICONDUCTOR REPORTS Q2 2007 FINANCIAL RESULTS
San Jose, Calif. - Jan. 31, 2007 - Pericom Semiconductor Corporation (NASDAQ:
PSEM), a worldwide preferred supplier of PCI Express technology used for
switching, timing, connecting and signal integrity, today announced results for
its second quarter of fiscal 2007, ended Dec. 30, 2006.
Net revenues in the second quarter were $30.8 million, flat from the $30.8
million reported in the first quarter and up 17.4 percent from the $26.3 million
reported in the comparable period last year. Net income in the quarter was $2.3
million, or $0.08 per diluted share, compared with net income of $1.6 million,
or $0.06 per diluted share in the first quarter and net income of $1.4 million,
or $0.05 per diluted share, in the same period a year ago. Net revenues for the
six-month period ending Dec. 30, 2006 were $61.7 million, up 26.5 percent from
the $48.7 million, in the prior year comparable period. Net income for the
six-month period ending Dec. 30, 2006 was $3.9 million, or $0.15 per diluted
share, compared with net income of $2.0 million, or $0.08 per diluted share, in
the same period a year ago.
"We are very pleased to have reported a strong sequential increase in both
operating and net profit this quarter," said Alex Hui, president and chief
executive officer. "Pericom achieved organic revenue growth of 17.4 percent in
comparison with the same quarter of last year, through the increasing adoption
of our high-speed serial connectivity solutions for USB, Gigabit Ethernet,
wireless LAN, HDMI and PCI-Express applications. We expect to sustain this
growth momentum in calendar 2007 by targeting the fast growing server, notebook,
digital video and mobile terminals markets with our high-speed serial
connectivity solutions," he said.
NEWS RELEASE, January 31, 2007
Q2 NEW PRODUCTS
Pericom expanded its PCI Express offerings with PI7C9X130 PCIe to PCI-X Bridge,
the industry's only PCIe 1.1 compliant bridge to receive PCISIG certification to
date. Target applications include servers, HBA and NIC cards, networking,
embedded and storage applications.
The company launched eight new HDMI switches to further expand its solution for
HDMI connectivity in digital video applications. These HDMI 1.3 compliant
products support multiple HDMI inputs in digital video displays with 12 bit deep
color capability. Target applications include digital TVs, LCD monitors, set-top
boxes, game consoles, switch box and notebook PCs.
The company released two new VCXO devices with PLL clock multipliers that
support high frequency applications in digital set-top box, home media center
and digital TVs, further enhancing Pericom's product positioning in digital
video platforms.
Pericom also released three new clock buffers that offer critical reference
clock distribution solution in the high growth Gigabit Ethernet switching
applications.
FISCAL Q3 2007 OUTLOOK
The following statements are based on current expectations. These statements are
forward looking, and actual results may differ materially.
o The company continues to be in a high turns environment and therefore
revenue visibility remains limited. Depending upon the strength of
turns orders, revenues in the third fiscal quarter are expected to be
in the range of $29.5 million to $31.0 million. Gross margins are
expected to be in the 35 to 36 percent range. Margins are influenced
by the product mix of turns business and sales, if any, of previously
written down inventory.
o Operating expenses are expected to be in the range of $9.3 to $9.8
million.
o Other income is expected to be approximately $1.1 million, consisting
primarily of interest income.
o Equity in net income (loss) of investees is expected to be
approximately $100,000.
3545 North First Street San Jose, CA 95134 (408) 435-0800
NEWS RELEASE, January 31, 2007
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.
CONFERENCE CALL
The press release will be followed by a conference call beginning at 1:30 p.m.
Pacific time. To listen to the call, dial (210) 234-0000. The passcode is
Pericom.
A taped replay of the conference call will be made available for one week. To
listen to the replay, dial (203) 369-0175. The Pericom financial results
conference call will be available via a live webcast on the investor relations
section of the web site at http://www.pericom.com/investor. 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
12 months.
About Pericom
Pericom Semiconductor Corporation (NASDAQ: PSEM) offers customers worldwide the
industry's most complete silicon and quartz-based solutions for the Computing,
Communications and Consumer 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,
Calif., 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 `Fiscal Q3 2007 Outlook' and
statements regarding sustaining our growth momentum. 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
eCERA 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
for the year ended July 1, 2006, our quarterly report on Form 10-Q for the
quarter ended September 30, 2006 and, in particular, the risk factors sections
of those filings.
- - See Attached Tables -
3545 North First Street San Jose, CA 95134 (408) 435-0800
NEWS RELEASE, January 31, 2007
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PERICOM SEMICONDUCTOR CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(unaudited)
THREE MONTHS ENDED SIX MONTHS ENDED
--------------------------------------------- -----------------------------
December 30, September 30, December 31, December 30, December 31,
2006 2006 2005 2006 2005
------------- ------------- ------------- ------------- -------------
Net revenues $ 30,842 $ 30,826 $ 26,270 $ 61,668 $ 48,743
Cost of revenues 20,176 20,394 16,958 40,570 31,925
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Gross profit 10,666 10,432 9,312 21,098 16,818
Operating expenses:
Research and development 4,040 3,942 3,640 7,982 7,393
Selling, general and administrative 4,919 5,795 4,993 10,714 9,175
Restructuring charge 0 0 0 0 55
------------- ------------- ------------- ------------- -------------
Total 8,959 9,737 8,633 18,696 16,623
Income from operations 1,707 695 679 2,402 195
Other income, net 1,151 1,280 912 2,431 1,810
Write-down of noncurrent investments 0 (1) (33) (1) (33)
------------- ------------- ------------- ------------- -------------
Income before income taxes 2,858 1,974 1,558 4,832 1,972
Income tax provision 691 620 467 1,311 604
Minority interest in (income) loss of
consolidated subsidiaries (21) (9) 38 (30) 61
Equity in net income of unconsolidated
affiliates 110 280 283 390 608
------------- ------------- ------------- ------------- -------------
Net income $ 2,256 $ 1,625 $ 1,412 $ 3,881 $ 2,037
============= ============= ============= ============= =============
Basic income per share $ 0.09 $ 0.06 $ 0.05 $ 0.15 $ 0.08
============= ============= ============= ============= =============
Diluted income per share $ 0.08 $ 0.06 $ 0.05 $ 0.15 $ 0.08
============= ============= ============= ============= =============
Shares used in computing basic income per share 26,113 26,131 26,253 26,122 26,302
============= ============= ============= ============= =============
Shares used in computing diluted income per share 26,783 26,692 26,972 26,737 27,057
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3545 North First Street San Jose, CA 95134 (408) 435-0800
NEWS RELEASE, January 31, 2007
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PERICOM SEMICONDUCTOR CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
AS OF AS OF
DEC 30, 2006 JUL 1, 2006
------------- -------------
(unaudited) (1)
ASSETS
CURRENT ASSETS:
Cash & cash equivalents $ 13,694 $ 12,577
Restricted cash 613 950
Short-term investments 68,767 52,761
Accounts receivable 22,189 23,306
Inventories 14,625 16,742
Prepaid expenses and other current assets 735 508
Deferred income taxes 3,866 4,709
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Total current assets 124,489 111,553
Property and equipment, net 24,177 24,376
Investment in unconsolidated subsidiaries 9,458 9,056
Deferred income taxes-non current 5,103 5,043
Long term marketable securities 44,090 56,297
Intangibles and other assets 7,309 7,361
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Total assets $ 214,626 $ 213,686
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LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 10,318 $ 10,435
Accrued liabilities 7,540 7,243
Current portion of long-term debt 2,592 5,756
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Total current liabilities 20,450 23,434
Long-term debt 2,166 3,482
Deferred income taxes-non current 1,288 1,288
Other long term liabilities 281 402
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Total liabilities 24,185 28,606
Minority interest in consolidated subsidiary 1,000 969
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Total minority interest 1,000 969
SHAREHOLDERS' EQUITY:
Common stock 139,315 138,483
Retained earnings and other 50,126 45,628
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Total shareholders' equity 189,441 184,111
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Total liabilities and shareholders'
equity $ 214,626 $ 213,686
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(1) The information in this column was derived from the Company's audited
consolidated financial statements for the year ended July 1, 2006.
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3545 North First Street San Jose, CA 95134 (408) 435-0800