EX-99.1 2 ps5810ex991.txt EXHIBIT 99.1 Exhibit 99.1 [LOGO OF PERICOM]
CONTACT: Pericom Semiconductor Corporation 3545 North First Street Tel: (408) 435-0800 Angela Chen, VP/Chief Financial Officer San Jose, CA 95134 Fax: (408) 435-1100 Alex Hui, President/CEO www.pericom.com
FOR IMMEDIATE RELEASE PERICOM SEMICONDUCTOR REPORTS FISCAL 2006 THIRD QUARTER RESULTS San Jose, CA - May 10, 2006 - Pericom Semiconductor Corporation [NASDAQ National Market: PSEM] today announced results for its fiscal 2006 third quarter ended April 1, 2006. Results include the acquired operations of eCERA ComTek Corporation "eCERA" since September 7, 2005. Net revenues for the third quarter were $27,847,000 up 6% from $26,270,000 in the preceding quarter and are up 43% from $19,433,000 in the comparable period last year. GAAP net income for the quarter was $1,838,000, or $0.07 per share (diluted), compared to GAAP net income of $1,412,000, or $0.05 per share (diluted), in the preceding quarter and versus a GAAP net income of $100,000, or $0.00 per share, in the comparable period a year ago. Net revenues for the nine months ended April 1, 2006 were $76,590,000, up 31% from $58,436,000 a year ago. GAAP net income for the nine month period ending April 1, 2006 was $3,875,000, or $0.14 per share (diluted), as compared with a GAAP net loss of $246,000, or ($0.01) per share, in the prior year comparable period. In accordance with Financial Accounting Standard No. 123R (FAS123R), "Share-based Payment", the Company continued to estimate the cost of all forms of stock based compensation, including stock options, restricted stock and employee stock purchase plans, and recording of this estimated compensation in the income statement. Since these expenses will be normal going forward, and this is our third quarter including these expenses, for information purposes following are the amounts included in our GAAP results for the three and nine months ended April 1, 2006:
Three Months Nine Months ------------ ----------- Cost of Sales $ 26,000 $ 70,000 Research and development $ 151,000 $ 377,000 Sales, general and administrative $ 180,000 $ 482,000 Total stock-based compensation $ 357,000 $ 929,000
NEWS RELEASE, NOVEMBER 7,2005 Our GAAP financial results sometimes include non-recurring charges or events which are explained in the reconciliation of pro forma and GAAP financial results that would normally appear in the financial statements portion of this release. For the period ended April 1, 2006 there are no pro forma adjustments to the financial results so a reconciliation of pro forma and GAAP financial results is not provided. 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. Alex Hui, President and Chief Executive Officer of Pericom said "We are pleased to achieve good sequential growth in revenue, operating profit and net profit. We are making very good progress as a supplier of proprietary ASSP solution with the volume shipment of our HDMI switches to top tier TV and Monitor customers this quarter and with us winning the Technology Innovation Accelerated Award at the Spring 06 Intel Development Forum with our comprehensive PCI-Express suite of products. We believe these products position us well for revenue growth in the fast growing DTV and PCI-Express applications." Pericom introduced several key focus products targeting markets that include Digital TV, Set-Top Box, Networking, Storage, Server, and Telecom Switch, while our comprehensive PCI Express solutions won a Technology Innovation Accelerated Award at the Spring 06 Intel Developer Forum. SILICONINTERFACE The Company launched four new Re-Driver products designed to achieve excellent signal integrity over long distances and ensure high system reliability. The products support high-speed multi-gigabit/sec differential signals such as SATA, XAUI, Rapid I/O, SAS, and Fiber Channel. These devices complement the PCI Express Re-Driver family that we introduced last year. SILICONSWITCH Pericom announced that all of its HDMI signal switches are compatible with the latest HDMI Rev. 1.2 standard, with backward compatibility to Rev. 1.1 standard. SILICONCLOCK We released seven new clock products including the PI6C557-03 PCI Express Clock Generator, a VCXO IC, and several new Clock Buffers. FREQUENCY CONTROL PRODUCTS We released our S1643 and S1644 series of ultra-miniature 3.2x2.5mm clock oscillators with 2.5V or 3.3V CMOS outputs operating from 1.8 to 106.25 MHz. These devices incorporate both a crystal resonator and a driver IC into an ultra-miniature package designed for high-density or portable electronic applications. JUNE 2006 QUARTER OUTLOOK The following statements are based on current expectations. These statements are forward looking, and actual results may differ materially. 3545 North First Street San Jose, CA 95134 (408) 435-0800 NEWS RELEASE, NOVEMBER 7,2005 o Revenues of $27.8M to $28.8M o Gross margin of 35-37% o Operating expenses are expected to increase to approximately $9.5 million, plus or minus $200,000. A significant part of the increase is related to fiscal year end Audit and SOX404 expenses. o Other income, net, is expected to be approximately $0.8 million. o Income from investees of $400K to $600K o Current expectation is that our tax rate will approximate 31% 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 (domestic) or (706) 643-0097 (international) and referencing conference number 5039290. A replay of the first 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 5039290. 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 June 10, 2006 (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 Consumer market segments. Our broad portfolio of leading-edge analog, digital, and mixed-signal integrated circuits and SaRonix and eCERA 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 2006 Quarter Outlook' and statements Regarding our revenue growth in the DTV and PCI-Express applications. 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/A for the year ended July 2, 2005 and the Form 10Q for the three-month period ended December 31, 2005, in particular, the risk factors sections of that filing. 3545 North First Street San Jose, CA 95134 (408) 435-0800 NEWS RELEASE, FEBRUARY 2, 2006 PERICOM SEMICONDUCTOR CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS - GAAP (In thousands, except per share data) (unaudited)
THREE MONTHS ENDED NINE MONTHS ENDED -------------------------------- -------------------- APR 1 DEC 31 MAR 26 APR 1 MAR 26 2006 2005 2005 2006 2005 -------- -------- -------- -------- -------- Net revenues $ 27,847 $ 26,270 $ 19,433 $ 76,590 $ 58,436 Cost of revenues 18,157 16,719 11,982 49,605 37,824 -------- -------- -------- -------- -------- Gross profit 9,690 9,551 7,451 26,985 20,612 Operating expenses: Research and development 4,170 3,879 4,022 12,040 11,775 Selling, general and administrative 4,394 4,993 3,849 13,569 11,388 Restructuring charge 0 0 243 55 243 -------- -------- -------- -------- -------- Total 8,564 8,872 8,114 25,664 23,406 Income (loss) from operations 1,126 679 (663) 1,321 (2,794) Other income, net 888 912 913 2,698 2,719 Recovery (write down) of nonmarketable investment (31) (33) (4) (64) (100) -------- -------- -------- -------- -------- Income (loss) before income taxes 1,983 1,558 246 3,955 (175) Income tax (benefit) 641 467 95 1,245 (93) Minority interest in consolidated subsidiary 32 38 22 93 32 Equity in income (loss) of unconsolidated subsidiary 464 283 (73) 1,072 (196) -------- -------- -------- -------- -------- Net income (loss) $ 1,838 $ 1,412 $ 100 $ 3,875 $ (246) ======== ======== ======== ======== ======== Basic earnings (loss) per share $ 0.07 $ 0.05 $ 0.00 $ 0.15 $ (0.01) ======== ======== ======== ======== ======== Diluted earnings (loss) per share $ 0.07 $ 0.05 $ 0.00 $ 0.14 $ (0.01) ======== ======== ======== ======== ======== Shares used in computing basic earnings (loss) 26,207 26,253 26,531 26,271 26,533 per share ======== ======== ======== ======== ======== Shares used in computing diluted earnings (loss) per share 26,984 26,972 27,112 27,033 26,533 ======== ======== ======== ======== ========
3545 North First Street San Jose, CA 95134 (408) 435-0800 NEWS RELEASE, FEBRUARY 6, 2006 PERICOM SEMICONDUCTOR CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)
AS OF AS OF APRIL 1,2006 JULY 2,2005 ------------ ------------ (unaudited) (unaudited) ASSETS CURRENT ASSETS: Cash & cash equivalents $ 27,839 $ 20,902 Restricted cash 863 0 Short-term investments 100,471 122,385 Accounts receivable 20,801 9,442 Inventories 17,429 13,428 Prepaid expenses and other current assets 1,883 409 Deferred income taxes 3,788 5,291 ------------ ------------ Total current assets 173,074 171,857 Property and equipment, net 22,104 5,927 Investment in investee 8,369 5,932 Goodwill 1,913 1,325 Deferred income taxes-non current 3,212 2,205 Intangibles and other assets 8,193 6,749 ------------ ------------ Total assets $ 216,865 $ 193,995 ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 10,940 $ 6,899 Accrued liabilities 7,132 5,470 Current portion of long-term debt 10,032 0 ------------ ------------ Total current liabilities 28,104 12,369 Long-term debt 4,380 0 Deferred income taxes-non current 225 Other long term liabilities 276 207 ------------ ------------ Total liabilities 32,985 12,576 Minority interest in consolidated subsidiary 182 257 ------------ ------------ Total minority Interest 182 257 Shareholders' equity: Common stock 140,037 141,233 Retained earnings and other 43,661 39,929 ------------ ------------ Total shareholders' equity 183,698 181,162 ------------ ------------ Total liabilities and shareholders' equity $ 216,865 $ 193,995 ============ ============
3545 North First Street San Jose, CA 95134 (408) 435-0800