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Pericom Semiconductor Reports Fiscal Second Quarter 2013 Financial Results

SAN JOSE, CA -- (Marketwire) -- 01/29/13 -- Pericom Semiconductor Corporation (NASDAQ: PSEM)

  • Q2 revenues were $30.4 million, reflective of the global softness in the PC industry
  • Q2 non-GAAP gross margin increased 125 bps year-over-year, consistent with our focus on higher margin sectors
  • Continued strong balance sheet with quarter-end cash and investments at $5.29 per share

Pericom Semiconductor Corporation (NASDAQ: PSEM), a worldwide supplier of high performance connectivity and timing solutions, today announced results for its fiscal 2013 second quarter ended December 29, 2012.

Net revenues for the second quarter were $30.4 million, a decrease of 17% from the $36.7 million reported in the first quarter, and a decrease of 0.2% from the $30.5 million reported in the comparable period last year.

GAAP gross margin was 36.8% in the second quarter, a decrease from 37.9% last quarter and an increase from 36.0% in the comparable period last year. On a non-GAAP basis, gross margin was 38.5% in the second 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 37.3% in the comparable period last year. The improvement in gross margin from the prior year primarily reflects favorable product mix from our focus on higher margin opportunities in networking and telecom, server, storage, and embedded end-market segments. The sequential decline in gross margin primarily reflects increased underutilization expenses in the current quarter.

GAAP net loss for the second quarter was $5.3 million, or $0.23 per diluted share, compared with net income of $1.2 million, or $0.05 per diluted share in the first quarter, and net loss of $0.3 million, or $0.01 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 a $5.0 million tax provision resulting from intercompany transactions completed in the implementation of an operating structure to more efficiently align our transaction flows with our geographic business operations. Excluding these items, non-GAAP net income for the second quarter was $0.9 million, or $0.04 per diluted share, compared with non-GAAP net income of $2.5 million or $0.10 per diluted share in the first quarter, and non-GAAP net income of $1.0 million, or $0.04 per diluted share in the comparable period last year.

The balance sheet remained very strong with cash and cash equivalents and investments in marketable securities of $124 million or $5.29 per diluted share at the end of the second quarter. Inventories decreased $1.4 million on a sequential basis to $16.1 million, which represents 78 days of supply based on non-GAAP cost of revenues. Trade accounts receivable decreased by $4.7 million sequentially to $19.8 million, which represents DSO of 59 days. At quarter-end, working capital was $119 million and the current ratio was 6.4.

"While our second quarter results reflected continued economic softness in global markets, we were able to maintain improved gross margins driven by market segments and product mix that aligned with our strategic focus," said Alex Hui, President and CEO of Pericom. "The industry continues to face challenging times, yet we remain focused on our long-term growth strategy of expanding our customer base in server, networking, embedded and other high-margin applications for our high speed serial connectivity and timing products."

New Products

In the second quarter of fiscal 2013, Pericom introduced a total of 23 new products in our Connectivity, Timing, and Signal Integrity product areas.

We introduced 13 new products across our Connectivity product families targeting networking, server, storage, embedded, notebook/tablet, and consumer market segments. These included an HDMI switch, a new family of Microprocessor Supervisors ("MPS"), and a new family of Universal Level Shifters ("ULS"). All of these products were sampled to key customers during the quarter.

We expanded our Timing solutions for next generation platforms with 6 new products, including embedded clocks, a new family of ultra low jitter buffers, and a PCIe clock generator. These products target mainly networking, storage, server and embedded segments.

For Signal Integrity, we introduced 4 new ReDriver products targeting USB3 applications in notebook, server, storage, and networking applications, and a very low power PCIe GEN2 ReDriver for servers and computing.

Share Repurchase Update

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 150,201 shares in the three months ended December 29, 2012 for an aggregate cost of $1.1 million and an average per share purchase price of $7.47. The remaining balance of potential share repurchases under the authorization is approximately $23.9 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 January 25, 2013, Pericom had approximately 23.5 million shares of common stock outstanding.

Fiscal Q3 2013 Outlook

The following statements are based on current expectations. These statements are forward looking, and actual results may differ materially.

Below are the estimates for fiscal Q3 2013.

  • Revenues in the second fiscal quarter are expected to be in the range of $27.5 million to $30.5 million.

  • GAAP gross margins are expected to be between 34.1% and 36.6%, and adjusting for share-based compensation, amortization of intangibles and fair value adjustments that are expected to total approximately 1.9%, non-GAAP gross margins are expected to be in the 36.0% to 38.5% range.

  • GAAP operating expenses are expected to be between $12.5 million and $12.9 million, and adjusting for share-based compensation, amortization of intangibles and fair value adjustments that are expected to total approximately $1.2 million, non-GAAP operating expenses are expected to be in the range of $11.3 million to $11.7 million.

  • Other income is expected to be between $0.6 million and $0.8 million on a GAAP basis and on a non-GAAP basis.

  • The effective tax rate is expected to be approximately 30-34% on a GAAP basis, and 30-32% on a non-GAAP basis.

Conference Call

The press release will be followed by a conference call beginning at 1:30 p.m. Pacific time on January 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 www.pericom.com.

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. 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 Monday, February 4th. To listen to the replay, dial toll-free (855) 859-2056 and reference conference ID 91148924.

About Pericom

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 San Jose, 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 http://www.pericom.com.

Non-GAAP Financial Information

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 of acquired inventory, 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 the fair value adjustments related to acquired inventory, tax on an intercompany transaction and the corresponding tax effects of these adjustments 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 revenues 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.

Safe Harbor Statement

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 2013 Outlook", which regard the anticipated revenues, gross margin, operating expenses, other income, and effective tax rate in the third fiscal quarter of 2013, and statements from our CEO regarding challenging times for the industry and other future expectations. 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 30, 2012, our quarterly report on Form 10-Q for the quarter ended September 29, 2012, and in particular, the risk factors section contained in those reports.



                     Pericom Semiconductor Corporation
              Condensed Consolidated Statements of Operations
                   (In thousands, except per share data)
                                (unaudited)

                                Three Months Ended        Six Months Ended
                          -----------------------------  ------------------
                          December   September December  December  December
                          29, 2012   29, 2012  31, 2011  29, 2012  31, 2011
                          --------  ---------- --------  --------  --------

Net revenues              $ 30,433  $   36,749 $ 30,481  $ 67,182  $ 65,813

Cost of revenues            19,239      22,838   19,504    42,077    42,299
                          --------  ---------- --------  --------  --------

   Gross profit             11,194      13,911   10,977    25,105    23,514

Operating expenses:

   Research and
    development              5,097       5,323    5,277    10,420    10,593

   Selling, general and
    administrative           7,532       7,639    7,060    15,171    14,399
                          --------  ---------- --------  --------  --------

      Total operating
       expenses             12,629      12,962   12,337    25,591    24,992
                          --------  ---------- --------  --------  --------

Income (loss) from
 operations                 (1,435)        949   (1,360)     (486)   (1,478)

Interest and other
 income, net                   795         635      638     1,430     1,708
                          --------  ---------- --------  --------  --------

Income (loss) before
 income taxes                 (640)      1,584     (722)      944       230

Income tax expense
 (benefit)                   4,756         500     (335)    5,256       199
                          --------  ---------- --------  --------  --------

Net income (loss) from
 consolidated companies     (5,396)      1,084     (387)   (4,312)       31

Equity in net income of
 unconsolidated affiliate       57         108       52       165        79
                          --------  ---------- --------  --------  --------

Net income (loss)         $ (5,339) $    1,192 $   (335) $ (4,147) $    110
                          ========  ========== ========  ========  ========

Basic income (loss) per
 share                    $  (0.23) $     0.05 $  (0.01) $  (0.18) $   0.00
                          ========  ========== ========  ========  ========

Diluted income (loss) per
 share                    $  (0.23) $     0.05 $  (0.01) $  (0.18) $   0.00
                          ========  ========== ========  ========  ========

Shares used in computing
 basic income (loss) per
 share                      23,515      23,543   24,244    23,529    24,368
                          ========  ========== ========  ========  ========

Shares used in computing
 diluted income (loss)
 per share                  23,515      23,740   24,244    23,529    24,469
                          ========  ========== ========  ========  ========



                      Pericom Semiconductor Corporation
               Condensed Consolidated Statements of Operations
                               (In thousands)
                                 (unaudited)

                                Three Months Ended         Six Months Ended
                          ------------------------------ -------------------
                           December  September  December  December  December
                           29, 2012  29, 2012   31, 2011  29, 2012  31, 2011
                          --------- ---------- --------- --------- ---------

Share-based compensation
   Cost of revenues       $      43 $       52 $      47 $      95 $     101
   Research and
    development                 333        322       357       655       728
   Selling, general and
    administrative              484        467       528       951     1,077
                          --------- ---------- --------- --------- ---------
      Share-based
       compensation
       expense            $     860 $      841 $     932 $   1,701 $   1,906

Amortization of
 intangible assets
   Cost of revenues       $     481 $      477 $     331 $     958 $     785
   Research and
    development                  49         56       167       105       327
   Selling, general and
    administrative              242        243       241       485       480
                          --------- ---------- --------- --------- ---------
      Amortization of
       intangible assets  $     772 $      776 $     739 $   1,548 $   1,592



                     Pericom Semiconductor Corporation
      Reconciliation of GAAP Net Income (Loss) to Non-GAAP Net Income
                               (In thousands)
                                (unaudited)

                                Three Months Ended        Six Months Ended
                          -----------------------------  ------------------
                          December  September  December  December  December
                          29, 2012   29, 2012  31, 2011  29, 2012   31,2011
                          --------  ---------  --------  --------  --------
GAAP net income (loss)    $ (5,339) $   1,192  $   (335) $ (4,147) $    110
Reconciling items:
   Share-based
    compensation expense       860        841       932     1,701     1,906
   Amortization of
    intangible assets          772        776       739     1,548     1,592
   Fair value adjustment
    to depreciation
    expense on acquired
    fixed assets                50         50        50       100       100
   Tax on intercompany
    transaction              4,987          -         -     4,987         -
   Tax effect of
    adjustments               (408)      (402)     (428)     (810)     (906)
                          --------  ---------  --------  --------  --------
      Total reconciling
       items                 6,261      1,265     1,293     7,526     2,692
                          --------  ---------  --------  --------  --------
Non-GAAP net income       $    922  $   2,457  $    958  $  3,379  $  2,802
                          ========  =========  ========  ========  ========

         Reconciliation of GAAP Diluted EPS to Non-GAAP Diluted EPS
                                (unaudited)

Diluted net income (loss)
 per share:
   GAAP diluted income
    (loss) per share      $  (0.23) $    0.05  $  (0.01) $  (0.18) $   0.00
   Adjustments:
   Share-based
    compensation expense      0.04       0.04      0.04      0.08      0.08
   Amortization of
    intangible assets         0.03       0.03      0.03      0.06      0.07
   Fair value adjustment
    to depreciation
    expense on acquired
    fixed assets                 -          -         -         -         -
   Tax on intercompany
    transaction               0.21          -         -      0.21         -
   Tax effect of
    adjustments              (0.02)     (0.02)    (0.02)    (0.04)    (0.04)
   Difference in share
    count                     0.01          -         -      0.01
                          --------  ---------  --------  --------  --------
      Total adjustments       0.27       0.05      0.05      0.32      0.11
                          --------  ---------  --------  --------  --------
   Non-GAAP diluted
    income per share      $   0.04  $    0.10  $   0.04  $   0.14  $   0.11
                          ========  =========  ========  ========  ========

Shares used in diluted
 net income (loss) per
 share calculation:
   GAAP                     23,515     23,740    24,244    23,529    24,469
      Change in diluted
       shares from GAAP
       net loss to non-
       GAAP net income         141          -       111       169         -
      Exclude the benefit
       of share-based
       compensation
       expense (1)             507        308       334       408       379
                          --------  ---------  --------  --------  --------
   Non-GAAP                 24,163     24,048    24,689    24,106    24,848
                          ========  =========  ========  ========  ========

(1) For purposes of calculating non-GAAP diluted net income per share, the
GAAP diluted weighted average shares outstanding is adjusted to exclude the
benefits of unamortized stock compensation costs that are treated as
proceeds assumed to be used to repurchase shares under the GAAP treasury
stock method.



                     Pericom Semiconductor Corporation
        Reconciliation of GAAP Gross Margin to Non-GAAP Gross Margin
                               (In thousands)
                                (unaudited)

                                Three Months Ended        Six Months Ended
                          -----------------------------  ------------------
                          December  September  December  December  December
                          29, 2012   29, 2012  31, 2011  29, 2012  31, 2011
                          --------  ---------  --------  --------  --------
GAAP gross margin         $ 11,194  $  13,911  $ 10,977  $ 25,105  $ 23,514
 - % of revenues              36.8%      37.9%     36.0%     37.4%     35.7%
    Reconciling items:
    Share-based
     compensation               43         52        47        95       101
    Amortization of
     intangible assets         481        477       331       958       785
    Fair value adjustment
     to depreciation
     expense on acquired
     fixed assets               10         10        10        20        20
                          --------  ---------  --------  --------  --------
       Total reconciling
        items                  534        539       388     1,073       906
                          --------  ---------  --------  --------  --------
Non-GAAP gross margin     $ 11,728  $  14,450  $ 11,365  $ 26,178  $ 24,420
                          ========  =========  ========  ========  ========
 - % of revenues              38.5%      39.3%     37.3%     39.0%     37.1%

        Reconciliation of GAAP R&D Expenses to Non-GAAP R&D Expenses
                                (unaudited)

GAAP research and
 development expenses     $  5,097  $   5,323  $  5,277  $ 10,420  $ 10,593
 - % of revenues              16.7%      14.5%     17.3%     15.5%     16.1%
    Reconciling items:
    Share-based
     compensation             (333)      (322)     (357)     (655)     (728)
    Amortization of
     intangible assets         (49)       (56)     (167)     (105)     (327)
    Fair value adjustment
     to depreciation
     expense on acquired
     fixed assets              (10)       (10)      (10)      (20)      (20)
                          --------  ---------  --------  --------  --------
       Total reconciling
        items                 (392)      (388)     (534)     (780)   (1,075)
                          --------  ---------  --------  --------  --------
Non-GAAP research and
 development expenses     $  4,705  $   4,935  $  4,743  $  9,640  $  9,518
                          ========  =========  ========  ========  ========
 - % of revenues              15.5%      13.4%     15.6%     14.3%     14.5%

       Reconciliation of GAAP SG&A Expenses to Non-GAAP SG&A Expenses
                                (unaudited)

GAAP selling, general and
 administrative expenses  $  7,532  $   7,639  $  7,060  $ 15,171  $ 14,399
 - % of revenues              24.7%      20.8%     23.2%     22.6%     21.9%
    Reconciling items:
    Share-based
     compensation             (484)      (467)     (528)     (951)   (1,077)
    Amortization of
     intangible assets        (242)      (243)     (241)     (485)     (480)
    Fair value adjustment
     to depreciation
     expense on acquired
     fixed assets              (30)       (30)      (30)      (60)      (60)
                          --------  ---------  --------  --------  --------
       Total reconciling
        items                 (756)      (740)     (799)   (1,496)   (1,617)
                          --------  ---------  --------  --------  --------
Non-GAAP selling, general
 and administrative
 expenses                 $  6,776  $   6,899  $  6,261  $ 13,675  $ 12,782
                          ========  =========  ========  ========  ========
 - % of revenues              22.3%      18.8%     20.5%     20.4%     19.4%



                      Pericom Semiconductor Corporation
                    Condensed Consolidated Balance Sheets
                               (In thousands)
                                 (unaudited)


                                                       As of       As of
                                                   December 29,   June 30,
                                                       2012         2012
                                                   ------------ ------------
                      Assets

Current assets:

     Cash and cash equivalents                     $     29,716 $     24,283
     Short-term investments                              69,362       79,924
     Accounts receivable - trade                         19,828       24,010
     Inventories                                         16,134       16,604
     Prepaid expenses and other current assets            4,784        6,099
     Deferred income taxes                                1,611        1,549
                                                   ------------ ------------
          Total current assets                          141,435      152,469

Property, plant and equipment-net                        61,838       56,102
Investments in unconsolidated affiliates                  2,375        2,474
Deferred income taxes non-current                         2,358        2,447
Long-term investments in marketable securities           25,224       23,628
Goodwill                                                 16,829       16,797
Intangible assets-net                                    11,317       12,831
Other assets                                              8,817        9,058
                                                   ------------ ------------
          Total assets                             $    270,193 $    275,806
                                                   ============ ============


       Liabilities and Shareholders' Equity

Current liabilities:

     Short-term debt                               $      1,338 $      1,364
     Accounts payable                                     8,654       14,860
     Accrued liabilities                                 12,075        8,608
                                                   ------------ ------------
          Total current liabilities                      22,067       24,832

Industrial development subsidy                            7,578        8,577
     Deferred income tax liabilities                      5,986        6,191
     Other long-term liabilities                          3,450        2,571
                                                   ------------ ------------
          Total liabilities                              39,081       42,171

Shareholders' equity:
     Common stock and paid in capital                   123,664      123,362
     Retained earnings and other comprehensive
      income                                            107,448      110,273
                                                   ------------ ------------
          Total shareholders' equity                    231,112      233,635
                                                   ------------ ------------

          Total liabilities and shareholders'
           equity                                  $    270,193 $    275,806
                                                   ============ ============

Contact:
Aaron Tachibana
Pericom Semiconductor
Tel: 408 435-0800
Email Contact

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Application Performance Management (APM) has been bred with all the right elements to give us the insights we need to see the health of our applications. Similar to your most trusted watch dog, it alerts us to anomalies when events occur, providing awareness to the environment that only they can observe. As enterprises embrace the DevOps philosophy, and the coalescence of the Development and Operations continues, I foresee the conditions ripening to foster innovative methods of making applicati...
SYS-CON Events announced today that IBM is holding a Bluemix Developer Playground on November 5, 10:30 am to 5:30 pm at 15th Cloud Expo. 15th Cloud Expo, co-located with @ThingsExpo, Big Data Expo, and DevOps Summit is taking place Nov. 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. The labs, for developers of all levels, will highlight the ease of use of Bluemix, its services and functionality and provide short-term introductory projects that developers can complete betw...
The Industrial Internet revolution is now underway, enabled by connected machines and billions of devices that communicate and collaborate. The massive amounts of Big Data requiring real-time analysis is flooding legacy IT systems and giving way to cloud environments that can handle the unpredictable workloads. Yet many barriers remain until we can fully realize the opportunities and benefits from the convergence of machines and devices with Big Data and the cloud, including interoperability, da...
Software AG helps organizations transform into Digital Enterprises, so they can differentiate from competitors and better engage customers, partners and employees. Using the Software AG Suite, companies can close the gap between business and IT to create digital systems of differentiation that drive front-line agility. We offer four on-ramps to the Digital Enterprise: alignment through collaborative process analysis; transformation through portfolio management; agility through process automation...
How do you know when a technology has become mainstream? A good clue may be when politicians start talking about it on the campaign trail and with mainstream media. David Cameron, the UK prime minister, was the latest, indicating that the world was now on “fast-forward” with the Internet of Things (IoT) ushering in the new industrial revolution. No mention of IoT targeted at the masses would be complete without the clichéd example of the communicating fridge. While it is easy to get caught up in...
In my recent article, “Software Quality Metrics for your Continuous Delivery Pipeline – Part III – Logging,” I wrote about the good parts and the not-so-good parts of logging and concluded that logging usually fails to deliver what it is so often mistakenly used for: as a mechanism for analyzing application failures in production. In response to the heated debates on reddit.com/r/devops and reddit.com/r/programing, I want to demonstrate the wealth of out-of-the-box insights you could obtain from...
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at Internet of @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, will discuss how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate. Get ready to show them the money! Speaker Bio: ...
This year like last year, XebiaLabs polled Fortune 1000 companies in banking, manufacturing, healthcare, government and IT, interviewing DevOps teams and everyone from QA to C-level suites. More than 1,000 people were asked to share their perspectives on software delivery trends. Last year the survey found that application deployments fail up to 30% of the time and that 75% of managers believe their deployment process deserves a failing grade. This year, the survey revealed little change in at...
Can a postmortem review help foster a curiosity for innovative possibilities to make application performance better? Blue-sky thinkers may not want to deal with the myriad of details on how to manage the events being generated operationally, but could learn something from this exercise. Consider the major system failures in your organization over the last 12 to 18 months. What if you had a system or process in place to capture those failures and mitigate them from a proactive standpoint prevent...