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
============ ============
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