38 cents. Magnificent. WELL above even the wildest whisper number. Congrats to all longs!
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Pericom Semiconductor Reports Record Growth With Q4 Revenues Up 90% and Net Income Up 183% Over Prior Year
SAN JOSE, Calif., July 26 /PRNewswire/ -- Pericom Semiconductor Corporation (Nasdaq: PSEM - news) today announced record net revenues of $30,310,000 for the fourth quarter ended June 30, 2000, up 90% from net revenues of $15,987,000 for the fourth quarter of the previous year and up 32% from $23,033,000 in the third quarter of this fiscal year. For the full fiscal year ended June 30, 2000 net revenues were also a record $90,977,000, up 52% from $59,797,000 for the previous year.
Net income for the quarter increased 183% to a record $5,220,000, or $0.38 diluted earnings per share, from $1,842,000 or $0.18 diluted earnings per share, for the fourth quarter of the previous year and increased 61% from $3,251,000, or $0.28 diluted earnings per share, in the third quarter of this fiscal year.
The Company also reported record net income for the year of $13,215,000, or $1.12 diluted earnings per share, an increase of 95% over net income of $6,772,000, or $0.66 diluted earnings per share, reported for fiscal 1999. The Company completed its secondary public offering of 2,200,000 common shares on March 15, 2000 and shares issued are included in the weighted average computation only from the date of issuance. Accordingly, those shares resulted in a greater number of average shares for fiscal 2000 compared to fiscal 1999.
Alex Hui, President and Chief Executive Officer of Pericom said, ``We are pleased to report our sixth consecutive quarter of record revenues and earnings as well as our 30th consecutive quarter of profitability. This was our fourth consecutive quarter of double-digit revenue increases. We continued to experience strength in the networking and computer server areas and increased activity through the distribution and contract manufacturing sales channels. We benefited from strong demand in all our markets and from the success of our new products across a wide range of applications. We introduced a total of 90 new products in fiscal 2000 of which 29 were introduced in this most recent quarter. Products introduced in the fourth quarter included a family of LVDS crosspoint switches to route signals in OC12 networks at 660+ Mbit/sec. This family addresses both point-to-point communications and bus communications for backplanes in networking, telecommunications and storage systems. The Company also introduced the AVC+ family of high speed interface logic offering industry leading speed coupled with edge rate control for low noise operation. This family targets applications interfacing processors to high-speed memory in server, networking and telecommunications markets.
We are optimistic as we enter fiscal 2001. We will continue our focus on providing leading edge interface solutions to networking, telecommunication, mobile computing and servers markets to support our goal of sustainable, profitable growth.``
Pericom was added to the Russell 2000® Index and the broader Russell 3000® Index, effective July 1, 2000. Recognized by the investment community as one of the premier equity index families, the broad market Russell 3000® Index includes the 3,000 largest U.S. companies based on total market capitalization. The small cap Russell 2000® Index is comprised of the smaller 2,000 companies in the Russell 3000® Index.
Pericom Semiconductor Corporation is a leading provider of high-speed interface IC solutions used for the transfer, routing and timing of digital and analog signals within and between computer, networking, datacom and telecom systems.
NOTE: A replay of the Company's Fourth Quarter and Annual Results conference call will be available for 48 hours commencing from 3:45 PM PDT on Wednesday, July 26, 2000. Phone number is 800-633-8284 and access code is 15702063.
The company offers more than 400 products in its leading edge SiliconInterface, SiliconSwitch, SiliconClock and SiliconConnect(TM) families. Company headquarters are in San Jose, California. Telephone: 408-435-0800. Web Site: http://www/pericom.com.
Certain matters discussed in this press release contain forward-looking statements that involve risk and uncertainties including, but not limited to, the company's optimism regarding fiscal 2001 and our ability to provide interface solutions that will support our goal of sustainable, profitable growth. The Company's actual results could differ materially from those projected due to a variety of risk factors, including technological and market changes, dependence on new product introductions and market acceptance of new products, competition, international business and currency fluctuations, reliance on independent wafer fabricators, assembly subcontractors and distributors, and the risk that any slowdown in the growth of the Internet may affect demand for our products. Although Pericom believes that its expectations are based on reasonable assumptions, it can give no assurance that anticipated results will occur. 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 all filings made by the Company with the Securities and Exchange Commission, particularly the risk factors sections of such filings. |
