Pericom Semiconductor Reports Record First Quarter Revenues and Profits
SAN JOSE, Calif., Oct. 19 /PRNewswire/ -- Pericom Semiconductor Corporation (Nasdaq: PSEM) today announced record net revenues of $33,360,000 for the first quarter ended September 30, 2000, up 89% from net revenues of $17,625,000 for the first quarter of the previous year and up 10% sequentially from $30,310,000 in the fourth quarter of the previous fiscal year.
Net income for the quarter increased 184% to a record $6,036,000, or $0.22 diluted earnings per share, from $2,127,000 or $0.10 diluted earnings per share, for the first quarter of the previous year and increased 16% sequentially from $5,220,000, or $0.19 diluted earnings per share, in the fourth quarter of the previous fiscal year. Earnings per share for prior quarters have been adjusted to account for the two-for-one stock split effective for shareholders of record on August 24, 2000. The Company completed its follow-on public offering of 4,400,000 split-adjusted 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 the quarter just ended and the fourth quarter of fiscal 2000 compared to the first quarter of the previous fiscal year.
Alex Hui, President and Chief Executive Officer of Pericom, said, "We are pleased to report our seventh consecutive quarter of record revenues and earnings as well as our 31st consecutive quarter of profitability. This was our fifth consecutive quarter of double-digit revenue increases. We continued to experience strength in the networking and computer server areas. We benefited from strong demand for our products and from the success of our new products across a wide range of applications. During the quarter we maintained our high rate of new product introductions. A total of 22 new devices were introduced targeting the high speed communications and processing markets, of which 20 were proprietary. Products introduced included 2.5 volt switch products to support the isolation of Double Data Rate (DDR) synchronous DRAM memory devices to enable higher bandwidth in the latest generation of memory modules. The DDR memory standard is gaining rapid acceptance in the server, PC and communications market by offering twice the peak bandwidth of the current PC133 standard at a relatively low price premium. We also continued the roll-out of our LVDS family for the optical networking market with the introduction of both dual and quad crosspoint switches for both point-to-point and bus communications. To support the growing demand for 24/7 operation, several new 'hot-plug' switches were introduced for both the server and embedded computing markets. 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. We anticipate good growth in our business through the balance of this year."
DECEMBER 2000 QUARTER OUTLOOK
-- For the December quarter we project revenue will increase by high
single digits from the quarter just ended.
-- Gross margin increase is expected to be in line with recent sequential
quarterly increase trends assuming an ongoing stable pricing
environment, continued cost improvements, and revenue growth from
products sold into the datacom/telecom sectors.
-- With anticipated operating expense increases our operating margin
should approximate the quarter just ended.
-- Other income, net will be approximately $2M.
-- Our tax rate will be 38%.
-- The share count on a fully diluted basis will be approximately
27.5M shares.
Pericom will adhere to the newly adopted Regulation Fair Disclosure. The company will provide its investors and analysts with guidance in the areas of total revenues, gross margin, operating margin, other income/expense as well as the estimated share count 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: A replay of our First Quarter Results conference call will be available for 48 hours commencing from 3:45 p.m. Pacific Time on Thursday, October 19, 2000. Phone number is 800-633-8284 or 858-812-6440 and access code is 16546984. Please note also that the conference call will be simultaneously Webcast live at: www.pericom.com/investors or www.streetfusion.com/ followed by on-demand Webcasts beginning at 4:00 p.m. Pacific Time on October 19, 2000 through November 19, 2000 on either site (Webcasts require Windows MediaPlayer).
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.
The Company offers more than 450 products in its leading edge SiliconInterface, SiliconSwitch, SiliconClock and SiliconConnect families. Company headquarters are in San Jose, California. Telephone: 408-435-0800. Web Site: 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 caption "December 2000 Quarter Outlook" and statements regarding 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 us with the Securities and Exchange Commission, particularly the risk factors sections of such filings.
Pericom Semiconductor Corporation
Statements of Income
(In thousands, except per share data)
Three Months Ended
Sep 30, Sep 30,
2000 1999
(unaudited)
Net revenues $33,360 $17,625
Cost of revenues 19,050 10,233
Gross profit 14,310 7,392
Operating expenses:
Research and development 2,587 1,619
Selling, general and administrative 3,985 2,504
Total 6,572 4,123
Income from operations 7,738 3,269
Other income, net 1,998 277
Income before income taxes 9,736 3,546
Provision for income taxes 3,700 1,419
Net income $6,036 $2,127
Basic earnings per share $0.24 $0.11
Diluted earnings per share $0.22 $0.10
Shares used in computing basic earnings
per share 24,694 19,222
Shares used in computing diluted earnings
per share 27,475 21,640
Pericom Semiconductor Corporation
Balance Sheets
(In thousands)
As of As of
September 30, June 30,
2000 2000
Assets
Current Assets:
Cash and short-term investments $149,062 $140,664
Accounts receivable, net 14,481 12,389
Inventories 11,852 13,166
Prepaid expenses and other current assets 211 209
Deferred income taxes 1,099 1,099
Total current assets 176,705 167,527
Property and equipment, net 8,540 8,246
Investments in and advances to investee 4,245 4,287
Other assets 288 306
Total assets $189,778 $180,366
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $9,656 $8,983
Accrued liabilities 3,479 3,561
Income taxes payable 3,564 1,710
Total current liabilities 16,699 14,254
Deferred income taxes 1,340 1,340
Total liabilities 18,039 15,594
Shareholders' equity:
Common stock 131,691 130,834
Retained earnings and other 40,048 33,938
Total shareholders' equity 171,739 164,772
Total liabilities and shareholders'
equity $189,778 $180,366
SOURCE Pericom Semiconductor Corporation
CO: Pericom Semiconductor Corporation
ST: California
IN: CPR TLS
SU: ERN
10/19/2000 16:00 EDT prnewswire.com |
