PSEM (+5 @ $31) Semiconductor Reports Record First Quarter Revenues and Profits
SAN JOSE, Calif., Oct. 19 /PRNewswire/ -- Pericom Semiconductor Corporation (Nasdaq: PSEM - news) 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 . |
