PSEM ($23 run/sell) Reports Record Second Quarter Revenues and Profits
SAN JOSE, Calif., Jan. 18 /PRNewswire/ -- Pericom Semiconductor Corporation (Nasdaq: PSEM - news) today announced results for its fiscal second quarter ended December 31, 2000.
Revenues for the second quarter were a record $35,718,000, up 79% from $20,009,000 in the comparable period last year. For the six months ended December 31, 2000, revenues were $69,078,000, up 84% from $37,634,000 in the comparable period last year. The Company also reported record net income for the quarter of $6,618,000, or $0.24 diluted earnings per share, an increase of 153% over net income of $2,617,000, or $0.12 diluted earnings per share, reported for the second quarter of fiscal 2000. For the six months ended December 31, 2000, net income was $12,654,000, or $0.46 diluted earnings per share, up 167% from $4,744,000, or $0.22 diluted earnings per share in the comparable period last 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.
Alex Hui, President and Chief Executive Officer of Pericom said, ``We are pleased to report our eighth consecutive quarter of record revenues and earnings as well as our 32nd consecutive quarter of profitability. These results were accomplished in spite of the much discussed slowdown in the industry. During the quarter the Company introduced 20 new products targeting the server, notebook and communications markets. Eleven of the twenty products introduced are proprietary. New products introduced included a complete solution for clock interface in next generation servers main board utilizing double-data rate (DDR) synchronous DRAM memory. This complements our earlier DDR solution for high performance memory modules. We also introduced a number of proprietary switch and clock products to support our focus market segments.
We have experienced some order cancellations and rescheduling as customers adjusted to end market conditions. We believe the impact of current inventory re-balancing due to overbuying in earlier quarters will result in a short-term correction in demand. In spite of the recent slow-down, our new product introduction rate and our design wins remain strong. We will continue our focus on providing leading edge interface solutions to networking, telecommunication, mobile computing and server markets to support our goal of sustainable, profitable growth. We expect sequential quarter to quarter growth to resume later this year. It is our intent to gain market share and our longer-term outlook remains positive.``
MARCH 2001 QUARTER OUTLOOK
-- For the March quarter we project revenue could be reduced by mid to
high single digits from the quarter just ended. Visibility continues
to be limited.
-- 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 tightly controlled operating expenses our operating margin should
improve slightly compared to the quarter just ended.
-- Other income, net will be approximately $2.2M.
-- Our tax rate will be about 38%.
-- The share count on a fully diluted basis will be approximately
27.4M 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: Our Second Quarter Results telephone conference call will begin at 1:45 p.m. PST today. The conference call may be accessed by calling 800-246-9120 and referencing access code 17414336. A replay of the Second Quarter Results conference call will be available for 7 days commencing from 3:45 PM PST on Thursday, January 18, 2001. Phone number is 800-633-8284 (domestic) or 858-812-6440 (international) and access code is 17414336. 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 January 18, 2001 through February 17, 2001 on either site (Webcasts require Windows MediaPlayer).
Pericom Semiconductor Corporation is a leading provider of high-speed |
