Thursday July 23, 4:05 pm Eastern Time
Company Press Release
SOURCE: Pericom Semiconductor Corporation
Pericom Semiconductor Corporation Reports Fourth Quarter and Record Year-End Results
SAN JOSE, Calif., July 23 /PRNewswire/ -- Pericom Semiconductor Corporation (Nasdaq: PSEM - news) today reported results for the fourth fiscal quarter and year ended June 30, 1998.
For the fourth fiscal quarter of 1998, ended June 30, 1998, net revenues were $13.3 million, up 18% from $11.3 million in the fourth fiscal quarter of 1997. For the fiscal year ended June 30, 1998, net revenues were $49.2 million as compared to $33.2 million in fiscal 1997, an increase of 48% over the fiscal year ended June 30, 1997.
Net income in the fourth quarter of fiscal 1998 was $1.6 million or $0.16 diluted earnings per share as compared to $0.9 million or $0.11 diluted earnings per share during the same period in fiscal 1997. For the fiscal year ended June 30, 1998, net income was $5.2 million or $0.55 diluted earnings per share as compared to $1.6 million or $0.20 diluted earnings per share for the same period in fiscal 1997. The Company completed its initial public offering of 2,000,000 common shares on October 31, 1997 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 in the fiscal 1998 periods compared to the fiscal 1997 periods.
Alex Hui, President and Chief Executive Officer of Pericom said, ''We are pleased to report our 22nd consecutive profitable quarter with record revenue and strong growth in profitability.''
During the quarter the Company introduced a number of significant products for high speed interfacing applications. These included a complete interface solution for the Intel defined PC100 registered DIMM memory modules, comprised of the PI6C2509A/2510A zero delay clock driver and high speed ALVC logic products. ''We are excited about the Company's prospects in this emerging market,'' stated Mr. Hui. ''Our clock driver offers several performance advantages for this application including higher speed operation and lower PLL phase error and completes Pericom's interface solution for PC100 applications. This is consistent with the Company's mission of providing complete interface solutions for the latest high performance systems.''
The Company also introduced the world's first ''hot-pluggable'' 3.3v CMOS bus switches. This family of products developed in a 0.35 micron CMOS process offers our customers the benefits of lower voltage operation at higher speeds, but maintains the vital hot plugging capability required in today's real-time systems. ''This is another industry first for Pericom and confirms our position as a leader in the high speed, low voltage interface market,'' added Hui.
Certain matters discussed in this press release contain forward-looking statements that involve risk and uncertainties including, but not limited to statements regarding emerging markets and the Company's growth prospects. The Company's actual results could differ materially from those projected due to a variety of risk factors, including risks related to technological change, dependence on new product introductions and market acceptance of new products, competition, international business and currency fluctuations, and reliance on independent assembly subcontractors and distributors. 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.
Pericom Semiconductor Corporation designs, develops and markets high-performance interface integrated circuits for the transfer, routing and timing of signals within and between computer, networking and multimedia systems.
Pericom Semiconductor Corporation
Statements of Income
(In thousands, except per share data)
(unaudited)
Three Months Ended Twelve Months Ended
June 30, June 30, June 30, June 30,
1998 1997 1998 1997
Net revenues $13,314 $11,257 $49,198 $33,166
Cost of revenues 7,888 7,297 29,285 20,986
Gross profit 5,426 3,960 19,913 12,180
Operating expenses:
Research and development 1,327 1,134 5,065 4,187
Selling, general and
administrative 1,841 1,637 7,793 5,989
Total 3,168 2,771 12,858 10,176
Income from operations 2,258 1,189 7,055 2,004
Other income (expense), net 162 81 738 351
Income before income taxes 2,420 1,270 7,793 2,355
Provision for income taxes 856 419 2,629 777
Net income $1,564 $851 $5,164 $1,578
Basic earnings per share $0.17 $0.29 $0.73 $0.54
Diluted earnings per share $0.16 $0.11 $0.55 $0.20
Shares used in computing basic
earnings per share 9,204 2,941 7,083 2,941
Shares used in computing
diluted earnings per share 10,040 7,987 9,412 8,092
Pericom Semiconductor Corporation
Balance Sheets
(In thousands)
As of As of
June 30, June 30,
1998 1997
Assets
Current Assets:
Cash and short-term investments $25,831 $9,566
Accounts receivable:
Trade 5,437 3,227
Related party -- 99
Other receivables 193 20
Inventories 8,917 6,182
Prepaid expenses and other current assets 153 149
Deferred income taxes 510 339
Total current assets 41,041 19,582
Property and equipment, net 5,121 3,422
Investments and advances to related party 1,046 545
Other assets 193 32
Total assets $47,401 $23,581
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $6,117 $4,984
Accrued liabilities 1,855 1,203
Income taxes payable 318 411
Total current liabilities 8,290 6,598
Deferred income taxes 500 188
Total liabilities 8,790 6,786
Shareholders' equity:
Preferred stock -- 7,717
Common stock 24,570 201
Retained earnings 14,041 8,877
Total shareholders' equity 38,611 16,795
Total liabilities and
shareholders' equity $47,401 $23,581
SOURCE: Pericom Semiconductor Corporation |
