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Pericom Semiconductor Reports Fiscal Fourth Quarter and Annual 2014 Financial Results

MILPITAS, CA -- (Marketwired) -- 08/06/14 -- Pericom Semiconductor Corporation (NASDAQ: PSEM)

FOURTH QUARTER HIGHLIGHTS

  • Revenues increased 6.7% sequentially to $32.7 million
  • Achieved 41.4% gross margin (43.0% non-GAAP) and year-over-year increase of 381 bps
  • Net income was $0.04 per diluted share
  • Non-GAAP net income was $0.12 or a 50% increase from $0.08 in the previous quarter

Pericom Semiconductor Corporation (NASDAQ: PSEM), a worldwide supplier of high performance connectivity and timing solutions, today announced results for its fiscal 2014 fourth quarter and year ended June 28, 2014.

Net revenues for the fourth quarter were $32.7 million, an increase of 6.7% from the $30.7 million reported in the third quarter of fiscal 2014, and up 3.3% from the $31.7 million reported in the comparable period last year. The revenue increase from the prior quarter reflects strength from primarily the embedded and server end-market segments. Net revenues for the fiscal year 2014 were $128.1 million, a decrease of 0.9% from the $129.3 million reported last year.

GAAP gross margin was 41.4% in the fourth quarter, an increase from 40.8% last quarter and from 37.6% for the comparable period last year. The GAAP gross margin was 39.9% for the full fiscal year of 2014, an increase of 286 basis points from the 37.0% reported for fiscal year 2013.

GAAP net income for the fourth quarter was $0.9 million, or $0.04 per diluted share, compared with net income of $1.6 million, or $0.07 per diluted share in the third quarter, and net loss of $16.8 million, or $0.74 per diluted share in the comparable period last year. For the full fiscal year 2014, GAAP net income was $4.1 million, or $0.18 per diluted share, compared with GAAP net loss of $21.6 million, or $0.93 per diluted share in fiscal year 2013.

To facilitate the complete understanding of comparable financial performance between periods, Pericom also presents performance results net of certain non-cash and one-time items as non-GAAP measures.

On a non-GAAP basis, gross margin was 43.0% in the fourth quarter, an increase from 42.5% last quarter and 39.3% in the comparable period last year. On a non-GAAP basis, the fiscal year 2014 gross margin was 41.6%, and increased by 286 basis points from fiscal year 2013's gross margin of 38.7%.

On a non-GAAP basis, net income for the fourth quarter was $2.8 million, or $0.12 per diluted share, compared with non-GAAP net income of $1.8 million or $0.08 per diluted share in the third quarter, and non-GAAP net income of $1.6 million, or $0.07 per diluted share in the comparable period last year. For the full fiscal year 2014, non-GAAP net income was $8.5 million, or $0.36 per diluted share, compared with $6.0 million, or $0.25 per diluted share in fiscal year 2013.

"We are pleased to deliver good sequential growth in revenue along with margin expansion, and this together with careful control of operating expenses resulted in a strong sequential increase in earnings," said Alex Hui, President and CEO of Pericom. "We believe these results validate our strategy of transforming our business with growth from market segments offering higher gross margin and growth potential. We will continue to focus on growing our customer base in networking, cloud computing and embedded applications with our serial connectivity and timing solutions."

New Products

In the fourth quarter of fiscal 2014, Pericom introduced a total of 17 new products in our Signal Integrity, Connectivity, Switching and Timing product areas. All of these products are targeted to our focus market segments, and were sampled to key customers during the quarter.

We introduced 7 new products across our Connectivity products which included new I2C and PCIe to UART bridge families targeting industrial control and instrumentation applications. A new addition to our PCIe GEN2 multi-lane packet switch family targets networking control plane and embedded applications.

We expanded our Timing solutions for next generation mobile and networking platforms with 5 new products, including a new high performance clock generator, Real Time Clock (RTC), and XO IC.

We introduced 2 new products across our Switching product families, a DDR and a USB high performance switch to further broaden our PC and Mobile market segment product offerings.

For Signal Integrity, we introduced 3 new products, including HDMI ReDrivers aimed at consumer and mobile video applications, and SAS3 ReDrivers aimed at next generation storage platforms.

Share Repurchase Update

On April 26, 2012, the Board authorized a repurchase program for up to $25 million of shares of our common stock, and on April 24, 2014, the Board authorized an additional $20 million of share repurchases. Pursuant to these authorizations, the Company repurchased 535,447 shares in the three months ended June 28, 2014 for an aggregate cost of $4,445,000 and an average per share purchase price of $8.30. The remaining balance of potential share repurchases under the authorization is approximately $26.6 million. Shares may be repurchased from time to time in the open market or through private transactions, at the discretion of Pericom management. As of August 4, 2014, Pericom had approximately 22.0 million shares of common stock outstanding.

Fiscal Q1 2015 Outlook

The following statements are based on current expectations. These statements are forward looking, and actual results may differ materially.

  • Revenues are expected to be in the range of $32.0 million to $35.0 million.

  • GAAP gross margins are expected to be between 40.0% and 42.0%, and adjusting for share-based compensation, amortization of intangibles and fair value adjustments that are expected to total approximately 1.5%, non-GAAP gross margins are expected to be in the 41.5% to 43.5% range.

  • GAAP operating expenses are expected to be between $12.1 million and $12.4 million, and adjusting for share-based compensation, amortization of intangibles and fair value adjustments that are expected to total approximately $0.9 million, non-GAAP operating expenses are expected to be in the range of $11.2 million to $11.5 million.

  • Other income is expected to be between $0.6 million and $0.8 million on a GAAP basis and on a non-GAAP basis.

  • The effective tax rate is expected to be approximately 30-34% on a GAAP basis and 26-28% on a non-GAAP basis.

Conference Call

The press release will be followed by a conference call beginning at 1:30 p.m. Pacific time on August 6, 2014. To listen to the call, dial (877) 377-7103 and reference "Pericom." A slide presentation will accompany the conference call. To view the slides, please visit the investor relations section of www.pericom.com.

The Pericom financial results conference call will be available via a live webcast on the investor relations section of the web site at http://www.pericom.com. Access the web site 15 minutes prior to the start of the call to download and install any necessary audio software. An archived webcast replay will be available on the web site for approximately 90 days.

About Pericom

Pericom Semiconductor Corporation (NASDAQ: PSEM) enables serial connectivity with the industry's most complete solutions for the computing, communications, consumer and embedded market segments. Pericom's analog, digital and mixed-signal integrated circuits, along with its frequency control products are essential in the timing, switching, bridging and conditioning of high-speed signals required by today's ever-increasing speed and bandwidth demanding applications. Company headquarters is in Milpitas, California, with design centers and technical sales and support offices globally. Pericom and the Pericom logo are trademarks or registered trademarks of Pericom Semiconductor Corp in the U.S. and/or other countries. Our website is http://www.pericom.com.

Non-GAAP Financial Information

In addition to disclosing financial results calculated in accordance with U.S. generally accepted accounting principles (GAAP), this announcement of operating results contains non-GAAP financial measures that exclude the income statement effects of share-based compensation, amortization of intangible assets, fair value adjustments on acquired fixed assets, write-off of property and equipment, restructuring charge, lease restructuring and moving costs, goodwill impairment, write-off of government subsidy, release of tax reserves, tax provision on intercompany transactions and the effects of excluding share-based compensation upon the number of diluted shares used in calculating non-GAAP earnings per share.

We have excluded share-based compensation expense in calculating these non-GAAP financial measures. These expenses are non-cash in nature and rely on valuations of the future market price of our common stock that is difficult to predict and is affected by market factors that are largely not within the control of management. We have excluded amortization of intangible assets, amortization of fair value adjustments on acquired fixed assets, write-off of property and equipment, restructuring charge, lease restructuring and moving costs, goodwill impairment, write-off of government subsidy, release of tax reserves, tax provision on intercompany transactions and the corresponding tax effects because we do not consider them to be related to our core operating performance. We also use non-GAAP data in calculating certain metrics such as non-GAAP cost of goods sold in computing inventory days of supply.

We use the non-GAAP financial measures that exclude these items to make strategic decisions, forecast future results and evaluate the Company's current operating performance. We believe that the presentation of non-GAAP financial measures that exclude these items is useful to investors because we do not consider these charges either part of the day-to-day business or reflective of the core operational activities of the Company that are within the control of management or that are used to evaluate the Company's operating performance.

The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations to those financial statements should be carefully evaluated. The non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. The Company has provided reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures.

Safe Harbor Statement

This press release contains forward-looking statements as defined under The Securities Litigation Reform Act of 1995. Forward-looking statements in this release include statements by our CEO concerning future business and revenue growth and margin improvement and the statements under the captions "Fiscal Q1 2015 Outlook", which regard the anticipated revenues, gross margin, operating expenses, other income, and effective tax rate in the first fiscal quarter of 2015. The Company's actual results could differ materially from what is set forth in such forward-looking statements due to a variety of risk factors, including softness in demand for our products, price erosion for certain of our products, unexpected difficulties in developing new products, customer decisions to reduce inventory, economic or financial difficulties experienced by our customers, or technological and market changes. 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 our annual report on Form 10-K for the year ended June 29, 2013, our quarterly report on Form 10-Q for the quarter ended March 29, 2014, and in particular, the risk factors sections contained in those reports.


                     Pericom Semiconductor Corporation
              Condensed Consolidated Statements of Operations
                   (In thousands, except per share data)
                                (unaudited)

                              Three Months Ended        Twelve Months Ended
                         ----------------------------  --------------------
                         June 28, March 29,  June 29,   June 28,   June 29,
                           2014      2014      2013       2014       2013
                         -------- ---------  --------  ---------  ---------

Net revenues             $ 32,739 $  30,681  $ 31,707  $ 128,068  $ 129,255

Cost of revenues           19,188    18,175    19,791     76,983     81,388
                         -------- ---------  --------  ---------  ---------

  Gross profit             13,551    12,506    11,916     51,085     47,867

Operating expenses:

  Research and
   development              4,782     4,694     5,320     19,795     21,017

  Selling, general and
   administrative           8,100     7,407     7,217     30,320     29,581

  Goodwill impairment           -         -    16,899          -     16,899
                         -------- ---------  --------  ---------  ---------

    Total operating
     expenses              12,882    12,101    29,436     50,115     67,497
                         -------- ---------  --------  ---------  ---------

Income (loss) from
 operations                   669       405   (17,520)       970    (19,630)

Interest and other
 income, net                  456       802     1,277      2,792      4,024
                         -------- ---------  --------  ---------  ---------

Income (loss) before
 income taxes               1,125     1,207   (16,243)     3,762    (15,606)

Income tax expense
 (benefit)                    291      (421)      573       (230)     6,223
                         -------- ---------  --------  ---------  ---------

Net income (loss) from
 consolidated companies       834     1,628   (16,816)     3,992    (21,829)

Equity in net income of
 unconsolidated
 affiliates                    50        13        30        132        215
                         -------- ---------  --------  ---------  ---------

Net income (loss)        $    884 $   1,641  $(16,786) $   4,124  $ (21,614)
                         ======== =========  ========  =========  =========

Basic income (loss) per
 share                   $   0.04 $    0.07  $  (0.74) $    0.18  $   (0.93)
                         ======== =========  ========  =========  =========

Diluted income (loss)
 per share               $   0.04 $    0.07  $  (0.74) $    0.18  $   (0.93)
                         ======== =========  ========  =========  =========

Shares used in computing
 basic income (loss) per
 share                     22,123    22,659    22,783     22,594     23,251
                         ======== =========  ========  =========  =========

Shares used in computing
 diluted income (loss)
 per share                 22,338    22,880    22,783     22,797     23,251
                         ======== =========  ========  =========  =========



                      Pericom Semiconductor Corporation
                          Supplemental Information
                               (In thousands)
                                 (unaudited)

                                  Three Months Ended     Twelve Months Ended
                             --------------------------- -------------------
                             June 28, March 29, June 29,  June 28,  June 29,
                                2014     2014      2013     2014      2013
                             -------- --------- -------- --------- ---------

Share-based compensation
  Cost of revenues           $     37 $      40 $     41 $     163 $     187
  Research and development        229       257      309     1,096     1,282
  Selling, general and
   administrative                 329       420      447     1,533     1,871
                             -------- --------- -------- --------- ---------
    Share-based compensation
     expense                 $    595 $     717 $    797 $   2,792 $   3,340

Amortization of intangible
 assets
  Cost of revenues           $    478 $     483 $    486 $   1,930 $   1,926
  Research and development          -         -       50        67       206
  Selling, general and
   administrative                 247       249      245       992       972
                             -------- --------- -------- --------- ---------
    Amortization of
     intangible assets       $    725 $     732 $    781 $   2,989 $   3,104


                     Pericom Semiconductor Corporation
      Reconciliation of GAAP Net Income (Loss) to Non-GAAP Net Income
                               (In thousands)
                                (unaudited)

                               Three Months Ended       Twelve Months Ended
                         -----------------------------  -------------------
                         June 28,  March 29,  June 29,   June 28,  June 29,
                           2014       2014      2013       2014      2013
                         --------  ---------  --------  ---------  --------
GAAP net income (loss)   $    884  $   1,641  $(16,786) $   4,124  $(21,614)
Reconciling items:
  Share-based
   compensation expense       595        717       797      2,792     3,340
  Amortization of
   intangible assets          725        732       781      2,989     3,104
  Write off of equipment        -          -       184        210       184
  Fair value adjustment
   to depreciation
   expense on acquired
   fixed assets                51         51        51        204       201
  Goodwill impairment           -          -    16,899          -    16,899
  Restructuring charge         44         95         -        234         -
  Release of tax
   reserves                     -     (1,035)        -     (1,776)        -
  Write off of
   government subsidy         843          -         -        843         -
  Tax on intercompany
   transaction                  -          -       118         15     5,487
  Lease restructuring
   and moving costs             -          -         -        522         -
  Tax effect of
   adjustments               (321)      (383)     (420)    (1,699)   (1,633)
                         --------  ---------  --------  ---------  --------
    Total reconciling
     items                  1,937        177    18,410      4,334    27,582
                         --------  ---------  --------  ---------  --------
Non-GAAP net income      $  2,821  $   1,818  $  1,624  $   8,458  $  5,968
                         ========  =========  ========  =========  ========

         Reconciliation of GAAP Diluted EPS to Non-GAAP Diluted EPS
                                (unaudited)

Diluted net income
 (loss) per share:
  GAAP diluted income
   (loss) per share      $   0.04  $    0.07  $  (0.74) $    0.18  $  (0.93)
  Adjustments:
  Share-based
   compensation expense      0.03       0.03      0.03  $    0.12      0.15
  Amortization of
   intangible assets         0.03       0.03      0.04       0.12      0.13
  Write off of equipment        -          -      0.01       0.01      0.01
  Fair value adjustment
   to depreciation
   expense on acquired
   fixed assets                 -          -      0.01       0.01      0.01
  Goodwill impairment           -          -      0.72          -      0.72
  Restructuring charge          -       0.01         -       0.01         -
  Release of tax
   reserves                     -      (0.04)        -      (0.08)        -
  Write off of
   government subsidy        0.04          -         -       0.04         -
  Tax on intercompany
   transaction                  -          -      0.01          -      0.23
  Lease restructuring
   and moving costs             -          -         -       0.02         -
  Tax effect of
   adjustments              (0.02)     (0.02)    (0.02)     (0.07)    (0.07)
  Difference in share
   count                        -          -      0.01          -         -
                         --------  ---------  --------  ---------  --------
    Total adjustments        0.08       0.01      0.81       0.18      1.18
                         --------  ---------  --------  ---------  --------
Non-GAAP diluted income
 per share               $   0.12  $    0.08  $   0.07  $    0.36  $   0.25
                         ========  =========  ========  =========  ========

Shares used in diluted
 net income (loss) per
 share calculation:
  GAAP                     22,338     22,880    22,783     22,797    23,251
    Change in diluted
     shares from GAAP
     net loss to non-
     GAAP net income            -          -       117          -       139
    Exclude the benefit
     of share-based
     compensation
     expense (1)              486        526       467        457       451
                         --------  ---------  --------  ---------  --------
  Non-GAAP                 22,824     23,406    23,367     23,254    23,841
                         ========  =========  ========  =========  ========

(1) For purposes of calculating non-GAAP diluted net income per share, the
GAAP diluted weighted average shares outstanding is adjusted to exclude the
benefits of unamortized stock compensation costs that are treated as
proceeds assumed to be used to repurchase shares under the GAAP treasury
stock method.


                     Pericom Semiconductor Corporation
        Reconciliation of GAAP Gross Margin to Non-GAAP Gross Margin
                               (In thousands)
                                (unaudited)

                               Three Months Ended       Twelve Months Ended
                         -----------------------------  -------------------
                         June 28,  March 29,  June 29,   June 28,  June 29,
                           2014       2014      2013       2014      2013
                         --------  ---------  --------  ---------  --------
GAAP gross margin        $ 13,551  $  12,506  $ 11,916  $  51,085  $ 47,867
- % of revenues              41.4%      40.8%     37.6%      39.9%     37.0%
Reconciling items:
  Share-based
   compensation                37         40        41        163       187
  Amortization of
   intangible assets          478        483       486      1,930     1,926
  Fair value adjustment
   to depreciation
   expense on acquired
   fixed assets                10         10        10         40        40

                         --------  ---------  --------  ---------  --------
    Total reconciling
     items                    525        533       537      2,133     2,153
                         --------  ---------  --------  ---------  --------
Non-GAAP gross margin    $ 14,076  $  13,039  $ 12,453  $  53,218  $ 50,020
                         ========  =========  ========  =========  ========
- % of revenues              43.0%      42.5%     39.3%      41.6%     38.7%

        Reconciliation of GAAP R&D Expenses to Non-GAAP R&D Expenses
                                (unaudited)

GAAP research and
 development expenses    $  4,782  $   4,694  $  5,320  $  19,795  $ 21,017
- % of revenues              14.6%      15.3%     16.8%      15.5%     16.3%
Reconciling items:
  Share-based
   compensation              (229)      (257)     (309)    (1,096)   (1,282)
  Amortization of
   intangible assets            -          -       (50)       (67)     (206)
  Write off of equipment        -          -      (184)      (210)     (184)
  Fair value adjustment
   to depreciation
   expense on acquired
   fixed assets               (10)       (10)      (10)       (40)      (40)
  Restructuring charge        (28)       (59)        -       (165)        -
                         --------  ---------  --------  ---------  --------
    Total reconciling
     items                   (267)      (326)     (553)    (1,578)   (1,712)
                         --------  ---------  --------  ---------  --------
Non-GAAP research and
 development expenses    $  4,515  $   4,368  $  4,767  $  18,217  $ 19,305
                         ========  =========  ========  =========  ========
- % of revenues              13.8%      14.2%     15.0%      14.2%     14.9%

       Reconciliation of GAAP SG&A Expenses to Non-GAAP SG&A Expenses
                                (unaudited)

GAAP selling, general
 and administrative
 expenses                $  8,100  $   7,407  $  7,217  $  30,320  $ 29,581
- % of revenues              24.7%      24.1%     22.8%      23.7%     22.9%
Reconciling items:
  Share-based
   compensation              (329)      (420)     (447)    (1,533)   (1,871)
  Amortization of
   intangible assets         (247)      (249)     (245)      (992)     (972)
  Fair value adjustment
   to depreciation
   expense on acquired
   fixed assets               (31)       (31)      (31)      (124)     (121)
  Restructuring charge        (16)       (36)        -        (69)        -
  Lease restructuring
   and moving costs             -          -         -       (522)        -
  Write off of
   government subsidy        (843)         -         -       (843)        -
                         --------  ---------  --------  ---------  --------
    Total reconciling
     items                 (1,466)      (736)     (723)    (4,083)   (2,964)
                         --------  ---------  --------  ---------  --------
Non-GAAP selling,
 general and
 administrative expenses $  6,634  $   6,671  $  6,494  $  26,237  $ 26,617
                         ========  =========  ========  =========  ========
- % of revenues              20.3%      21.7%     20.5%      20.5%     20.6%


                      Pericom Semiconductor Corporation
                    Condensed Consolidated Balance Sheets
                               (In thousands)
                                 (unaudited)

                                                     As of         As of
                                                 June 28, 2014 June 29, 2013
                                                 ------------- -------------
    Assets

Current assets:

  Cash and cash equivalents                      $      33,020 $      30,844
  Short-term investments                                86,104        86,839
  Accounts receivable - trade                           24,036        22,105
  Inventories                                           12,288        14,844
  Prepaid expenses and other current assets              5,336         5,886
  Deferred income taxes                                    726           585
                                                 ------------- -------------
    Total current assets                               161,510       161,103

Property, plant and equipment-net                       58,537        60,959
Investments in unconsolidated affiliates                 2,445         2,525
Deferred income taxes non-current                        2,460         3,411
Intangible assets - net                                  7,009         9,944
Other assets                                             8,118         8,625
                                                 ------------- -------------
    Total assets                                 $     240,079 $     246,567
                                                 ============= =============


    Liabilities and Shareholders' Equity

Current liabilities:

  Accounts payable                               $       8,927 $      12,184
  Accrued liabilities                                    9,934         8,731
                                                 ------------- -------------
    Total current liabilities                           18,861        20,915

Industrial development subsidy                           6,354         7,263
Deferred tax liabilities                                 5,460         5,798
Other long-term liabilities                              1,912         3,700
                                                 ------------- -------------
    Total liabilities                                   32,587        37,676

Shareholders' equity:
  Common stock and paid in capital                     113,118       119,591
  Retained earnings and other comprehensive
   income                                               94,374        89,300
                                                 ------------- -------------
    Total shareholders' equity                         207,492       208,891
                                                 ------------- -------------

    Total liabilities and shareholders' equity   $     240,079 $     246,567
                                                 ============= =============


Contact:
Kevin Bauer
Pericom Semiconductor
Tel: 408 232-9100
Email Contact

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SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business - from apparel to energy - is being rewritten by software. From planning to development to management to security, CA creates software that fuels transformation for companies in the applic...
As many know, the first generation of Cloud Management Platform (CMP) solutions were designed for managing virtual infrastructure (IaaS) and traditional applications. But that’s no longer enough to satisfy evolving and complex business requirements. In his session at 21st Cloud Expo, Scott Davis, Embotics CTO, will explore how next-generation CMPs ensure organizations can manage cloud-native and microservice-based application architectures, while also facilitating agile DevOps methodology. He wi...
From 2013, NTT Communications has been providing cPaaS service, SkyWay. Its customer’s expectations for leveraging WebRTC technology are not only typical real-time communication use cases such as Web conference, remote education, but also IoT use cases such as remote camera monitoring, smart-glass, and robotic. Because of this, NTT Communications has numerous IoT business use-cases that its customers are developing on top of PaaS. WebRTC will lead IoT businesses to be more innovative and address...
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across business networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost as well as advance trade. Are you curious about how Blockchain is built for business? In her session at 21st Cloud Expo, René Bostic, Technical VP of the IBM Cloud Unit in North America, will discuss th...