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 the statements under the captions "Fiscal Q2 2013 Outlook", which regard the anticipated revenues, gross margin, operating expenses, other income, and effective tax rate in the second fiscal quarter of 2013, and statements from our CEO regarding challenging times, lack of improvement in the macro situation, and other future expectations. 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 30, 2012, and in particular, the risk factors section contained in that report.
Pericom Semiconductor Corporation
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(unaudited)
Three Months Ended
--------------------------------------
September 29, June 30, October 1,
2012 2012 2011
------------- ----------- -----------
Net revenues $ 36,749 $ 37,944 $ 35,332
Cost of revenues 22,838 24,396 22,795
------------- ----------- -----------
Gross profit 13,911 13,548 12,537
Operating expenses:
Research and development 5,323 5,460 5,316
Selling, general and
administrative 7,639 8,135 7,339
------------- ----------- -----------
Total operating expenses 12,962 13,595 12,655
------------- ----------- -----------
Income (loss) from operations 949 (47) (118)
Interest and other income, net 635 1,059 1,070
------------- ----------- -----------
Income before income taxes 1,584 1,012 952
Income tax expense 500 2,974 534
------------- ----------- -----------
Net income (loss) from consolidated
companies 1,084 (1,962) 418
Equity in net income of
unconsolidated affiliates 108 51 27
------------- ----------- -----------
Net income (loss) $ 1,192 $ (1,911) $ 445
============= =========== ===========
Basic income (loss) per share $ 0.05 $ (0.08) $ 0.02
============= =========== ===========
Diluted income (loss) per share $ 0.05 $ (0.08) $ 0.02
============= =========== ===========
Shares used in computing basic
income (loss) per share 23,543 23,611 24,491
============= =========== ===========
Shares used in computing diluted
income (loss) per share 23,740 23,611 24,583
============= =========== ===========
Pericom Semiconductor Corporation
Condensed Consolidated Statements of Operations
(In thousands)
(unaudited)
Three Months Ended
-------------------------------------
September 29, June 30, October 1
2012 2012 2011
------------- ----------- -----------
Share-based compensation
Cost of revenues $ 52 $ 50 $ 54
Research and development 322 335 371
Selling, general and administrative 467 518 549
------------- ----------- -----------
Share-based compensation expense $ 841 $ 903 $ 974
Amortization of intangible assets
Cost of revenues $ 477 $ 477 $ 454
Research and development 56 57 160
Selling, general and administrative 243 243 239
------------- ----------- -----------
Amortization of intangible assets $ 776 $ 777 $ 853
Pericom Semiconductor Corporation
Reconciliation of GAAP Net Income (Loss) to Non-GAAP Net Income
(In thousands)
(unaudited)
Three Months Ended
-----------------------------------
September 29, June 30, October 1
2012 2012 2011
------------- --------- ---------
GAAP net income (loss) $ 1,192 $ (1,911) $ 445
Reconciling items:
Share-based compensation expense 841 903 974
Amortization of intangible assets 776 777 853
Fair value adjustment to depreciation
expense on acquired fixed assets 50 50 50
Establishment of deferred tax asset
valuation allowance - 2,751 -
Write off of note receivable - 556 -
Tax effect of adjustments (402) (625) (478)
------------- --------- ---------
Total reconciling items 1,265 4,412 1,399
------------- --------- ---------
Non-GAAP net income $ 2,457 $ 2,501 $ 1,844
============= ========= =========
Reconciliation of GAAP Diluted EPS to Non-GAAP Diluted EPS
(unaudited)
Diluted net income (loss) per share:
GAAP diluted income per share $ 0.05 $ (0.08) $ 0.02
Adjustments:
Share-based compensation expense 0.04 0.04 0.04
Amortization of intangible assets 0.03 0.04 0.03
Establishment of deferred tax asset
valuation allowance - 0.11 -
Write off of note receivable - 0.02 -
Tax effect of adjustments (0.02) (0.03) (0.02)
------------- --------- ---------
Total adjustments 0.05 0.18 0.05
------------- --------- ---------
Non-GAAP diluted income per share $ 0.10 $ 0.10 $ 0.07
============= ========= =========
Shares used in diluted net income per
share calculation:
GAAP 23,740 23,611 24,583
Change in diluted shares from GAAP
net loss to non-GAAP net income - 182 -
Exclude the benefit of share-based
compensation expense (1) 308 379 423
------------- --------- ---------
Non-GAAP 24,048 24,172 25,006
============= ========= =========
(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.
