Pericom Semiconductor Reports Fiscal Third Quarter 2012 Financial Results

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, restructuring charges, amortization of the fair value adjustments related to acquired inventory, acquisition related expenses, the gain on the previously held interest in PTI, and the corresponding tax effect because we do not consider them to be related to our core operating performance.

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 the statements under the captions "Fiscal Q4 2012 Outlook", which regard the anticipated revenues, gross margin, operating expenses, other income, and effective tax rate in the fourth fiscal quarter of 2012, and statements from our CEO regarding improving demand and future deployment of our PCIe Gen 3 product solution in next generation servers, 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 July 2, 2011, subsequent quarterly reports on Form 10-Q, 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        Nine Months Ended 
                           ----------------------------  -------------------
                             March   December              March            
                              31,       31,    April 2,     31,     April 2,
                             2012      2011      2011      2012       2011  
                           --------  --------  --------  --------  ---------
                                                                            
Net revenues               $ 33,378  $ 30,481  $ 39,555  $ 99,191  $ 123,001
                                                                            
Cost of revenues             21,789    19,504    27,190    64,088     82,488
                           --------  --------  --------  --------  ---------
                                                                            
  Gross profit               11,589    10,977    12,365    35,103     40,513
                                                                                                                               
Operating  expenses:                                                                                                                  
                                                                                                                                                        
    Research  and  development        5,669          5,277          5,238        16,262          14,695
                                                                                                                                                        
    Selling,  general  and                                                                                                            
      administrative                          7,114          7,060          7,231        21,513          21,960
                                                      --------    --------    --------    --------    ---------
                                                                                                                                                        
        Total  operating                                                                                                                  
          expenses                                12,783        12,337        12,469        37,775          36,655
                                                      --------    --------    --------    --------    ---------
                                                                                                                                                        
Income  (loss)  from                                                                                                                    
  operations                                    (1,194)      (1,360)          (104)      (2,672)          3,858
                                                                                                                                                        
Interest  and  other  income,                                                                                                    
  net                                                        847              638          1,132          2,555          13,683
                                                      --------    --------    --------    --------    ---------
                                                                                                                                                        
Income  (loss)  before                                                                                                                
  income  taxes                                    (347)          (722)        1,028            (117)        17,541
                                                                                                                                                        
Income  tax  expense                                                                                                                    
  (benefit)                                            (76)          (335)            514              123            6,338
                                                      --------    --------    --------    --------    ---------
                                                                                                                                                        
Net  income  (loss)  from                                                                                                            
  consolidated  companies                (271)          (387)            514            (240)        11,203
                                                                                                                                                        
Equity  in  net  income  of                                                                                                          
  unconsolidated  affiliates                4                52                17                83                651
                                                      --------    --------    --------    --------    ---------
                                                                                                                                                        
Net  income  (loss)                    $      (267)  $      (335)  $        531    $      (157)  $    11,854
                                                      ========    ========    ========    ========    =========
                                                                                                                                                        
Basic  income  (loss)  per                                                                                                          
  share                                          $    (0.01)  $    (0.01)  $      0.02    $    (0.01)  $        0.48
                                                      ========    ========    ========    ========    =========
                                                                                                                                                        
Diluted  income  (loss)  per                                                                                                      
  share                                          $    (0.01)  $    (0.01)  $      0.02    $    (0.01)  $        0.47
                                                      ========    ========    ========    ========    =========
                                                                                                                                                        
Shares  used  in  computing                                                                                                        
  basic  income  (loss)  per                                                                                                        
  share                                              24,030        24,244        24,993        24,255          24,926
                                                      ========    ========    ========    ========    =========
                                                                                                                                                        
Shares  used  in  computing                                                                                                        
  diluted  income  (loss)  per                                                                                                    
  share                                              24,030        24,244        25,341        24,255          25,291
                                                      ========    ========    ========    ========    =========
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                            Pericom  Semiconductor  Corporation                                          
                              Condensed  Consolidated  Statements  of  Operations                            
                                                              (In  thousands)                                                              
                                                                  (unaudited)                                                                
                                                                                                                                                        
                                                                  Three  Months  Ended              Nine  Months  Ended  
                                                      -----------------------------  -------------------
                                                                            December                                                            
                                                      March  31,        31,          April  2,  March  31,    April  2,
                                                            2012            2011            2011            2012            2011    
                                                      ---------  ---------  ---------  ---------  ---------
                                                                                                                                                        
Share-based  compensation                                                                                                        
    Cost  of  revenues                  $            60  $            47  $            62  $          161  $          192
    Research  and  development              371              357              421          1,099          1,164
    Selling,  general  and                                                                                                            
      administrative                                496              528              708          1,573          1,899
                                                      ---------  ---------  ---------  ---------  ---------
        Share-based                                                                                                                          
          compensation  expense    $          927  $          932  $      1,191  $      2,833  $      3,255
                                                                                                                                                        
Amortization  of  intangible                                                                                                    
  assets                                                                                                                                          
    Cost  of  revenues                  $          334  $          331  $          338  $      1,119  $      1,171
    Research  and  development              201              167                57              528              165
    Selling,  general  and                                                                                                            
      administrative                                243              241              233              723              539
                                                      ---------  ---------  ---------  ---------  ---------
        Amortization  of                                                                                                                  
          intangible  assets          $          778  $          739  $          628  $      2,370  $      1,875
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                          Pericom  Semiconductor  Corporation                                            
            Reconciliation  of  GAAP  Net  Income  (Loss)  to  Non-GAAP  Net  Income              
                                                              (In  thousands)                                                              
                                                                (unaudited)                                                                  
                                                                                                                                                        
                                                                Three  Months  Ended                Nine  Months  Ended  
                                                      ----------------------------    ------------------  
                                                          March      December                            March                        
                                                            31,              31,        April  2,          31,        April  2,  
                                                          2012            2011            2011            2012            2011      
                                                      --------    --------    --------    --------    --------  
GAAP  net  income  (loss)          $      (267)  $      (335)  $        531    $      (157)  $  11,854  
Reconciling  items:                                                                                                                    
    Share-based  compensation                                                                                                    
      expense                                            927              932          1,191          2,833          3,255  
    Amortization  of                                                                                                                      
      intangible  assets                        778              739              628          2,370          1,875  
    Fair  value  adjustment                                                                                                          
      amortization  on                                                                                                                    
      acquired  inventory                          -                  -                  -                  -              614  
    Gain  on  previously  held                                                                                                      
      interest  at  PTI                                -                  -                  -                  -      (11,004)
    Acquisition-related                                                                                                              
      costs                                                    -                  -                  -                  -              598  
    Interest  expense  accrual                                                                                                    
      relating  to  PTI                                                                                                                    
      acquisition  earnout                        -                  -              204                  -              482  
    Fair  value  adjustment  to                                                                                                    
      depreciation  expense  on                                                                                                    
      acquired  fixed  assets                  50                50                49              150              110  
    Compensation  expense                                                                                                            
      accrual  relating  to  PTI                                                                                                    
      acquisition                                        -                  -              360                  -              847  
    Restructuring  charge                    460                  -              118              460              118  
    Tax  effect  of                                                                                                                          
      adjustments                                  (285)          (428)          (606)      (1,191)        2,118  
                                                      --------    --------    --------    --------    --------  
        Total  reconciling                                                                                                              
          items                                        1,930          1,293          1,944          4,622            (987)
                                                      --------    --------    --------    --------    --------  
Non-GAAP  net  income                $    1,663    $        958    $    2,475    $    4,465    $  10,867  
                                                      ========    ========    ========    ========    ========  
                                                                                                                                                        
                  Reconciliation  of  GAAP  Diluted  EPS  to  Non-GAAP  Diluted  EPS                  
                                                                (unaudited)                                                                  
                                                                                                                                                        
Diluted  net  income  (loss)                                                                                                      
  per  share:                                                                                                                                  
    GAAP  diluted  income                                                                                                              
      (loss)  per  share                $    (0.01)  $    (0.01)  $      0.02    $    (0.01)  $      0.47  
    Adjustments:                                                                                                                            
    Share-based  compensation                                                                                                    
      expense                                          0.04            0.04            0.05            0.11            0.13  
    Amortization  of                                                                                                                      
      intangible  assets                      0.03            0.03            0.02            0.09            0.07  
    Fair  value  adjustment                                                                                                          
      amortization  on                                                                                                                    
      acquired  inventory                          -                  -                  -                  -            0.03  
    Gain  on  previously  held                                                                                                      
      interest  at  PTI                                -                  -                  -                  -          (0.44)
    Acquisition-related                                                                                                              
      costs                                                    -                  -                  -                  -            0.02  
    Interest  expense  accrual                                                                                                    
      relating  to  earnout                        -                  -            0.01                  -            0.02  
    Fair  value  adjustment  to                                                                                                    
      depreciation  expense  on                                                                                                    
      acquired  fixed  assets                    -                  -                  -            0.01            0.01  
    Compensation  expense                                                                                                            
      accrual  relating  to  PTI                                                                                                    
      acquisition                                        -                  -            0.01                  -            0.03  
    Restructuring  charge                  0.02                  -            0.01            0.02            0.01  
    Tax  effect  of                                                                                                                          
      adjustments                                (0.01)        (0.02)        (0.02)        (0.05)          0.08  
                                                      --------    --------    --------    --------    --------  
        Total  adjustments                    0.08            0.05            0.08            0.19          (0.04)
                                                      --------    --------    --------    --------    --------  
    Non-GAAP  diluted  income                                                                                                      
      per  share                              $      0.07    $      0.04    $      0.10    $      0.18    $      0.43  
                                                      ========    ========    ========    ========    ========  
                                                                                                                                                        
Shares  used  in  diluted  net                                                                                                    
  income  (loss)  per  share                                                                                                        
  calculation:                                                                                                                              
    GAAP                                              24,030        24,244        25,341        24,255        25,291  
        Change  in  diluted                                                                                                              
          shares  from  GAAP  net                                                                                                      
          loss  to  non-GAAP  net                                                                                                      
          income                                          105              111                  -              103                  -  
        Exclude  the  benefit  of                                                                                                    
          share-based                                                                                                                        
          compensation  expense                                                                                                      
          (1)                                                370              334              362              375              324  
                                                      --------    --------    --------    --------    --------  
    Non-GAAP                                      24,505        24,689        25,703        24,733        25,615  
                                                      ========    ========    ========    ========    ========  
                                                                                                                                                        
(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                Nine  Months  Ended  
                                                      ----------------------------    ------------------  
                                                          March      December                            March                        
                                                            31,              31,        April  2,          31,        April  2,  
                                                          2012            2011            2011            2012            2011      
                                                      --------    --------    --------    --------    --------  
GAAP  gross  margin                    $  11,589    $  10,977    $  12,365    $  35,103    $  40,513  
  -  %  of  revenues                              34.7%          36.0%          31.3%          35.4%          32.9%
Reconciling  items:                                                                                                                    
    Share-based  compensation              60                47                62              161              192  
    Amortization  of                                                                                                                      
      intangible  assets                        334              331              338          1,119          1,171  
    Fair  value  adjustment                                                                                                          
      amortization  on                                                                                                                    
      acquired  inventory                          -                  -                  -                  -              614  
    Fair  value  adjustment  to                                                                                                    
      depreciation  expense  on                                                                                                    
      acquired  fixed  assets                  10                10                10                30                20  
    Compensation  expense                                                                                                            
      accrual  relating  to  PTI                                                                                                    
      acquisition                                        -                  -              105                  -              246  
    Restructuring  charge                      78                  -                  -                78                  -  
                                                      --------    --------    --------    --------    --------  
        Total  reconciling                                                                                                              
          items                                            482              388              515          1,388          2,243  
                                                      --------    --------    --------    --------    --------  
Non-GAAP  gross  margin            $  12,071    $  11,365    $  12,880    $  36,491    $  42,756  
                                                      ========    ========    ========    ========    ========  
  -  %  of  revenues                              36.2%          37.3%          32.6%          36.8%          34.8%
                                                                                                                                                        
                Reconciliation  of  GAAP  R&D  Expenses  to  Non-GAAP  R&D  Expenses                
                                                                (unaudited)                                                                  
                                                                                                                                                        
GAAP  research  and                                                                                                                      
  development  expenses            $    5,669    $    5,277    $    5,238    $  16,262    $  14,695  
  -  %  of  revenues                              17.0%          17.3%          13.2%          16.4%          11.9%
Reconciling  items:                                                                                                                    
    Share-based  compensation          (371)          (357)          (421)      (1,099)      (1,164)
    Amortization  of                                                                                                                      
      intangible  assets                      (201)          (167)            (57)          (528)          (165)
    Fair  value  adjustment  to                                                                                                    
      depreciation  expense  on                                                                                                    
      acquired  fixed  assets                (10)            (10)            (10)            (30)            (27)
    Compensation  expense                                                                                                            
      accrual  relating  to  PTI                                                                                                    
      acquisition                                        -                  -            (117)                -            (276)
    Restructuring  charge                  (164)                -                  -            (164)                -  
                                                      --------    --------    --------    --------    --------  
        Total  reconciling                                                                                                              
          items                                          (746)          (534)          (605)      (1,821)      (1,632)
                                                      --------    --------    --------    --------    --------  
Non-GAAP  research  and                                                                                                              
  development  expenses            $    4,923    $    4,743    $    4,633    $  14,441    $  13,063  
                                                      ========    ========    ========    ========    ========  
  -  %  of  revenues                              14.7%          15.6%          11.7%          14.6%          10.6%
                                                                                                                                                        
              Reconciliation  of  GAAP  SG&A  Expenses  to  Non-GAAP  SG&A  Expenses              
                                                                (unaudited)                                                                  
                                                                                                                                                        
GAAP  selling,  general  and                                                                                                      
  administrative  expenses      $    7,114    $    7,060    $    7,231    $  21,513    $  21,960  
  -  %  of  revenues                              21.3%          23.2%          18.3%          21.7%          17.9%
Reconciling  items:                                                                                                                    
    Share-based  compensation          (496)          (528)          (708)      (1,573)      (1,899)
    Amortization  of                                                                                                                      
      intangible  assets                      (243)          (241)          (233)          (723)          (539)
    Acquisition-related                                                                                                              
      costs                                                    -                  -                  -                  -            (598)
    Fair  value  adjustment  to                                                                                                    
      depreciation  expense  on                                                                                                    
      acquired  fixed  assets                (30)            (30)            (29)            (90)            (63)
    Compensation  expense                                                                                                            
      accrual  relating  to  PTI                                                                                                    
      acquisition                                        -                  -            (138)                -            (325)
    Restructuring  charge                  (218)                -            (118)          (218)          (118)
                                                      --------    --------    --------    --------    --------  
        Total  reconciling                                                                                                              
          items                                          (987)          (799)      (1,226)      (2,604)      (3,542)
                                                      --------    --------    --------    --------    --------  
Non-GAAP  selling,  general                                                                                                      
  and  administrative                                                                                                                  
  expenses                                    $    6,127    $    6,261    $    6,005    $  18,909    $  18,418  
                                                      ========    ========    ========    ========    ========  
  -  %  of  revenues                              18.4%          20.5%          15.2%          19.1%          15.0%
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                            Pericom  Semiconductor  Corporation                                          
                                        Condensed  Consolidated  Balance  Sheets                                      
                                                              (In  thousands)                                                              
                                                                  (unaudited)                                                                
                                                                                                                                                        
                                                                                                        As  of                    As  of        
                                                                                              March  31,  2012    July  2,  2011  
                                                                                              --------------  --------------
                                        Assets                                                                                                    
                                                                                                                                                        
Current  assets:                                                                                                                          
                                                                                                                                                        
    Cash  and  cash  equivalents                                        $              19,823  $              30,023
    Restricted  cash                                                                                      -                    2,947
    Short-term  investments                                                              79,021                  76,266
    Accounts  receivable  -  trade                                                    21,368                  28,185
    Inventories                                                                                    17,185                  21,942
    Prepaid  expenses  and  other  current  assets                          7,455                    7,788
    Deferred  income  taxes                                                                  2,419                    2,564
                                                                                              --------------  --------------
        Total  current  assets                                                            147,271                169,715
                                                                                                                                                        
Property,  plant  and  equipment-net                                            57,262                  60,859
Investments  in  unconsolidated  affiliates                                2,724                    2,596
Deferred  income  taxes  non-current                                              4,284                    4,324
Long-term  investments  in  marketable  securities                  26,132                  21,282
Goodwill                                                                                              16,779                  16,669
Intangible  assets-net                                                                    13,601                  15,690
Other  assets                                                                                        9,748                    9,881
                                                                                              --------------  --------------
        Total  assets                                                              $            277,801  $            301,016
                                                                                              ==============  ==============
                                                                                                                                                        
                                                                                                                                                        
          Liabilities  and  Shareholders'  Equity                                                                      
                                                                                                                                                        
Current  liabilities:                                                                                                                
                                                                                                                                                        
    Short-term  debt                                                            $                3,840  $                8,671
    Accounts  payable                                                                          11,748                  12,221
    Accrued  liabilities                                                                      7,907                  19,645
                                                                                              --------------  --------------
        Total  current  liabilities                                                    23,495                  40,537
                                                                                                                                                        
Industrial  development  subsidy                                                    8,252                    9,075
Deferred  income  tax  liabilities                                                  6,330                    6,605
Other  long-term  liabilities                                                          1,934                    2,074
                                                                                              --------------  --------------
        Total  liabilities                                                                    40,011                  58,291
                                                                                                                                                        
Shareholders'  equity:                                                                                                              
    Common  stock  and  paid  in  capital                                        125,090                130,960
    Retained  earnings  and  other  comprehensive                                                                  
      income                                                                                          112,700                111,765
                                                                                              --------------  --------------
        Total  shareholders'  equity                                                237,790                242,725
                                                                                              --------------  --------------
                                                                                                                                                        
        Total  liabilities  and  shareholders'  equity  $            277,801  $            301,016
                                                                                              ==============  ==============
                                                                                                                                                        
 




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