Pericom Semiconductor Reports Fiscal Q1 2009 Financial Results (Revenue up 14%)

 

 

 

 

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

                                               Three Months Ended
                               Sep 27              Jun 28           Sep 29
                                2008                2008             2007

    Net revenues          $    43,896       $      43,373       $   38,468

    Cost of revenues           27,914              27,768           24,467

    Gross profit               15,982              15,605           14,001

    Operating expenses:

    Research and
     development                4,221               4,296            4,082

    Selling, general and
     administrative             6,901               6,294            5,839

    Total                      11,122              10,590            9,921

    Income from
     operations                 4,860               5,015            4,080

    Interest and other
     income                     1,106               1,606            1,370

    Other than temporary
     decline in value of
     investment                   (44)                (24)               0

    Income before income
     taxes                      5,922               6,597            5,450

    Income tax expense          2,069               2,132            1,691

    Minority interest in
     (income) loss in
     consolidated
     subsidiary                   (45)                (53)               3

    Equity in income
     (loss) of investees          117                 181              121

    Net income            $     3,925       $       4,593       $    3,883

    Basic income per
     share                $      0.15       $        0.18       $     0.15

    Diluted income per
     share                $      0.15       $        0.17       $     0.15

    Shares used in
     computing basic
     income
     per share                 25,679              25,480           25,745

    Shares used in
     computing diluted
     income
     per share                 26,239              26,472           26,379



 

 

 

                               Pericom Semiconductor Corporation
                             Condensed Consolidated Balance Sheets
                                        (In thousands)

                                                          As of           As  of
                                                                                                                  Sept  27,        Jun  28,
                                                                                                                      2008              2008
                                                                                                              (unaudited)          (1)

                                                Assets

        Current  Assets:

        Cash  &  cash  equivalents                                                    $        39,069  $    41,646
        Short-term  investments                                                                45,589        72,108
        Accounts  receivable                                                                      32,397        29,002
        Other  receivables                                                                            1,817          1,684
        Inventories                                                                                      18,740        17,921
        Prepaid  expenses  and  other  current  assets                            4,895          5,943
        Deferred  income  taxes                                                                    3,996          3,344
        Total  current  assets                                                                  146,503      171,648

        Property  and  equipment,  net                                                      28,751        29,173
        Investments  in  unconsolidated  Affiliates                            10,452        10,392
        Deferred  income  taxes-non  current                                            4,554          4,543
        Long-term  investment  in  marketable  securities                  36,332        10,171
        Goodwill                                                                                              1,325          1,325
        Intangible  assets                                                                            1,090          1,140
        Other  assets                                                                                      3,343          3,191
        Total  assets                                                                          $      232,350  $  231,583


              Liabilities  and  Shareholders'  Equity

        Current  liabilities:

        Accounts  payable                                                                  $        14,831  $    13,431
        Accrued  liabilities                                                                        7,874          8,779
        Total  current  liabilities                                                          22,705        22,210

        Deferred  tax  liabilities                                                                  800              800
        Non-current  tax  liabilities                                                        1,018                  -
        Minority  interest  in  consolidated    subsidiaries                1,163          1,118
        Total  liabilities                                                                          25,686        24,128

        Shareholders'  equity:
        Common  stock                                                                                  130,580      132,028
        Retained  earnings  and  other                                                      76,084        75,427
        Total  shareholders'  equity                                                      206,664      207,455

        Total  liabilities  and  shareholders'  Equity              $      232,350  $  231,583

        (1)  Information  derived  from  the  audited  Consolidated  Financial
                Statements.



 

Web site: http://www.pericom.com/



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