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Pericom Semiconductor Reports Fiscal Fourth Quarter and Annual 2013 Financial Results

Pericom Semiconductor Reports Fiscal Fourth Quarter and Annual 2013 Financial 
Results 
SAN JOSE, CA -- (Marketwired) -- 08/06/13 --  Pericom Semiconductor
Corporation (NASDAQ: PSEM) 


 
--  Q4 revenues increased 4.4% sequentially.
--  Q4 gross margin increased by 187 bps sequentially and 188 bps
    year-over-year.
--  We are raising guidance for revenues and operating profit.

  
Pericom Semiconductor Corporation (NASDAQ: PSEM), a worldwide supplier
of high performance connectivity and timing solutions, today
announced results for its fiscal 2013 fourth quarter and year ended
June 29, 2013.  
Net revenues for the fourth quarter were $31.7 million, an increase
of 4.4% from the $30.4 million reported in the third quarter of
fiscal 2013, and down 16.4% from the $37.9 million reported in the
comparable period last year. The revenue increase from the prior
quarter reflects strength from the server, storage and consumer
end-market segments. Net revenues for the fiscal year 2013 were
$129.3 million, a decrease of 5.7% from the $137.1 million reported
last year. The book-to-bill ratio for the fiscal fourth quarter was
greater than 1.0. 
GAAP gross margin was 37.6% in the fourth quarter, an increase from
35.7% last quarter and also from the comparable period last year. On
a non-GAAP basis, gross margin was 39.3% in the fourth quarter, which
reflects exclusion of share-based compensation, amortization of
intangible assets and amortization of fair value adjustments on
acquired fixed assets. The comparable non-GAAP gross margins were
37.5% last quarter and 37.1% in the comparable period last year. The
GAAP gross margin was 37.0% for the full fiscal year of 2013, an
increase of 156 basis points from the 35.5% reported for fiscal year
2012. On a non-GAAP basis, the fiscal year 2013 gross margin was
38.7%, and increased by 182 basis points from fiscal year 2012's
gross margin of 36.9%. 
GAAP net loss for the fourth quarter was $16.8 million, or $0.74 per
diluted share, compared with net loss of $681,000, or $0.03 per
diluted share in the third quarter, and net loss of $1.9 million, or
$0.08 per diluted share in the comparable period last year. GAAP net
income for all periods included share-based compensation,
amortization of intangible assets and amortization of fair value
adjustments. The fiscal 2013 fourth quarter also included a $16.9
million charge for goodwill impairment and a $184,000 write off of
equipment, and the third and fourth quarters of fiscal 2013 also
included tax provisions totaling $500,000 resulting from intercompany
transactions. The fiscal 2012 fourth quarter also included
establishment of a $2.8 million deferred tax asset valuation
allowance relating to California tax credits that may not be utilized
in the future and a $0.6 million note receivable write off. Excluding
these items, non-GAAP net income for the fourth quarter was $1.6
million, or $0.07 per diluted share, compared with non-GAAP net
income of $965,000 or $0.04 per diluted share in the third quarter,
and non-GAAP net income of $2.5 million, or $0.10 per diluted share
in the comparable period last year. For the full fiscal year 2013,
GAAP net loss was $21.6 million, or $0.93 per diluted share, compared
with GAAP net loss of $2.1 million, or $0.09 per diluted share in
fiscal year 2012. For the full fiscal year 2013, non-GAAP net income
was $6.0 million, or $0.25 per diluted share, compared with $7.0
million, or $0.28 per diluted share in fiscal year 2012. 
As mentioned above, Pericom recorded a goodwill impairment charge in
the fourth quarter. Under accounting guidelines, companies are
required to conduct an annual goodwill impairment test. Pericom's
goodwill resulted primarily from the 2010 acquisition of the
remaining interest in Pericom Technology Inc. ("PTI"). As a result of
the 2013 impairment review, Pericom determined that $16.9 million of
goodwill was impaired.  
The balance sheet remained very strong with cash and investments in
marketable securities of $118 million or $5.17 per diluted share at
the end of the fourth quarter. Inventory increased $970,000 on a
sequential basis to $14.8 million, which represents 70 days of supply
based on non-GAAP cost of goods sold. At quarter-end, working capital
was $82.8 million and the current ratio was 5.0. 
"We were pleased to deliver fourth quarter non-GAAP gross margin and
net income above the high end of our previous guidance," said Alex
Hui, President and CEO of Pericom. "Our strategic focus is to expand
business from networking, cloud computing and embedded customers with
our serial connectivity and timing solutions. We are beginning to
realize positive results from our strategic initiatives and we are
excited by the opportunities we see ahead of us." 
New Products  
In the fourth quarter of fiscal 2013, Pericom introduced a total of
27 new products in our Signal Integrity, Connectivity, and Timing
product areas. All of these new products are applicable for our
target market segments, and were sampled to key customers during the
quarter.  
We introduced 16 new products across our Connectivity product
families which included a power management load switch, a USB
charger, switches for the MPS family, USB and Thunderbolt, and HiFlex
ASSP IC. 
We also expanded our Timing solutions for next generation platforms
with 10 new products including TCXO, XO, High Performance and
Embedded Clock Generators, and Clock Buffers.  
For Signal Integrity, we introduced 1 new product targeting SAS3 12Gb
storage applications. 
Share Repurchase Update 
On April 26, 2012 the Board authorized a repurchase program for up to
$25 million of shares of our common stock. Pursuant to this
authorization, the Company repurchased 252,836 shares in the three
months ended June 29, 2013 for an aggregate cost of $1.7 million and
an average per share purchase price of $6.56. The remaining balance
of potential share repurchases under the authorization is
approximately $17.9 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 July 26, 2013, Pericom had
approximately 22.8 million shares of common stock outstanding. 
Fiscal Q1 2014 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 $31.7 million to $33.7
    million.
    
    
--  GAAP gross margins are expected to be between 36.4% and 38.4%, and
    adjusting for share-based compensation, amortization of intangibles
    and fair value adjustments that are expected to total approximately
    1.6%, non-GAAP gross margins are expected to be in the 38.0% to 40.0%
    range.
    
    
--  GAAP operating expenses are expected to be between $12.3 million and
    $12.7 million, and adjusting for share-based compensation,
    amortization of intangibles and fair value adjustments that are
    expected to total approximately $1.1 million, non-GAAP operating
    expenses are expected to be in the range of $11.2 million to $11.6
    million.
    
    
--  Other income is expected to be between $0.5 million and $0.7 million
    on a GAAP basis and on a non-GAAP basis.
    
    
--  The effective tax rate is expected to be approximately 34-38% on a
    GAAP basis and 24-28% 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, 2013. 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.  
A taped replay of the conference call will be made available for the
period from this evening through midnight on Monday, August 12th. To
listen to the replay, dial toll-free (855) 859-2056 and reference
conference ID 24358867. 
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 San Jose, 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 equipment,
goodwill impairment, restructuring charge, establishment of a
deferred tax asset valuation allowance, note receivable write off, a
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 equipment,
goodwill impairment, restructuring charge, establishment of a
deferred tax valuation allowance, note receivable write off, a 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 the statements under the captions
"Fiscal Q1 2014 Outlook", which regard the anticipated revenues,
gross margin, operating expenses, other income, and effective tax
rate in the first fiscal quarter of 2014, and statements from our CEO
regarding expanding our customer base 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, 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        Twelve Months Ended  
                       -----------------------------  --------------------- 
                        June 29,  March 30, June 30,   June 29,   June 30,  
                          2013      2013      2012       2013       2012    
                       ---------  --------  --------  ---------  ---------- 
                                                                            
Net revenues           $  31,707  $ 30,366  $ 37,944  $ 129,255  $  137,135 
                                                                            
Cost of revenues          19,791    19,521    24,396     81,388      88,484 
                       ---------  --------  --------  ---------  ---------- 
                                                                            
  Gross profit            11,916    10,845    13,548     47,867      48,651 
                                                                            
Operating expenses:                                                         
        
                                                                    
  Research and                                                              
   development             5,320     5,277     5,460     21,017      21,722 
                                                                            
  Selling, general and                                                      
   administrative          7,217     7,193     8,135     29,581      29,648 
                                                                            
  Goodwill impairment     16,899         -         -     16,899           - 
                       ---------  --------  --------  ---------  ---------- 
                                                                            
    Total operating                                                         
     expenses             29,436    12,470    13,595     67,497      51,370 
                       ---------  --------  --------  ---------  ---------- 
                                                                            
Income (loss) from                                                          
 operations              (17,520)   (1,625)      (47)   (19,630)     (2,719)
                                                                            
Interest and other                                                          
 income, net               1,277     1,318     1,059      4,024       3,614 
                       ---------  --------  --------  ---------  ---------- 
                                                                            
Income (loss) before                                                        
 income taxes            (16,243)     (307)    1,012    (15,606)        895 
                                                                            
Income tax expense                                                          
 (benefit)                   573       395     2,974      6,223       3,097 
                       ---------  --------  --------  ---------  ---------- 
                                                                            
Net income (loss) from                                                      
 consolidated                                                               
 companies               (16,816)     (702)   (1,962)   (21,829)     (2,202)
                                                                            
Equity in net income                                                        
 of unconsolidated                                                          
 affiliates                   30        21        51        215         134 
                       ---------  --------  --------  ---------  ---------- 
                                                                            
Net income (loss)      $ (16,786) $   (681) $ (1,911) $ (21,614) $   (2,068)
                       =========  ========  ========  =========  ========== 
                                                                            
Basic income (loss)                                                         
 per share             $   (0.74) $  (0.03) $  (0.08) $   (0.93) $    (0.09)
                       =========  ========  ========  =========  ========== 
                                                                            
Diluted income (loss)                                                       
 per share             $   (0.74) $  (0.03) $  (0.08) $   (0.93) $    (0.09)
                       =========  ========  ========  =========  ========== 
                                                                            
Shares used in                                                              
 computing basic                                                            
 income (loss) per                                                          
 share                    22,783    23,162    23,611     23,251      24,094 
                       =========  ========  ====
====  =========  ========== 
                                                                            
Shares used in                                                              
 computing diluted                                                          
 income (loss) per                                                          
 share                    22,783    23,162    23,611     23,251      24,094 
                       =========  ========  ========  =========  ========== 
                                                                            
                                                                            
                                                                            
                      Pericom Semiconductor Corporation                     
               Condensed Consolidated Statements of Operations              
                               (In thousands)                               
                                 (unaudited)                                
                                                                            
                                 Three Months Ended      Twelve Months Ended
                           ----------------------------- -------------------
                            June 29, March 30,  June 30,  June 29,  June 30,
                              2013      2013      2012      2013      2012  
                           --------- --------- --------- --------- ---------
                                                                            
Share-based compensation                                                    
  Cost of revenues         $      41 $      51 $      50 $     187 $     211
  Research and development       309       317       335     1,282     1,434
  Selling, general and                                                      
   administrative                447       474       518     1,871     2,091
                           --------- --------- --------- --------- ---------
    Share-based                                                             
     compensation expense  $     797 $     842 $     903 $   3,340 $   3,736
                                                                            
Amortization of intangible                                                  
 assets                                                                     
  Cost of revenues         $     486 $     482 $     477 $   1,926 $   1,596
  Research and development        50        51        57       206       585
  Selling, general and                                                      
   administrative                245       242       243       972       966
                           --------- --------- --------- --------- ---------
    Amortization of                                                         
     intangible assets     $     781 $     775 $     777 $   3,104 $   3,147
                                                                            
                                                                            
                                                                            
                     Pericom Semiconductor Corporation                      
      Reconciliation of GAAP Net Income (Loss) to Non-GAAP Net Income       
                               (In thousands)                               
                                (unaudited)                                 
                                                                            
                               Three Months Ended       Twelve Months Ended 
                         -----------------------------  ------------------- 
                          June 29,  March 30, June 30,   June 29,  June 30, 
                            2013      2013      2012       2013      2012   
                         ---------  --------  --------  ---------  -------- 
GAAP net income (loss)   $ (16,786) $   (681) $ (1,911) $ (21,614) $ (2,068)
Reconciling items:                                                          
  Share-based                                                               
   compensation expense        797       842       903      3,340     3,736 
  Amortization of                                                           
   intangible assets           781       775       777      3,104     3,147 
  Write off of equipment       184         -         -        184         - 
  Fair value adjustment                                                     
   to depreciation                                                          
   expense on acquired                                                      
   fixed assets                 51        50        50        201       200 
  Goodwill impairment       16,899         -         -     16,899         - 
  Restructuring charge           -         -         -          -       460 
  Establishment of                                                          
   deferred tax asset                                                       
   valuation allowance           -         -     2,751          -     2,751 
  Write off of note                                                         
   receivable                    -         -       556          -       556 
  Tax on intercompany                                                       
   transaction                 118       382         -      5,487         - 
  Tax effect of                                                             
   adjustments                (420)     (403)     (625)    (1,633)   (1,816)
                         ---------  --------  --------  ---------  -------- 
    Total reconciling                                                       
     items                  18,410     1,646     4,412     27,582     9,034 
                         ---------  --------  --------  ---------  -------- 
Non-GAAP net income      $   1,624  $    965  $  2,501  $   5,968  $  6,966 
                         =========  ========  ========  =========  ======== 
                                                                            
         Reconciliation of GAAP Diluted EPS to Non-GAAP Diluted EPS         
                                (unaudited)                                 
                                                                            
Diluted net income                                                          
 (loss) per share:                                                          
  GAAP diluted income                                                       
   (loss) per share      $   (0.74) $  (0.03) $  (0.08) $   (0.93) $  (0.09)
  Adjustments:                                                              
  Share-based                                                               
   compensation expense       0.03      0.04      0.04  $    0.15      0.15 
  Amortization of                                                           
   intangible assets          0.04      0.03      0.04       0.13      0.13 
  Write off of equipment      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           -         -         -          -      0.02 
  Establishment of                                                          
   deferred tax asset                                                       
   valuation allowance           -         -      0.11          -      0.11 
  Write off of note                                                         
   receivable                    -         -      0.02          -      0.02 
  Tax on intercompany                             
                          
   transaction                0.01      0.02         -       0.23         - 
  Tax effect of                                                             
   adjustments               (0.02)    (0.02)    (0.03)     (0.07)    (0.07)
  Difference in share                                                       
   count                      0.01         -         -          -         - 
                         ---------  --------  --------  ---------  -------- 
    Total adjustments         0.81      0.07      0.18       1.18      0.37 
                         ---------  --------  --------  ---------  -------- 
  Non-GAAP diluted                                                          
   income per share      $    0.07  $   0.04  $   0.10  $    0.25  $   0.28 
                         =========  ========  ========  =========  ======== 
                                                                            
Shares used in diluted                                                      
 net income (loss) per                                                      
 share calculation:                                                         
  GAAP                      22,783    23,162    23,611     23,251    24,094 
    Change in diluted                                                       
     shares from GAAP                                                       
     net loss to non-                                                       
     GAAP net income           117        99       182        139       123 
    Exclude the benefit                                                     
     of share-based                                                         
     compensation                                                           
     expense (1)               467       523       379        451       376 
                         ---------  --------  --------  ---------  -------- 
  Non-GAAP                  23,367    23,784    24,172     23,841    24,593 
                         =========  ========  ========  =========  ======== 
                                                                            
                                                                            
(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 29,  March 30, June 30,  June 29,   June 30, 
                            2013      2013      2012      2013       2012   
                          --------  --------  --------  --------  --------- 
GAAP gross margin         $ 11,916  $ 10,845  $ 13,548  $ 47,867  $  48,651 
  - % of revenues             37.6%     35.7%     35.7%     37.0%      35.5%
Reconciling items:                                                          
    Share-based                                                             
     compensation               41        51        50       187        211 
    Amortization of                                                         
     intangible assets         486       482       477     1,926      1,596 
     Fair value                                                             
     adjustment to                                                          
     depreciation expense                                                   
     on acquired fixed                                                      
     assets                     10        10        10        40         40 
    Restructuring charge         -         -         -         -         78 
                          --------  --------  --------  --------  --------- 
      Total reconciling                                                     
       items                   537       543       537     2,153      1,925 
                          --------  --------  --------  --------  --------- 
Non-GAAP gross margin     $ 12,453  $ 11,388  $ 14,085  $ 50,020  $  50,576 
                          ========  ========  ========  ========  ========= 
  - % of revenues             39.3%     37.5%     37.1%     38.7%      36.9%
                                                                            
        Reconciliation of GAAP R&D Expenses to Non-GAAP R&D Expenses        
                                (unaudited)                                 
                                                                            
GAAP research and                                                           
 development expenses     $  5,320  $  5,277  $  5,460  $ 21,017  $  21,722 
  - % of revenues             16.8%     17.4%     14.4%     16.3%      15.8%
Reconciling items:                                                          
    Share-based                                                             
     compensation             (309)     (317)     (335)   (1,282)    (1,434)
    Amortization of                                                         
     intangible assets         (50)      (51)      (57)     (206)      (585)
    Write off of                                                            
     equipment                (184)        -         -      (184)         - 
    Fair value adjustment                                                   
     to depreciation                                                        
     expense on acquired                                                    
     fixed assets              (10)      (10)      (10)      (40)       (40)
    Restructuring charge         -         -         -         -       (164)
                          --------  --------  --------  --------  --------- 
      Total reconciling                                                     
       items                  (553)     (378)     (402)   (1,712)    (2,223)
                          --------  --------  --------  --------  --------- 
Non-GAAP research and                                                       
 development expenses     $  4,767  $  4,899  $  5,058  $ 19,305  $  19,499 
                          ========  ========  ========  ========  ========= 
  - % of revenues             15.0%     16.1%     13.3%     14.9%      14.2%
                                                                            
       Reconciliation of GAAP SG&A Expenses to Non-GAAP SG&A Expenses       
                                (unaudited)                                 
                                                                            
GAAP selling, general and                                                   
 administrative expenses  $  7,217  $  7,193  $  8,135  $ 29,581  $  29,648 
  - % of revenues             22.8%     23.7%     21.4%     22.9%      21.6%
Reconciling items:                                                          
    Share-based                                                             
     compensation             (447)     (474)     (518)   (1,871)    (2,091)
    Amortization of                                 
                        
     intangible assets        (245)     (242)     (243)     (972)      (966)
    Fair value adjustment                                                   
     to depreciation                                                        
     expense on acquired                                                    
     fixed assets              (31)      (30)      (30)     (121)      (120)
    Restructuring charge         -         -         -         -       (218)
    Write off of note                                                       
     receivable                  -         -      (556)        -       (556)
                          --------  --------  --------  --------  --------- 
      Total reconciling                                                     
       items                  (723)     (746)   (1,347)   (2,964)    (3,951)
                          --------  --------  --------  --------  --------- 
Non-GAAP selling, general                                                   
 and administrative                                                         
 expenses                 $  6,494  $  6,447  $  6,788  $ 26,617  $  25,697 
                          ========  ========  ========  ========  ========= 
  - % of revenues             20.5%     21.2%     17.9%     20.6%      18.7%
                                                                            
                                                                            
                                                                            
                      Pericom Semiconductor Corporation                     
                    Condensed Consolidated Balance Sheets                   
                               (In thousands)                               
                                 (unaudited)                                
                                                                            
                                                     As of         As of    
                                                 June 29, 2013 June 30, 2012
                                                 ------------- -------------
    Assets                                                                  
                                                                            
Current assets:                                                             
                                                                            
  Cash and cash equivalents                      $      30,844 $      24,283
  Short-term investments                                29,447        79,924
  Accounts receivable - trade                           22,105        24,010
  Inventories                                           14,844        16,604
  Prepaid expenses and other current assets              5,886         6,099
  Deferred income taxes                                    585         1,549
                                                 ------------- -------------
    Total current assets                               103,711       152,469
                                                                            
Property, plant and equipment-net                       60,959        56,102
Investments in unconsolidated affiliates                 2,525         2,474
Deferred income taxes non-current                        3,411         2,447
Long-term investments in marketable securities          57,392        23,628
Goodwill                                                     -        16,797
Intangible assets - net                                  9,944        12,831
Other assets                                             8,625         9,058
                                                 ------------- -------------
    Total assets                                 $     246,567 $     275,806
                                                 ============= =============
                                                                            
                                                                            
    Liabilities and Shareholders' Equity                                    
                                                                            
Current liabilities:                                                        
                                                                            
  Short-term debt                                $           - $       1,364
  Accounts payable                                      12,184        14,860
  Accrued liabilities                                    8,731         8,608
                                                 ------------- -------------
    Total current liabilities                           20,915        24,832
                                                                            
Industrial development subsidy                           7,263         8,577
Deferred tax liabilities                                 5,798         6,191
Other long-term liabilities                              3,700         2,571
                                                 ------------- -------------
    Total liabilities                                   37,676        42,171
                                                                            
Shareholders' equity:                                                       
  Common stock and paid in capital                     119,591       123,362
  Retained earnings and other comprehensive                                 
   income                                               89,300       110,273
                                                 ------------- -------------
    Total shareholders' equity                         208,891       233,635
                                                 ------------- -------------
                                                                            
    Total liabilities and shareholders' equity   $     246,567 $     275,806
                                                 ============= =============

  
Contact: 
Aaron Tachibana
Pericom Semiconductor
Tel: 408 435-0800 
atachibana@pericom.com 
 
 
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