This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Pericom Semiconductor CEO Discusses F1Q2011 Results – Earnings Call Transcript

Consolidated non-GAAP gross profit was $15.1 million for Q1 compared with $15.4 million last quarter and $10.6 million last year. Non-GAAP gross margin for the first quarter was 35.3% and was 170 basis points lower than last quarter’s 37% and 300 basis points higher than last year’s 32.3%. The sequential quarter gross margin decline was primarily due to product mix and unfavorable absorption from lower production volume related to FCP.

Non-GAAP operating expenses were $10.3 million for Q1 compared with $10.8 million last quarter and $10 million last year. The Q1 expenses were sequentially lower by 0.5 million due to Q4 including one extra week of expenses. Q1 operating income on a non-GAAP basis was $4.8 million or 11% of revenue compared with $4.5 million or 11% of revenue last quarter and $0.7 million or 2% of revenue for the same period last year.

Interest and other income for Q1 was $1 million compared with $1.1 million last quarter. The $0.1 million sequential quarter decrease was due to currency exchange losses. Income from our own consolidated affiliates, PTI and JCP, was $0.6 million for Q1 compared with $0.8 million last quarter. The sequential quarter decrease was due to Q1 including only two months of PTI income whereas Q4 was a full quarter.

Income before tax was $5.8 million on a non-GAAP basis for the first quarter compared with $5.6 million last quarter and $2.3 million last year. On a non-GAAP basis, the effective tax rate was 35% for Q1 compared with 28% last quarter and 32% for the same period last year. The Q1 sequential tax rate increase was due to the mix of income by jurisdiction and also last quarter included year-end true ups. As we go forward, we expect the tax rate to be in the range of 33% to 34%.

Read the rest of this transcript for free on

3 of 3

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs