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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%.

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