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.
Pericom Semiconductor CEO Discusses F1Q2011 Results – Earnings Call Transcript
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