This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
TheStreet Open House

Pericom Semiconductor's CEO Discusses F3Q 2011 Results - Earnings Call Transcript

Stocks in this article: PSEM

The Q3 geographic distribution was as follows: Asia, 89%, US 7% and Europe was 4%. Our channel sales mix was international distribution 59%, contract manufacturers 25%, OEM’s 12% and US distribution was 4%.

Consolidated non-GAAP gross profit was $12.9 million for Q3 compared with $14.8 million last quarter and $13 million last year. Non-GAAP gross margin for the third quarter was $32.6% and was 3.7% lower than last quarter’s $36.3% and 3% lower than year’s 35.6%. The sequential gross margin decrease was primarily due to higher absorption charges that results from lower production volume.

Non-GAAP operating expenses were $10.6 million for Q3 compared with $10.5 million last quarter and $9.5 million last year. The Q3 operating income on a non-GAAP basis was $2.2 million or 6% of revenue compared with $4.2 million or 10% of revenue last quarter and $3.6 million or 10% of revenue for the same period last year. The sequential decrease was primarily due to the 3.7% decline in gross margin.

Interest and other income was $1.3 million for Q3 compared with $.8 million last quarter and $1.2 million last year. The sequential increase of $.5 million was mostly due to a $.3 million of currency exchange gain in Q3 compared with a $.1 million exchange loss last quarter.

Income before tax was $3.6 million on a non-GAAP basis for Q3 compared with $5.1 million last quarter and $4.8 million last year. On a non-GAAP basis, the effective tax rate was 31% for Q3 compared with 21% last quarter and 33% for the same period last year. The Q3 sequential tax rate increase was primarily due to the mixture of domestic versus foreign income and year to date true ups.

Non-GAAP net income was $2.5 million or $0.10 per share for Q3 compared with $4.1 million or $0.16 per share last quarter and $3.8 million or $0.15 per share for the same period last year.

Read the rest of this transcript for free on seekingalpha.com

3 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

Jim Cramer's protégé, 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
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, 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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

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