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Pericom Semiconductor CEO Discusses F4Q11 Results - Earnings Call Transcript

Consolidated non-GAAP gross profit was $15.7 million for Q4 compared with $12.9 million last quarter, and $15.4 million last year. Non-GAAP gross margin for the fourth quarter was 36.2% and was 3.6% higher than last quarter's 32.6%, and 0.8% lower than year's 37%.

The sequential quarter gross margin increase was due to a couple of factors. First, we had some favorable mix due to the decline in product shipment for the consumer segment. And also, our oscillator volume increased quarter-to-quarter. And second, we had much lower unfavorable absorption charges compared with last quarter due to higher volume.

For the full fiscal year consolidated gross margin was 35.1% compared with 34.8% last year. And gross profit was $58.4 million compared with $51.2 million last year.

Non-GAAP operating expenses were $11.2 million for Q4 compared with $10.6 million last quarter and $10.8 million last year. The Q4 operating income on a non-GAAP basis was $4.5 million or 10% of revenue compared with $2.2 million or 6% of revenue last quarter, and $4.5 million or 11% of revenue for the same period last year.

The sequential increase was primarily due to the higher revenue volume and also the 3.6% increase in gross margin. Our total fiscal year 2011, non-GAAP operating income was $15.7 million and was 37% higher than the $11.5 million last year.

Interest and other income was $0.9 million for Q4 compared with $1.3 million last quarter, and $1.1 million last year. The decrease of $0.4 million was mostly due to Q4 having a $0.1 million currency exchange loss, while last quarter had a $0.3 million gain.

Income before tax was $5.4 million on a non-GAAP basis for Q4 compared with $3.6 million last quarter, and $5.6 million last year. The non-GAAP effective tax rate was 34% for Q4 compared with 31% last quarter, and 28% for the same period last year. The Q4 tax rate was higher than last quarter and last year, primarily due to the mixture of domestic versus foreign income.

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