This Day On The Street
Continue to site
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

Pericom Semiconductor's CEO Discusses F2Q2012 Results - Earnings Call Transcript

In accordance with regulations of Fair Disclosure, Pericom will continue to only provide guidance via its earnings release and its conference calls. The company will not provide further guidance or updates during the quarter, unless it does so via a press release.

Please note that we are reporting non-GAAP financial measures for net income, gross profit and operating expenses in addition to our GAAP financial results. Due to the PTI acquisition, we have a significant amount of non-cash and non-operating expense items included in the income statement, which are not reflective of the performance for our normal business operations. Aaron will discuss the financial performance for the quarter, and Alex will give his comments on the industry and on Pericom’s business. Then, Aaron will provide guidance for the third quarter of fiscal 2012. Aaron?

Aaron Tachibana

Thank you, Bob, and good afternoon, everyone. Our consolidated net revenues for the second quarter were $30.5 million, and decreased by 14% from the $35.3 million reported last quarter and decreased by 25% from the $40.7 million for the same period last year. Most of the sequential decline in revenue was due to PC, notebooks, and consumer end-market demand and also lower storage volume due to the Thailand flood which had a negative 3% impact on revenues.

On a positive note, our networking and telecom revenue increased by 3% over last quarter. Sales by channel were, international distribution 63%, contract manufacturers 24%, OEMs 10%, and U.S. distribution 3%.

Consolidated non-GAAP gross profit was $11.4 million for Q2, compared with $13.1 million last quarter and $14.8 million last year. Non-GAAP gross margin for the second quarter was 37.3%, and was up 40 basis points from last quarter’s 36.9% and 100 basis points higher than last year’s 36.3%.

The sequential quarter gross margin improvement was a result of favorable product mix from less PC, storage and consumer shipments that have a lower gross margin percentage than our consolidated average. We remain on track to achieve our target gross margin range of 38% to 40% four to five quarters out although there could be some fluctuation along the way due to product, or end-market mix.

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr 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

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
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 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs