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Pericom Semiconductor Updates Outlook for Its Second Quarter of Fiscal 2009

December 15, 2008

SAN JOSE, Calif., Dec. 15 /PRNewswire-FirstCall/ — Pericom Semiconductor
Corporation (Nasdaq: PSEM), a worldwide supplier of high-speed integrated
circuits and frequency control products, today updated its outlook for the
Company’s fiscal second quarter 2009.

Pericom’s revenue for the second fiscal quarter of 2009 is now expected to
be between $29.5 and $30.5 million, compared to the previous range of $36.0
and $40.0 million. Gross margin outlook remains unchanged at 35% to 36%. In
response to the revised revenue outlook, the Company has adjusted its guidance
on expenses. Operating expenses are now expected to be between $10.0 and $10.4
million
, which includes stock-based compensation expenses of approximately
$0.9 million, and is down from the previous range of $10.6 and $11.0 million.
The resulting decline in expenses can be primarily attributed to decreases in
discretionary spending and salary expenses reduction.

“Against the backdrop of deteriorating end-market demand, we are taking
the necessary measures to reduce expenses by implementing a lean cost
structure and pulling back on discretionary expenses,” said Alex Hui,
president and CEO of Pericom. “As we navigate the current environment, we
believe our strong balance sheet and cash flow will help us weather the storm.
Enabling serial connectivity across a diverse set of customers remains our
primary focus, one which we believe will position us well as end-markets
eventually stabilize.”

Pericom will provide additional financial and operating details for the
fiscal second quarter of 2009 during its regularly-scheduled quarterly
earnings announcement on Thursday, February 5, 2009. Also at that time, the
Company will provide an outlook for the March quarter.

About Pericom

Pericom Semiconductor Corporation (NASDAQ: PSEM) enables serial
connectivity with the industry’s most complete solutions for the computing,
communications and consumer market segments. Pericom’s analog, digital and
mixed-signal integrated circuits, along with its SaRonix-eCERA frequency
control products are essential in the timing, switching, bridging and
conditioning of high-speed signals required by today’s ever-increasing speed
and bandwidth demanding applications. Company headquarters is in San Jose,
Calif
., with design centers and technical sales and support offices globally.
http://www.pericom.com

This press release contains forward-looking statements as defined under
The Securities Litigation Reform Act of 1995. Forward-looking statements in
this release include statements regarding Pericom being positioned to resume
strong growth and the statements under the captions ‘Fiscal Q2 Outlook’, which
regard the anticipated revenues, gross margin, operating expenses, other
income and tax rate in the first fiscal quarter, The Company’s actual results
could differ materially from what is set forth in such forward-looking
statements due to a variety of risk factors, including softness in demand for
our products, price erosion for certain of our products, unexpected
difficulties in developing new products, customer decisions to reduce
inventory, economic or financial difficulties experienced by our customers, or
technological and market changes. All forward-looking statements included in
this document are made as of the date hereof, based on information available
to the Company as of the date hereof, and Pericom assumes no obligation to
update any forward-looking statements. Parties receiving this release are
encouraged to review our annual report on Form 10-K for the year ended June
28, 2008
and in particular the risk factors sections of that filing.

SOURCE Pericom Semiconductor Corporation


Source: newswire



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