Pericom Semiconductor records strong FY Q1
Pericom Semiconductor Corp. (Nasdaq: PSEM), a worldwide supplier of high-speed integrated circuits and frequency control products, after Tuesday’s close reported robust results for its fiscal first quarter above the consensus on Wall Street, boosting shares.
For the three months ended Sept. 29, the San Jose, Calif.-based company recorded net income of $3.9 million, or $0.15 per diluted share, above the Street’s estimate of $0.12 per share. For the first quarter of 2007, the company earned net income of $1.6 million, or $0.06 per diluted share.
Net revenues grew 25% year-over-year to $38.5 million, from $30.8 million reported in the same period last year. Analysts were forecasting $34.05 million on average.
Gross margin was 36.4%, up from 33.8% in the first quarter last year.
The company attributed its results to strong demand for its products across the board, particularly within digital video, ultra mobility and PCI-Express servers/PCs applications.
Pericom Semiconductor said it expects revenues for the second fiscal quarter to be in the range of $39.3 million to $40.8 million.
Shares of Pericom Semiconductor (PSEM) rose 25.79%, or $3.03, to $14.79 at 11:28 a.m. ET. Shares of Pericom Semiconductor have been trading in the range of $9.14 to $12.94 for the past 52 weeks.
