SAN JOSE, CA — (Marketwire) — 08/10/11 — In the news release, “Pericom Semiconductor Reports Fiscal Fourth Quarter and Annual 2011 Financial Results,” issued Tuesday, August 9, 2011 by Pericom Semiconductor Corporation (NASDAQ: PSEM), we are advised by the company that the fiscal year 2010 non-GAAP net income was “$13.9 million, or $0.54 per diluted share” rather than “$14.3 million, or $0.55 per diluted share” as originally issued.
Attached is a corrected version of the Reconciliation of GAAP Net Income to Non-GAAP Net Income and the Reconciliation of GAAP Diluted EPS to Non-GAAP Diluted EPS tables which accompanied the release.
In addition to disclosing financial results calculated in accordance with U.S. generally accepted accounting principles (GAAP), this announcement of operating results contains non-GAAP financial measures that exclude the income statement effects of share-based compensation, amortization of intangible assets, fair value adjustments of acquired inventory, acquisition-related expenses, a one-time gain on the previously held interest in PTI, restructuring expenses, and the effects of excluding share-based compensation upon the number of diluted shares used in calculating non-GAAP earnings per share.
We have excluded share-based compensation expense in calculating these non-GAAP financial measures. These expenses are non-cash in nature and rely on valuations of the future market price of our common stock that is difficult to predict and is affected by market factors that are largely not within the control of management. We have excluded amortization of intangible assets, amortization of the fair value adjustments related to acquired inventory, acquisition related expenses, the gain on the previously held interest in PTI, restructuring expenses associated with headcount reductions, and the corresponding tax effect because we do not consider them to be related to our core operating performance.
We use the non-GAAP financial measures that exclude these items to make strategic decisions, forecast future results and evaluate the Company-s current performance. We believe that the presentation of non-GAAP financial measures that exclude these items is useful to investors because we do not consider these charges either part of the day-to-day business or reflective of the core operational activities of the Company that are within the control of management or that are used to evaluate the Company-s operating performance.
The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations to those financial statements should be carefully evaluated. The non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. The Company has provided reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures.
Aaron Tachibana
Pericom Semiconductor
Tel: 408 435-0800
You must be logged in to post a comment Login