Net revenue decreased 41% on year-ago quarter
Pericom Semiconductor has reported a net income of $256,000, or $0.01 per diluted share, for the fiscal third quarter ended March 28, 2009, compared with a net income of $4.1m, or $0.16 per diluted share, for the same period in 2008.
Net revenues for the third quarter of 2009 were $24.4m, a decrease of 41%, compared to $41.2m for the same period in 2008.
Net revenues for the nine-month period ending March 28, 2009 were $99.0m, down 18% from $120.4m in the prior year comparable period.
Net income in the nine-month period ending March 28, 2009 was $5.9m, or $0.23 per diluted share, down from $12.4m, or $0.47 per diluted share, in the comparable prior year period.
Alex Hui, president and CEO of Pericom, said: Our third quarter results reflect the difficult global economic environment in which we are currently operating. Over the past two quarters we have experienced a sharp decline in revenue, which was consistent with declining end-market demand and inventory reduction initiatives across the supply chain. As a result, we have taken steps to reduce our operating expenses to better match lower revenue expectations for our business.