Pericom Semi in deal to buy PTI shares

SAN JOSE: Pericom Semiconductor Corp. has entered into a concrete agreement to take all of Pericom Technology Inc.’s (PTI) remaining outstanding shares for up to about $35 million in cash.

The San Jose based Perico m Semiconductor was holding a 40.6 percent ownership in PTI previously. PTI is a fabless IC provider of products related to timing, power management, and analog switches, and mainly has the Asian market as customers. The company has its headquarters in Hong Kong, and reported net revenues of $17.9 million in the fiscal year of 2010.

Pericom Semiconductor’s net revenues for the fiscal fourth quarter ending July 3 were $41.5 million, a rise of 13 percent from the $36.7 million reported in the third quarter, and up 40 percent from the $29.7 million reported in the comparable period last year.

GAAP net income attributable to shareholders at Pericom was $3.9 million for the fourth quarter. That is $0.15 per diluted share, compared with net income of $3.1 million, or $0.12 per diluted share in the third quarter, and net income of $1.0 million, or $0.04 per diluted share in the comparable period last year.