AMCC: Fiscal 3Q08 Financial Results
Revenues up 14% sequentially but net loss of $4.3 million
This is a Press Release edited by StorageNewsletter.com on January 24, 2008 at 4:13 pmApplied Micro Circuits
Corporation reported its financial results for the
third quarter of fiscal 2008. Net revenues for the third quarter of fiscal
2008 were $66.3 million compared to $58.2 million reported in the
second quarter of fiscal 2008 and $76.6 million reported in the third
quarter of fiscal 2007. Revenues for the first nine months were $174.6
million compared to $222.7 million for the comparable period last year.
The net loss on a generally accepted accounting principles
("GAAP") basis for the third quarter of fiscal 2008 was $4.3 million or
$(0.06) per share. The third quarter GAAP net loss compares with a net
loss of $8.1 million or $(0.12) per share for the second quarter of
fiscal 2008 and a net loss of $4.2 million or $(0.06) per share for the
third quarter of fiscal 2007. Year to date the GAAP net loss was $28.8
million or $(0.42) per share compared to $18.9 million or $(0.27) per
share for the first nine months of fiscal 2007.
The non-GAAP
net income for the third quarter of fiscal 2008 was $3.1 million or
$0.05 per share, compared to the non-GAAP net loss of $3.0 million or
$(0.04) per share in the second quarter of fiscal 2008 and the non-GAAP
net income of $9.0 million or $0.13 per share in the third quarter of
fiscal 2007. Year to date the non-GAAP net loss was $7.2 million or
$(0.10) per share compared to a non-GAAP net income of $27.5 million or
$0.38 per share for the first nine months of fiscal 2007.
"I
am pleased with our financial results for the December quarter. We
achieved revenue growth at the upper end of our guidance range and
returned to non-GAAP profitability. Order patterns remained strong
throughout the quarter and we entered the March quarter with our
strongest backlog position in more than two years. Finally, all of us
are proud that AMCC’s PowerPC 405EX Embedded Processor was named
2007 Product of the Year by Electronic Products Magazine," said Kambiz
Hooshmand, president and chief executive officer.
Bob
Gargus, chief financial officer commented, "During the quarter we
continued to reduce operating expenses and did better than our goal. We
implemented the planned one-for-four reverse stock split and we are
looking forward to growth in revenues and further improvement in our
non-GAAP profitability in the March quarter."
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