PMC-Sierra: Fiscal 4Q07 Financial Results
Increased revenues of 5% sequentially and 21% yearly, but net loss of $5 million for the three-month period and $69 million for the year
This is a Press Release edited by StorageNewsletter.com on January 28, 2008 at 4:27 pmPMC-Sierra, Inc., a provider of high-speed broadband communications and storage semiconductors, today reported results for the fourth quarter and year ended December 30th, 2007.
Net revenues in the fourth quarter of 2007 were $123.6 million compared with $117.5 million in the third quarter of 2007, and $101.9 million in the fourth quarter of the prior year. The revenues in the fourth quarter of 2007 represent a quarterly sequential increase of 5% and a year-over-year increase of 21%.
Net loss in the fourth quarter of 2007 on a GAAP basis was $5.1 million (GAAP loss per share of $0.02) compared with GAAP net loss of $5.9 million (GAAP loss per share of $0.03) in the third quarter of 2007. Non-GAAP net income in the fourth quarter of 2007 was $20.1 million (non-GAAP diluted net income per share of $0.09) compared with non-GAAP net income in the third quarter of 2007 of $19.1 million (non-GAAP diluted net income per share of $0.09).
Non-GAAP net income in the fourth quarter of 2007 excludes the following items: (i) $8.2 million in stock-based compensation expense; (ii) $9.8 million in amortization of purchased intangible assets; (iii) $2.6 million in restructuring costs including $1.9 million for asset impairment; (iv) $2.1 million foreign exchange loss on foreign denominated FIN 48 tax liabilities; and (v) $1.6 million income tax effect relating to the non-GAAP adjustments, off-set by $4.1 million of interest relating to the liability for unrecognized tax benefit of prior years.
"In the fourth quarter of 2007, PMC experienced its best operational results in years," said Bob Bailey, Chairman and CEO of PMC-Sierra. "We had strong demand for most of our diversified portfolio, especially enterprise storage and printer-related products."
For the year ended December 30, 2007, net revenues were $449.4 million compared with $425.0 million for the year ended December 31, 2006, an increase of 6% year-over-year. GAAP net loss in 2007 was $49.1 million (GAAP net loss per share of $0.23) compared with GAAP net loss of $99.9 million (GAAP net loss per share of $0.49) for the prior year. Non-GAAP net income in 2007 was $51.0 million (non-GAAP diluted net income per share of $0.23) compared with the prior year’s non-GAAP net income of $57.9 million (non-GAAP diluted net income per share of $0.28).
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