PMC: Fiscal 1Q15 Financial Results

(in $ million)	1Q14	1Q15	Growth
Revenue	126.5	133.1	5%
Net income (loss)	4.2	(4.7)

PMC-Sierra, Inc. reported results for the first quarter ended March 28, 2015.

Net revenues in the first quarter of 2015 totaled $133.1 million, an increase of 5% compared to $126.5 million in the first quarter of 2014, and a decrease of 3% from $136.9 million in the fourth quarter of 2014.

Storage product revenues in the first quarter of 2015 totaled $96.5 million, an increase of 11% from $87.0 million in the first quarter of 2014.

PMC SAS Gains Share

GAAP net income in the first quarter of 2015 totaled $4.7 million or $0.02 per diluted share, compared to GAAP net loss in the first quarter of 2014 of $4.2 million or $0.02 per share, and GAAP net income in the fourth quarter of 2014 of $2.3 million or $0.01 per diluted share.

Non-GAAP net income in the first quarter of 2015 totaled $20.9 million or $0.10 per diluted share, compared to non-GAAP net income in the first quarter of 2014 of $16.0 million or $0.08 per diluted share, and to non-GAAP net income in the fourth quarter of 2014 of $22.7 million or $0.11 per diluted share.

“We experienced strong year-over-year growth in storage at 11%, representing a solid start for the year,” said Greg Lang, president and CEO. “And, with our four key drivers firmly in place, we remain positive about top and bottom line growth prospects for the balance of 2015.”

To hear the earnings call webcast transcript and read the investor relations presentation