PMC-Sierra has record revenues, including strong growth in networking:
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October 14, 1999 16:16
PMC-Sierra, Inc. Reports Third Quarter Results
BURNABY, B.C.--(BUSINESS WIRE)--Oct. 14, 1999--PMC-Sierra, Inc. (Nasdaq:PMCS) today reported net income and record revenue for the third quarter.
Net revenues in the third quarter of $71.6 million (US dollars) included networking semiconductor revenues of $66.4 million and non-networking product revenues of $5.2 million. Networking semiconductor revenue increased 21% over this year's second quarter and 83% over the third quarter of 1998.
Net income for the third quarter of $19.4 million or $0.25 per share (diluted) increased over 1998 net income of $0.13 per share (diluted), which excludes the 1998 write-down for impairment of intangibles of $8.8 million. The third quarter results for both 1999 and 1998 include the results of Abrizio, Inc. which was acquired during the quarter and was accounted for as a pooling of interests. The adjusted quarterly financials reflecting the pooling of interests are available on the PMC-Sierra web site.
"The highlight of the quarter was the acquisition of Abrizio", stated Bob Bailey, President and Chief Executive Officer. "The design wins already achieved with some very significant customers were key to our decision to complete the acquisition. We are pleased with the way the integration has gone to date. This enterprise should bring future benefits to help bolster PMC's position as a supplier of leading edge broadband semiconductors."
Year to date networking revenue of $168.9 million is 75% higher than during the first nine months of 1998 while non-networking revenue of $13.0 million declined by 34%. All development efforts over the last three years have been focused on the Company's networking semiconductors. The 1999 second quarter and year to date earnings include $26.8 million of pre-tax income related to the sale of investments. The 1998 third quarter and year to date results include $4.3 million and $43.5 million, respectively, of charges related to impairment of intangible assets and acquired in process research and development.
PMC-Sierra develops and markets products that provide its customers with advanced internetworking semiconductor solutions for the global information infrastructure. PMC-Sierra is traded on the Nasdaq National Market under the symbol PMCS. Additional information on the Company can be found on line at pmc-sierra.com.
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