Applied Micro Circuits Corporation Announces Second Quarter Fiscal 2006 Financial Results
Wednesday October 26, 4:05 pm ET
Selected Q2 Highlights:
* Q2 Net Revenues of $64.9 million and Q2 GAAP Net Loss of $6.4 million or $(0.02) per share
* Q2 Pro Forma Net Income improved to $4.0 million or $0.01 per share versus $3.1 million the prior quarter
* Planned reductions in operating expenses achieved one quarter ahead of schedule
* Announced and began shipping 9550SX SATA II RAID controller for high port market
SAN DIEGO, Oct. 26 /PRNewswire-FirstCall/ -- Applied Micro Circuits Corporation (Nasdaq: AMCC - News) today reported its financial results for the second quarter of fiscal 2006.
Net revenues for the second quarter of fiscal 2006 were $64.9 million compared to the $64.7 million reported in the first quarter of fiscal 2006 and $61.1 million reported in the second quarter of fiscal 2005.
The net loss on a generally accepted accounting principles (GAAP) basis for the second quarter of fiscal 2006 was $6.4 million or $(0.02) per share, compared with a net loss of $4.2 million or $(0.01) per share for the first quarter of fiscal 2006 and a net loss of $18.3 million or $(0.06) per share for the second quarter of fiscal 2005.
The pro forma net income for the second quarter of fiscal 2006 was $4.0 million or $0.01 per share, compared to the pro forma net income of $3.1 million or $0.01 per share in the first quarter of fiscal 2006 and the pro forma net loss of $4.1 million or $(0.01) per share in the second quarter of fiscal 2005.
Net revenues for the six months ended September 30, 2005 were $129.6 million compared to $128.5 million reported for the six months ended September 30, 2004.
The GAAP net loss for the six months ended September 30, 2005 was $10.6 million or $(0.03) per share, compared to the net loss of $40.1 million or $(0.13) per share for the six months ended September 30, 2004. The pro forma net income for the six months ended September 30, 2005 was $7.0 million or $0.02 per share, compared with the pro forma net loss of $2.0 million or $(0.01) per share for the six months ended September 30, 2004.
"This was a solid quarter for AMCC. We continued to execute upon our strategy and manage expenses tightly," said Kambiz Hooshmand, President and Chief Executive Officer. "We delivered our third consecutive quarter of pro forma operating profitability and we continue to expand our top and bottom line despite significant product line transitions. I am particularly pleased with our exciting new 9550SX SATA II RAID controller announcement. The 9550SX delivers the fastest SATA RAID performance available on the market today and
we believe the 9550SX will accelerate adoption of SATA RAID products for the remainder of the year."
AMCC reports its financial results in accordance with GAAP and additionally on a non-GAAP basis referred to as pro forma. These pro forma measures are not in accordance with, nor are they a substitute for, GAAP measures and they may not be consistent with the presentation used by other companies. AMCC uses the pro forma financial measures to evaluate and manage the Company's operations. AMCC is providing this information to investors to allow for the performance of additional financial analysis and because it is consistent with the financial models and estimates published by analysts who follow the Company.
The pro forma results exclude certain items which are required by GAAP such as restructuring costs, amortization of purchased intangibles, acquired in-process research and development charges, stock-based compensation charges related to acquired companies, and payroll tax on certain stock option exercises. Income taxes are adjusted to an estimated pro forma effective tax rate. See the attached reconciliation of the GAAP net loss to the pro forma net income (loss), which quantifies the amounts excluded from pro forma results.
For More Information
AMCC management will be holding a conference call today, October 26, 2005, at 2:00 p.m. Pacific Time/5:00 p.m. Eastern Time to discuss additional details regarding the Company's performance for the second quarter of fiscal 2006 and to provide guidance for the third quarter of fiscal 2006. You may access the conference call via any of the following:
Teleconference: 913-981-4902
Conference ID: 6075994
Web Broadcast: amcc.com
Replay: 719-457-0820
(available for 7 days following the call)
AMCC Overview
AMCC provides the essential building blocks for the processing, moving and storing of information worldwide. The Company blends systems and software expertise with high-performance, high-bandwidth silicon integration to deliver silicon, hardware and software solutions for global wide area networks (WAN), embedded applications such as PowerPC and programmable SOC architectures, storage area networks (SAN), and high-growth storage markets such as Serial ATA (SATA) RAID. AMCC's corporate headquarters are located in San Diego, California. Sales and engineering offices are located throughout the world. For further information regarding AMCC, please visit our web site at amcc.com. |
