Alliance Semiconductor Revises Financial Results for the Fiscal First Quarter Ended July 1, 2000
SANTA CLARA, Calif.--(BUSINESS WIRE)--Aug. 11, 2000--
Q1 Revenues Up 168% and Net Income of $33.3 Million;
Operating Income of $9.4 Million / $0.13 Per Share
Alliance Semiconductor Corporation (Nasdaq:ALSC) is revising its
earnings for the fiscal first quarter ended July 1, 2000, as it
recently learned that PMC-Sierra ("PMC") completed its acquisition of
Malleable Technologies ("Malleable") on June 27, 2000.
In connection with the merger, the Company received approximately
68.2 thousand shares of PMC for its 7% interest in Malleable, after
distribution of a management fee to Alliance Venture Management, LLC.
The fiscal first quarter results have been revised to reflect a
pre-tax non-operating gain of approximately $11 million based on the
closing share price of PMC of $182.875 on June 27, 2000, the closing
date of the merger.
The revised net income for the fiscal first quarter was $33.3
million, resulting in net earnings of $0.78 per share (diluted),
versus net income of $26.8 million and net earnings of $0.63 per share
(diluted) as previously reported on July 20, 2000. For the same
quarter last year, reported net income was $53.4 million, or $1.27 per
share (diluted). |
