Quarterly Revenues Up 33% Year-Over-Year
Quarterly Net Income Up 70% Year-Over-Year
Quarterly Revenues Up 10% Sequentially
Quarterly Net Income Up 102% Sequentially
SAN DIEGO, July 14 /PRNewswire/ -- Applied Micro Circuits Corporation
(AMCC) (NASDAQ:AMCC) today reported its financial results for the first
quarter ended June 30, 1999.
Net revenues in the first quarter of fiscal 2000 were $31.6 million, an
increase of 33% over the $23.8 million reported in the same period of fiscal
1999. Net income for the first quarter of fiscal 2000 was $6.8 million, or
$0.24 per share, diluted, compared with $4.0 million, or $0.15 per share,
diluted, for the same period of fiscal 1999.
Sequentially, net revenues for the first quarter of fiscal 2000 increased
10% over the $28.7 million of net revenues for the fourth quarter of fiscal
1999. Net income for the first quarter of fiscal 2000 increased 102% from
$3.4 million, or $0.12 per share, diluted, in the fourth quarter of fiscal
1999 (Excluding the merger-related costs in the fourth quarter of fiscal 1999
of $2.3 million, net income increased 21% from $5.6 million, or $0.20 per
share, diluted).
Commenting on first quarter results, Dave Rickey, President and Chief
Executive Officer of AMCC, said, "I am very pleased with the strength of our
communications business. The overall market is very strong. Our quarterly
communications revenue grew 29% sequentially, 84% year over year, and
accounted for 70% of our total first quarter revenue. As a result of this
strength and continued focus on manufacturing efficiencies, we were able to
increase our pre-tax income to over 32%."
In addition, Rickey noted, "At recent industry tradeshows such as Networld
Interop in Las Vegas and Supercomm in Atlanta, customer and partner interest
continues to validate the product development already underway, and the
dynamic roadmap made possible from the union of AMCC's existing mixed signal
expertise combined with recently acquired Cimaron Communication's digital
layer capabilities. These solutions are the manifestation of our commitment
to providing a complete silicon solution set to our customers."
First Quarter Highlights
-- Introduced the Amazon IC, a highly-integrated framing and mapping
device that supports OC-48c SONET and SDH traffic, an OC-48c silicon
solution for packet-over-SONET applications
-- Introduced S3063/64 16-bit differential transmitter/receiver chipset
for SONET/SDH/ATM-based transmission systems and Dense Wave Division
Multiplexing (DWDM) applications
-- Introduced Nile, a single-chip DS3 or ATM to STS-12 solution
-- Expanded the SiliconHiWay(TM) portfolio with the S2004 and S2204, a
quad-channel CMOS-fabricated serial backplane IC with boundary scan and
CMOS Gigabit Ethernet transceiver with boundary scan, respectively
-- Introduced the S7011, a CMOS VCSEL driver with integration levels and
microcontroller interface for increased ease of manufacture
-- Partnered with Softcom for an OC-48 wirespeed showcase at Supercomm
'99, enabling true line-rate multi-service bandwidth provisioning and
class-based billing for next-generation carrier networks
-- Partnered with C-Port Corporation to integrate AMCC SONET chips into
C-Port's C-Ware communication platform
AMCC's Market Opportunity
"We are executing on our vision to be the premier supplier of
high-bandwidth silicon connectivity for the world's communications
infrastructure," said Rickey. "We believe demand for our communications
standard products continues to grow as the need for bandwidth expands, due to
the increasing demand for Internet access and high-bandwidth LAN/WAN data and
video transmission."
AMCC is focused on the fiber optics-based, high performance communications
market that is being driven by increasing demand for greater bandwidth to
accommodate growth in the Internet, the World Wide Web, and cellular and
facsimile communications, as well as applications such as remote network
access, video conferencing and higher speed, data-intensive communication
between local area networks. The Company's products serve these Wide Area
Network (WAN) and Local Area Network (LAN) applications. For
telecommunications markets, the Company's products address the SONET/SDH and
ATM transmission standards, and for data communications markets, the Company
offers products that address the Gigabit Ethernet, ATM and Fibre Channel
transmission standards.
AMCC's Technology Strategy
The Company uses its internal bipolar and BiCMOS manufacturing processes
together with advanced CMOS processes from external foundries to provide
cost-effective solutions to its customers. Additionally, the Company has
commenced designing products using an advanced silicon germanium process.
These multiple silicon process technologies, combined with the Company's
extensive analog, mixed-signal and digital design capabilities and its systems
expertise, provide the core capabilities that the Company believes give it a
competitive edge in servicing the high-performance communications market.
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