At least Yahoo got it right:
biz.yahoo.com
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Thursday April 13, 4:47 pm Eastern Time
PMC-Sierra posts better profit than expected
(Figures in U.S. dollars unless indicated)
BURNABY April 13 (Reuters)- Communications chip maker PMC-Sierra Inc. (NasdaqNM:PMCS - news) posted first-quarter earnings of 17 cents a share on Thursday, bettering analysts' expectations by 1 cent and reflecting the explosive growth in the Internet.
The Burnaby, British Columbia-based company recorded net earnings, excluding one-time costs, of $23.0 million on record sales of $102.8 million. In the year-earlier quarter it recorded net earnings of 6 cents a share on sales of $50.4 million. The average forecast of a group of 25 analysts polled by First Call/Thomson Financial was for a profit of 16 cents a share, though whisper numbers pegged that 1-2 cents higher.
PMC-Sierra, along with Broadcom Corp. (NasdaqNM:BRCM - news) and Applied Micro Circuits Corp. (NasdaqNM:AMCC - news), is a leading supplier of communications chips used by network equipment makers to create next-generation high-speed Internet gear.
The company has been on a recent acquisition spree that has broadened its product line and strengthened its leadership position in new chip designs, according to analysts. PMC-Sierra also said it has completed the acquisitions of Extreme Packet Devices and AANetcom Inc.
PMC-Sierra also announced on Thursday its board of directors appointed Robert L. Bailey as chairman. Bailey will continue as PMC-Sierra's president and chief executive. James Diller, previous chairman, will remain as vice chairman and director.
($1 equals $1.47 Canadian)
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