Applied Micro Circuits Corporation Reports First Quarter Fiscal 2001 Financial Results
Quarterly Revenues Up 30% Sequentially; Pro Forma Earnings Per Share $0.21
SAN DIEGO, July 12 /PRNewswire/ -- Applied Micro Circuits Corporation (Nasdaq: AMCC - news) today reported its financial results for the first quarter of fiscal 2001.
Net revenues for the first quarter of fiscal 2001 were $74.2 million, an increase of 134% over the $31.6 million reported in the same period of fiscal 2000. Pro forma net income for the first quarter of fiscal 2001 was $27.9 million or $0.21 per share, compared with pro forma net income of $6.8 million or $0.06 per share for the first quarter of fiscal 2000, representing increases of 310% and 250%, respectively.
Sequentially, net revenues for the first quarter of fiscal 2001 increased 30% over the $57.0 million reported in the previous quarter. Pro forma net income for the first quarter of fiscal 2001 increased 33% over the $21.0 million, or $0.16 per share, reported in the previous quarter.
During the first quarter of fiscal 2001, AMCC completed the acquisition of YuniNetworks, Inc. for a purchase price, including assumed liabilities, of approximately $220 million and took a one-time charge of $21.8 million, or approximately $0.16 per share, as a write-off of purchased in-process R&D. Additionally, AMCC completed the acquisitions of pBaud Logic, Inc. and Chameleon Technologies, which were also accounted for as purchases.
Pro forma net income excludes the effects of acquisition charges, payroll and other tax effects on certain stock option exercises, and stock compensation charges related to acquired companies. Including these charges, net income on a GAAP basis for the first quarter of fiscal 2001 was $3.4 million or $0.03 per share, compared with $6.8 million or $0.06 per share for the same period last fiscal year.
Commenting on the results, Dave Rickey, President and Chief Executive Officer of AMCC, said, ``We've experienced phenomenal revenue growth in the June quarter, and for the first time ever, we've achieved a 40% pro forma operating margin and $100 million in quarterly bookings.''
Rickey continued, ``The demand for our high-performance OC-192 solutions is very strong, and production revenue is materializing faster than we expected. In addition, our digital framer business continues to ramp. We have significantly expanded our digital design capabilities with the acquisitions of YuniNetworks, pBaud Logic and Chameleon Technologies.''
First Quarter Highlights
-- OC-192 standard product revenue increased from approximately
$300 thousand in the March quarter to $5.3 million in the June quarter.
-- Digital framer revenue increased from $3.3 million in the March quarter
to $8.8 million in the June quarter.
-- Introduced the Ganges, the industry's first OC-192/STM-64 framer device
to support both channelized and concatenated 10-Gigabit traffic.
-- Introduced a very short reach OC-192 solution, comprised of a quad
Vertical Cavity Surface Emitting Laser (or VCSEL) driver and a quad
transimpedance and limiting amplifier.
-- Introduced the S2080, the industry's first silicon germanium
differential crosspoint switch with over 100 Gbps of switching
capacity.
-- Expanded upon digital capabilities with acquisitions of YuniNetworks,
Inc., a San Diego-based fabless semiconductor company that specializes
in providing scalable terabit switch fabric technology; Chameleon
Technologies, Inc., an Irvine-based company that specializes in
high-speed digital design for communications protocols such as Fibre
Channel and SONET; and pBaud Logic, Inc., an Ottawa-based company that
specializes in SONET and FEC (forward error-correction) design. |
