7/13...AMCC profits rise ,First-quarter earnings beat Wall Street’s estimates ...
SAN DIEGO (CBS.MW) - Shares of Applied Micro Circuits rose by 17 percent on Thursday after the company reported a 250 percent increase in its earnings per share for the first quarter from a year ago, thanks to robust sales and a record operating margin.
The maker of computer chips for fiber-optic phone networks (AMCC: news, msgs) recorded a profit before special charges of $27.9 million, or 21 cents a share. The performance soundly beat the expectations of analysts polled by First Call, which were for 17 cents. Including charges, the company had a net income of $3.4 million, or 3 cents a share.
Last year, Applied Micro Circuits made $6.8 million, or 6 cents a share.
Net revenue was $74.2 million, up from $31.6 million a year ago.
The company credited strong sales in the first quarter for the robust profits. Specifically, OC-192 standard product revenue rose to $5.3 million in the quarter from $300,000 in the prior quarter while digital framer sales rose to $8.8 million from $3.3 million.
The company said it hit a record 40 percent pro forma operating margin and booked $100 million in quarterly business.
During the first quarter, Applied Micro Circuits completed its purchase of YuriNetworks for $220 million, including debt. The deal resulted in a one-time charge of $21.8 million, or 16 cents a share. In addition, the company also completed the acquisition of PBaud Logic and Chameleon Technologies.
Shares of Applied Micro rose 21 3/8 to 146 13/16. |
