Alliance Semiconductor Revises Financial Results for the Fiscal First Quarter Ended July 1, 2000
Q1 Revenues Up 168% and Net Income of $33.3 Million; Operating Income of $9.4 Million / $0.13 Per Share
SANTA CLARA, Calif.--(BUSINESS WIRE)--Aug. 11, 2000-- Alliance Semiconductor Corporation (Nasdaq:ALSC - news) 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).
Company Information
Alliance Semiconductor Corporation is a leading worldwide supplier of high performance memory and memory intensive logic products. Alliance's product lines include Static Random Access Memory (SRAM), Dynamic Random Access Memory (DRAM), Flash Memory and embedded memory and logic products.
Alliance designs, develops and markets its products to the computing, networking, telecommunication, instrumentation, and consumer markets. Alliance manufactures its products through independent manufacturing facilities, using advanced CMOS process technologies with line widths as narrow as 0.21um.
The Company, through its venture arm Alliance Venture Management, LLC, invests in three venture funds. Alliance Ventures I, LP focuses on investing in networking and communication start-up companies. Alliance Ventures II, LP focuses on investing in internet start-up ventures, and Alliance Ventures III, LP focuses on emerging companies in the networking and communication market areas.
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