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Non-Tech : EARNINGS REPORTING - surprises, misses & more
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To: 2MAR$ who wrote (584)4/20/2001 7:34:48 AM
From: 2MAR$  Read Replies (2) of 762
 
PMCS ( $33 to $38)1st-qtr net tumbles 84 percent

(upgraded by Solomon)

SAN FRANCISCO, April 19 (Reuters) - Communications chipmaker PMC Sierra Corp. (NasdaqNM:PMCS - news) on Thursday reported first-quarter profits plunged 84 percent amid a slump in technology spending.

For the period ended April 1, Burnaby, British Columbia-based PMC Sierra said profits before one-time charges fell to $4.4 million, or 2 cents a share, from $27.2 million, or 15 cents, a year ago. Sales rose 5 percent to $119.9 million from $109.3 million.

Analysts had expected a profit of 2 cents a share, with estimates ranging from a penny to 16 cents, according to Thomson Financial/First Call. Sales were expected at $124.2 million.

Shares of PMC Sierra rose 25 percent, or $8.40 to $41.40 on the Nasdaq amid a rally in semiconductor stocks. Since the end of last year, the stock has underperformed the Standard & Poor's 500 Index by about 48 percent.
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