AMCC ($13) sees severe first quarter loss of 4-6c...instead of nil
SAN DIEGO, June 25 (Reuters) - Communications chip maker
Applied Micro Circuits Corp. <AMCC.O> on Monday lowered its
fiscal first-quarter outlook to a pro-forma net loss from a
pro-forma profit because of market weakness.
For the quarter ending June 30, the company said it now
expects first-quarter revenues in the range of $40 million to
$45 million and a pro-forma net loss between 4 cents to 6 cents
a share.
The loss excludes anticipated restructuring and other
special charges.
"Current business conditions continue to be very poor,"
said Dave Rickey, chairman, chief executive and president. "New
order activity has remained weak throughout the quarter and our
overall backlog has declined. The magnitude of this downturn is
greater than we, or our customers, anticipated, and the
progress in reducing excess inventory in the channel appears to
be slower than they originally thought."
On April 24, the company said it expected first-quarter
revenues between $70 million and $85 million and pro-forma net
income between breakeven and 2 cents a share.
((New York Newsdesk, 212-859-1700))
REUTERS
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