SANTA CLARA, Calif.--(BUSINESS WIRE)--June 28, 2001--PMC-Sierra, Inc. (Nasdaq:PMCS) today announced that revenue and earnings for the second quarter ending July 1, 2001, will be lower than expected due to continued weakness in customer demand during the quarter.
The Company is reducing its second quarter revenue guidance to $93-million to $95 million and its pro forma net loss per share to $0.07 to $0.09 per share, excluding amortization of goodwill, deferred stock compensation and additional charges. These additional charges will include, but are not limited to, impairment of goodwill and reserves or write-downs related to inventory.
Conference Call/Webcast: PMC-Sierra's management will be hosting a conference call at 2:00 pm Pacific Time today to discuss the items contained in this press release. To listen to the call, investors can access the audio webcast by going to the Investor Relations page of PMC-Sierra's website www.pmc-sierra.com or by clicking on the webcast call via www.StreetFusion.com. The audio webcast will be made available on a replay basis approximately two hours after the completion of the call. To access the conference call by telephone, dial 719/457-2657 approximately 10 minutes prior to the 2:00 pm Pacific Time start time. For a phone replay of the conference call, please dial 719/457-0820 and key in the access code: 566113. This telephone replay will be accessible for five business days.
Second Quarter Earnings and Conference Call: PMC-Sierra will be releasing its results for the second quarter of 2001 on the regularly scheduled date of July 19, 2001, after the market close. A conference call will be held following the earnings release at 2:00 pm Pacific Time, at which time management will provide its outlook for the third quarter of 2001.
Forward-Looking Statements: This press release contains forward-looking statements regarding the Company's revenue and earnings expectations. Actual results may differ materially from those projected in such statements due to various factors, including changes in orders and shipments in the remainder of the quarter, gross margins, operating expenses, tax and interest rates. Investors should consult PMC-Sierra's periodic filings with the Securities and Exchange Commission for further information regarding these and other risks regarding the Company's business. |
