PMCS HALTED @ 3:56 PM EST
PMC-Sierra has 2nd-quarter loss
Thursday July 19, 5:25 pm Eastern Time
(UPDATE: Adds third-quarter sales, EPS forecast)
SAN FRANCISCO, July 19 (Reuters) - PMC-Sierra Corp. (NasdaqNM:PMCS - news) Thursday reported a second-quarter loss, in line with reduced forecasts, as falling telecommunications spending continued to hurt the communications chip maker.
For the quarter ended July 1, Santa Clara, California-based PMC-Sierra said it had a loss of $233 million, or 1.39 cents a share, compared with year-ago net income of $48.6 million, or 27 cents.
Excluding charges, PMC-Sierra posted a loss of $13.4 million, or 8 cents. That matched the mean analysts' forecast, according to Thomson Financial/First Call.
Sales fell 37 percent to $94.1 million from $150.5 million.
PMC-Sierra also said in a statement that ``data points indicate that inventory is burning off at our customers and the contract manufacturers.''
PMC-Sierra expects to post a third-quarter loss before charges of 17 cents to 19 cents a share on a third-quarter sales forecast of $62 million to $65 million, Chief Financial Officer John Sullivan said on a conference call.
Shares of PMC-Sierra rose $2.31, or 8 percent, to $31.31. The stock has plunged from $246 in September of 2000 as the high-tech investment bubble burst, dragging down stock prices, sales and profits of technology companies. |
