Applied Micro Circuits Corporation Reports Third Quarter of Fiscal 2002 Financial Results
Revenues of $40.2 Million Pro Forma Loss Per Share $0.04
SAN DIEGO, Jan. 22 /PRNewswire-FirstCall/ -- Applied Micro Circuits Corporation (Nasdaq: AMCC - news) today reported its financial results for the third quarter of fiscal 2002.
Net revenues for the third quarter of fiscal 2002 were $40.2 million, a decrease of 72% from the $143.3 million reported in the same period of fiscal 2001. Pro forma net loss for the third quarter of fiscal 2002 was $13.1 million, or $0.04 per share, compared with pro forma net income of $48.1 million, or $0.16 per share, for the third quarter of fiscal 2001.
Sequentially, net revenues for the third quarter of fiscal 2002 were down 3% from the $41.3 million reported in the second quarter of fiscal 2002. Pro forma net loss for the third quarter of fiscal 2002 of $13.1 million, or $0.04 per share increased 3% from the loss of $12.8 million, or $0.04 per share, reported in the second quarter of fiscal 2002.
Net revenues for the nine months ended December 31, 2001 were $122.7 million, down 61% from the $314.5 million for the nine months ended December 31, 2000. Pro forma net loss for the nine months ended December 31, 2001 was $39.4 million or $0.13 per share, compared with pro forma net income of $111.7 million or $0.40 per share for the nine months ended December 31, 2000.
Commenting on the results, Dave Rickey, Chairman of the Board and Chief Executive Officer, said, ``While our financial results for this quarter were basically in line with our expectations, our end markets remained sluggish and customers continue to work through excess inventory. We have seen some improvement in our enterprise switching business, but the majority of our business in the core and metro markets has yet to show signs of recovery.''
biz.yahoo.com |
