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Technology Stocks : PMC-Sierra (PMCS)
PMCS 11.650.0%Jan 25 4:00 PM EST
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To: Billy Joe who wrote (1815)6/16/1998 12:25:00 PM
From: Bulldozer  Read Replies (1) of 3818
 
Billy Joe - a couple of modifications to your analysis -

1. ATM is 50% of PMC networking revs
2. PMC is just now addressing in full the switch layer of the ATM interface (via IgT) So extrapolating 70% across the board is a stretch.
3. Networking non-ATM IS NOT expected to be flat. PMC's SONET business is solid and growing and the new Spectra (designed with LU) has been very well received and designed into many new products. Its ability to process Packet over SONET (POS) is very integral to the melding of the data and voice networks. PMC's T/E business and to a lesser extent its Ethernet business is also growing nicely.
4. PMC's legacy user interface products should remain at or maybe even above current levels this year. These consist of only a few products but one of them, an ASIC for a German medical manufacturer (blood analyzer machines), comprises almost 80% of this legacy rev and is still selling very well. A new design set is scheduled for next year and PMC is not bidding on it. In the meantime, they continue to sell quite well.

You're back of the envelope math is interesting, but PMC's markets are moving so fast, I don't believe generalizations are possible. I think its safe to say they seem in the right place at the right time and we all will look forward to participating in their success.

In the meantime, lets just look for close to $40M in revs and $0.29/eps in Q2.

Bulldozer
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