Earnings Announcement:
biz.yahoo.com
Thursday April 15, 4:06 pm Eastern Time
Company Press Release
PMC-Sierra, Inc. Reports First Quarter Results and a Two-for-One Stock Split
BURNABY, B.C.--(BUSINESS WIRE)--April 15, 1999--PMC-Sierra, Inc. (Nasdaq:PMCS - news) today announced net revenues of $50.1 million, net earnings of $12.5 million and earnings per share (diluted) of $0.35, for the first quarter of 1999.
The prior year's first quarter results included net revenues of $34.3 million, earnings of $9.6 million and earnings per share (diluted) of $0.29. First quarter 1999 revenues included $47.1 million related to networking semiconductors and $3.0 million related to non-networking products compared to $27.9 million and $6.4 million respectively in the first quarter of 1998.
''PMC-Sierra grew its networking revenue 10% over last quarter and 69% compared to last year's first quarter,'' explained Bob Bailey, President & Chief Executive Officer. ''Revenue, earnings and bookings grew, resulting in the eighth straight quarter of record networking revenues with growing design win momentum.''
PMC-Sierra also announced that its Board of Directors has approved a two-for-one stock split in the form of a 100% stock dividend. Stockholders of record on April 30, 1999 will be issued one additional share of common stock for each share of common stock held on the record date. The additional shares will be mailed or delivered on or about May 14, 1999. Approximately 64 million shares will be outstanding upon completion of the split.
PMC-Sierra develops and markets products which provide its customers with advanced internetworking semiconductor solutions for the global information infrastructure. PMC-Sierra is traded on the Nasdaq National Market under the symbol PMCS. Additional information on the Company can be found on line at pmc-sierra.com.
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