Applied Micro Circuits Corporation Reports Second Quarter Fiscal 2000 Financial Results
PR Newswire - October 11, 1999 16:41
Quarterly Revenues up 49% Year-over-Year
Quarterly Net Income up 95% Year-over-Year
Quarterly Revenues up 20% Sequentially
Quarterly Net Income up 34% Sequentially
SAN DIEGO, Oct. 11 /PRNewswire/ -- Applied Micro Circuits Corporation (AMCC) (Nasdaq: AMCC) today reported its financial results for the second quarter ended September 30, 1999.
Net revenues for the second quarter of fiscal 2000 were $37.9 million, an increase of 49% over the $25.5 million reported in same period of fiscal 1999. Net income for the second quarter of fiscal 2000 was $9.1 million, or $0.16 per share, an increase of 95% over the $4.7 million, or $0.09 per share reported in the same period of fiscal 1999.
Sequentially, net revenues for the second quarter of fiscal 2000 increased 20% over the $31.6 million reported in the previous quarter. Net income for the second quarter of fiscal 2000 increased 34% over the $6.8 million, or $0.12 per share, reported in the previous quarter.
Net revenues for the six months ended September 30, 1999 were $69.5 million, up 41% over the net revenues of $49.3 million for the six months ended September 30, 1998. Net income for the six months ended September 30, 1999, was $15.9 million, or $0.28 per share, up 84% over net income of $8.7 million or $0.16 per share, for the six months ended September 30, 1998.
Commenting on the results, Dave Rickey, President and CEO of AMCC, noted, "The Company has achieved a 20% quarter-to-quarter sequential revenue increase, driven by a 38% sequential increase in our communications revenue. In addition, we exceeded 70% gross margin for the first time in the Company's history -- a milestone which could not have been accomplished were it not for the talent of our operations group, and the compelling nature of our products. This combination of rapid revenue growth coupled with solid execution on the part of the Company translates to a strong outlook for the third fiscal quarter."
Mr. Rickey continued, "We are also pleased to welcome Atiq Raza as the newest member to our board of directors. Atiq, previously President and COO of Advanced Micro Devices, brings a wealth of experience from the high-complexity digital processor industry, which will prove to be very beneficial as we move forward with our long-term company strategy."
Recent Product Announcements
-- Introduced the company's first Silicon Germanium (SiGe) device, the
S3060 OC-48 transimpedance amplifier, followed by the S3090, the
industry's first 10 Gbps SiGe OC-192 SONET/SDH transimpedance
amplifier.
-- Introduced the industry's first 3.2 Gbps SiGe 17 x 17 differential
crosspoint switch, the S2018
-- Introduced the S3062, S3066 and S3067, the first OC-48 multi-rate
solution set with forward-error correction (FEC) for DWDM
applications, representing a 50% reduction in chip count and
35% reduction in power consumption.
-- Introduced the MISSOURI, a highly integrated framing and pointer
processing device that supports channelized OC-48 SONET and SDH
traffic.
-- Introduced the S3096, the industry's first SiGe OC-192 limiting
amplifier, a high-performance, 10Gbps limiting amplifier ideal for use
in OC-192 SONET/SDH-DWDM and high-frequency fiber-optic applications.
AMCC Overview
AMCC designs, develops, manufactures and markets high-performance, high-bandwidth silicon solutions for the world's optical networks. The Company utilizes a combination of high-frequency analog, mixed-signal and digital design expertise coupled with system-level knowledge and multiple silicon process technologies to offer IC products for the wide area network markets that address the SONET/SDH and ATM transmission standards and for the fiber optic based portions of the local area network markets that address the Gigabit Ethernet and Fibre Channel transmission standards. AMCC's corporate headquarters and wafer fabrication facilities are located in San Diego. Sales and consulting engineering offices are located throughout the world.
Forward Looking Statements
Except for historical information contained herein, the matters set forth in this news release are forward-looking statements, including statements regarding the Company's future financial performance that are subject to certain risks and uncertainties, including, but not limited to, those associated with the Year 2000, the impact of the earthquake in Taiwan on overall component supply, manufacturing execution, concentration of revenues with major customers and the risks associated with the business of the Company's major customers. In addition, these forward looking statements are subject to the risk and uncertainties set forth in "The Factors That May Affect Future Results" detailed in the Company's Annual Report on Form 10-K for the year ended March 31, 1999, and the Company's other filings with the Securities and Exchange Commission. Actual results could differ materially, as a result of such factors, from those set forth in the forward-looking statements.
For further information regarding AMCC please visit the Company's Web site at amcc.com or call the Company's shareholder information line at (888) 982-AMCC (2622).
APPLIED MICRO CIRCUITS CORPORATION
CONSOLIDATED CONDENSED INCOME STATEMENTS
(Unaudited)
(in thousands, except per share data)
Three Months Six Months
Ended Ended
September 30, September 30,
1999 1998 1999 1998
Net revenues $37,898 $25,472 $69,541 $49,286
Cost of revenues 11,326 9,347 21,609 18,746
Gross profit 26,572 16,125 47,932 30,540
Operating expenses:
Research and development 7,194 5,454 13,548 10,347
Selling, general and
administrative 6,548 4,296 12,117 8,460
Total operating expenses 13,742 9,750 25,665 18,807
Operating income 12,830 6,375 22,267 11,733
Interest income, net 1,005 877 1,889 1,730
Income before income taxes 13,835 7,252 24,156 13,463
Provision for income taxes 4,738 2,584 8,273 4,811
Net income $9,097 $4,668 $15,883 $8,652
Basic earnings per share:
Earnings per share $0.17 $0.10 $0.31 $0.18
Weighted average shares 52,543 48,820 51,987 48,050
Diluted earnings per share:
Earnings per share $0.16 $0.09 $0.28 $0.16
Weighted average shares 57,932 54,592 57,494 53,963
APPLIED MICRO CIRCUITS CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
($ in thousands)
September 30, March 31,
ASSETS 1999 1999
(unaudited)
Current assets:
Cash, cash equivalents and
short-term investments $105,071 $86,540
Accounts receivable, net 18,861 19,275
Inventories 10,475 9,813
Other current assets 7,683 9,392
Total current assets 142,090 125,020
Property and equipment, net 27,270 23,128
Other assets 2,168 2,507
Total assets $171,528 $150,655
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $6,820 $5,131
Other current liabilities 12,364 13,335
Current portion of long-term debt 1,346 1,862
Current portion of capital
lease obligations 872 1,075
Total current liabilities 21,402 21,403
Long-term debt, less current portion 4,309 4,995
Long-term capital lease obligations, less
current portion 2,188 2,563
Stockholders' equity 143,629 121,694
Total liabilities and stockholders'
equity $171,528 $150,655
For more information on Applied Micro Circuits Corporation via facsimile at no cost, simply call 1-888-982-AMCC (2622).
SOURCE Applied Micro Circuits Corporation
/CONTACT: William Bendush, Vice President, Chief Financial Officer,
858-450-9333, or Debra Hart, Investor Relations Manager, 858-535-4217, both
of Applied Micro Circuits Corporation/
/Web site: amcc.com
(AMCC) |
