Applied Micro Circuits Corporation Reports Third Quarter Fiscal 2000 Financial Results
Quarterly Revenues up 70% Year-over-Year Quarterly Net Income up 137% Year-over-Year Quarterly Revenues up 21% Sequentially Quarterly Net Income up 33% Sequentially
SAN DIEGO, Jan. 10 /PRNewswire/ -- Applied Micro Circuits Corporation (AMCC) (Nasdaq: AMCC - news) today reported its financial results for the third quarter ended December 31, 1999.
Net revenues for the third quarter of fiscal 2000 were $45.8 million, an increase of 70% over the $27.0 million reported in same period of fiscal 1999. Net income for the third quarter of fiscal 2000 was $12.1 million, or $0.21 per share, an increase of 137% over the $5.1 million, or $0.09 per share reported in the same period of fiscal 1999.
Sequentially, net revenues for the third quarter of fiscal 2000 increased 21% over the $37.9 million reported in the previous quarter. Net income for the third quarter of fiscal 2000 increased 33% over the $9.1 million, or $0.16 per share, reported in the previous quarter.
Net revenues for the nine months ended December 31, 1999 were $115.3 million, up 51% over the net revenues of $76.3 million for the nine months ended December 31, 1998. Net income for the nine months ended December 31, 1999, was $28.0 million, or $0.48 per share, up 103% over net income of $13.8 million or $0.25 per share, for the nine months ended December 31, 1998.
Commenting on third quarter results, Dave Rickey, President and Chief Executive Officer of AMCC, said, ``Our business continues to be strong, due in part to the significant growth of our high-bandwidth communications customers such as Nortel Networks. Our communications revenues grew 155% year over year and 25% sequentially, increasing to 83% of total revenue for the quarter. While ramping revenue and increasing capacity we were also able to continue to improve our gross margin.'
Recent Highlights
-- Introduced the S2071 and S2074, highly integrated quad and hex port
bypass circuits for storage area network (SAN) applications, offering
the industry's best combination of reduced jitter, real estate, power
and price
-- Expanded executive team to include Greg Winner, recently from the
Silicon Systems subsidiary of Texas Instruments, as the new Vice
President of Engineering
-- AMCC was added to the NASDAQ 100
-- Began groundbreaking on additional San Diego facility to accommodate
continued expansion and growth
In December 1999, AMCC filed a registration statement with the Securities and Exchange Commission relating to a proposed public offering of shares of common stock by the Company. This registration statement has not yet become effective. The securities covered by the registration statement may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
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 integrated circuit products that enable the transport of voice and data over the fiber optics networks. AMCC's corporate headquarters and wafer fabrication facilities are located in San Diego. Sales and consulting engineering offices are located throughout the world.
This news release contains forward-looking statements, including statements regarding the Company's financial performance, that are subject to certain risks and uncertainties, including, but not limited to, those associated with manufacturing execution, concentration of revenues with major customers and the businesses of the Company's major customers. In addition, these forward looking statements are subject to the risk and uncertainties set forth in the Company's Annual Report on Form 10-K for the year ended March 31, 1999, the Company's Registration Statement on Form S-3 (No. 333-92431) 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.
APPLIED MICRO CIRCUITS CORPORATION
CONSOLIDATED CONDENSED INCOME STATEMENTS
(Unaudited)
(in thousands, except per share data)
Three Months Nine Months
Ended Ended
Dec 31, Sept 30, Dec 31, December 31,
1999 1999 1998 1999 1998
Net revenues $45,762 $37,898 $26,972 $115,303 $76,258
Cost of revenues 13,209 11,326 9,669 34,818 28,415
Gross profit 32,553 26,572 17,303 80,485 47,843
Operating expenses:
Research and
development 8,281 7,194 5,847 21,829 16,194
Selling, general
and administrative 7,061 6,548 4,573 19,178 13,033
Total operating
expenses 15,342 13,742 10,420 41,007 29,227
Operating income 17,211 12,830 6,883 39,478 18,616
Interest income, net 1,225 1,005 883 3,114 2,613
Income before
income taxes 18,436 13,835 7,766 42,592 21,229
Provision for
income taxes 6,324 4,738 2,646 14,597 7,457
Net income $12,112 $9,097 $5,120 $27,995 $13,772
Basic earnings per
share:
Earnings per share $0.23 $0.17 $0.10 $0.53 $0.28
Weighted average
shares 53,119 52,543 49,602 52,364 48,568
Diluted earnings per
share:
Earnings per share $0.21 $0.16 $0.09 $0.48 $0.25
Weighted average
shares 58,804 57,932 55,238 57,930 54,396
APPLIED MICRO CIRCUITS CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
($ in thousands)
ASSETS December 31, March 31,
1999 1999
(unaudited)
Current assets:
Cash, cash equivalents
and short-term investments $115,268 $86,540
Accounts receivable, net 20,854 19,275
Inventories 10,522 9,813
Other current assets 8,383 9,392
Total current assets 155,027 125,020
Property and equipment, net 33,999 23,128
Other assets 3,357 2,507
Total assets $192,383 $150,655
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $8,239 $5,131
Other current liabilities 15,694 13,335
Current portion of long-term debt 1,370 1,862
Current portion of capital
lease obligations 776 1,075
Total current liabilities 26,079 21,403
Long-term debt, less current portion 3,957 4,995
Long-term capital lease obligations,
less current portion 1,873 2,563
Stockholders' equity 160,474 121,694
Total liabilities and
stockholders' equity $192,383 $150,655
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