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Technology Stocks : Applied Micro Circuits Corp (AMCC) -- Ignore unavailable to you. Want to Upgrade?

To: The Ox who wrote (526)	6/8/2000 8:33:00 PM
From: William F. Wager, Jr.	Respond to of 1805

Dow Jones Newswires -- June 8, 2000 Applied Micro Fincl Chief Comfortable With 1Q Views Dow Jones Newswires By Bob Sechler DALLAS, Texas -- Applied Micro Circuits Corp. (AMCC) Chief Financial Officer William Bendush moved Thursday to reassure investors that lower-than-expected sales to Nortel Networks Corp. (NT) won't hurt his company's fiscal first-quarter results. "This quarter (ending in June) is going to be another outstanding quarter for us," Bendush said. "We're very comfortable with the estimates that are out there for us." Applied Micro, based in San Diego, Calif., is expected to earn 17 cents a share for the quarter, according to First Call/Thomson Financial, compared with 6 cents a share in the year-ago period. Applied Micro shares have plunged in the last several days after the company announced that sales to its largest customer, Nortel, would grow less than expected for the quarter. Bendush, speaking in Dallas at a Frost Securities Inc. technology conference, reiterated that prediction Thursday, saying sales to Nortel will grow by "10%, plus or minus" for the quarter. Previous forecasts had called for 15% growth. Still, Bendush said Applied Micro officials "actually thought we were delivering some good news" with the announcement before investors interpreted it negatively. He said the news can be looked upon as positive because Applied Micro's overall sales growth is on track despite the Nortel downturn, meaning its dependence on Nortel is decreasing. Regardless, Bendush said he thinks the Nortel downturn is a short-term issue involving Nortel product transitions. He expects sales growth to Nortel to be back in the mid-teens by Applied Micro's fiscal second quarter. Applied Micro makes integrated circuits for communications infrastructure. -Bob Sechler; Dow Jones Newswires; 512-236-9637