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

To: Ibexx who wrote (1524)	6/25/2001 4:21:29 PM
From: Venkie	Read Replies (1) \| Respond to of 1805

Applied Micro Circuits Corporation Revises Q1 Fiscal 2002 Outlook SAN DIEGO, June 25 /PRNewswire/ -- Applied Micro Circuits Corporation (Nasdaq: AMCC - news) today presented a revised outlook for its first quarter results which will end on June 30, 2001. Due to continued weakness in demand, AMCC is reducing its first quarter fiscal 2002 revenue forecast to $40 to $45 million and its pro forma net income per share to a loss of $0.04 to $0.06 per share. This loss is exclusive of anticipated restructuring and other special charges, which are expected to be recorded in the June quarter. Dave Rickey, Chairman, CEO and President, commented, ``Current business conditions continue to be very poor. New order activity has remained weak throughout the quarter and our overall backlog has declined. The magnitude of this downturn is greater than we, or our customers anticipated, and the progress in reducing excess inventory in the channel appears to be slower than they originally thought.'' Rickey continued, ``We believe strongly in the longer term fundamentals of the markets we serve and remained focused on new product introductions and design wins. We believe that AMCC is very well positioned, particularly in our higher speed and higher layer products, most of which are leaders in their market. In the near term we will continue to streamline our cost structure, and leverage our strong balance sheet during these difficult times.'' For More Information AMCC will have a brief conference call and web cast today, June 25, 2001, beginning at 2:00 p.m. Pacific Time. The call can be accessed by dialing (719) 457-2638 or at AMCC's investor information site at amcc.com. There will be an audio replay of the conference call available on AMCC's web site. In addition, you can hear the replay at (719) 457-0820 (use the reservation code number 531009). The replay will be available 24 hours a day through July 2, 2001.