Applied Micro Circuits Corporation Reports Second Quarter Of Fiscal 2002 Financial Results
Revenues of $41.3 Million Pro Forma Loss Per Share $0.04
SAN DIEGO, Oct 18, 2001 /PRNewswire via COMTEX/ -- Applied Micro Circuits Corporation (Nasdaq: AMCC chart, msgs) today reported its financial results for the second quarter of fiscal 2002.
Net revenues for the second quarter of fiscal 2002 were $41.3 million, a decrease of 57% from the $97.0 million reported in the same period of fiscal 2001. Pro forma net loss for the second quarter of fiscal 2002 was $12.8 million, or $0.04 per share, compared with pro forma net income of $35.7 million, or $0.13 per share, for the second quarter of fiscal 2001.
Sequentially, net revenues for the second quarter of fiscal 2002 were consistent with the $41.2 million reported in the first quarter of fiscal 2002. Pro forma net loss for the second quarter of fiscal 2002 of $12.8 million, or $0.04 per share, compared with the pro forma net loss of $13.6 million, or $0.05 per share, reported in the first quarter of fiscal 2002.
Net revenues for the six months ended September 30, 2001 were $82.5 million, down 52% from the $171.2 million for the six months ended September 30, 2000. Pro forma net loss for the six months ended September 30, 2001 was $26.4 million or $0.09 per share, compared with pro forma net income of $63.5 million or $0.24 per share for the six months ended September 30, 2000.
Commenting on the results, Dave Rickey, Chairman of the Board and Chief Executive Officer, said, "The contraction in carrier spending, combined with the uncertainty created by the events of last month, continue to limit visibility. As I've said previously, and as this quarter's results would support, I believe that our business has stabilized and we are currently at bottom from a revenue standpoint." Rickey continued, "We continue to remain extremely focused on product development and design wins. I believe that as business improves in the upcoming year, newer platforms will lead the recovery. Our company is very well positioned in the market and we intend to take advantage of our strong balance sheet to even further strengthen that position."
Fiscal 2002 Q2 Highlights
* Delivered high performance 10 Gbps CMOS transceivers for the SONET and
10-Gigabit Ethernet marketplace. The S19206 and S19210 transceivers,
utilizing 0.13-micron CMOS technology, offer industry-leading
performance and low power.
* Enhanced the offering of high-performance OC-768 solutions with the
introduction of industry-leading 48 Gbps silicon germanium modulator
driver. The S76803 provides customers with a flexible, feature-rich
solution for use in electroabsorption modulator and differential
Lithium Niobate applications.
* Demonstrated 10 Gigabit Ethernet WAN PHY interoperability at
Networld+Interop 2001 with Nortel Networks and Spirent Communications.
* Promoted Tim Heenan to vice president of operations and appointed
Steve Smith to vice president, controller.
* Implemented a 12-month stock repurchase program on September 17, 2001,
of up to $200 million.
GAAP Basis Results
The net loss on a GAAP basis for the second quarter of fiscal 2002 was $95.9 million or $0.32 per share, compared with net income of $23.6 million or $0.09 per share for the same period last fiscal year. The net loss on a GAAP basis for the six months ended September 30, 2001 was $3.4 billion, or $11.49 per share, compared with net income of $27.0 million, or $0.10 per share, for the same period last fiscal year. The GAAP basis operating results include the following items which are excluded from the reported pro forma operating results: goodwill impairment charges, restructuring costs, amortization of purchased intangibles, stock compensation charges related to acquired companies, a special excess inventory charge, payroll and other tax effects of certain
stock option exercises and net gains and losses related to strategic equity investments. See the schedule of pro forma adjustments.
In an effort to align manufacturing capacity with current demand and reduce the Company's overall cost structure, the Company recorded a restructuring charge in the second quarter of fiscal 2002 of $11.2 million. The restructuring charge consists of workforce reductions, consolidation of excess facilities and disposal of excess manufacturing capacity. In addition, in the second quarter of fiscal 2002, the Company reduced the carrying value of its strategic equity investments by $5 million.
For More Information
Management will be holding a conference call to discuss quarterly earnings today, October 18, 2001, at 2:00 pm PDT. You may access the conference call via a web broadcast on AMCC's investor information site at amcc.com.
AMCC Overview
AMCC designs, develops, manufactures and markets high-performance, high-bandwidth silicon solutions for the world's optical networks. AMCC 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 fiber optic networks. The Company's system solution portfolio includes switch fabric, traffic management, network processor, framer/mapper, PHY and PMD devices that address the high-performance needs of the evolving intelligent optical network. AMCC's corporate headquarters and wafer fabrication facilities are located in San Diego. Sales and engineering offices are located throughout the world. For further information regarding AMCC, please visit our web site at amcc.com or call our shareholder information line at (888) 982-AMCC (2622). |
