SUNNYVALE, Calif., April 28, 2011 (GLOBE NEWSWIRE) -- Applied Micro Circuits Corporation (Nasdaq:AMCC) ("AppliedMicro") today reported its financial results for the fourth quarter of fiscal 2011, ended March 31 2011.
- Q4 2011 net revenues were $58.6 million, down 6.1% sequentially and up 1.7% year over year.
- Q4 2011 GAAP net loss was $4.0 million or $0.06 per share compared to net loss of $2.0 million or $0.03 per share for the third quarter of fiscal 2011.
- Q4 2011 non-GAAP EPS was $0.04 per share on net income of $2.7 million, compared to $0.10 per share on net income of $6.8 million, from continuing operations, for the third quarter of fiscal 2011.
- Total cash, cash equivalents and short-term investments was approximately $168.1 million as of March 31, 2011 compared to $190.2 million at the end of December 31, 2010. The decrease in cash is mainly due to stock buybacks and investment in working capital.
- The Company announced attainment of milestone of shipping 1 million Optical Transport Network (OTN) ports.
- During the quarter, the Company announced the introduction of APM86392 and APM86391, of its PacketPro™ family of multi-core embedded processing devices. The industry's first embedded multi-core processors that enable two or more independent subsystems to operate concurrently with effective isolation on a single chip.
Net revenues for the fourth quarter of fiscal 2011 were $58.6 million compared to $62.4 million in the third quarter of fiscal 2011, representing a sequential decrease of 6.1% and an increase of 1.7% over the $57.6 million in net revenues reported in the fourth quarter of fiscal 2010. Revenues for the full year were $247.7 million compared to $205.6 million for the full year fiscal 2010, a 20.5% increase.
The net loss on a generally accepted accounting principles (GAAP) basis for the fourth quarter of fiscal 2011 was $4.0 million or $0.06 per share. The fourth quarter GAAP net loss compares with a net loss of $2.0 million or $0.03 per share for the third quarter of fiscal 2011 and a net loss of $0.1 million or $0.00 per share for the fourth quarter of fiscal 2010. For the full year ended March 31, 2011, GAAP net loss was $1.0 million or $0.02 per share compared to a net loss of $7.5 million or $0.11 per share for the full fiscal year 2010.
Non-GAAP income from continuing operations for the fourth quarter of fiscal 2011 was $2.7 million or $0.04 per diluted share, compared to non-GAAP income from continuing operations of $6.8 million or $0.10 per diluted share in the third quarter of fiscal 2011 and non-GAAP net income from continuing operations of $6.1 million or $0.09 per diluted share for the fourth quarter of fiscal 2010. For the full fiscal year 2011, non-GAAP net income from continuing operations was $28.5 million or $0.42 per diluted share compared to $10.9 million or $0.16 per diluted share for the full fiscal year 2010.
"We executed to plan and continue to build upon our leadership position in the OTN market. With our increased pace of product introductions, we are confident of expanding our market share in all our key focus markets," said Dr.Paramesh Gopi, President and Chief Executive Officer.
Bob Gargus, Chief Financial Officer commented, "Lead times continue to be challenging and going forward are further challenged by the supply chain issues from the Japan earthquake. Overall we did a good job of meeting our revenue estimates and managing inventories to better serve our customers. Looking forward it appears that overall market demand, for the next 2 or so quarters, is consistent with our expectations."
AppliedMicro reports its financial results in accordance with GAAP and also provides additional financial data that have not been prepared in accordance with GAAP. The non-GAAP results and other financial measures reported by the Company exclude certain items that are required by GAAP, such as restructuring charges, amortization of purchased intangibles, stock-based compensation charges, other-than-temporary impairment on investments, impairment of strategic investment, one-time acquisition related charges, payroll taxes on certain stock option exercises and non-cash tax adjustments. Income taxes are adjusted to an estimated non-GAAP effective tax rate. These non-GAAP measures are not a substitute for GAAP measures and may not be consistent with the presentation used by other companies. The Company uses the non-GAAP financial measures to evaluate and manage its operations. The Company is providing this information to allow investors to perform additional financial analysis and because it is consistent with the financial models and estimates published by analysts who follow the Company. The attached schedule reconciles non-GAAP results and other financial measures reported by the Company with the most directly comparable GAAP financial measures.
AppliedMicro management will be holding a conference call today, April 28, 2011 at 2:00 p.m. Pacific Time/5:00 p.m. Eastern Time to discuss additional details regarding the Company's performance for the fourth quarter of fiscal 2011 and to provide guidance for the first quarter of fiscal 2012. You may access the conference call via any of the following:
AppliedMicro Overview
AppliedMicro is a global leader in energy conscious high performance computing and connectivity solutions for telco, enterprise, data center, consumer and SMB applications. AppliedMicro's corporate headquarters are located in Sunnyvale, California. Sales and engineering offices are located throughout the world. For further information regarding AppliedMicro, visit the company's Web site at .
This news release contains forward-looking statements that reflect the Company's current view with respect to future events and financial performance, including statements regarding the Company's focus, product cycles, design-win pipeline, strategic re-focus and future revenues. These forward-looking statements are only predictions based on current information and expectations and are subject to certain risks and uncertainties, including, but not limited to, customer demand for the Company's products, increased supplier lead times and other supply chain constraints, the businesses of the Company's major customers, reductions, rescheduling or cancellation of orders by the Company's customers, successful and timely development of products, successful integration and management of recently acquired businesses, market acceptance of new products, and general economic conditions. More information about potential factors that could affect the Company's business and financial results is included in the "Risk Factors" set forth in the Company's Annual Report on Form 10-K for the year ended March 31, 2010, 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and the Company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the issuance of this press release.
CONTACT: Investor Relations Contact: Applied Micro Circuits Corporation Bob Gargus Phone: (408) 542-8752 E-Mail: rgargus@apm.com Media Contact: Applied Micro Circuits Corporation Tally Kaplan-Porat Phone: (408) 702-3139 E-Mail: tkaplan@apm.com
