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Applied Micro Circuits Corporation Reports Fourth Quarter Fiscal 2013 Financial Results

SUNNYVALE, Calif., April 25, 2013 (GLOBE NEWSWIRE) -- Applied Micro Circuits Corporation (Nasdaq:AMCC) ("AppliedMicro" or the "Company") today reported its financial results for the fourth quarter of fiscal 2013, ended March 31, 2013.
  • Q4 FY2013 net revenues were $56.3 million, up 9.0% sequentially and 15.5% year over year.  
  • Q4 FY2013 non-GAAP EPS was $0.00 per diluted share on net income of $0.1 million, compared to $(0.10) per share on a net loss of $6.9 million, for the third quarter of fiscal 2013.   
  • Q4 FY2013 GAAP net loss was $30.2 million or $(0.45) per share, compared to net loss of $71.6 million or $(1.08) per share for the third quarter of fiscal 2013.   
  • Total Cash, cash equivalents and short-term investments was approximately $85.5 million as of March 31, 2013, compared to $84.2 million as of December 31, 2012.   
  • On April 22, 2013, the Company completed the sale of the outstanding shares of TPack A/S and certain specified intellectual property (IP) assets owned by the Company related to TPack's business to Altera Corporation for a total purchase price of approximately $33.5 million, subject to adjustments. The Company retains a license to the TPack IP.  
  • In April, the Company announced a strategic cooperation initiative with Altera Corporation to jointly develop and market optimized solutions for data center applications. 
  • The Company solidified its leadership in the cloud server market category by sampling its X-Gene™ Server on a Chip™ solution to customers and partners including HP, Dell, Red Hat and others. HP also announced that a Moonshot server featuring X-Gene is scheduled to be released in the second half of 2013.

Net revenues for the fourth quarter of fiscal 2013 were $56.3 million compared to $51.7 million in the third quarter of fiscal 2013, representing a sequential increase of 9.0% and an increase of 15.5% over the $48.8 million in net revenues reported in the fourth quarter of fiscal 2012. Revenues for the full fiscal year 2013 were $195.6 million compared to $230.9 million for fiscal year 2012, representing a 15.3% decrease.

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