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Applied Micro Circuits Corporation Reports First Quarter Fiscal 2014 Financial Results

SUNNYVALE, Calif., July 24, 2013 (GLOBE NEWSWIRE) -- Applied Micro Circuits Corporation (Nasdaq:AMCC) ("AppliedMicro" or the "Company") today reported its financial results for the first quarter of fiscal 2014, ended June 30, 2013.
  • Q1 FY2014 net revenues were $54.1 million, down 4.0% sequentially and up 31% year over year.  
  • Q1 FY2014 non-GAAP EPS was $0.02 per diluted share on net income of $1.4 million, compared to $0.00 per diluted share on net income of $0.1 million, for the fourth quarter of fiscal 2013.    
  • Q1 FY2014 GAAP net income was $10.9 million or $0.15 per diluted share, compared to net loss of $17.6 million or $(0.26) per share for the fourth quarter of fiscal 2013.   
  • Total Cash, cash equivalents and short-term investments was approximately $89.7 million as of June 30, 2013, compared to $85.5 million as of March 31, 2013.    
  • AppliedMicro's X-Gene   Server on a Chip product continues to be on track for commercial production as indicated by key customers' systems-development commitments; and public demonstrations by multiple customers and ecosystem partners.

Net revenues for the first quarter of fiscal 2014 were $54.1 million compared to $56.3 million in the fourth quarter of fiscal 2013, representing a sequential decrease of 4.0% and an increase of 31.0% over the $41.3 million in net revenues reported in the first quarter of fiscal 2013.

The net income on a generally accepted accounting principles (GAAP) basis for the first quarter of fiscal 2014 was $10.9 million or $0.15 per diluted share. The first quarter GAAP net income compares with a net loss of $17.6 million or $(0.26) per share for the fourth quarter of fiscal 2013 and a net loss of $23.4 million or $(0.37) per share for the first quarter of fiscal 2013.

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