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Applied Micro Circuits Corporation Reports Third Quarter Fiscal 2014 Financial Results

Stocks in this article: AMCC

SUNNYVALE, Calif., Jan. 23, 2014 (GLOBE NEWSWIRE) -- Applied Micro Circuits Corporation (Nasdaq:AMCC) ("AppliedMicro") today reported its financial results for the third quarter of fiscal 2014, ended December 31, 2013.

  • Consolidated net revenue of $54.8 million, down 1% sequentially and up 6% year-over-year
  • GAAP net loss of $7.3 million or $0.10 per share, compared to a net loss of $32.4 million or $0.45 per share for the second quarter of fiscal 2014
  • Non-GAAP net income of $1.6 million or $0.02 earnings per share, compared to net income of $2.0 million or $0.03 earnings per share for the second quarter of fiscal 2014

Commenting on AppliedMicro's third quarter operations, Dr. Paramesh Gopi, President and Chief Executive Officer, said, "Our base business performed in-line with our expectations in the third quarter and continues to support the development and upcoming commercialization of our X-Gene™ and X-Weave™ growth initiatives. We continue to make significant progress on the customer and ecosystem fronts for X-Gene™ in advance of initial revenues that are targeted for the 2 nd half of our next fiscal year."

Fiscal 2014 Third Quarter Results

Total net revenue for the fiscal 2014 third quarter was $54.8 million compared to $55.4 million in the second quarter of fiscal 2014 and $51.7 million in the third quarter of fiscal 2013, representing a decrease of 1% sequentially and an increase of 6% year-over-year.

The net loss on a generally accepted accounting principles (GAAP) basis for the fiscal 2014 third quarter was a loss of $7.3 million, or $0.10 per share. This compares to a GAAP net loss of $32.4 million, or $0.45 per share, in the prior quarter and a GAAP net loss of $71.6 million, or $1.08 per share, in the third quarter of fiscal 2013.

Non-GAAP net income for the fiscal 2014 third quarter was $1.6 million, or $0.02 per diluted share, compared to non-GAAP net income of $2.0 million, or $0.03 per diluted share, in the prior quarter and a non-GAAP net loss of $6.9 million, or $0.10 per share, in the same quarter last year.

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