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SUNNYVALE, Calif., April 24, 2014 (GLOBE NEWSWIRE) -- Applied Micro Circuits Corporation (Nasdaq:AMCC) ("AppliedMicro") today reported its financial results for the fiscal fourth quarter and full year ended March 31, 2014.
Fiscal Q4 2014 Financial Information
Consolidated net revenue of $51.8 million
GAAP net income of $23.1 million or $0.30 per diluted share
Non-GAAP net income of $0.7 million or $0.01 earnings per diluted share
Total cash, cash equivalents and short-term investments were approximately $106.6 million as of March 31, 2014
Fiscal 2014 Full-Year Financial Information
Consolidated net revenue of $216.2 million
GAAP net loss of $5.7 million or $0.08 per share
Non-GAAP net income of $5.8 million or $0.08 earnings per diluted share
Commenting on AppliedMicro's fourth quarter and fiscal 2014 full year operations, Dr. Paramesh Gopi, President and Chief Executive Officer, said, "We are very excited with the progress we have made to commercialize X-Gene™. Design win momentum is strong, and we have purchase orders in-hand. We expect to begin sampling X-Gene 2 later this spring." Dr. Gopi continued, "In addition, our leadership in the OTN / converged Ethernet market has positioned us very well to benefit from the adoption of 100Gbps connectivity within and between data centers."
Doug Ahrens, Chief Financial Officer, said, "The base business performed better than our expectations on the bottom line and continues to support the ongoing development of our X-Gene and X-Weave™ growth initiatives. We are also very pleased to have further strengthened our balance sheet in the quarter."
Fiscal 2014 Fourth Quarter Results
Total net revenue for the fiscal 2014 fourth quarter was $51.8 million compared to $54.8 million in the third quarter of fiscal 2014 and $56.3 million in the fourth quarter of fiscal 2013, representing a decrease of 6% sequentially and a decrease of 8% year-over-year.