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Applied Micro Circuits Corporation Reports First Quarter Fiscal 2015 Financial Results

Stocks in this article: AMCC

SUNNYVALE, Calif., July 29, 2014 (GLOBE NEWSWIRE) -- Applied Micro Circuits Corporation (Nasdaq:AMCC) ("AppliedMicro") today reported its financial results for the first quarter of fiscal 2015, ended June 30, 2014.

  • Consolidated net revenue of $50.3 million
  • GAAP net loss of $13.1 million or $0.17 per share
  • Non-GAAP net income of $0.2 million or $0.00 earnings per share

Commenting on AppliedMicro's first quarter operations, Dr. Paramesh Gopi, President and Chief Executive Officer, said, "We are very pleased to report that we have shipped initial production X-Geneā„¢ units. Purchase orders continue to grow and backlog is building. The creation of the ARM 64-bit based server category is underway." Dr. Gopi continued, "We experienced strong demand for our connectivity products while we saw a sharp decline in legacy PowerPC embedded products. The contributions of the base business continue to support our growth initiatives."

AppliedMicro provides non-GAAP results as additional information relating to its financial condition and business trends. This information should be considered in conjunction with corresponding GAAP measures. A reconciliation between GAAP and non-GAAP financial results is provided in the financial tables section of this press release.

Conference Call and Webcast

Management will host a conference call and simultaneous webcast to discuss first quarter results and business and financial outlook today, July 29, 2014, at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time.

DIAL-IN: (877) 280-4960
  (857) 244-7317
   
PASSCODE: 83482949
   
WEBCAST: Investor Relations section of the Company's website at www.apm.com

A replay of the call will be available starting around 6:00 p.m. Pacific Time / 9:00 p.m. Eastern Time and can be accessed by dialing 888-286-8010 or 617-801-6888 and using the access code 99777506. The replay will be available through August 5, 2014.

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