Applied Micro Circuits
reported second-quarter income that beat analysts' expectations by 3 cents a share.
The company reported second-quarter income of $35.7 million, or 26 cents a diluted share, compared with income of $9.1 million, or 8 cents a share, in the year-ago period. Revenue rose to $97 million from $37.9 million a year ago. Wall Street was expecting the company to earn 23 cents a share in the second quarter, according to 14 analysts surveyed by
First Call/Thomson Financial
Applied Micro, which makes high-bandwidth silicon products for optical networks, said the income figures exclude acquisition charges and the amortization of purchased intangibles, as well as payroll and other tax effects on certain stock option exercises, and stock compensation costs related to acquired companies.
The company also declared a 2-for-1 stock split, which will be distributed on or about Oct. 30 to shareholders of record Oct. 16.