Applied Micro Circuits Corporation Reports Second Quarter Fiscal 2014 Financial Results

SUNNYVALE, Calif., Oct. 24, 2013 (GLOBE NEWSWIRE) -- Applied Micro Circuits Corporation (Nasdaq:AMCC) ("AppliedMicro") today reported its financial results for the second quarter of fiscal 2014, ended September 30, 2013.
  • Q2 2014 net revenues were $55.4 million, up approximately 2% sequentially and up approximately 20% year over year.  
  • Q2 2014 GAAP net loss was $32.4 million or $0.45 per share compared to net income of $10.9 million or $0.15 per diluted share for the first quarter of fiscal 2014.  
  • Q2 2014 non-GAAP net income was $0.03 per share on net income of $2.0 million, compared to net income of $0.02 per share on a net income of $1.4 million, for the first quarter of fiscal 2014.  
  • Total cash, cash equivalents and short-term investments was approximately $76.0 million as of September 30, 2013 compared to $89.7 million as of June 30, 2013.

Net revenues for the second quarter of fiscal 2014 were $55.4 million compared to $54.1 million in the first quarter of fiscal 2014, representing a sequential increase of 2.0% and an increase of 19.7% over the $46.3 million in net revenues reported in the second quarter of fiscal 2013. Net revenues for the first six months of fiscal 2014 were $109.5 million, compared to $87.6 million for the same period last year, representing an increase of 25%.

The net loss on a generally accepted accounting principles (GAAP) basis for the second quarter and for the first six months of fiscal 2014 were $32.4 million and $21.5 million or $0.45 and $0.30 per share, respectively. This compares with net income of $10.9 million or $0.15 per share for the first quarter of fiscal 2014 and net loss of $21.6 million or $0.33 per share and net loss of $44.9 million or $0.71 per share for the second quarter and first six months of fiscal 2013, respectively.

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