PMC-Sierra In Line

The chipmaker reports a revenue boost of 25% from the year-ago period.
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Updated from 5:30 p.m. EST

Communications and storage chipmaker

PMC-Sierra

(PMCS)

on Wednesday reported fourth-quarter profit in line with Wall Street's estimates and a revenue jump from the year-ago period.

For the quarter ended Dec. 31, revenue was $77.6 million, a 25% boost from revenue in the same quarter last year.

PMC earned $18.2 million, or 10 cents a share, compared with earnings of $13.1 million, or 7 cents a share, in the year-ago period.

Excluding one-time items related to gains on currency and a tax credit, the company earned $12.8 million or 7 cents a share.

Analysts surveyed by Thomson First Call were expecting earnings of 7 cents a share before items and a top line of $78.5 million.

After hours, shares of PMC-Sierra recently fell 46 cents, or 4.6%, to $9.50.

For the full year, revenue was $291.4 million compared with $297.4 million for the same period last year. GAAP net income in 2005 was $28 million and 15 cents a share compared with the prior-year's GAAP net income of $51.7 million and 27 cents a share.

Non-GAAP net income in 2005 was $37.5 million, or 20 cents a share compared with non-GAAP net income of $34.5 million and 18 cents a share the prior year.

PMC closed the regular session up 21 cents to $9.50.