Tuesday, April 24, 2007

PMC-Sierra Posts Revenue of $104 Million, up 2%

PMC-Sierra reported Q1 revenue of $103.7 million, an increase of 2% compared with $101.9 million in the fourth quarter of 2006 and 18% higher than in the first quarter of 2006. The revenues in the first quarter of 2007 included revenues related to the acquisitions of both the Avago storage semiconductor business and the Passave Fiber To The Home business. There was a net loss of $15.8 million (GAAP diluted loss per share of $0.07) compared with a GAAP net loss in the fourth quarter of 2006 of $42.2 million (GAAP loss per share of $0.20).

"In the first quarter, we experienced improved visibility in our telecom, fiber to the home, and microprocessor businesses on a sequential basis," said Bob Bailey, chairman and chief executive officer of PMC-Sierra. "We believe that the overall business environment is improving in each of the markets that we serve, and our recently announced cost reduction initiative will enable us to improve our operating performance going forward."http://www.pmc-sierra.com

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