Thursday, July 29, 2010

Applied Micro Revenues Rise 6% Sequentially, 35% YoY

Applied Micro Circuits Corporation (AMCC) reported quarterly net revenues of $60.8 million, up 6% sequentially and up 35% year over year. GAAP net income was $1.4 million or $0.02 per share. Book to bill, exiting the quarter, was 1.3x.

"The demand for our products continues to be very strong and we exited the quarter with a solid book-to-bill which demonstrates the wide acceptance for our products and the continued traction we are enjoying from the introduction of our new product lines. For the quarter, we once again delivered solid results and this is the sixth straight quarter we have met or exceeded the Street's expectations," said Dr. Paramesh Gopi, President and Chief Executive Officer.

Bob Gargus, Chief Financial Officer, commented, "We had a very strong quarter. In spite of industry-wide supply chain constraints, we were able to proactively manage our business and delivered results that exceeded expectations. Through solid execution, we continue to leverage the business towards sustained double digit profitability."

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