Sunday, April 29, 2012

PMC-Sierra Posts Q1 Revenue of $132 Million

PMC-Sierra reported Q1 revenue of $132.1 million, a decrease of 13% compared to $152.6 million in the fourth quarter of 2011, and 16% lower than net revenues of $157.4 million in the first quarter of 2011. GAAP net loss in the first quarter of 2012 was $96.3 million, or $0.41 per share, including $85.4 million income tax provision related to an intercompany dividend made in preparation for funding a share repurchase program.

“Despite a challenging first quarter, we continued to execute well, making key product announcements and winning designs in all of our business segments,�? said Greg Lang, president and chief executive officer of PMC. “We expect sequential improvement in our business in Q2 and a stronger second half of 2012.�?