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AMCC Announces 3Q08 Results

SUNNYVALE, Calif. -- Applied Micro Circuits Corporation (Nasdaq:AMCC) today reported its financial results for the third quarter of fiscal 2008.

Net revenues for the third quarter of fiscal 2008 were $66.3 million compared to $58.2 million reported in the second quarter of fiscal 2008 and $76.6 million reported in the third quarter of fiscal 2007. Revenues for the first nine months were $174.6 million compared to $222.7 million for the comparable period last year.

The net loss on a generally accepted accounting principles ("GAAP") basis for the third quarter of fiscal 2008 was $4.3 million or $(0.06) per share. The third quarter GAAP net loss compares with a net loss of $8.1 million or $(0.12) per share for the second quarter of fiscal 2008 and a net loss of $4.2 million or $(0.06) per share for the third quarter of fiscal 2007. Year to date the GAAP net loss was $28.8 million or $(0.42) per share compared to $18.9 million or $(0.27) per share for the first nine months of fiscal 2007.

The non-GAAP net income for the third quarter of fiscal 2008 was $3.1 million or $0.05 per share, compared to the non-GAAP net loss of $3.0 million or $(0.04) per share in the second quarter of fiscal 2008 and the non-GAAP net income of $9.0 million or $0.13 per share in the third quarter of fiscal 2007. Year to date the non-GAAP net loss was $7.2 million or $(0.10) per share compared to a non-GAAP net income of $27.5 million or $0.38 per share for the first nine months of fiscal 2007.

"I am pleased with our financial results for the December quarter. We achieved revenue growth at the upper end of our guidance range and returned to non-GAAP profitability. Order patterns remained strong throughout the quarter and we entered the March quarter with our strongest backlog position in more than two years. Finally, all of us are proud that AMCC's PowerPC(r) 405EX Embedded Processor was named 2007 Product of the Year by Electronic Products Magazine," said Kambiz Hooshmand, president and chief executive officer.

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