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AMCC Files Reports With SEC

SUNNYVALE, Calif. -- Applied Micro Circuits Corporation (Nasdaq:AMCC) today filed its Annual Report on Form 10-K for the fiscal year ended March 31, 2006 and its Quarterly Reports on Form 10-Q for the quarters ended June 30, 2006 and September 30, 2006 with the Securities and Exchange Commission ("SEC"). These filings had been delayed pending the conclusion of an internal investigation by the Audit Committee of the Board of Directors into past stock option practices and the resulting decision to restate the Company's financial results for certain prior periods. AMCC undertook this investigation on its own initiative and has informed the SEC and the U.S. Attorney's Office of the results.

The scope of the Audit Committee's investigation was extensive, and included the review of stock option grants during the period commencing with the Company's initial public offering on November 25, 1997 through March 2006. The Au dit Committee, through its outside consultants, reviewed and tested every option grant to every individual since the date of the Company's initial public offering. During the course of the investigation, the Audit Committee did not observe any other accounting issues of concern.

Applied Micro Circuits Corp. (AMCC)