AMCC Posts Q2

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

Net revenues for the second quarter of fiscal 2008 were $58.2 million compared to $50.1 million reported in the first quarter of fiscal 2008 and $76.4 million reported in the second quarter of fiscal 2007.Revenues for the first six months were $108.3 million compared to $146.0 million for the comparable period last year.

The net loss on a generally accepted accounting principles (GAAP) basis for the second quarter of fiscal 2008 was $8.1 million or $(0.03) per share. The second quarter GAAP net loss compares with a net loss of$16.4 million or $(0.06) per share for the first quarter of fiscal 2008 and a net loss of $13.9 million or $(0.05) per share for the second quarter of fiscal 2007. Year to date the GAAP net loss was $24.5 million or $(0.09) per share compared to $14.7 million or $(0.05) per share for the first six months of fiscal year 2007.

The non-GAAP net loss for the second quarter of fiscal 2008 was $3.0 million or $(0.01) per share, compared to the non-GAAP net loss of $7.3 million or $(0.03) per share in the first quarter of fiscal 2008 and the non-GAAP net income of $10.4 million or $0.04 per share in the second quarter of fiscal 2007. Year to date the non-GAAP net loss was$10.3 million or $(0.04) per share compared to a non-GAAP net income of$18.5 million or $0.06 per share for the first six months of fiscal year 2007.

"I am pleased with our overall results. First, we achieved the revenue growth we were projecting and second, we saw a healthy increase in our backlog and order patterns. With the correction cycle now behind us, we are focused on further expanding our revenues and returning to non-GAAP profitability. We also entered a key new product cycle by shipping our SAS product family and we are very pleased with our customer traction,"said Kambiz Hooshmand, president and chief executive officer.Applied Micro Circuits Corp. (AMCC)