Applied Micro Circuits Corporation Reports Fourth Quarter Fiscal 2010 Financial Results
April 29 2010 - 3:05PM
Applied Micro Circuits Corporation (Nasdaq:AMCC) today reported its
financial results for the fourth quarter of fiscal 2010 ended March
31, 2010.
-
Recorded highest level of bookings since June 2007. A sequential
increase of 38% over the prior quarter.
-
Q4 2010 net revenues from continuing operations were $57.6
million, up 7% sequentially and up 41% year over year.
-
Q4 2010 GAAP net loss from continuing operations was $(0.1)
million or $(0.00) per share.
-
Q4 2010 non-GAAP EPS from continuing operations was $0.09 per
share on net income of $6.1 million, compared to $0.04 per share on
net income of $2.6 million for the third quarter of fiscal
2010.
-
Total cash was approximately $207 million as of March 31,
2010.
-
During the quarter, AppliedMicro announced the introduction of
its PQX line of products that represent the industry's highest
density, lowest power 10G/40G Optical Transport Network (OTN)
framer/PHY System-On-a-Chip (SoC) for Carrier Ethernet router and
WDM transport systems.
Net revenues from continuing operations for the fourth quarter
of fiscal 2010 were $57.6 million compared to $53.7 million in the
third quarter of fiscal 2010, representing a sequential increase of
7% and an increase of 41% over the $41.0 million in net revenues
reported in the fourth quarter of fiscal 2009. Revenues for the
full year were $205.6 million compared to $214.2 million for the
comparable period last year, a 4% decrease. The net loss on a
generally accepted accounting principles (GAAP) basis for the
fourth quarter of fiscal 2010 was $(0.1) million or $(0.00) per
share. The fourth quarter GAAP net loss compares with a net loss of
$(3.6) million or $(0.05) per share for the third quarter of fiscal
2010 and a net loss of $(27.4) million or $(0.42) per share for the
fourth quarter of fiscal 2009. For the full year, GAAP net loss was
$(7.5) million or $(0.11) per share compared to $(309.3) million or
$(4.74) per share for the full year ended March 31, 2009.
Non-GAAP income from continuing operations for the fourth
quarter of fiscal 2010 was $6.1 million or $0.09 per share,
compared to non-GAAP income from continuing operations of $2.6
million or $0.04 per share in the third quarter of fiscal 2010 and
non-GAAP net loss from continuing operations of $(8.4) million or
$(0.13) per share for the fourth quarter of fiscal 2009. For the
full year, non-GAAP net income from continuing operations was $10.9
million or $0.16 per share compared to $11.6 million or $0.18 per
share for the full year ended March 31, 2009.
"This quarter saw our highest booking levels in almost three
years while we continued to make significant inroads in our
targeted markets. Our PQX product released in March is already
receiving great traction in the market and is following in the path
of our successful Pemaquid and Yahara product releases. This is the
fourth straight quarter we have met or exceeded the street
expectations," said Paramesh Gopi, President and Chief Executive
Officer.
Bob Gargus, Chief Financial Officer, commented, "We had a very
strong quarter. Revenues, gross margins, bookings, asset
management, and expense control all exceeded expectations. We
continue to demonstrate growth and the ability to leverage this to
the bottom line in the form of improved profitability."
AppliedMicro reports its financial results in accordance with
GAAP and also provides additional financial data that have not been
prepared in accordance with GAAP. The non-GAAP results and
other financial measures reported by the Company exclude certain
items that are required by GAAP, such as restructuring charges,
amortization of purchased intangibles, stock-based compensation
charges, other than temporary impairment on investments, impairment
of strategic investment, payroll tax on certain stock option
exercises, non-cash tax adjustments and expenses related to stock
option investigation and other litigation. Income taxes are
adjusted to an estimated non-GAAP effective tax rate. These
non-GAAP measures are not a substitute for GAAP measures and may
not be consistent with the presentation used by other
companies. The Company uses the non-GAAP financial measures to
evaluate and manage its operations. The Company is providing
this information to allow investors to perform additional financial
analysis and because it is consistent with the financial models and
estimates published by analysts who follow the Company. The
attached schedule reconciles non-GAAP results and other financial
measures reported by the Company with the most directly comparable
GAAP financial measures.
AppliedMicro management will be holding a conference call today,
April 29, 2010, at 2:00 p.m. Pacific Time/5:00 p.m. Eastern Time to
discuss additional details regarding the Company's performance for
the fourth quarter of fiscal 2010 and to provide guidance for the
first quarter of fiscal 2011. You may access the conference
call via any of the following:
|
|
Teleconference:
|
800-591-6923
|
|
|
Conference ID:
|
17606639
|
|
|
Web Broadcast:
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http://www.appliedmicro.com
|
|
|
Replay:
|
888-286-8010 (access code: 55983327,
available through May 6, 2010)
|
AppliedMicro Overview
AppliedMicro is a global leader in energy conscious high
performance computing and connectivity solutions for telco,
enterprise, data center, consumer and SMB applications.
AppliedMicro's corporate headquarters are located in Sunnyvale,
California. Sales and engineering offices are located throughout
the world. For further information regarding AppliedMicro, visit
the company's Web site at http://www.appliedmicro.com.
This news release contains forward-looking statements that
reflect the Company's current view with respect to future events
and financial performance, including statements regarding the
Company's focus, product cycles, design-win pipeline, strategic
re-focus and future revenues. These forward-looking statements are
only predictions based on current information and expectations and
are subject to certain risks and uncertainties, including, but not
limited to, customer demand for the Company's products, the
businesses of the Company's major customers, reductions,
rescheduling or cancellation of orders by the Company's customers,
successful and timely development of products, market acceptance of
new products, and general economic conditions. More information
about potential factors that could affect the Company's business
and financial results is included in the "Risk Factors" set forth
in the Company's Annual Report on Form 10-K for the year ended
March 31, 2009, and the Company's other filings with the Securities
and Exchange Commission. Actual results could differ materially, as
a result of such factors, from those set forth in the
forward-looking statements. You are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date of this press release. All forward-looking
statements are qualified in their entirety by this cautionary
statement, and the Company undertakes no obligation to revise or
update any forward-looking statements to reflect events or
circumstances after the issuance of this press release.
|
APPLIED MICRO CIRCUITS CORPORATION
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(in thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
ASSETS
|
March 31,
2010
|
March 31,
2009
|
|
|
|
|
Current assets:
|
|
|
|
Cash, cash equivalents and short-term investments
|
$206,643
|
$184,009
|
Accounts receivable, net
|
|
22,892
|
17,537
|
Inventories
|
|
15,387
|
26,598
|
Other current assets
|
|
18,098
|
11,334
|
Assets of discontinued operations
|
--
|
8,558
|
Total current assets
|
|
263,020
|
248,036
|
Property and equipment, net
|
|
25,879
|
25,749
|
Purchased intangibles, net
|
|
16,850
|
32,965
|
Other assets
|
|
10,295
|
17,860
|
Total assets
|
|
$316,044
|
$324,610
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
Accounts payable
|
|
$20,074
|
$16,715
|
Other current liabilities
|
|
15,096
|
23,925
|
Total current liabilities
|
|
35,170
|
40,640
|
Stockholders' equity
|
|
280,874
|
283,970
|
Total liabilities and stockholders' equity
|
$316,044
|
$324,610
|
|
|
APPLIED MICRO CIRCUITS CORPORATION
|
GAAP CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
|
(in thousands, except per share data)
|
(unaudited)
|
|
|
|
|
|
|
|
Three Months Ended
|
Year Ended
|
|
March 31,
2010
|
December 31,
2009
|
March 31,
2009
|
March 31,
2010
|
March 31,
2009
|
|
|
|
|
|
|
Net revenues
|
$57,610
|
$53,704
|
$41,001
|
$205,598
|
$214,216
|
Cost of revenues
|
22,787
|
24,173
|
21,842
|
92,931
|
101,070
|
Gross profit
|
34,823
|
29,531
|
19,159
|
112,667
|
113,146
|
Operating expenses:
|
|
|
|
|
|
Research and development
|
24,255
|
23,599
|
24,202
|
88,096
|
84,687
|
Selling, general and administrative
|
11,937
|
11,454
|
11,151
|
45,901
|
50,097
|
Amortization of purchased intangibles
|
1,005
|
1,005
|
1,005
|
4,020
|
4,020
|
Goodwill impairment charges
|
--
|
--
|
--
|
--
|
222,972
|
Restructuring charges (reversals), net
|
1,025
|
--
|
7,717
|
746
|
8,623
|
Litigation settlement
|
--
|
--
|
--
|
--
|
130
|
Option investigation related expenses, net
|
--
|
--
|
(4)
|
--
|
80
|
Total operating expenses
|
38,222
|
36,058
|
44,071
|
138,763
|
370,609
|
Operating loss
|
(3,399)
|
(6,527)
|
(24,912)
|
(26,096)
|
(257,463)
|
Interest and other (expense) income and other-than-temporary
impairment, net
|
2,106
|
1,619
|
1,693
|
1,889
|
(7,581)
|
Loss from continuing operations before income taxes
|
(1,293)
|
(4,908)
|
(23,219)
|
(24,207)
|
(265,044)
|
Income tax benefit
|
(1,226)
|
(2,248)
|
(455)
|
(10,610)
|
(3,946)
|
Loss from continuing operations
|
(67)
|
(2,660)
|
(22,764)
|
(13,597)
|
(261,098)
|
Income (loss) from discontinued operations, net of income taxes
(1)
|
2
|
(934)
|
(4,622)
|
6,112
|
(48,235)
|
Net loss
|
$(65)
|
$(3,594)
|
$(27,386)
|
$(7,485)
|
$(309,333)
|
|
|
|
|
|
|
Basic income (loss) per share:
|
|
|
|
|
|
Loss per share from continuing operations
|
$(0.00)
|
$(0.04)
|
$(0.35)
|
$(0.21)
|
$(4.00)
|
Income (loss) per share from discontinued operations
|
0.00
|
(0.01)
|
(0.07)
|
0.10
|
(0.74)
|
Net loss per share
|
$(0.00)
|
$(0.05)
|
$(0.42)
|
$(0.11)
|
$(4.74)
|
Shares used in calculating basic income (loss) per share
|
65,345
|
66,139
|
65,703
|
66,006
|
65,271
|
|
|
|
|
|
|
Diluted income (loss) per share:
|
|
|
|
|
|
Loss per share from continuing operations
|
$(0.00)
|
$(0.04)
|
$(0.35)
|
$(0.21)
|
$(4.00)
|
Income (loss) per share from discontinued operations
|
0.00
|
(0.01)
|
(0.07)
|
0.10
|
(0.74)
|
Net loss per share
|
$(0.00)
|
$(0.05)
|
$(0.42)
|
$(0.11)
|
$(4.74)
|
Shares used in calculating diluted income (loss) per share
|
65,345
|
66,139
|
65,703
|
66,006
|
65,271
|
|
|
|
|
|
|
______
|
(1) The following table provides information on the components
of the loss from discontinued operations for the periods
presented:
|
|
|
|
|
|
|
Components of discontinued operations
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
Year Ended
|
|
March 31,
2010
|
December 31,
2009
|
March 31,
2009
|
March 31,
2010
|
March 31,
2009
|
|
|
|
|
|
|
Net revenues
|
$1,462
|
$1,009
|
$4,508
|
$3,690
|
$39,849
|
Cost of revenues
|
1,481
|
1,003
|
4,071
|
3,268
|
24,437
|
Gross profit (loss)
|
(19)
|
6
|
437
|
422
|
15,412
|
Operating expenses:
|
|
|
|
|
|
Research and development
|
--
|
10
|
2,758
|
687
|
11,470
|
Selling, general and administrative
|
--
|
24
|
2,142
|
807
|
9,561
|
Amortization of purchased intangibles
|
--
|
--
|
315
|
--
|
1,260
|
Goodwill impairment charges
|
--
|
--
|
--
|
--
|
41,158
|
Restructuring charges, net
|
--
|
--
|
--
|
--
|
126
|
Total operating expenses
|
--
|
34
|
5,215
|
1,494
|
63,575
|
Operating loss
|
(19)
|
(28)
|
(4,778)
|
(1,072)
|
(48,163)
|
Gain on sale of Storage Business
|
--
|
--
|
--
|
11,366
|
--
|
Income (loss) from discontinued operations before income
taxes
|
(19)
|
(28)
|
(4,778)
|
10,294
|
(48,163)
|
Income tax expense (benefit)
|
(21)
|
906
|
(156)
|
4,182
|
72
|
Net income (loss) from discontinued operations, net of income
taxes
|
$2
|
$(934)
|
$(4,622)
|
$6,112
|
$(48,235)
|
|
|
APPLIED MICRO CIRCUITS CORPORATION
|
RECONCILIATION OF GAAP NET LOSS TO NON-GAAP NET INCOME
(LOSS)
|
(in thousands, except per share data)
|
(unaudited)
|
|
|
|
|
|
|
|
Three Months Ended
|
Year Ended
|
|
March 31,
2010
|
December 31,
2009
|
March 31,
2009
|
March 31,
2010
|
March 31,
2009
|
|
|
|
|
|
|
GAAP net loss from continuing operations
|
$(67)
|
$(2,660)
|
$(22,764)
|
$(13,597)
|
$(261,098)
|
Adjustments:
|
|
|
|
|
|
Stock-based compensation charges
|
3,563
|
3,737
|
2,077
|
13,682
|
9,186
|
Amortization of purchased intangibles
|
3,630
|
3,630
|
4,588
|
16,117
|
18,900
|
Goodwill impairment charges
|
--
|
--
|
--
|
--
|
222,972
|
Restructuring charges (reversals), net
|
1,025
|
--
|
7,717
|
746
|
8,623
|
Impairment of strategic investment
|
--
|
--
|
--
|
2,000
|
--
|
Other-than-temporary investment impairment
|
(642)
|
261
|
203
|
2,927
|
17,144
|
Litigation settlement
|
--
|
--
|
--
|
--
|
130
|
Option investigation related expenses, net
|
--
|
--
|
(4)
|
--
|
80
|
Income tax adjustments
|
(1,414)
|
(2,330)
|
(196)
|
(10,948)
|
(4,306)
|
Total GAAP to Non-GAAP adjustments
|
6,162
|
5,298
|
14,385
|
24,524
|
272,729
|
|
|
|
|
|
|
Non-GAAP income (loss) from continuing operations
|
$6,095
|
$2,638
|
$(8,379)
|
$10,927
|
$11,631
|
|
|
|
|
|
|
Diluted income (loss) per share from continuing operations
|
$0.09
|
$0.04
|
$(0.13)
|
$0.16
|
$0.18
|
|
|
|
|
|
|
Shares used in calculating diluted income (loss) per
share
|
67,573
|
68,095
|
65,703
|
67,703
|
65,479
|
|
|
|
|
|
|
Income (loss) per share from continuing operations:
|
|
|
|
|
|
GAAP loss per share
|
$(0.00)
|
$(0.04)
|
$(0.35)
|
$(0.21)
|
$(4.00)
|
GAAP to non-GAAP adjustments
|
0.09
|
0.08
|
0.22
|
0.37
|
4.18
|
Non-GAAP income (loss) per share from continuing
operations
|
$0.09
|
$0.04
|
$(0.13)
|
$0.16
|
$0.18
|
|
|
|
|
|
|
Reconciliation of shares used in calculating non-GAAP
income per share:
|
|
|
|
|
|
Shares used in calculating the basic income (loss) per
share
|
65,345
|
66,139
|
65,703
|
66,006
|
65,271
|
Adjustment for dilutive securities
|
2,228
|
1,956
|
--
|
1,697
|
208
|
Non-GAAP shares used in the EPS calculation
|
67,573
|
68,095
|
65,703
|
67,703
|
65,479
|
|
|
|
|
|
|
Discontinued operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
Year Ended
|
|
March 31,
2010
|
December 31,
2009
|
March 31,
2009
|
March 31,
2010
|
March 31,
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP income (loss) from discontinued operations
|
$2
|
$(934)
|
$(4,622)
|
$6,112
|
$(48,235)
|
Adjustments:
|
|
|
|
|
|
Stock-based compensation charges
|
--
|
--
|
197
|
--
|
1,198
|
Amortization of purchased intangibles
|
--
|
--
|
1,040
|
--
|
4,160
|
Goodwill impairment charges
|
--
|
--
|
--
|
--
|
41,158
|
Restructuring charges, net
|
--
|
--
|
--
|
--
|
126
|
Gain on sale of Storage Business
|
--
|
--
|
--
|
(11,366)
|
--
|
Income tax adjustments
|
(21)
|
907
|
(50)
|
4,214
|
118
|
Total GAAP to non-GAAP adjustments
|
(21)
|
907
|
1,187
|
(7,152)
|
46,760
|
|
|
|
|
|
|
Non-GAAP income (loss) from discontinued operations
|
$(19)
|
$(27)
|
$(3,435)
|
$(1,040)
|
$(1,475)
|
|
|
|
|
|
|
Income (loss) per share from discontinued operations:
|
|
|
|
|
|
GAAP income (loss) per share
|
$0.00
|
$(0.01)
|
$(0.07)
|
$0.10
|
$(0.74)
|
GAAP to non-GAAP adjustments
|
(0.00)
|
0.01
|
0.02
|
(0.12)
|
0.72
|
Non-GAAP income (loss) per share from discontinued
operations
|
$(0.00)
|
$(0.00)
|
$(0.05)
|
$(0.02)
|
$(0.02)
|
|
|
APPLIED MICRO CIRCUITS CORPORATION
|
SCHEDULE OF SELECTED GAAP TO NON-GAAP
ADJUSTMENTS
|
(in thousands)
|
(unaudited)
|
|
|
|
|
|
|
The following schedule reconciles selected line items from the
GAAP basis statements of operations to the non-GAAP statements of
operations:
|
|
|
|
|
|
|
|
Three Months Ended
|
Year Ended
|
|
March 31,
2010
|
December 31,
2009
|
March 31,
2009
|
March 31,
2010
|
March 31,
2009
|
GROSS PROFIT:
|
|
|
|
|
|
GAAP gross profit
|
$34,823
|
$29,531
|
$19,159
|
$112,667
|
$113,146
|
Gross profit (loss) from discontinued operations
|
(19)
|
6
|
437
|
422
|
15,412
|
Amortization of purchased intangibles
|
2,625
|
2,625
|
4,308
|
12,097
|
17,780
|
Stock-based compensation expense
|
169
|
164
|
61
|
587
|
548
|
Non-GAAP gross profit
|
$37,598
|
$32,326
|
$23,965
|
$125,773
|
$146,886
|
|
|
|
|
|
|
OPERATING EXPENSES:
|
|
|
|
|
|
GAAP operating expenses
|
$38,222
|
$36,058
|
$44,071
|
$138,763
|
$370,609
|
Operating expenses from discontinued operations
|
--
|
34
|
5,215
|
1,494
|
63,575
|
Stock-based compensation expense
|
(3,394)
|
(3,573)
|
(2,213)
|
(13,095)
|
(9,836)
|
Amortization of purchased intangibles
|
(1,005)
|
(1,005)
|
(1,320)
|
(4,020)
|
(5,280)
|
Goodwill impairment charges
|
--
|
--
|
--
|
--
|
(264,130)
|
Restructuring charges (reversals), net
|
(1,025)
|
--
|
(7,717)
|
(746)
|
(8,749)
|
Litigation settlement
|
--
|
--
|
--
|
--
|
(130)
|
Option investigation related expenses, net
|
--
|
--
|
4
|
--
|
(80)
|
Non-GAAP operating expenses
|
$32,798
|
$31,514
|
$38,040
|
$122,396
|
$145,979
|
|
|
|
|
|
|
INTEREST AND OTHER INCOME, NET
|
|
|
|
|
|
GAAP interest and other (expense) income, net
|
$2,106
|
$1,619
|
$1,693
|
$1,889
|
$(7,581)
|
Impairment of strategic investment
|
--
|
--
|
--
|
2,000
|
--
|
Other-than-temporary investment impairment
|
(642)
|
261
|
203
|
2,927
|
17,144
|
Non-GAAP interest and other income, net
|
$1,464
|
$1,880
|
$1,896
|
$6,816
|
$9,563
|
|
|
|
|
|
|
INCOME TAX EXPENSE
|
|
|
|
|
|
(BENEFIT):
|
|
|
|
|
|
GAAP income tax expense (benefit)
|
$(1,226)
|
$(2,248)
|
$(455)
|
$(10,610)
|
$(3,946)
|
Income tax expense (benefit) from discontinued operations
|
(21)
|
906
|
(156)
|
4,182
|
72
|
Income tax adjustments
|
1,435
|
1,423
|
246
|
6,734
|
4,188
|
Non-GAAP income tax expense (benefit)
|
$188
|
$81
|
$(365)
|
$306
|
$314
|
|
|
|
|
|
|
RESEARCH AND DEVELOPMENT
|
|
|
|
|
|
GAAP research and development
|
$24,255
|
$23,599
|
$24,202
|
$88,096
|
$84,687
|
Research and development from discontinued operations
|
--
|
10
|
2,758
|
687
|
11,470
|
Stock-based compensation expense
|
(1,710)
|
(1,692)
|
(853)
|
(6,268)
|
(4,532)
|
Non-GAAP research and development
|
$22,545
|
$21,917
|
$26,107
|
$82,515
|
$91,625
|
|
|
|
|
|
|
SELLING, GENERAL AND ADMINISTRATIVE
|
|
|
|
|
|
GAAP selling, general and
administrative
|
$11,937
|
$11,454
|
$11,151
|
$45,901
|
$50,097
|
Selling, general and administrative from discontinued
operations
|
--
|
24
|
2,142
|
807
|
9,561
|
Stock-based compensation expense
|
(1,684)
|
(1,881)
|
(1,360)
|
(6,827)
|
(5,304)
|
Non-GAAP selling, general and
administrative
|
$10,253
|
$9,597
|
$11,933
|
$39,881
|
$54,354
|
|
|
APPLIED MICRO CIRCUITS CORPORATION
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS
|
(in thousands)
|
(unaudited)
|
|
|
|
|
Year Ended March 31,
|
|
2010
|
2009
|
Operating activities:
|
|
|
Net loss
|
$ (7,485)
|
$ (309,333)
|
Adjustments to reconcile net loss to net cash provided by
(used for) operating activities:
|
Depreciation
|
6,778
|
6,862
|
Amortization of purchased intangibles
|
16,117
|
23,060
|
Stock-based compensation expense:
|
|
|
Stock options
|
4,125
|
5,139
|
Restricted stock units
|
9,557
|
5,245
|
Other-than-temporary impairment of marketable
securities
|
4,287
|
17,144
|
Impairment of strategic investment
|
2,000
|
—
|
Goodwill impairment charges
|
—
|
264,130
|
Non-cash restructuring charges
|
359
|
1,989
|
Litigation settlement
|
—
|
130
|
Tax benefit from other comprehensive income
|
(6,204)
|
—
|
Net loss on disposals of property
|
145
|
48
|
Net gain on sale of storage business unit
|
(11,366)
|
—
|
Changes in operating assets and liabilities:
|
|
|
Accounts receivable
|
(5,355)
|
11,263
|
Inventories
|
10,754
|
3,414
|
Other assets
|
(237)
|
(4,939)
|
Accounts payable
|
2,245
|
(8,803)
|
Accrued payroll and other accrued liabilities
|
(7,077)
|
467
|
Deferred tax liability
|
—
|
(3,957)
|
Deferred revenue
|
(1,776)
|
668
|
Net cash provided by operating activities
|
16,867
|
12,527
|
Investing activities:
|
|
|
Proceeds from sales and maturities of short-term investments
|
185,724
|
199,577
|
Purchases of short-term investments
|
(173,265)
|
(150,358)
|
Purchase of property, equipment and other assets
|
(7,532)
|
(7,259)
|
Purchases of strategic investment
|
(1,000)
|
—
|
Proceeds from sale of storage business unit
|
21,527
|
—
|
Net cash provided by investing activities
|
25,454
|
41,960
|
Financing activities:
|
|
|
Proceeds from issuance of common stock
|
2,955
|
2,448
|
Repurchase on Company stock
|
(8,076)
|
—
|
Funding of structured stock repurchase agreements
|
(41,797)
|
—
|
Funds received from structured stock repurchase agreements
|
27,751
|
—
|
Other
|
35
|
(287)
|
Net cash provided by (used for) financing activities
|
(19,132)
|
2,161
|
Net increase in cash and cash equivalents
|
23,189
|
56,648
|
Cash and cash equivalents at the beginning of the period
|
99,337
|
42,689
|
Cash and cash equivalents at the end of the period
|
122,526
|
99,337
|
CONTACT: Applied Micro Circuits Corporation
Investor Relations Contact:
Bob Gargus
(408) 542-8752
rgargus@appliedmicro.com
Media Contact:
Tally KaplanPorat
(408) 702-3139
tkaplan@appliedmicro.com
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