Light Reading

AMCC Loses $72M in Q3

Light Reading
News Wire Feed
Light Reading

SUNNYVALE, Calif. -- Applied Micro Circuits Corporation (Nasdaq:AMCC) ("AppliedMicro" or the "Company") today reported its financial results for the third quarter of fiscal 2013, ended December 31, 2012.

  • Q3 FY2013 net revenues were $51.7 million, up approximately 12% sequentially and down approximately 8% year over year.
  • Q3 FY2013 non-GAAP EPS was $(0.10) per share on net loss of $6.9 million, compared to $(0.16) per share on a net loss of $10.5 million, for the second quarter of fiscal 2013.
  • Q3 FY2013 GAAP net loss was $71.6 million or $(1.08) per share compared to net loss of $21.6 million or $(0.33) per share for the second quarter of fiscal 2013.
  • Total cash, cash equivalents and short-term investments was approximately $84 million as of December 31, 2012 compared to $90 million as of September 30, 2012.
  • During the quarter, the Company taped out its ARM 64-bit X-Gene processor chip in 40nm. In mid-January 2013, the Company also taped-out a 28nm test chip version of the X-Gene chip which incorporated several other features in addition to the geometry shrink.
  • The performance simulations of AppliedMicro's ARM 64-Bit X-Gene processor have significantly exceeded the Company's expectations and resulted in an increase in the range of its estimated milestone-based payments under the Veloce merger agreement. The purchase price is now estimated to be in the range of $117 to $178.5 million, depending upon the achievement of multiple product development cycles and technical performance results. Net revenues for the third quarter of fiscal 2013 were $51.7 million compared to $46.3 million in the second quarter of fiscal 2013, representing a sequential quarterly increase of 11.6% and a decrease of 8.3% over the $56.3 million in net revenues reported in the third quarter of fiscal 2012. Net revenues for the first nine months of fiscal 2013 were $139.3 million, compared to $182.1 million for the same period last year, representing a decrease of 23.5%. The net loss on a generally accepted accounting principles (GAAP) basis for the third quarter and for the first nine months of fiscal 2013 were $71.6 million and $116.5 million, or $(1.08) and $(1.81) per share, respectively. This included an accrual of $51.9 million for the Veloce acquisition in the quarter. This compares with a GAAP net loss of $7.1 million, or $(0.12) per share, and net loss of $15.1 million, or $(0.24) per share, for the third quarter and first nine months of fiscal 2012, respectively. Non-GAAP loss for the third quarter and the first nine months of fiscal 2013 was $6.9 million or $(0.10) per share and $28.9 million or $(0.45) per share, respectively, compared to non-GAAP loss of $1.1 million or $(0.02) per share and non-GAAP net income of $0.6 million or $0.01 per diluted share for the third quarter and first nine months of fiscal 2012, respectively. "In the third quarter we believe we made giant strides in our product development efforts by taping out our 40nm ARM 64-Bit X-Gene server on a chip. We also taped out a test chip for our upcoming 28nm product in January. While we await final benchmarks from the actual silicon, the results from highly correlated simulations indicate that the 40nm chip performance may far exceed our original expectations. In fact, we believe the networking performance of the chip suggests that we may be able to further penetrate into Enterprise class solutions. I am also very pleased with the improvements in our base business, reflected in continued quarter over quarter revenue growth," said Dr. Paramesh Gopi, President and Chief Executive Officer. Applied Micro Circuits Corp.
    (0)  | 
    Comment  | 
    Print  | 
  • Newest First  |  Oldest First  |  Threaded View        ADD A COMMENT
    From The Founder
    The comms industry is rallying to the cause of open, independent interoperability testing.
    Flash Poll
    Live Streaming Video
    CLOUD / MANAGED SERVICES: Prepping Ethernet for the Cloud
    Moderator: Ray LeMaistre Panelists: Jeremy Bye, Leonard Sheahan
    Telecom Innovators Video Showcase
    Tail-f, Cisco & What the Future Holds

    10|9|15   |   8:17   |   (0) comments

    Steve Saunders meets with Tail-f's Director of Technology, Carl Moberg, in Stockholm to discuss becoming part of Cisco, ETSI MANO, virtualization and the need to combine science and business in order to create opportunities for service providers.
    LRTV Interviews
    Broadband Forum Embraces SDN & NFV

    10|9|15   |   02:42   |   (0) comments

    At Gigabit Europe 2015, Robin Mersh and Kevin Foster from the Broadband Forum explain how the industry body is adapting to meet the SDN, NFV and cloud needs of the access network sector.
    LRTV Interviews
    Top Tips for FTTH Operators

    10|8|15   |   02:26   |   (0) comments

    At Gigabit Europe 2015, Ventura Team co-founder Richard Jones talks about some of the key business case considerations for FTTH network operators.
    LRTV Interviews
    M-net Calls for FTTx Unity

    10|8|15   |   03:45   |   (0) comments

    At the Gigabit Europe event, Jörn Schoof from M-net, the Munich city network operator, calls for industry collaboration on fiber broadband access rollouts.
    LRTV Documentaries
    The Business Case Challenge for NFV

    10|7|15   |   03:47   |   (0) comments

    Virtual CPE is one of the early success stories for network functions virtualization, as service providers are finding flexible, programmable CPE solves a lot of logistics problems and reduces their cost. But even here, Masergy Communications faced a business case challenge, says CTO Tim Naramore.
    LRTV Interviews
    JT Offers Some Gigabit Lessons

    10|7|15   |   4:08   |   (1) comment

    Barna Kutvolgyi, managing director, Global Consumer, at JT, the incumbent operator on the island of Jersey, talks about how other service providers can learn from his company's gigabit broadband rollout experiences.
    LRTV Interviews
    AT&T's Chiosi on the Potential of Open Source

    10|6|15   |   06:27   |   (0) comments

    AT&T Distinguished Network Architect Margaret T. Chiosi talks to Light Reading's Carol Wilson about the potential for open source technology to liberate communications service providers.
    LRTV Interviews
    Network Security in a Gigabit World

    10|6|15   |   05:52   |   (0) comments

    Masergy's James Harrison talks about some of the network security and data center issues network operators need to consider as they expand their broadband services portfolios.
    LRTV Documentaries
    Telefónica: In Search of Virtual Simplicity

    10|5|15   |   07:30   |   (0) comments

    Francisco-Javier Ramon Salguero, head of Telefónica's NFV initiative, admits virtualization initially means greater complexity, but with the right abstraction layer, it is possible to create a services-driven network architecture. He explains how Telefónica's current trials and initiatives are aimed at doing that, and what his company and other carriers need to ...
    LRTV Interviews
    Gigabit Europe Takeaways

    10|5|15   |   03:47   |   (0) comments

    Participants from the inaugural Gigabit Europe event in Munich share their key takeaways from the conference.
    Women in Comms Introduction Videos
    Intel Urges Women to Take Advantage of Their Seat at the Table

    10|5|15   |   4:27   |   (1) comment

    Have inclusive and constructive conversations, attach a bigger meaning to your work and get involved in the cause, Intel's Monique Hayward advises women in comms.
    LRTV Interviews
    BT Updates on Plans

    10|2|15   |   03:16   |   (2) comments

    Peter Bell, CIO at Openreach, the access network division at UK incumbent BT, provides an update on the operator's trials and how Openreach is planning to deploy the broadband technology in its street cabinets.
    Upcoming Live Events
    October 14-15, 2015, New Orleans Ernest N. Morial Convention Center, New Orleans, LA
    November 5, 2015, Hilton Santa Clara, Santa Clara, CA
    November 17, 2015, Santa Clara, California
    December 1, 2015, The Westin Times Square, New York City
    December 2, 2015, The Westin Times Square, New York City
    All Upcoming Live Events
    Network appliances have a strong value proposition in today's networks and will continue to do so in the NFV and SDN-enabled networks of tomorrow.
    Hot Topics
    M&A Speculation Swirls Around Juniper
    Ray Le Maistre, Editor-in-chief, 10/6/2015
    Cisco's Chambers Rules Out Political Bid
    Mitch Wagner, West Coast Bureau Chief, Light Reading, 10/6/2015
    Cord Cutting? 'Fraid so.
    Brett Sappington, 10/7/2015
    Infinera Fleshes Out Its Metro 100G Story
    Ray Le Maistre, Editor-in-chief, 10/7/2015
    AT&T Gets Green Light for VoWiFi
    Brian Santo, Senior editor, Test & Measurement / Components, Light Reading, 10/7/2015
    Like Us on Facebook
    Twitter Feed
    Webinar Archive
    BETWEEN THE CEOs - Executive Interviews
    With so many new and exciting communications technologies now under development, it's easy to get caught up in the industry's escalating hype cycle. That's why the ...
    Last week saw a big day in the 15-year history of Light Reading when Editor-in-Chief Ray Le Maistre and I were invited to interview the Deputy Chairman and Rotating ...
    Cats with Phones
    "What?! I'm on with Finisar about their stock price tanking" Click Here