& cplSiteName &

AMCC Loses $72M in Q3

Light Reading
News Wire Feed
Light Reading
1/31/2013
50%
50%

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
    Educational Resources
    sponsor supplied content
    Educational Resources Archive
    Light Reading’s Upskill U is a FREE, interactive, online educational resource that delivers must-have education on themes that relate to the overall business transformation taking place in the communications industry.
    NEXT COURSE
    Friday, September 30, 1:00PM EDT
    Gigabit & the Great Migration
    Robert Howald, Vice President, Network Architecture, Comcast
    UPCOMING COURSE SCHEDULE
    Wednesday, October 5, 1:00PM EDT
    Gigabit & Smart Cities
    Joe Kochan, COO & Co-Founder, US Ignite
    Friday, October 7, 1:00PM EDT
    Gigabit & DOCSIS 3.1
    Ty Pearman, Director, Access Architecture, Comcast
    Wednesday, October 19, 1:00PM EDT
    Securing a Virtual World
    Rita Marty, Executive Director, Mobility and Cloud Security, Chief Security Office, AT&T
    in association with:
    From The Founder
    Light Reading today starts a new voyage as part of a larger Enterprise.
    Flash Poll
    Live Streaming Video
    Charting the CSP's Future
    Six different communications service providers join to debate their visions of the future CSP, following a landmark presentation from AT&T on its massive virtualization efforts and a look back on where the telecom industry has been and where it's going from two industry veterans.
    LRTV Interviews
    CenturyLink: SDN/NFV Pose New Interconnection Possibilities

    9|28|16   |   04:37   |   (0) comments


    Network operators should develop new APIs and business processes for reselling virtual assets to each other, says CenturyLink's Bill Walker. That will enable them to build digital business portfolios that help them avoid becoming commodity transport providers.
    LRTV Interviews
    Level 3: Overcoming Terror of Being Supplier, Integrator & Developer

    9|28|16   |     |   (0) comments


    At Light Reading's NFV & Carrier SDN event in Denver, Travis Ewert of Level 3 Communications said there is terror in becoming supplier, integrator and developer, but it can be overcome and be cost effective.
    LRTV Custom TV
    Introducing IoT World News

    9|27|16   |   01:43   |   (0) comments


    Self-driving cars, medical sensors, smart cities... and refrigerators. In order to address the huge scope of IoT, KNect365 has created a unique online community that will help businesses to understand and monetize the opportunities that live within the IoT market. We look forward to welcoming you to IoT World News -- your gateway to a better connected future.
    LRTV Interviews
    AT&T: Re-usable Functions Next NFV Key

    9|27|16   |   06:03   |   (0) comments


    The next generation of NFV has to break functions down into re-usable software chunks, making everything much more cloud-like.
    LRTV Interviews
    Masergy on Security: Attackers Gaining Upper Hand

    9|27|16   |   5:10   |   (2) comments


    At Light Reading's NFV & Carrier SDN event in Denver, Ray Watson, vice president of Global Technology at Masergy, says that because of the growth in virtualization, the threat landscape is shifting in favor of the attackers. As a result, service providers need to think beyond just defending the perimeter and take a more holistic approach to security.
    LRTV Interviews
    Verizon Takes Next Step on Biz Virtualization Journey

    9|26|16   |   4:38   |   (2) comments


    At September's NFV & Carrier SDN event in Denver, Light Reading sat down with Victoria Lonker, director of Product and New Business Innovation at Verizon, to chat about where the carrier is with delivering virtualized services to business customers.
    LRTV Interviews
    Global Services: The $40B Face-Off

    9|26|16   |   05:53   |   (1) comment


    More service providers than ever before are battling it out to win a slice of what is now a $40 billion global communications services pie, explains Ovum Principal Analyst David Molony.
    LRTV Documentaries
    MEC Congress: The Key Takeaways

    9|22|16   |   03:25   |   (3) comments


    Three key takeaways from the Mobile Edge Computing (MEC) Congress in Munich, Germany.
    Wagner’s Ring
    Time to Shut Up About 'Dumb Pipes'

    9|22|16   |     |   (12) comments


    Service providers can't compete with OTT players. It just isn't in their DNA. Instead, service providers need to embrace what they're good at -- providing reliable, secure connectivity.
    Wagner’s Ring
    Keeping Your Tech Career Going After 50

    9|21|16   |     |   (13) comments


    How do you keep your career moving forward when you're past the half-century mark?
    LRTV Interviews
    Peering Into the Digital Future

    9|20|16   |   04:25   |   (0) comments


    Nick Thomas, practice leader of digital media at Ovum, talks about how digital transformation in the technology, media and telecom sectors will enable the development of a new range of applications and services for enterprises and consumers and how the upcoming Digital Futures event in London will examine ...
    LRTV Custom TV
    Napatech Tackles NFV's Major Challenge

    9|7|16   |   08:42   |   (0) comments


    One of the main challenges for network operators introducing NFV is to combine performance and flexibility in a cost-effective way, but there is a solution, explains Napatech's Dan Joe Barry.
    Upcoming Live Events
    November 3, 2016, The Montcalm Marble Arch, London
    November 30, 2016, The Westin Times Square, New York City
    December 1, 2016, The Westin Times Square, New York, NY
    December 6-8, 2016, The Westin Excelsior, Rome
    May 16-17, 2017, Austin Convention Center, Austin, TX
    All Upcoming Live Events
    Infographics
    Hot Topics
    Time to Shut Up About 'Dumb Pipes'
    Mitch Wagner, West Coast Bureau Chief, Light Reading, 9/22/2016
    Verizon CFO: Eat Our (Fixed) 5G Dust!
    Dan Jones, Mobile Editor, 9/22/2016
    WiCipedia: The Women Helping Women Edition
    Eryn Leavens, Special Features & Copy Editor, 9/23/2016
    Eurobites: Telefónica Taps Juniper for Network Security
    Paul Rainford, Assistant Editor, Europe, 9/26/2016
    Open Source Getting on My Nerves
    Carol Wilson, Editor-at-large, 9/26/2016
    Like Us on Facebook
    Twitter Feed
    BETWEEN THE CEOs - Executive Interviews
    Light Reading CEO Steve Saunders and UXP Systems CEO Gemini Waghmare discuss the strategic importance of digital identity for operators in the midst of transformation.
    Join us for an in-depth interview between Steve Saunders of Light Reading and Alexis Black Bjorlin of Intel as they discuss the release of the company's Silicon Photonics platform, its performance, long-term prospects, customer expectations and much more.
    Animals with Phones
    There's Nothing Like Missing a Full Minute of Pokémon Go Click Here
    Live Digital Audio

    A vital part of increasing the number of women in comms is transforming the ways companies can support and empower women. While progressive company policies that support both men and women in achieving work-life balance are a step in the right direction, creating a company culture that supports those policies can at times be more challenging.

    During this show, we'll talk to Lynn Comp, Senior Director of Industry and Sales Enabling (ISE) in the Network Platforms Group at Intel, about why those challenges exist and how companies can overcome them. She'll provide insight into how Intel has worked to create a culture that supports work-life balance, and provide steps and guidance for other companies wishing to do the same. We will also leave plenty of time to get your questions answered live on the air.