SUNNYVALE, Calif. -- Applied Micro Circuits Corporation (Nasdaq:AMCC) today reported its financial results for the second quarter of fiscal 2010 ended September 30, 2009.
Q2 net revenues from continuing operations were $49.2 million up
9% sequentially and down 23% year over year.
Q2 2010 GAAP net loss from continuing operations was $(8.1)
million or $(0.12) per share. Q2 2010 net income from
discontinued operations were $1.3 million or $0.02 per share.
Q2 2010 non-GAAP net income (from continuing operations) was $1.3
million or $0.02 per share.
Total cash was approximately $198 million as of September 30,
2009.
Net revenues from continuing operations for the second quarter of fiscal 2010 were $49.2 million compared to $45.1 million in the first quarter of fiscal 2010, representing a sequential increase of 9% and a decline of 23% over the $64.3 million in net revenues reported in the second quarter of fiscal 2009. Revenues for the first six months were $94.3 million compared to $125.5 million for the comparable period last year, a 25% decrease.
The net loss on a generally accepted accounting principles (GAAP) basis for the second quarter of fiscal 2010 was $(6.7) million or $(0.10) per share. The second quarter GAAP net loss compares with a net income of $2.9 million or $0.04 per share for the first quarter of fiscal 2010 and a net loss of $(2.3) million or $(0.04) per share for the second quarter of fiscal 2009. Year to date, GAAP net loss was $(3.8) million or $(0.06) per share compared to $(7.5) million or $(0.12) per share for the first six months of fiscal 2009.
Non-GAAP income from continuing operations for the second quarter of fiscal 2010 was $1.3 million or $0.02 per share, compared to non-GAAP income from continuing operations of $0.9 million or $0.01 per share in the first quarter of fiscal 2010 and non-GAAP net income from continuing operations of $9.7 million or $0.15 per share for the second quarter of fiscal 2009. Year to date, non-GAAP net income from continuing operations was $2.2 million or $0.03 per share compared to $16.7 million or $0.26 per share for the first six months of fiscal 2009.
"We executed to plan and are excited with the significant interest and traction we have been able to generate with key customers and new product platforms. We continue to lay a solid foundation for future growth," said Paramesh Gopi, president and chief executive officer.
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