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AMCC Announces Q4 Returns

SAN DIEGO -- Applied Micro Circuits Corporation (Nasdaq: AMCC) today reported its financial results for the fourth quarter of fiscal 2001. Net revenues for the fourth quarter of fiscal 2001 were $121.1 million, an increase of 112% over the $57.0 million reported in the same period of fiscal 2000. Pro forma net income for the fourth quarter of fiscal 2001 was $28.3 million or $0.09 per share, compared with pro forma net income of $21.0 million or $0.08 per share for the fourth quarter of fiscal 2000.

Commenting on the results, Dave Rickey, Chairman of the Board, Chief Executive Officer and President of AMCC, said, "Despite near-term weakness and poor visibility, we remain confident in our end markets, and believe that we are well-positioned in those markets long-term. We are experiencing continued success in winning new sockets and design wins, and in addition to rounding out our OC-48 and OC-192 product portfolios, we have introduced the industry's first commercially available OC-768 transimpedance amplifier. We posted a revenue increase of 112% over the same fiscal quarter last year, and a revenue increase of 153% compared to fiscal 2000; between a strong balance sheet and managing our break-even, we are confident of powering through this current market downturn."

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