SAN DIEGO -- Applied Micro Circuits Corp. (Nasdaq: AMCC - News) today announced that the Company's Senior Vice President and Chief Financial Officer, Steve Smith, intends to retire at the end of the calendar year. The search for his successor is already underway. Smith, 46, will remain with the company full-time through the end of 2004, and has agreed to stay on as needed on a part-time basis through June 2005. Smith has decided to retire in order to spend more time with his family and to pursue other interests. Smith joined AMCC in 1999 as vice president of business development, and also held the position of vice president, controller, before being promoted to his current position in April 2003.

"Steve has been instrumental in scaling the finance organization and systems at AMCC during an era of unprecedented change and evolution in the financial and accounting industry. We appreciate his commitment to continuing to fulfill his CFO duties and assisting in the selection and smooth transition of his successor," said Dave Rickey, president, chairman and CEO of AMCC. "AMCC's employees, the Board of Directors and I all wish him well in the years to come."

"I have enjoyed my tenure at AMCC over the last five years. I believe in the long-term prospects of the company's communications, storage and embedded businesses," said Steve Smith. "Although I'm looking forward to spending more time with my family, my decision is bittersweet as I will miss working with this exceptional management team, Board of Directors and my staff, and wish them continued success in the future."

Applied Micro Circuits Corp. (AMCC)