PMC-Sierra Reports Q1

Net revenues of $51.4 million and a pro forma net loss of $0.09 per share

April 18, 2002

1 Min Read

SANTA CLARA, Calif. -- PMC-Sierra, Inc. (Nasdaq:PMCS) today reported net revenues of $51.4 million and a pro forma net loss per share of $0.09 for the first quarter of 2002. Networking revenue increased 10.6% to $46.9 million and non-networking revenue decreased 4.2% to $4.6 million compared to the fourth quarter of 2001. Pro forma net loss in the first quarter of 2002 was $15.1 million ($0.09 per share) compared to a pro forma net loss of $25.8 million ($0.15 per share) in the fourth quarter of 2001. "PMC-Sierra's revenue growth in the March quarter resulted from the ramping of new products and further engagements with our top-tier customers," said Bob Bailey, chairman and chief executive officer of PMC-Sierra. "Our management team remains focused on breaking even and returning to solid profitability." Under generally accepted accounting principles (GAAP), the loss in the first quarter of 2002 was $13.7 million or $0.08 per share. The GAAP loss for this period includes a gain on investments of $2.4 million and the amortization of deferred stock compensation of $1.0 million. For a full reconciliation of adjustments between the pro forma and GAAP financial statements, see the schedule incorporated into this press release. PMC-Sierra Inc.

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