PMC Reports Q3
Net revenues in the third quarter of 2006 were $116.5 million, a decrease of 2% compared with $118.8 million in the second quarter of 2006 and 53% higher than in the same period the prior year. As compared to the third quarter of 2005, net revenues in the third quarter of 2006 included a full three months of revenue from the previously announced acquisition of Passave Inc., which closed on May 4, 2006, and the storage semiconductor business of Avago Technologies, which closed in March 2006.
Net income in the third quarter of 2006 on a non-GAAP basis was $17.4 million (non-GAAP diluted earnings per share of $0.08) compared with non-GAAP net income of $19.4 million (non-GAAP diluted earnings per share of $0.09) in the second quarter of 2006. GAAP net loss in the third quarter of 2006 was $11.5 million (GAAP loss per share of $0.05) compared with GAAP net loss in the second quarter of 2006 of $31.8 million (GAAP loss per share of $0.16). Non-GAAP net income for the third quarter excludes: (i) $11.2 million amortization of purchased intangible assets associated with the purchases of Passave’s Fibre To The Home business and Avago’s storage semiconductor business; (ii) $10.6 million in stock-based compensation expenses; and (iii) $6.4 million in restructuring costs.
PMC-Sierra Inc. (Nasdaq: PMCS)