Applied Micro Circuits Corp. today reported that revenue for the second quarter of fiscal 2001 jumped 156% to $97.0 million over the year-ago period, while pro forma net income was $35.7 million or 26 cents per share, representing increases of 292% and 225%, respectively, over the same period in fiscal 2000.
Sequentially, net revenue for the San Diego-based maker of communications ICs increased 31% from $74.2. Pro forma net income for the second quarter increased 28% from $27.9 million, or 21 cents per share, reported in the previous quarter.
Pro forma net income excludes charges related to AMCC's acquisition of SiLUTIA Inc., a digital and mixed-signal design house, and a charge of $3.6 million as a write-off of purchased in-process R&D.
Including these charges, net income for the quarter was $23.6 million. or 17 cents per share, compared with $9.1 million or 8 cents per share for the same period last fiscal year.
"This has been a very strong quarter for AMCC, as our communications revenue continued to grow rapidly, due in large part to the increasing demand for our OC-48 and OC-192 standardproducts," said Dave Rickey, chairman, chief executive and president, in a statement. "In addition, our bookings continued very strong, totaling $131.1 million, driven by a 1.5 book-to-bill in our communication products."
During the quarter, AMCC also agreed to merge with MMC Networks Inc. "The pending merger with MMC Networks represents a tremendous combination of industry-leading teams and technologies, effectively extending AMCC's fiber-to-switch connectivity portfolio with the addition of MMC's network processor, traffic management and switch fabric capabilities," Rickey said. "Together, both companies are well-positioned to address the complete system-solution needs of the emerging intelligent optical network."