Communications chip maker Applied Micro Circuits Corp. reported sequentially lower revenue and earnings for its fiscal fourth-quarter 2001.
Net revenues for the fourth quarter were $121.1 million, which decreased 15% from the $143.3 million reported in the prior quarter or 19% from the $150.0 million pro forma combined revenue in the prior quarter.
Pro forma net income for the fourth quarter of fiscal 2001 decreased 41% from the $48.1 million, or 16 cents a share, reported in the prior quarter.
Pro forma net income for the year ended March 31, 2001, however, was $139.9 million or 48 cents a share compared with pro forma net income of $49.0 million or 21 cents a share for the year ended March 31, 2000.
"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," said Dave Rickey, chairman, chief executive and president of AMCC, in a prepared statement.