SAN DIEGO -- Applied Micro Circuits Corp. here beat its own estimate of earnings and revenues in the third quarter of fiscal 2000, ended Dec. 31, 1999 (see Jan. 6 story).
The maker of circuits for high-speed fiber optic networks expected to take in $44 million to $45 million in the quarter, and return 19 to 20 cents per share. Net revenues were $45.8 million, representing a 70% increase over the same period in fiscal 1999, and net income for the quarter was 2000 was $12.1 million, or21 cents per share. That was 137% over the $5.1 million, or 9 cents per share
in the third quarter of fiscal 1999.
Sequentially, net revenues increased 21% over the $37.9 million reported in the previous quarter. Net income increased 33% over the $9.1 million, or 16 cents per share, reported in the previous quarter.
Dave Rickey, president and CEO of AMCC, credited high-bandwidth communications growth by such providers as Nortel Networks, AMCC's largest customer. "Our communications revenues grew 155% year over year
and 25% sequentially, increasing to 83% of total revenue for the quarter.
While ramping revenue and increasing capacity we were also able to continue to
improve our gross margin," Rickey said.
To accommodate further growth, AMCC has begun construction of an additional San Diego facility, and it filed a registration statement with the Securities
and Exchange Commission for a proposed public offering of shares of