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AMCC Reports Losses for Quarter, Year

Applied Micro Circuits Corp., the San Diego-based maker of high-speed chips used in telecommunications network systems, reported a net loss of $5.3 million on revenues of $64.2 million for its fourth quarter ended March 31.

The results compared to a net loss of $2.1 million on revenues of $47.4 million for the same quarter in the prior fiscal year.

For the full fiscal year, AMCC reported a net loss of $127.4 million on revenues of $253.8 million, compared to a net loss of $104.9 million on revenues of $131.2 million for the 2004 fiscal year.

The company attempted to put a positive spin on the financials, calling the past fiscal year strong, with revenues doubling and achieving operating profitability one quarter ahead of what was planned.

The operating profit was reported on a pro forma basis. Pro forma, meaning “as if,” excludes many extraordinary expenses, such as litigation costs and restructuring charges. Without those charges, AMCC said it would have had earnings of $3.6 million for the quarter. However, the net loss based on generally accepted accounting principals, or GAAP, and reported to federal regulators, remains at $5.3 million.

AMCC was pulled down by costs associated with a $60 million shareholder class action legal settlement announced in January. During the year, the company listed legal costs of $29.2 million.

AMCC, traded on Nasdaq, closed at $2.76 on April 28, unchanged from the previous day, giving it a market capitalization of $850 million.

Mike Allen

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