Applied Micro Circuits Corporation Reports Third Quarter Fiscal 2016 Financial Results

SANTA CLARA, Calif., Jan. 28, 2016 (GLOBE NEWSWIRE) -- Applied Micro Circuits Corporation (Nasdaq:AMCC) (“AppliedMicro”) today reported its financial results for the fiscal 2016 third quarter ended December 31, 2015.

Fiscal Q3 2016 Financial Information

  • Consolidated net revenue of $40.6 million, representing the fourth sequential quarter of revenue growth
  • GAAP net loss of $8.2 million or $0.10 per share
  • Non-GAAP net loss narrows to $2.1 million or $0.03 per share
  • Total cash, cash equivalents and short-term investments of approximately $76.4 million as of December 31, 2015

Commenting on AppliedMicro’s fiscal 2016 third quarter operations, Dr. Paramesh Gopi, President and Chief Executive Officer, said, “On top of the solid execution of our base connectivity business, and with overall financial results once again demonstrating continued and consistent improvement, we are seeing clear evidence of the ongoing traction of both our X-Gene® and HeliX® families of computing products, and our X-Weave® family of connectivity products.”

AppliedMicro provides non-GAAP results as additional information relating to its financial condition and business trends.  This information should be considered in conjunction with corresponding GAAP measures.  A reconciliation between GAAP and non-GAAP financial results is provided in the financial tables section of this press release.

Conference Call and Webcast
Management will host a conference call and simultaneous webcast to discuss third quarter fiscal 2016 results and business and financial outlook today, January 28, 2016, at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time.

DIAL-IN: (855) 777-0852
  (631) 485-4854
PASSCODE: 20258064
WEBCAST: Investor Relations section of the Company’s website at www.apm.com
   

A replay of the call will be available starting at 9:00 PM Eastern Time and can be accessed by dialing 855-859-2056 or 404-537-3406 and using the access code 20258064. The replay will be available through February 4, 2016.

About AppliedMicro
Applied Micro Circuits Corporation is a global leader in computing and connectivity solutions for next-generation cloud infrastructure and data centers.  AppliedMicro delivers silicon solutions that dramatically lower total cost of ownership. Corporate headquarters are located in Santa Clara, California. www.apm.com.

(C) Copyright 2016, Applied Micro Circuits Corporation. AppliedMicro, X-Gene, X-Weave, HeliX, Server on a Chip, Cloud Processor and Cloud Server are trademarks or registered trademarks of Applied Micro Circuits Corporation. All other product or service names are the property of their respective owners.

Forward-Looking Statements
This press release contains forward-looking statements that reflect the Company's current views and expectations with respect to future events and financial performance, including statements regarding the Company's strategic focus; new product development, commercialization and customer acceptance; the development of the X-Gene and ARM ecosystems; the anticipated performance of the Company’s base business; and future revenues, expenses and liquidity. These forward-looking statements are only predictions based on current information and expectations and are subject to certain risks and uncertainties, including, but not limited to, customer demand for the Company's products, successful and timely development of products, an evolving competitive landscape, rapid technological change, increased supplier lead times and other supply chain constraints, the businesses and budgeting decisions of the Company's major customers, which may cause delays, reductions, rescheduling or cancellation of customer orders, successful management and retention of key personnel and service providers, market acceptance of new products and technologies, legal and regulatory developments, and general economic conditions, and do not take into account any restructuring or related activities that the Company may undertake. More information about potential factors that could affect the Company's business and financial results is included in the "Risk Factors" set forth in the Company's Quarterly Report on Form 10-Q for the quarter ended  September 30, 2015, and its other filings with the Securities and Exchange Commission. Actual results could differ materially, as a result of such factors, from those set forth in the forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and the Company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the issuance of this press release.

APPLIED MICRO CIRCUITS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
    
 December 31, March 31,
  2015   2015 
 (unaudited)  
ASSETS   
Current assets:   
Cash, cash equivalents and short-term investments$  76,443  $  75,358 
Accounts receivable, net   12,452     12,407 
Inventories   19,692     23,514 
Other current assets   14,578     16,840 
Total current assets   123,165     128,119 
Property and equipment, net   13,348     16,749 
Goodwill   11,425     11,425 
Other assets     1,626         2,570  
Total assets $   149,564     $   158,863  
       
LIABILITIES AND STOCKHOLDERS' EQUITY      
Current liabilities:      
Accounts payable     12,876     $   13,896  
Other current liabilities     20,114         17,571  
Total current liabilities     32,990         31,467  
Non-current liabilities     781       4,291  
Stockholders' equity     115,793         123,105  
Total liabilities and stockholders' equity $   149,564     $   158,863  
       

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