Applied Micro Circuits Corporation Reports Fourth Quarter & Full Year Fiscal 2016 Financial Results

SANTA CLARA, Calif., April 28, 2016 (GLOBE NEWSWIRE) -- Applied Micro Circuits Corporation (Nasdaq:AMCC) (“AppliedMicro”) today reported its financial results for the fiscal fourth quarter and full year ended March 31, 2016.

Q4 Fiscal 2016 Financial Information

  • Consolidated net revenue of $41.1 million, representing the fifth sequential quarter of revenue growth
  • GAAP net loss of $8.9 million or $0.11 per share
  • Non-GAAP net loss narrows to $1.4 million, or $0.02 per share

Full Year Fiscal 2016 Financial Information

  • Consolidated net revenue of $159.3 million
  • GAAP net loss of $32.6 million, or $0.39 per share
  • Non-GAAP net loss improves to $9.2 million, or $0.11 per share
  • Total cash, cash equivalents and short-term investments of approximately $83.8 million as of March 31, 2016

Commenting on Applied Micro’s fiscal 2016 fourth quarter and full year operations, Dr. Paramesh Gopi, President and Chief Executive Officer, said, “We are pleased to announce another strong quarter of solid financial results. Fourth quarter fiscal 2016 revenue of $41.1 million represents our fifth consecutive quarter of improving sales, and was driven by strength in our Connectivity business and driven by our ability to deliver 16nm PAM4 solutions to our customers. Overall, fiscal 2016 was a very important year for Applied Micro, highlighted by multiple Tier One X-Gene deployments, our launch of X-Gene 3, and our leadership in 100Gbps PAM4 for data center interconnectivity.” 

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 fourth quarter and full year fiscal 2016 results and business and financial outlook today, April 28, 2016, at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time.  

DIAL-IN:(855) 777-0852
PASSCODE:81179007
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 81179007. The replay will be available for seven days.

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 December 31, 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)  
          
      March 31,  March 31,  
       2016    2015   
      (unaudited)    
 ASSETS     
 Current assets:     
  Cash, cash equivalents and short-term investments$  83,845  $  75,358   
    Accounts receivable, net     9,265         12,407      
    Inventories     16,148         23,514      
    Other current assets     10,775         16,840      
      Total current assets     120,033         128,119      
  Property and equipment, net     13,293         16,749      
  Goodwill       11,425         11,425      
  Other assets     1,541         2,570      
      Total assets $   146,292     $   158,863      
                   
  LIABILITIES AND STOCKHOLDERS' EQUITY          
  Current liabilities:          
    Accounts payable     8,599     $   13,896      
    Other current liabilities     20,862         17,571      
      Total current liabilities     29,461         31,467      
  Non-current liabilities     1,793       4,291      
  Stockholders' equity     115,038         123,105      
      Total liabilities and stockholders' equity $   146,292     $   158,863      
                   

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