7/19/2002 - PMC-Sierra, Inc. (Nasdaq:PMCS - News) today reported net revenues of $54.5 million and a net loss per share of $0.07 for the second quarter of 2002.
Networking revenue increased 15% to $53.9 million from $46.9 million in the first quarter of 2002. Non-networking revenue decreased to $0.6 million from $4.6 million in the prior quarter as the product in this revenue segment is reaching the end of its life. Pro forma net loss in the second quarter of 2002 was $11.4 million ($0.07 per share) compared to a pro forma net loss of $15.1 million ($0.09 per share) in the first quarter of 2002.
"PMC-Sierra's revenue improved in the second quarter as we experienced growth in all areas of our networking business, including access, metro optical, enterprise and MIPS-based processors," said Bob Bailey, chairman and chief executive officer of PMC-Sierra. "We continue to benefit from growth in newer products as equipment with higher PMC-Sierra silicon content starts to enter trials."
Under generally accepted accounting principles (GAAP), the loss in the second quarter of 2002 was $11.6 million ($0.07 per share) compared to a loss of $13.7 million ($0.08 per share) in the first quarter of 2002. The GAAP loss in the second quarter of 2002 includes the amortization of deferred stock compensation of $0.8 million and a gain on sale of other investments of $0.6 million. Net revenues for the first six months of 2002 were $106.0 million compared to $214.0 million for the same period last year. Year-to-date GAAP loss per share was $0.15 versus $1.77 for the six months ended July 1, 2001.
For a full reconciliation of adjustments between the pro forma and GAAP financial statements, see the schedule incorporated into this press release.
PMC-Sierra's new products announced in the second quarter of 2002:
PMC-Sierra launches web-based solution advisor to accelerate product evaluation:
In the second quarter, PMC-Sierra announced a new online tool that assists its customers and partners in faster product evaluation. This web-based solution, called the Solution Advisor, guides users through real-time design evaluation and provides recommended chip architectures for specific application requirements. The tool assists users in every step of the evaluation process -- from assessing application needs to identifying the best product or combination of products and services to meet those needs. The Solution Advisor from PMC-Sierra is available at http://www.pmc-sierra.com/solutions
Second Quarter 2002 Conference Call:
Management will review the second quarter 2002 results and provide guidance for the third quarter of 2002 during a conference call at 2:00 pm Pacific Time today. To listen to the call, investors can access an audio webcast of the conference from the Investor Relations page of PMC-Sierra's corporate website (www.pmc-sierra.com). A replay of this webcast will be posted and available two hours after the conference call has been completed. To listen to the conference call live by telephone, please dial 913-981-5510 approximately ten minutes before the 2:00 pm start time. A phone replay will be available 15 minutes after the completion of the call and can be accessed by dialing 719-457-0820 (enter access code: 521651).
PMC-Sierra is a leading provider of high speed broadband communications semiconductors and MIPS-based processors for Enterprise, Access, Metro Optical Transport, Storage Area Networking and Wireless network equipment that makes up the backbone of the Internet. The company offers worldwide technical and sales support, including a network of offices throughout North America, Europe and Asia. PMC-Sierra is included in the S&P 500 Index which consists of 500 stocks chosen for market size, liquidity, and industry group representation and in the Nasdaq-100 Index (NDX) which contains the largest non-financial companies on the Nasdaq Stock Market. The company is publicly traded on the Nasdaq Stock Market under the PMCS symbol. For more information, visit http://www.pmc-sierra.com
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