PMC-Sierra Posts Q3 Revenue of $116.5 Million

PMC-Sierra reported Q3 net revenue of $116.5 million, a decrease of 2% compared with $118.8 million in the second quarter of 2006 and 53% higher than in the same period the prior year. As compared to the third quarter of 2005, net revenues in the third quarter of 2006 included a full three months of revenue from the previously announced acquisition of Passave Inc., which closed on May 4, 2006, and the storage semiconductor business of Avago Technologies, which closed in March 2006.



Net income in the third quarter of 2006 on a non-GAAP basis was $17.4 million (non-GAAP diluted earnings per share of $0.08) compared with non-GAAP net income of $19.4 million (non-GAAP diluted earnings per share of $0.09) in the second quarter of 2006. GAAP net loss in the third quarter of 2006 was $11.5 million (GAAP loss per share of $0.05) compared with GAAP net loss in the second quarter of 2006 of $31.8 million (GAAP loss per share of $0.16).



"In the third quarter, our Enterprise Storage business showed strength as the Fibre Channel transition from 2G to 4G accelerated. The growth in storage during the quarter, however, was offset by reduced shipments of communications products," said Bob Bailey, chairman and chief executive officer of PMC-Sierra.

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