PMC-Sierra's Q2 Revenue Rises 12% Sequentially, 34% YoY

PMC-Sierra reported Q2 revenue of $139.8 million, an increase of 33.6% compared with the second quarter of 2007 and 11.8% higher than the $125.0 million in the first quarter of 2008. Net income in the second quarter of 2008 on a GAAP basis was $137.2 million (GAAP diluted earnings per share of $0.61) compared with a GAAP net loss in the first quarter of 2008 of $22.7 million (GAAP basic and diluted loss per share of $0.10). Non-GAAP net income in the second quarter of 2008 was $29.7 million (non-GAAP diluted earnings per share of $0.13) compared with non-GAAP net income of $23.5 million (non-GAAP diluted earnings per share of $0.11) in the first quarter of 2008.


Non-GAAP net income in the second quarter of 2008 excludes $124.3 million related to an adjustment to the accrual for unrecognized tax benefits. During the second quarter, the company reached a settlement on several ongoing foreign tax matters related to prior years for amounts less than had been accrued as unrecognized tax benefits.


"In the second quarter, we experienced strong demand for our fiber to the home products in Asia as well as growth in our wireline infrastructure products," said Greg Lang, president and chief executive officer of PMC-Sierra. "We are very focused on product execution in the second half of the year to further penetrate the enterprise storage and communications markets."http://www.pmc-sierra.com