AppliedMicro Reports Stronger Financial Results

Applied Micro Circuits Corporation (AppliedMicro) reported Q1 FY2014 net revenues of $54.1 million, down 4.0% sequentially and up 31% year over year.

Q1 FY2014 non-GAAP EPS was $0.02 per diluted share on net income of $1.4 million, compared to $0.00 per diluted share on net income of $0.1 million, for the fourth quarter of fiscal 2013.

The company confirmed that its X-Gene Server on a Chip product continues to be on track for commercial production as indicated by key customers' systems-development commitments.

"We had an excellent quarter, where we had strength in our base business and also continued to make significant progress towards getting our revolutionary and category defining X-Gene server platforms to market," said Dr. Paramesh Gopi, President and Chief Executive Officer.
Shiva Natarajan, interim Chief Financial Officer, commented, "We had a great quarter where we achieved better than expected non-GAAP results. We expect to continue to execute solidly as we position ourselves for the growth we anticipate in the future".

http://www.apm.com