Applied Micro Circuits posts 3Q loss |
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Wed, 31 Jan 2007 01:59
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SUNNYVALE, Calif. (AFX) - Communications chip maker Applied Micro Circuits Corp. posted a fiscal third-quarter loss on Tuesday, weighed by charges and expenses related to its stock options investigation.For the quarter ended Dec. 31, the company posted a loss of $4.2 million, or a penny per share, compared with earnings of $584,000, or breakeven on a per-share basis, during the prior-year period.Excluding stock options costs, amortization of purchased intangibles and costs related to the company's options probe completed earlier this month, Applied Micro earned $9 million, or 3 cents per share.Sales rose 18 percent to $76.6 million from $65.2 million.Analysts, on average, were looking for adjusted earnings of 3 cents per share on sales of $79.8 million, according to a poll by Thomson Financial.'The communications market weakened throughout this quarter due to inventory corrections and industry consolidations,' said Kambiz Hoosmand, president and chief executive, in a statement. 'Revenues were disappointing but we managed ongoing expenses well.'Shares added 7 cents, or 2 percent, to close at $3.35 on the Nasdaq.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Applied Micro Circuits ends option probe 