Applied Micro Circuits Corporation Reports First Quarter Fiscal 2017 Financial Results

SANTA CLARA, Calif., July 27, 2016 (GLOBE NEWSWIRE) -- Applied Micro Circuits Corporation (Nasdaq:AMCC) (“AppliedMicro”) today reported its financial results for its first quarter of fiscal 2017, ended June 30, 2016.

Q1 Fiscal 2017 Financial Information

  • Consolidated net revenue of $41.5 million, representing the sixth sequential quarter of revenue growth
  • GAAP net loss of $10.5 million or $0.12 per share
  • Non-GAAP net loss of $2.5 million, or $0.03 per share

Commenting on Applied Micro’s fiscal 2017 first quarter results, Dr. Paramesh Gopi, President and Chief Executive Officer, said, “We are beginning fiscal 2017 with our sixth consecutive quarter of revenue growth. Our Connectivity business drove the improvement in top line results and our on-going cost reduction efforts resulted in improved gross margins.” 

"We are pleased with the progress we've made in both our base Connectivity business as well as our Computing business.  Our PAM4 single lambda 100/400G FinFET technology continues to lead the market, while our X-Gene® product line gained meaningful traction and was deployed at top hyperscale data center customers.” concluded Dr. Gopi.

AppliedMicro provides non-GAAP results as additional information relating to its financial condition and business trends.  This information should be considered in conjunction with corresponding GAAP measures.  A reconciliation between GAAP and non-GAAP financial results is provided in the financial tables section of this press release. 

Conference Call and Webcast
Management will host a conference call and simultaneous webcast to discuss first quarter fiscal 2017 results and business and financial outlook today, July 27, 2016, at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time. 

DIAL-IN: (855) 777-0852
PASSCODE: 46834760
WEBCAST: Investor Relations section of the Company’s website at

A replay of the call will be available starting at 8:00 PM Eastern Time and can be accessed by dialing 855-859-2056 or 404-537-3406 and using the access code 46834760. The replay will be available for seven days.

About AppliedMicro
Applied Micro Circuits Corporation is a global leader in computing and connectivity solutions for next-generation cloud infrastructure and data centers.  AppliedMicro delivers silicon solutions that dramatically lower total cost of ownership. Corporate headquarters are located in Santa Clara, California.

(C) Copyright 2016, Applied Micro Circuits Corporation. AppliedMicro, X-Gene, X-Weave, HeliX, Server on a Chip, Cloud Processor and Cloud Server are trademarks or registered trademarks of Applied Micro Circuits Corporation. All other product or service names are the property of their respective owners.

Forward-Looking Statements
This press release contains forward-looking statements that reflect the Company's current views and expectations with respect to future events and financial performance, including statements regarding the Company's strategic focus; new product development, commercialization and customer acceptance; the development of the X-Gene and ARM ecosystems; the anticipated performance of the Company’s base business; and future revenues, expenses and liquidity. These forward-looking statements are only predictions based on current information and expectations and are subject to certain risks and uncertainties, including, but not limited to, customer demand for the Company's products, successful and timely development of products, an evolving competitive landscape, rapid technological change, increased supplier lead times and other supply chain constraints, the businesses and budgeting decisions of the Company's major customers, which may cause delays, reductions, rescheduling or cancellation of customer orders, successful management and retention of key personnel and service providers, market acceptance of new products and technologies, legal and regulatory developments, and general economic conditions, and do not take into account any restructuring or related activities that the Company may undertake. More information about potential factors that could affect the Company's business and financial results is included in the "Risk Factors" set forth in the Company's Annual Report on Form 10-K for the year ended March 31, 2016, and its other filings with the Securities and Exchange Commission. Actual results could differ materially, as a result of such factors, from those set forth in the forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and the Company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the issuance of this press release.

(in thousands)
     June 30,  March 31,
      2016    2016 
Current assets:   
 Cash, cash equivalents and short-term investments$82,311  $83,845 
 Accounts receivable, net 9,163   9,265 
 Inventories 12,604   16,148 
 Other current assets 10,906   10,775 
  Total current assets 114,984      120,033  
Property and equipment, net   13,905       13,293  
Goodwill     11,425       11,425  
Other assets   1,323       1,541  
    Total assets $ 141,637     $ 146,292  
Current liabilities:      
  Accounts payable $ 6,184     $ 8,599  
  Other current liabilities   22,974       20,862  
    Total current liabilities   29,158       29,461  
Non-current liabilities   1,548       1,793  
    Total liabilities   30,706       31,254  
Stockholders' equity   110,931       115,038  
    Total liabilities and stockholders' equity $ 141,637     $ 146,292  

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