Applied Micro Circuits Corporation Reports Fourth Quarter & Full Year Fiscal 2016 Financial Results
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APPLIED MICRO CIRCUITS CORPORATION | | | | |
GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | | | | |
(in thousands, except per share data) | | | | |
(unaudited) | | | | | | | | | | | | | | | | | | | | | | | | | | |
Three Months Ended | |
Year Ended | | | | | | | | |
March 31, | |
December 31, | | |
March 31, | |
March 31, | |
March 31, | | | | | | | | | |
2016 | | | |
2015 | | | | |
2015 | | | |
2016 | |
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2015 | | | | | | Net revenues | $ | 41,108 | | | $ | 40,623 | | | | $ | 37,048 | | | $ | 159,287 | | | $ | 165,011 | | | | | | Cost of revenues | | 16,934 | | | | 18,241 | | | | | 16,482 | | | | 69,739 | | | | 69,297 | | | | | | Gross profit | | 24,174 | | | | 22,382 | | | | | 20,566 | | | | 89,548 | | | | 95,714 | | | | | | Operating expenses: | | | | | | | | | | | | | | | | Research and development | | 25,113 | | | | 22,377 | | | | | 24,583 | | | | 91,518 | | | | 107,220 | | | | | | | Selling, general and administrative | | 8,138 | | | | 8,232 | | | | | 7,959 | | | | 33,507 | | | | 33,643 | | | | | | | Amortization of purchased intangible assets | | - | | | | - | | | | | - | | | | - | | | | 104 | | | | | | | Restructuring | | (57 | ) | | | (29 | ) | | | | 4,098 | | | | 25 | | | | 5,421 | | | | | | | | Total operating expenses | | 33,194 | | | | 30,580 | | | | | 36,640 | | | | 125,050 | | | | 146,388 | | | | | | Operating loss | | (9,020 | ) | | | (8,198 | ) | | | | (16,074 | ) | | | (35,502 | ) | | | (50,674 | ) | | | | | Interest and other income (expense), net | | 229 | | | | 169 | | | | | 1,029 | | | | 2,307 | | | | (292 | ) | | | | | Loss before income taxes | | (8,791 | ) | | | (8,029 | ) | | | | (15,045 | ) | | | (33,195 | ) | | | (50,966 | ) | | | | | Income tax provision (benefit) | | 116 | | | | 170 | | | | | 99 | | | | (624 | ) | | | 1,092 | | | | | | Net loss | | $ | (8,907 | ) | | $ | (8,199 | ) | | | $ | (15,144 | ) | | $ | (32,571 | ) | | $ | (52,058 | ) | | | | | | | | | | | | | | | | | | | | | | | Basic and diluted net loss per share: | $ | (0.11 | ) | | $ | (0.10 | ) | | | $ | (0.19 | ) | | $ | (0.39 | ) | | $ | (0.66 | ) | | | | | Shares used in calculating basic and diluted net loss per share | | 84,127 | | | | 83,191 | | | | | 80,667 | | | | 82,668 | | | | 78,814 | | | | | | | | | | | | | | | | | | | | | |
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