San Diego, California–Applied Micro Circuits Corp. recently reported its financial results for the third quarter (Q3) of fiscal 200. Net revenues for Q3 of fiscal 2001 were $143.3 million, an increase of 213% over the $45.8 million reported in the same period of fiscal 2000. Pro forma net income for Q3 of fiscal 2001 was $48.1 million or $0.16 per share, compared with pro forma net income of $12.1 million or $0.05 per share for Q3 of fiscal 2000, representing increases of 297% and 220%, respectively.
Sequentially, net revenues for Q3 of fiscal 2001 increased 48% over the $97.0 million reported in the previous quarter. Pro forma net income for Q3 of fiscal 2001 increased 35% over the $35.7 million, or $0.13 per share, reported in the previous quarter.
On October 25, 2000, AMCC completed the acquisition of MMC Networks, Inc. for a purchase price of approximately $4.5 billion. The consolidated operating results reflect MMC Networks’ results of operations subsequent to the date of the acquisition. Had the acquisition occurred at the beginning of the quarter, the pro forma combined revenue for Q3 of fiscal 2001 would have been $150 million.