Sierra2008年第三季度业绩报告

PMC-Sierra, Inc. (Nasdaq:PMCS), a leading
provider of high-speed broadband communications and storage semiconductors, today
reported results for the third quarter ended September 28, 2008.
Net revenues in the third quarter of 2008 were $139.4 million, an increase of 19%
compared with net revenues in the third quarter of 2007 of $117.5 million. The Company
reported net revenues of $139.8 million in the second quarter of 2008.
Net income in the third quarter of 2008 on a GAAP basis was $16.2 million (GAAP
diluted earnings per share of $0.07) compared with a GAAP net loss in the third quarter
of 2007 of $5.9 million (GAAP net loss per share of $0.03). The Company reported
GAAP net income of $137.2 million (GAAP diluted earnings per share of $0.61) in the
second quarter of 2008. The GAAP net income in the second quarter of this year includes
$124.3 million related to an adjustment to the accrual for unrecognized tax benefits,
which was disclosed in the prior quarter’s earnings results.
Non-GAAP net income in the third quarter was $29.2 million (non-GAAP diluted
earnings per share of $0.13), an increase of 53% compared with non-GAAP net income
in the third quarter last year of $19.1 million (non-GAAP diluted earnings per share of
$0.09). The Company reported non-GAAP net income of $29.7 million (non-GAAP
diluted earnings per share of $0.13) in the second quarter of 2008.
The non-GAAP net income for the third quarter of 2008 also excludes the following
items: (i) $5.4 million in stock-based compensation expense; (ii) $9.8 million
amortization of purchased intangible assets; (iii) $0.3 million net reversal of restructuring
accruals relating to facilities; (iv) $0.4 million recovery of investment loss; (v) $0.8
million net foreign exchange gain on the Company’s net foreign tax liabilities; and (vi)
$0.8 million net income tax recovery relating to $0.7 million tax adjustments based on
completed filings and assessments received from tax authorities, $0.4 million income tax
effect related to the non-GAAP adjustments above and $0.3 million interest relating to
unrecognized tax benefits. For a full reconciliation of GAAP net income to non-GAAP
net income, please refer to the schedule on page 6 of this release. The Company believes
the additional non-GAAP measures are useful to investors for the purpose of financial
analysis. Management uses the non-GAAP measures internally to evaluate its in-period
operating performance before gains, losses and other charges that are considered by
management to be outside of the Company’s core operating results. In addition, the
measures are used to plan for the Company’s future periods. However, non-GAAP
measures are neither stated in accordance with, nor are they a substitute for, GAAP
measures.
“In the third quarter, we experienced solid growth in our WAN infrastructure business
primarily due to strength in Asian telecom network build-outs,” said Greg Lang,
president and chief executive officer of PMC-Sierra. “We believe that we are well
positioned in the WAN infrastructure, enterprise storage, and FTTH markets where we
see new product cycle opportunities occurring over the next two years.”
The Company made the following product announcements in Q3 2008:
• We announced the availability of the industry’s most highly integrated GPON
devices for Fiber to the Home deployments. PMC’s second-generation solutions
include a GPON ONT, a GPON Residential Gateway and a four-port GPON
OLT. These devices feature PMC’s GigaPASS™ architecture, which is already
deployed today in more than six million PON devices. All of the new devices
have proven interoperability with a wide-range of commercial GPON systems.
• We added four new multi-band devices to our WiZIRD™ family of highly
integrated WiMAX RF IC solutions for Broadband Wireless Subscriber
Page 3/8
-moreequipment.
These new devices enable WiMAX system designers to leverage a
single radio design to provide CPE and Network Interface Cards for all popular
broadband wireless radio bands, including: 450-928 MHz; 2.3-2.7 GHz; 2.7-2.9
GHz; 3.3-3.8 GHz; and 4.9-5.95 GHz.
Third Quarter 2008 Conference Call
Management will review the third quarter 2008 results and provide guidance for the
fourth quarter of 2008 during a conference call at 1:30 pm Pacific Time/4:30 pm Eastern
Time on October 16, 2008. The conference call webcast will be accessible under the
Financial Events and Calendar section at http://investor.pmc-sierra.com/. To listen to the
conference call live by telephone, dial 416-640-5925 approximately ten minutes before
the start time. A telephone playback will be available after the completion of the call and
can be accessed at 647-436-0148 using the access code 9483920. A replay of the webcast
will be available for five business days.
Fourth Quarter 2008 Conference Call
PMC-Sierra is planning on releasing its results for the fourth quarter of 2008 on January
22, 2009. A conference call will be held on the day of the release to review the quarter
and provide an outlook for the first quarter of 2009.
Safe Harbor Statement
PMC-Sierra’s forward-looking statements are subject to risks and uncertainties. Actual
results may differ from these projections. The Company’s SEC filings describe more
fully the risks associated with the Company’s business including PMC-Sierra’s limited
revenue visibility due to variable customer demands, market segment growth or decline,
orders with short delivery lead times, customer concentration, and other items such as
foreign exchange rates. The Company does not undertake any obligation to update the
forward-looking statements.