Applied Micro Circuits Corporation
) posted a Non-GAAP net loss of $6.2 million in its fourth quarter
of fiscal 2012, compared to a net income of $2.7 million in the
previous year quarter and a net loss of $1.1 million in the last
quarter. Loss per share came in at 10 cents compared to earnings of
4 cents per share in the year-ago quarter, beating the Zacks
Consensus Estimate of a loss of 17 cents per share.
In fiscal 2012, loss per share came in at 9 cents compared to
earnings of 42 cents in the previous fiscal year.
Net sales came in at $48.8 million, down 16.8% year over year
and 13.5% sequentially. This failed to meet the Zacks Consensus
Estimate of $52 million.
The poor performance by the company in its final fiscal quarter
of 2012 was of no surprise to management. Applied Micro was quite
prescient of the clouded fiscal scenario which was largely
responsible for deteriorating the company's performances in the
economy. However, a substantial degree of product innovations
implemented during the quarter allayed fears for the company
In fiscal 2012, revenues came in at $230.9 million, representing
a decline of about 7% from fiscal 2011.
Non-GAAP gross margin came in at 58.7% compared to 62.3% in the
last year quarter and 59.1% in the previous quarter.
Non-GAAP operating loss for the quarter came in at $7.0 million,
declining from an operating income of $1.5 million in the previous
year quarter. As a result, operating margin abated to (14.4%)
versus 2.6% in the previous year quarter and (3.6%) in the last
Balance Sheet and Cash Flows
Applied Micro ended the quarter with cash and cash equivalents
of $113.8 million versus $117.3 million at the end of the previous
quarter. Inventories increased to $23.2 million from $17.6 million
at the end of the third quarter of fiscal 2012. Accounts payable by
the end of the quarter amounted to $21.4 million, rising from $17.6
million at the end of the previous quarter.
In the full year fiscal 2012, net cash used for operating
activities was around $9.4 million compared to net cash generated
of $31 million at the end of fiscal 2011. Around $13.3 million was
spent on capital expenditures during the quarter.
Applied Micro has shown determination while looking ahead even
with an acutely disappointing performance in its last quarter of
fiscal 2012. For the upcoming quarters, the company hopes to surge
high on the backs of its varied product launches and remains
perspicacious of considerable demand recovery in the market.
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