PMC-Sierra reported Q1 net revenues of $152.8 million, a year-over-year increase of 49% compared with $102.6 million in the first quarter of 2009, and 9.5% higher than revenues of $139.5 million in the fourth quarter of 2009.
Net income in the first quarter of 2010 on a GAAP basis was $27.0 million (GAAP diluted earnings per share of $0.12) compared with a GAAP net loss in the first quarter of 2009 of $3.9 million (GAAP loss per share of $0.02). Non-GAAP net income in the first quarter of 2010 was $43.5 million (non-GAAP diluted earnings per share of $0.19) compared with non-GAAP net income of $12.4 million (non-GAAP diluted earnings per share of $0.06) in the first quarter of 2009. On a year-over-year basis, this represents growth in non-GAAP net income of $31.1 million or 251%.
“In the first quarter of 2010, we experienced improving demand in our Wide Area Network Infrastructure business and saw the continuation of healthy demand in our Enterprise Storage business as global IT spending improves year over year,” said Greg Lang, president and chief executive officer of PMC-Sierra. “Revenue in the first quarter of 2010 was 9% above our previous quarterly revenue peak in the second quarter of 2008, while non-GAAP net income was 46% above the second quarter of 2008.”http://www.pmc-sierra.comhttp://
