PMC-Sierra reported Q4 2011 net revenues of $152.6 million, a sequential decrease of 12% compared to $173.3 million in the third quarter of 2011, and 4% lower than net revenues of $159.3 million in the fourth quarter of 2010. GAAP net income in the fourth quarter of 2011 was $28.4 million, or $0.12 per diluted share, compared to GAAP net income in the third quarter of 2011 of $47.3 million, or $0.20 per diluted share. Non-GAAP net income in the fourth quarter of 2011 was $29.1 million, or $0.13 per diluted share, compared to non-GAAP net income of $42.1 million, or $0.18 per diluted share, in the third quarter of 2011.
For the full year ended December 31, 2011, net revenues were $654.3 million compared to $635.1 million for the year ended December 26, 2010, an increase of 3% year over year.
“Our annual net revenues grew 3% in a roughly flat year for the semiconductor industry,�? said Greg Lang, president and chief executive officer of PMC. “While difficult conditions impact our near-term outlook, we see good signs of recovery in 2012, including a strong increase in bookings. PMC is well positioned to deliver the infrastructure required to support high traffic growth on storage, optical and mobile networks.�?http://www.pmc-sierra.com
