PMC-Sierra reported Q3 2009 net revenues of $130.9 million, an increase of 6 percent compared to $123.2 million in the second quarter of 2009 and 6 percent lower than net revenues of $139.4 million reported in the third quarter of 2008. Net income (GAAP) was $27.8 million (GAAP diluted earnings per share of $0.12) compared with net income of $7.8 million (GAAP diluted earnings per share of $0.03) in the second quarter of 2009 and net income of $4.5 million (GAAP diluted earnings per share of $0.02) in the third quarter of 2008.
“In the third quarter of 2009, we benefited from improved demand in our Storage business, led by the continued ramp in our new 6Gb/s SAS RAID-on-Chip device at H-P, as well as growth in our Microprocessor business,” said Greg Lang, president and chief executive officer of PMC-Sierra. “This past quarter, we achieved the highest level of non-GAAP operating income in the last nine years on revenue that was 6 percent below peak quarterly revenue last year.”http://www.pmc-sierra.com
