PMC-Sierra reported Q1 net revenue of $66.1 million, an increase of seven percent compared with $61.8 million for the fourth quarter of 2004, and a decrease of 16 percent on a year-over-year basis. Net income in the first quarter of 2005 on a non-GAAP basis was $3.9 million (non-GAAP diluted earnings per share of $0.02) compared with non-GAAP net income of $1.9 million (non-GAAP diluted earnings per share of $0.01) in the fourth quarter of 2004. GAAP net income in the first quarter of 2005 was $3.3 million (GAAP diluted earnings per share of $0.02).
“In the first quarter of 2005, we experienced improving trends in Asian geographies and a recovery in enterprise networking, wireless infrastructure, routing and laser printing as well as growth in new storage-related products,” said Bob Bailey, president and chief executive officer of PMC-Sierra.
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