PMC-Sierra reported Q2 revenue of $118.8 million, an increase of 35% compared with $87.8 million in the first quarter of 2006 and 66% higher than in the second quarter of 2005. Net revenues in the second quarter of 2006 included: (i) $8.8 million in revenue from the previously announced acquisition of Passave Inc., which closed on May 4, 2006; and (ii) a full three months of revenue from the acquisition of the Avago storage semiconductor business compared with only one month of revenue from this acquisition in the first quarter of 2006.
Net income in Q2 on a non-GAAP basis was $19.4 million (non-GAAP diluted earnings per share of $0.09) compared with non-GAAP net income of $16.3 million (non-GAAP diluted earnings per share of $0.08) in the first quarter of 2006. GAAP net loss in Q2 was $31.3 million (GAAP loss per share of $0.15) compared with GAAP net loss in the first quarter of 2006 of $14.3 million (GAAP loss per share of $0.08).
“In the second quarter, we successfully integrated the Avago storage semiconductor business into PMC’s operations and we also closed the acquisition of Passave Inc., the leader in Fiber To The Home semiconductor solutions,” said Bob Bailey, chairman and chief executive officer of PMC-Sierra. “And our Enterprise Storage business showed strength in the second quarter as the Fibre Channel transition from 2Gb/s to 4Gb/s has accelerated.”http://www.pmc-sierra.com
