PMC-Sierra reported Q4 2008 net revenue of $120.8 million, compared with $123.6 million in the fourth quarter of 2007 and $139.4 million reported in the third quarter of 2008. Revenues in the fourth quarter of 2008 declined two percent year over year and 13 percent sequentially. Net income was $13.7 million (GAAP diluted net income per share of $0.06). This compares with a GAAP net loss of $5.1 million (GAAP loss per share of $0.02) in the fourth quarter of 2007 and GAAP net income of $5.7 million (GAAP income per share of $0.03) in the third quarter of 2008.
“In 2008, our company’s financial performance improved as total revenue increased 17 percent year over year, and our operating margin was 22 percent compared to 14 percent the prior year,” said Greg Lang, president and chief executive officer of PMC-Sierra. “While we were impacted by the global macro-economic slowdown in the fourth quarter of 2008, we are pleased with the year-over-year progress we have made in revenue and operating income.”http://www.pmc-sierra.com
