Stock in the Spotlight: Applied Micro Circuits Corporation (NASDAQ:AMCC)

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Applied Micro Circuits Corporation (NASDAQ:AMCC) reported earnings for the three months ended March 2016 on April 28, 2016. The company earned $-0.02 per share on revenue of $41.11M. Analysts had been modeling earning per share of $-0.03 with $41.05M in revenue.

Applied Micro Circuits Corporation (AMCC) on April 28, 2016 reported its financial results for the fiscal fourth quarter and full year ended March 31, 2016.

Q4 Fiscal 2016 Financial Information

  • Consolidated net revenue of $41.1 million, representing the fifth sequential quarter of revenue growth
  • GAAP net loss of $8.9 million or $0.11 per share
  • Non-GAAP net loss narrows to $1.4 million, or $0.02 per share

Full Year Fiscal 2016 Financial Information

  • Consolidated net revenue of $159.3 million
  • GAAP net loss of $32.6 million, or $0.39 per share
  • Non-GAAP net loss improves to $9.2 million, or $0.11 per share
  • Total cash, cash equivalents and short-term investments of approximately $83.8 million as of March 31, 2016

Commenting on Applied Micro’s fiscal 2016 fourth quarter and full year operations, Dr. Paramesh Gopi, President and Chief Executive Officer, said, “We are pleased to announce another strong quarter of solid financial results. Fourth quarter fiscal 2016 revenue of $41.1 million represents our fifth consecutive quarter of improving sales, and was driven by strength in our Connectivity business and driven by our ability to deliver 16nm PAM4 solutions to our customers. Overall, fiscal 2016 was a very important year for Applied Micro, highlighted by multiple Tier One X-Gene deployments, our launch of X-Gene 3, and our leadership in 100Gbps PAM4 for data center interconnectivity.”

AppliedMicro provides non-GAAP results as additional information relating to its financial condition and business trends. This information should be considered in conjunction with corresponding GAAP measures. A reconciliation between GAAP and non-GAAP financial results is provided in the financial tables section of this press release.

Applied Micro Circuits Corporation earnings per share showed an increasing trend of 40.4% for the current fiscal year. The company’s expected EPS growth rate for next fiscal year is 28%.Analysts project EPS growth over the next 5 years at 22.5%. It has EPS annual decline over the past 5 fiscal years of -22.96% when sales declined -8.5. It reported 11.1% sales growth, and 44.1% EPS growth in the last quarter.

The stock is trading at $6.56, up 39.87% from 52-week low of $4.69. The stock trades down -18.91% from its peak of $8.09 and 46.34% above the consensus price target of $9.6. Its volume clocked up at 0.27 million shares which is lower than the average volume of 0.43 million shares. Its market capitalization currently stands at $555.68M.

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