PMC-Sierra (Nasdaq: PMCS) topped analysts' first quarter expectations by a penny.
After market close Thursday, the communications chipmaker recorded net earnings of $23 million, or 17 cents per share, excluding special charges. First Call's survey of 25 analysts predicted a profit of 16 cents per share, though whisper numbers had pegged that 1 to 2 cents higher.
First quarter sales of $102.8 million represented a 27 percent improvement sequentially and 104 percent gain year-over-year. Expectations had been that revenues in the first quarter would run 15 percent above those of the quarter ended in December.
The firm's revenues from networking semiconductors of $97.8 million were up 27 percent from the previous quarter and 106 percent from the first quarter of 1999.
PMC-Sierra also said on Thursday it has completed its March acquisitions of privately held Extreme Packet Devices Inc. and AANetcom Inc. and will account for the deals as pooling of interests.
The deal for Extreme Packet Devices, which is based in the Ottawa area, is worth about $415 million and closed on April 6. Extreme Packet develops chipsets to help manage and control traffic on a network.
PMC-Sierra said it closed on March 3 its purchase for 4.8 million shares of San Jose, California's AANetcom, which makes chips used in telecommunications equipment and optical switches.
Also Thursday, PMC-Sierra said its board of directors had appointed Bailey chairman. He will continue as PMC-Sierra's president and chief executive. James Diller, previous chairman, will remain as vice chairman and director.
Other companies reporting quarterly results Thursday:
The provider of RISC processor technology reported fiscal third quarter net income of $10.4 million, or 26 cents per share. First Call's survey of six analysts predicted a profit of 27 cents per share for the quarter ended March 31.
Revenue rose 1 percent year-over-year to $27 million. Royalty revenue fell 22 percent to $18.1 million because of lower royalties from Nintendo 64 game consoles, MIPS said. Contract revenue increased 159 percent year-over-year to $8.8 million.
The maker of chips for networking posted a first quarter of $400,000, or about a penny per share, including a tax benefit of $352,000. Excluding that gain, MMC lost two cents per share.
First Call's survey of a dozen analysts predicted a loss of a penny per share.
Revenue in the first quarter rose 9 percent sequentially to $12.6 million from $11.6 million in the fourth quarter. About 33 percent of MMC's revenue, or $4.2 million, came from Cisco Systems (Nasdaq: CSCO). Nortel Networks (NYSE: NT) generated about 24 percent, or $3 million.
The supplier of network access products, printer servers and fibre channel adapters reported fiscal third quarter net income of $7.7 million, or 20 cents per share. First Call's survey of seven analysts predicted a profit of 18 cents per share.
Third quarter revenue doubled year-over-year to $36.5 million from $18.2 million. Sales of adapters rose 13 percent from the second quarter, said Paul F. Folino, president and CEO. Backlog rose 30 percent sequentially. Emulex's networking products saw sales fall 20 percent year-over-year.
Gross margin rose to 48 percent from 47 percent in the second quarter.>