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Applied Micro paces tech earnings

Applied Micro Circuits topped analyst estimates in the first quarter.

After market close Wednesday, the maker of optical networking chips reported fiscal first quarter earnings of $27.9 million, or 21 cents per share, excluding special charges. First Call's survey of 15 analysts predicted a profit 17 cents per share.

Including charges related to acquisition and stock options, Applied Micro earned $3.4 million, or 3 cents per share.

Shares of Applied Micro rose to 129 1/4 in afterhours activity on the Island electronic communications network. The stock closed Wednesday's regular trading at 125 7/16, up 11 11/16 for the session.

First quarter revenue increased $74.2 million, up 134 percent year-over-year and up 30 percent from the fourth quarter. Revenue from OC-192 products rose to $5.3 million during the first quarter, compared to $300,000 in the fourth. Digital framer business generated revenue of $8.8 million, from $3.3 million in the previous quarter.

Applied Micro reported quarterly bookings of $100 million.

"We've experienced phenomenal revenue growth in the June quarter," said Dave Rickey, president and CEO. "The demand for our high-performance OC-192 solutions is very strong, and production revenue is materializing faster than we expected. In addition, our digital framer business continues to ramp."

Other companies reporting quarterly results:

  • Redback Networks
  • (Nasdaq: RBAK) lost less than analysts predicted in the second quarter.

    The provider of network equipment reported a fiscal second quarter loss of $5.7 million, or 5 cents per share, excluding special charges. First Call's survey of 14 analysts predicted a loss of 11 cents per share.

    Including expenses related to acquisitions and stock options, Redback lost $286.7 million, or $2.41 per share.

    Shares of Redback moved up to $163.01 in afterhours on Island. The stock closed regular trading at 156 1/2, down 7 11/16.

    Second quarter revenue increased 340 percent year-over-year to $48.7 million.

    Also Wednesday, Redback announced its current CEO, Dennis Barsema, would become vice chairman of the board of directors. The company's president and chief operating officer, Vivek Ragavan, will replace Barsema as CEO, the company said.

  • Electronics for Imaging
  • (Nasdaq: EFII) topped analyst forecasts in the second quarter.

    The provider of network printing technology reported fiscal second quarter net income of $23 million, or 40 cents per share. First Call's survey of three analysts predicted a profit 38 cents per share for the quarter ended June 30.

    Shares of Electronics for Imaging moved up slightly in afterhours to 24 1/2. The stock ended regular trading at 24 1/16, down 1/2 for the session.

    Second quarter revenue increased to $152 million from $141 million in the year ago period. The 8 percent growth was fueled by strong European sales, as well as the color server business, the company said.

  • Burr-Brown
  • (Nasdaq: BBRC) easily beat analysts' published expectations in what could be its last full quarter as an independent company.

    The elecronics component maker reported second quarter net income of $23.3 million, or 38 per share. First Call's survey of 10 analysts predicted a profit of 33 cents per share for the quarter ended July 1.

    Shares of Burr-Brown rose to 86 7/16 in afterhours. The stock rose 1 1/2 to 85 during regular trading earlier in the day.

    Second quarter revenue increased to $103.5 million, up 14.3 percent sequentially and up 51.8 percent year-over-year.

    Company executives expect revenue to grow 10 percent sequentially each of the next two quarters. Earnings should more than double for the full year, said Syrus P. Madavi, chairman, CEO and president of Burr-Brown.

    Last month, Burr-Brown agreed to be acquired by Texas Instruments (NYSE: TXN). The deal is currently expected to close in the third quarter.>