Applied Micro Circuits Corporation Reports Fourth Quarter & Full Year Fiscal 2016 Financial Results

 

                 
  APPLIED MICRO CIRCUITS CORPORATION  
  GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS  
  (in thousands, except per share data)  
  (unaudited)  
                 
      Three Months Ended  Year Ended  
      March 31,  December 31,   March 31,  March 31,  March 31,  
       2016    2015     2015    2016     2015   
 Net revenues$  41,108  $  40,623   $  37,048  $  159,287  $  165,011   
 Cost of revenues   16,934     18,241      16,482     69,739     69,297   
 Gross profit   24,174     22,382      20,566     89,548     95,714   
 Operating expenses:            
  Research and development   25,113     22,377      24,583     91,518     107,220   
    Selling, general and administrative     8,138         8,232           7,959         33,507         33,643      
    Amortization of purchased intangible assets     -         -           -         -         104      
    Restructuring     (57 )       (29 )         4,098         25         5,421      
      Total operating expenses     33,194         30,580           36,640         125,050         146,388      
  Operating loss     (9,020 )       (8,198 )         (16,074 )       (35,502 )       (50,674 )    
  Interest and other income (expense), net     229         169           1,029         2,307         (292 )    
  Loss before income taxes     (8,791 )       (8,029 )         (15,045 )       (33,195 )       (50,966 )    
  Income tax provision (benefit)      116         170           99         (624 )       1,092      
  Net loss   $   (8,907 )   $   (8,199 )     $   (15,144 )   $   (32,571 )   $   (52,058 )    
                                 
  Basic and diluted net loss per share: $   (0.11 )   $   (0.10 )     $   (0.19 )   $   (0.39 )   $   (0.66 )    
  Shares used in calculating basic and diluted net loss per share     84,127         83,191           80,667         82,668         78,814      
                                 

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