PMC-Sierra Q3 net income increases

Mon. October 26, 2009; Posted: 09:40 AM

Oct 26, 2009 (Datamonitor via COMTEX) -- PMCS | Quote | Chart | News | PowerRating -- PMC-Sierra, an internet infrastructure semiconductor solution provider, has reported a net income of $27.82 million, or $0.12 per diluted share, for the third quarter ended September 27, 2009, compared to $4.46 million, or $0.02 per diluted share, for the same quarter of 2008.

For the third quarter of 2009, net revenues were $130.9 million, a decrease of 6%, compared to $139.36 million for the corresponding quarter of 2008. Gross profit was $86.44 million, compared to $91.98 million for the same period of 2008.

Net income for the nine months ended September 27, 2009 was $31.75 million, compared to $119.48 million. Net revenue was $356.64 million, compared to $404.24 million for the first nine months of 2008. Gross profit was $235.99 million, compared to $264.48 million in the first nine months of 2008.

Greg Lang, president and CEO of PMC-Sierra, said: "In the third quarter of 2009, we benefited from improved demand in our Storage business, led by the continued ramp in our new 6GBps SAS RAID-on-Chip device at H-P, as well as growth in our microprocessor business. This past quarter, we achieved the highest level of non-GAAP operating income in the last nine years on revenue that was 6% below peak quarterly revenue last year."

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For full details on Pmc-sierra Inc (PMCS) click here. Pmc-sierra Inc (PMCS) has Short Term PowerRatings of 4. Details on Pmc-sierra Inc (PMCS) Short Term PowerRatings is available at This Link.

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