PMC-Sierra reported Q4 revenues of $61.8 million compared with $71.2 million for the third quarter of 2004 and $70.6 million for the same period a year ago. This represented a decrease in revenues of 13 percent sequentially and 12 percent on a year-over-year basis. GAAP net income in the fourth quarter of 2004 was $13.1 million (GAAP diluted earnings per share of $0.07). This compares to GAAP net income of $6.3 million in the third quarter of 2004 (GAAP diluted earnings per share of $0.03).
“We believe that our revenues stabilized in the fourth quarter and industry conditions are improving,” said Bob Bailey, president and chief executive officer of PMC-Sierra. “Meanwhile, our new products in Metro Transport, Storage Systems and Voice-over-IP are generating pre-production revenues, giving us confidence that our customers’ next-generation systems are moving towards production.”http://www.pmc-sierra.com
