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News > Technology
PMC-Sierra warns on sales
January 25, 2001: 5:50 p.m. ET

Communications chipmaker hits 4Q target, says 1Q, '01 results to miss mark
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NEW YORK (CNNfn) - Communications chip maker PMC-Sierra Inc. Thursday reported fourth-quarter earnings that matched estimates, but said new bookings fell off in the just-completed period and that the current quarter will fall well below expectations.

graphicFor the quarter ended Dec. 31, PMC-Sierra reported pro forma earnings, which excludes special items, or $62.5 million, or 34 cents a share, in line with the estimate of analysts surveyed by earnings tracker First Call. The company earned $19.3 million, or 11 cents a share, on the same basis in the year earlier period.

Sales rose to $231.7 million, up 152 percent from the $91.9 million it posted in the year earlier period, and up 17 percent from the third quarter sales figure.

Reuters reported the company told analysts that its first quarter EPS would be 13-to-15 cents, which is well below the First Call forecast of 37 cents. It said revenue should be in the $160 million-to-$170 million range, which would also be far below the forecast of $257.6 million.

The company said it sees 30 percent sales growth in 2001, which would bring revenue to $903 million for the year, again well below the $1.2 billion forecast of First Call. It said revenue from eight of its top 10 customers will fall in the current quarter compared with the fourth-quarter sales levels.

PMC-Sierra shares fell $7.25, or 7 percent, to close Thursday at $95.88. After-hours trading in its shares remained halted for the conference call.

The stock has tumbled from a record high of $225.50 reached March 10, 2000, although it is up from a year-low of $57.75 that it hit Jan. 3 this year.

-- Reuters contributed to this report graphic




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