Electronics Production | February 02, 2011
PMC-Sierra report net revenues of USD 159 million in 4Q
Net revenues in the fourth quarter of 2010 were USD 159.3 million, compared with USD 139.5 million in the fourth quarter of 2009 and USD 162.3 million reported in the third quarter of 2010.
Net revenues in the fourth quarter of 2010 increased 14% year over year and decreased 2% compared to the third quarter of 2010. Net income in the fourth quarter of 2010 on a GAAP basis was USD 10.9 million. This compares with GAAP net income of USD 15.1 million in the fourth quarter of 2009 and GAAP net income of USD 15.2 million in the third quarter of 2010. For the year ended December 26, 2010, net revenues were USD 635.1 million compared with USD 496.1 million for the year ended December 27, 2009, an increase of 28% year over year. GAAP operating income in 2010 was USD 108.6 million compared with GAAP operating income of USD 56.6 million reported in the year ended December 27, 2009. GAAP net income in 2010 was USD 83.2 million compared with GAAP net income of USD 46.9 million for the prior year. “In 2010, we experienced a broad recovery following a difficult recession the prior year. Revenue growth resumed across all of our major businesses including enterprise storage and WAN infrastructure,” said Greg Lang, president and chief executive officer of PMC-Sierra. “With the improved economic environment in 2010, we experienced 28% year-over-year growth in net revenues and 45% growth in non-GAAP operating income.”