Thursday, Applied Micro Circuits Corp. (AMCC) narrowed its third quarter loss helped mainly by the absence of a goodwill impairment charge which the company incurred in the third quarter a year-ago. Revenues for the quarter also increased from the year ago period.
Net loss for the quarter narrowed to $3.59 million or $0.05 per share from a loss of $274.46 million or $4.20 per share in the year-ago period.
Loss from continuing operations narrowed to $2.66 million or $0.04 per share from $232.36 million or $3.55 per share in the year-ago period.
Non-GAAP income from continuing operations for the quarter declined to $2.36 million or $0.04 per share from $3.29 million or $0.05 per share from continuing operations a year-ago.
On average, five analysts polled by Thomson Reuters expected the company to earn $0.04 per share. Analysts' estimates typically exclude special items.
Net revenues for the quarter increased to $53.70 million from $47.72 million a year-ago. Four Wall Street analysts estimated a revenue of $52.75 million for the quarter.
Cost of revenues increased to $24.53 million from $22.50 million in the year-ago period. Total operating expenses during the quarter declined significantly to $36.05 million from $254.86 million a year-ago primarily due to the absence of a goodwill impairment charge of $222.97 million a year-ago.
For the nine months, net loss narrowed to $7.42 million or $0.11 per share from $281.94 million or $4.33 per share in the year-ago period.
Year-to-date loss from continuing operations narrowed to $13.53 million or $0.20 per share from $238.33 million or $3.66 per share in the prior year period.
Year-to-date, non-GAAP income per share from continuing operations declined to $4.83 million or $0.07 per share from $20.01 million or $0.31 per share a year-ago.
AMCC closed Thursday's last trade at $7.62, down $0.35 or 4.39%, on a volume of 1.26 million shares on the Nasdaq. In the after hours, the stock traded down $0.11 or 1.44%.
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