Financial

posted on 23 July 2008 10:41

Storage and other market semiconductor supplier PMC-Sierra recoded solid 30 percent plus growth in its second quarter as well as a huge tax benefit.

Q2 '08 revenues were $139.8 million compared to the year-ago quarter's $104.7 million, an increase of 33.6 percent. GAAP net income was a staggering $137.2 million ($0.61/share) due to a tax settlement of $124.3 million relating to foreign tax claims. This compares to the year-ago quarter's net loss of -$22.3 million (-$0.10/share).

Greg Lang, president and chief executive officer of PMC-Sierra, commented thus: "In the second quarter, we experienced strong demand for our fiber to the home products in Asia as well as growth in our wireline infrastructure products. We are very focused on product execution in the second half of the year to further penetrate the enterprise storage and communications markets."

The company is looking at the 100Mbit/s Ethernet and 6Gbit/s SAS II technology areas amongst others.

^{[Chris Mellor.]}