· Q2 Net revenues： $ 139.8 million
· Q2 Non-GAAP Net Income：$ 29.7 million or $0.13 per share (diluted)
· Q2 GAAP Net Income：$ 137.2 million or $0.61 per share (diluted)
HONG KONG, July 18, 2008 - PMC-Sierra, Inc. (Nasdaq:PMCS), a leading provider of high-speed broadband communications and storage semiconductors, has reported results for the second quarter ended June 29, 2008.
Net revenues in the second quarter of 2008 were $139.8 million, an increase of 33.6% compa
red with the second quarter of 2007 and 11.8% higher than the $125.0 million in the first quarter of 2008.
Net income in the second quarter of 2008 on a GAAP basis was $137.2 million (GAAP diluted earnings per share of $0.61) compared with a GAAP net loss in the first quarter of 2008 of $22.7 million (GAAP basic and diluted loss per share of $0.10). Non-GAAP net income in the second quarter of 2008 was $29.7 million (non-GAAP diluted earnings per share of $0.13) compared with non-GAAP net income of $23.5 million (non-GAAP diluted earnings per share of $0.11) in the first quarter of 2008.
Non-GAAP net income in the second quarter of 2008 excludes $124.3 million related to an adjustment to the accrual for unrecognized tax benefits. During the second quarter, the Company reached a settlement on several ongoing foreign tax matters related to prior years for amounts less than had been accrued as unrecognized tax benefits. As part of the settlement, the Company agreed to a cash payment of $18.0 million and utilized $38.1 million in investment tax credits. The non-GAAP net income for the second quarter of 2008 also excludes the following items: (i) $7.4 million in stock-based compensation expense; (ii) $9.8 million amortization of purchased intangible assets; (iii) $0.1 million in restructuring related to severance; (iv) $0.8 million foreign exchange loss on the Company’s liability for unrecognized tax benefits; and (v) $1.3 million income tax effect of these non-GAAP adj