PMC-Sierra reported net revenues in the first quarter of 2011 were
$157.4 million, a year-over-year increase of 3% compared with $152.8
million in the first quarter of 2010.
In the first quarter of 2011, the company reported a GAAP net loss of
$7.7 million (GAAP net loss per share of $0.03) compared with GAAP
net income in the first quarter of 2010 of $27.0 million (GAAP
diluted net income per share of $0.12). Non-GAAP net income in the
first quarter of 2011 was $30.6 million (non-GAAP diluted net income
per share of $0.13) compared with non-GAAP net income of $43.5
million (non-GAAP diluted net income per share of $0.19) in the first
quarter of 2010.
“We have been working diligently with our customers to reduce
inventories and we currently anticipate a resumption of growth in the
second quarter of 2011, led by our enterprise storage business,” said
Greg Lang, president and chief executive officer of PMC-Sierra.
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