On July 25, Applied Micro Circuits
- Revenue dropped 28%, reflecting ongoing woes in the semiconductor industry that have wreaked havoc even on the big boys like Intel
(NASDAQ:INTC) and AMD(NYSE:AMD) . - CEO Kambiz Hooshmand boldly called the bottom, however: "The first-quarter revenues represent what we believe is the bottom of this correction cycle."
- Our Motley Fool CAPS community rates Applied Micro's stock a below-average two stars.
(Figures in thousands, except per-share data.)
Income Statement Highlights
|
Q1 2008 |
Q1 2007 |
Change |
|
|---|---|---|---|
|
Sales |
$50,135 |
$69,679 |
(28.0%) |
|
Net Profit |
($16,420) |
($817) |
N/A |
|
EPS |
($0.06) |
$0.00 |
N/A |
|
Diluted Shares |
281,656 |
291,178 |
(3.3%) |
Get back to basics with the income statement.
Margin Checkup
|
Q1 2008 |
Q1 2007 |
Change* |
|
|---|---|---|---|
|
Gross Margin |
47.2% |
54.8% |
(7.6) |
|
Operating Margin |
(38.9%) |
(5.8%) |
(33.1) |
|
Net Margin |
(32.8%) |
(1.2%) |
(31.6) |
Margins are the earnings engine.
Balance Sheet Highlights
|
Assets |
Q1 2008 |
Q1 2007 |
Change |
|---|---|---|---|
|
Cash + ST Invest. |
$255,873 |
$336,110 |
(23.9%) |
|
Accounts Rec. |
$21,710 |
$31,103 |
(30.2%) |
|
Inventory |
$34,834 |
$26,333 |
32.3% |
|
Liabilities |
Q1 2008 |
Q1 2007 |
Change |
|---|---|---|---|
|
Accounts Payable |
$18,110 |
$28,729 |
(37.0%) |
|
Long-Term Debt |
$0.0 |
$0.0 |
N/A |
The balance sheet reflects the company's health.
Cash Flow Highlights
|
Q1 2008 |
Q1 2007 |
Change |
|
|---|---|---|---|
|
Cash From Ops. |
($9,028) |
$6,320 |
N/A |
|
Capital Expenditures |
$1,097 |
$1,736 |
(36.8%) |
|
Free Cash Flow |
($10,125) |
$4,584 |
N/A |
Free cash flow is a Fool's best friend.
Related Foolishness:
- Applied Micro's Latest Disappointment
- Foolish Forecast: RF Micro Calls for Patience
- What's Up With the Chip Makers?
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