- Associated Press - Thursday, July 22, 2010

NEW YORK (AP) - PMC-Sierra Inc.’s profits nearly tripled in the second quarter as the maker of maker of communications and storage chips saw further growth in its enterprise storage and fiber-to-the-home businesses.

Net income for the Santa Clara, Calif.-based company surged to $30.1 million, or 13 cents a share, in the quarter ended June 27, compared with $7.8 million, or 3 cents per share, in the same quarter a year earlier.

Revenues for PMC-Sierra rose 30 percent to $160.7 million compared to $123.2 million.

PMC-Sierra completed the purchase of the storage company Adaptec Inc. for $34 million dollars in cash on June 8. Excluding costs related to the sale and other items, the company said it earned 20 cents per share in the latest quarter.


Analysts polled by Thomson Reuters, who usually exclude one-time items, were forecasting earnings of 19 cents per share on revenue of $159.4 million.

PMC-Sierra’s shares slipped 27 cents, or 3.2 percent, to $8.20 in after-hours trading Thursday. They had closed the regular session up 45 cents, or 5.6 percent higher, at $8.47.