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PMC-Sierra cuts 63 more jobs despite meeting guidance

Posted: 28 Jun 2005 ?? ?Print Version ?Bookmark and Share

Keywords:broadband communications? semiconductor?

Broadband communications semiconductor supplier PMC-Sierra Inc. has decided to eliminate 63 jobs in addition to the 26 positions eliminated earlier.

PMC-Sierra also said its second-quarter revenue would fall at the high end of the $70 million to $72 million guidance it issued April 20. The company expects its book-to-bill ratio to exceed 1.1.

The job cuts will cost the company $7.4 million, and will be recorded in the quarter ending July 3, 2005. They are expected to reduce PMC-Sierra's annualized operating expenses by $10 million to $12 million.

"Business conditions across all of our product groups are improving, with new communications and storage products contributing to our business momentum," said Bob Bailey, chairman and chief executive of PMC-Sierra, in a statement. "Additionally, we are continuing to focus on improving the efficiency of our operations to enhance our on-going business performance."

- EE Times

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