PMC-Sierra CEO Retires With Earnings… and Shares Rise (PMCS)
October 18, 2007 by Douglas A. McIntyrePMC-Sierra, Inc. (NASDAQ:PMCS) posted earnings of $0.09 on non-GAAP EPS on net revenues of $117.5 million, versus estimates of $0.06 EPS and $113.7 million. On a GAAP basis the company posted -$0.03 EPS. The company did not offer guidance in the release, so it it does in teh conference call estimates for next quarter are $0.08 EPS and $119.5 million in revenues.
PMC-Sierra simultaneously announced that Bob Bailey will be retiring as president and chief executive officer once a replacement has been named. He will remain chief executive officer in the meantime.
This saw shares rise more than 1% at $9.02 in normal trading. In after-hours the stock is actually up 2.5% at $9.25. The 52-week trading range is $6.06 to $9.27, so it is flirting with year highs. This may be up significantly from the $5.00 lows of 2006, but shares were north of $20.00 at the end of 2003 and earky 2004.
Without guidance and with a retiring CEO (who is only around 50-years old) the verdict is still pending here.
Jon C. Ogg
October 18, 2007
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