3Ware 2000 Annual Report Download - page 38

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36 2000
AMCC
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
THE BOARD OF DIRECTORS
APPLIED MICRO CIRCUITS CORPORATION
We have audited the accompanying consolidated balance sheets of Applied Micro Circuits Corporation as of March 31,
1999 and 2000, and the related consolidated statements of income, stockholders’ equity, and cash flows for each of the
three years in the period ended March 31, 2000. These financial statements are the responsibility of the Company’s man-
agement. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement presentation. We believe that our audits pro-
vide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consol-
idated financial position of Applied Micro Circuits Corporation at March 31, 1999 and 2000, and the consolidated results
of its operations and its cash flows for each of the three years in the period ended March 31, 2000, in conformity with
accounting principles generally accepted in the United States.
San Diego, California
April 19, 2000