3Ware 2003 Annual Report Download - page 78

APPLIED MICRO CIRCUITS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
10. Significant Customer and Geographic Information
Based on direct shipments, net revenues to customers exceeding 10% in any of the three years ended
March 31, were as follows:
2001 2002 2003
Harris Corporation ................................................ — % 1% 18%
Nortel Networks Corporation ........................................ 10% 2% 1%
Insight Electronics ................................................ 19% 10% 8%
Looking through product shipments to distributors and subcontractors to the end customers, net revenues to
an end customer exceeding 10% in any of the three years ended March 31, were as follows:
2001 2002 2003
Harris Corporation ................................................ — % 1% 18%
Nortel Networks Corporation ........................................ 20% 12% 14%
Cisco Systems ................................................... 9% 13% 6%
Net revenues by geographic region were as follows (in thousands):
Fiscal Years Ended March 31,
2001 2002 2003
North America .......................................... $337,644 $ 98,361 $ 66,033
Europe and Israel ........................................ 56,807 29,159 11,318
Asia ................................................... 41,092 25,320 24,240
$435,543 $152,840 $101,591
11. Contingencies
In April 2001, a series of similar federal complaints were filed against the Company and certain executive
officers and directors of the Company. The complaints have been consolidated into a single proceeding in the
U.S. District Court for the Southern District of California. In re Applied Micro Circuits Corp. Securities
Litigation, lead case number 01-CV-0649-K(AB). In November 2001, the court appointed the lead plaintiff and
lead plaintiff’s counsel in the consolidated proceeding, and plaintiff filed a consolidated federal complaint in
January 2002. The consolidated federal complaint alleged violations of the Securities Exchange Act of 1934 (the
“1934 Act”) and was brought as a purported shareholder class action under Sections 10(b), 20(a) and 20A of the
1934 Act and Rule 10b-5 under the 1934 Act. Plaintiff sought monetary damages on behalf of the shareholder
class. Defendants brought a motion to dismiss the consolidated federal complaint in March 2002. On May 9,
2002, the court granted the motion, dismissing the complaint, but giving plaintiff 45 days to file an amended
complaint. On June 23, 2002, plaintiff filed an amended consolidated complaint. In general, the amended
consolidated federal complaint alleges that the Company and the individual defendants misrepresented the
Company’s financial prospects for the quarters ended December 31, 2000 and March 30, 2001, in order to inflate
the value of the Company’s stock. Defendants brought a motion to dismiss the amended consolidated complaint,
which motion was denied in October 2002. Discovery in this matter has commenced and is expected to continue
throughout calendar year 2003, with expert discovery scheduled for calendar year 2004 and trial for calendar year
2005.
In May 2001, a series of similar state derivative actions were filed against the directors and certain executive
officers of the Company. The state complaints have been coordinated and assigned to the Superior Court of
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