3Ware 2004 Annual Report Download - page 97

APPLIED MICRO CIRCUITS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Looking through product shipments to distributors and subcontractors to the end customers, net revenues to
end customers that exceeded 10% of total net revenues in any of the three years ended March 31, were as
follows:
2004 2003 2002
Harris Corporation .................................................. * 18% *
Nortel Networks Corporation .......................................... 17% 14% 12%
Cisco Systems ..................................................... * * 13%
*Less than 10% of net revenue
Net revenues by geographic region were as follows (in thousands):
Fiscal Years Ended March 31,
2004 2003 2002
United States of America .................................. $ 70,617 $ 59,868 $ 88,031
Other North America ..................................... 8,042 6,165 10,330
Europe and Israel ........................................ 18,695 11,318 29,159
Asia ................................................... 33,823 24,240 25,320
$131,177 $101,591 $152,840
11. Contingencies
In April 2001, a series of similar federal complaints were filed against the Company and certain of its
executive officers and directors. 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 January 2002, the court appointed lead plaintiff filed a consolidated
federal complaint. The consolidated federal complaint alleges violations of the Exchange Act and is brought as a
shareholder class action under Sections 10(b), 20(a), 20A and Rule 10b-5 under the Securities Exchange Act of
1934. Plaintiff seeks monetary damages on behalf of the shareholder class. Discovery in this lawsuit is
continuing. Trial is currently scheduled for calendar year 2005.
In May 2001, a series of similar state derivative actions were filed against the Company’s directors and
certain executive officers. The state complaints have been coordinated and assigned to the Superior Court of
California in the County of San Diego. Applied Micro Circuits Shareholders Cases, Case No. JCCP No. 4193. In
December 2001, the court appointed plaintiffs filed a consolidated state complaint that alleges overstatement of
the Company’s prospects, mismanagement, inflation of stock value and sale of stock at inflated prices for
personal gain during the period from November 2000 through February 2001. The plaintiffs seek treble damages
from the Company’s defendants alleged to have illegally sold stock and damages from all defendants for the
other alleged violations of corporate law set forth in the complaint. In February 2002, the Company’s board of
directors formed a special litigation committee to evaluate the claims in the consolidated state complaint. The
special litigation committee retained independent legal counsel and submitted a report to the court in July 2002.
Defendants filed a motion seeking dismissal of the consolidated action. In June 2003, the court denied
defendants’ motion to dismiss. In November 2003, counsel for the special litigation committee filed a motion to
bifurcate trial of this matter, seeking an order that trial regarding whether the matter should be dismissed due to
the special litigation committee’s recommendations take place prior to trial regarding the underlying claims. The
motion was granted in January 2004. Discovery in this lawsuit is continuing.
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