3Ware 2008 Annual Report Download - page 5

STORE: We announced the 3ware® 9690SA SAS/SATA RAID controllers. Advanced RAID
features, SAS connectivity, and powerful 3ware performance architecture make these new
controllers the ideal choice when migrating from parallel SCSI to SAS.
FINANCIAL
Our fiscal 2008 revenues were $246.1 million and were down 16% from the prior year.
Within this we saw our revenues take a steep drop to $50.1 million in the first fiscal quarter
and then steadily improve to $58.2 million in the second quarter, $66.3 million in the third
quarter and finally $71.5 million in the fourth fiscal quarter. This represented sequential
increases of 16.1% in the second quarter, 13.8% in the third quarter and 7.9% in the fourth
quarter. Clearly we completed the V-shaped curve mentioned earlier and one that we
communicated to our investors in the July 2007 time frame.
Of equal importance during the fiscal year is the fact that our Non-GAAP profitability
improved similar to the revenue pattern. We fully expect our Non-GAAP profitability to
further expand as our revenues grow. Additionally our cash flow from operations was
positive for the last two quarters which is an accomplishment we have achieved in four
of the last eight quarters.
LOOKING FORWARD
As we move forward, our strategy is clearly to continue to focus our strengths on the
areas that have helped us achieve strong market and technology leadership. We feel that
to truly take advantage of the competitive disruptions that are occurring in our markets,
we need to be able to offer our customers truly differentiated solutions. Our differentia-
tion will come in the form of 2GHz cores that achieve the industry-best performance at
the lowest power, from our industry recognized FEC algorithm and from our ability to
integrate high-speed 10G serial technology, as well as from our high-performance RAID
solutions targeted for the SAS and SATA markets.
Our design win traction is the strongest I have seen here at AMCC, and I am very excited
about our roadmap and the products that we will be announcing in the current fiscal year
and beyond.
Our commitment to execution remains firm in order to drive the company towards
higher growth and sustained profitability. We appreciate the continued support of our
employees and investors.
Sincerely,
Kambiz Hooshmand
President & CEO
AMCC
* For a quarterly reconciliation of GAAP to Non-GAAP results, please refer to the Investor Relations section of our website at www.amcc.com.