PMC-Sierra Reports Growth in Enterprise Storage

PMC-Sierra, Inc. has reported results for the second quarter ended June 27, 2010. According to the company in this Search Storage report, net revenues in the second quarter of 2010 were $160.7 million, an increase of 30 percent compared to $123.2 million in the second quarter of 2009 and 5 percent higher than net revenues of $152.8 million reported in the first quarter of 2010.

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"'In the second quarter of 2010, we benefited from continued growth in our Enterprise Storage and Fiber To The Home businesses,' said Greg Lang, president and chief executive officer of PMC-Sierra. 'We're also very pleased to have closed the asset purchase of Adaptec's channel storage business in the second quarter to accelerate our access to channel customers worldwide.'

"On June 8,2010, the Company announced it had completed the acquisition of the channel storage business from Adaptec, Inc. for approximately $34 million in cash. The channel storage business includes Adaptec's RAID storage product line, the Adaptec brand, a well-established global value added reseller customer base, board logistics capabilities, and leading SSD cache performance solutions."

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