Applied Micro Circuits Corporation (NASDAQ:AMCC) has a new CFO


Dallas, Texas 10/07/2013 (Financialstrend) – Applied Micro Circuits Corporation (NASDAQ:AMCC) on October 2, announced that Douglas Ahrens tool charge as its new CFO. He will also carry the title of Vice President.  Prior to this assignment, Ahrens was serving in a senior management role at another semi conductor firm Maxim Integrated. Prior to Maxim, he served close to 6 years at Intel Corp.  He will be replacing Robert Gargus who announced his retirement in June.

This semiconductor and integrated circuits maker has experienced a slight churn in its management over the past few months. In a related development, on October 3, the firm announced that it has brought in Duston Williams as a director on its board. He will be heading the company’s audit committee. Its CEO Paramesh Gopi announced Williams announcement with the quoted statement “Duston brings an invaluable amount of knowledge and experience to our Board and Audit Committee,” Mr Williams resume boasts of long stints of management roles in other technology firms like Gigamon, Inc, SandForce, Inc. and Western Digital Corporation.

The shares of the stock have appreciated by an impressive 9.3% over the past 30 days and by close to 50% over the past 90 days. It has a market cap of $902 million with a net loss of close to $100 million over the past 12 trailing months. This accumulated loss was from recorded sales of $208 million over the same period.

As of October 4 close of business, the stock suffered a 4.48% loss in value in comparison to previous day close. It ended the day at $13.01 per share which was 5.2% less than its 52 week high valuations. In spite of this loss, the stock managed to post a 2.85% increase in its value over the past week. Close to 1.02 million shares of the stock changed hands in comparison to average daily volume of 837 million shares.