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Applied Micro Circuits Corporation Schedules Conference Call to Discuss Selected Unaudited Results and Business Trends From the Company's Fiscal Second Quarter 2007 and to Provide Revenue Guidance for Its Fiscal Third Quarter 2007 - Provides Update on Per

Applied Micro Circuits Corporation Schedules Conference Call to Discuss Selected Unaudited Results and Business Trends From the

SUNNYVALE, Calif., Oct. 31 /PRNewswire-FirstCall/ -- Applied Micro Circuits Corporation will conduct a conference call with analysts and investors to discuss selected unaudited results and business trends from its fiscal second quarter 2007 ended September 30, 2006 and to provide revenue guidance for its fiscal third quarter 2007 on Thursday, November 9, 2006. The Company expects to issue a press release announcing revenue and its cash position for its fiscal second quarter 2007 ended September 30, 2006 after the close of the market on November 9, 2006. The text of the press release will also be available on AMCC's web site at http://www.amcc.com/. The conference call will be webcast from the investor relations section of the Company's web site beginning at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time on November 9, 2006. To listen to the webcast, or to view the press release, please visit the investor relations section of the AMCC website at http://www.amcc.com/. The webcast will be recorded and available through the close of business on November 16, 2006.

To listen to the conference call by telephone dial 913-981-5542 approximately ten minutes before the start time. A telephone playback of the call will be available starting approximately one hour after the completion of the call and can be accessed by dialing 719-457-0820 and using the access code 4207717.

Status on Periodic Reporting

As previously disclosed, based on the preliminary results of its internal review of AMCC's historical stock option practices and related accounting, AMCC's Audit Committee concluded that the Company should have used different measurement dates for the purpose of computing compensation costs for certain stock option grants. As a result, new accounting measurement dates are being applied to the affected option grants and the Company expects to recognize up to $200 million in non-cash stock-based compensation expense beginning in fiscal year 1998. This amount primarily relates to options awarded during fiscal years 2000 through 2002. Additional details regarding these grants will be included in the Company's restated financial statements, which will be filed as soon as practicable. Pending final completion of the Audit Committee's review and review by the Company's independent public accountants, the Company's financial statements and all financial press releases and similar communications issued by the Company for the periods beginning with fiscal 1998 should not be relied upon.

The Company intends to file its restated financial statements, as well as its annual report on Form 10-K for the year ended March 31, 2006 and its quarterly report on Form 10-Q for the quarter ended June 30, 2006, as soon as practicable after the completion of the Audit Committee's investigation and the audit of such restated financials by Ernst & Young LLP. Because the Company's option review and Ernst & Young LLP's audit or review of the results thereof have not been completed, it is possible that additional issues may be identified for one or more of the periods under review.

Forward Looking Statements

This news release contains forward-looking statements, including statements regarding the filing of restated financials; the anticipated stock-based compensation expense the Company expects to recognize in connection with its internal review of its historical stock option practices and related accounting; the expected timing of the Company's filing of its Annual Report on Form 10-K for the year ended March 31, 2006, and its Quarterly Report on Form 10.Q for the three months ended June 30, 2006; and the Company's plan to regain compliance with Nasdaq's filing requirement. These forward-looking statements are only predictions based on current information and expectations and are subject to certain risks and uncertainties, including, but not limited to, potential delays in the review to be completed by the Company's Audit Committee and independent public accountants, whether any additional issues will be identified for the periods under review, the Securities and exchange Commission's inquiry relating to the Company's option grant practices, the investigation into those practices by the U.S. Attorney, derivative lawsuits filed since July 2006, and whether the Company is able to regain compliance with Nasdaq's filing requirement. More information about potential factors that could affect the Company's business and financial results is included in the "Risk Factors" set forth in the Company's Quarterly Report on Form 10-Q for the quarter ended December 31, 2005, and the Company's other filings with the Securities and Exchange Commission. Actual results could differ materially, as a result of such factors, from those set forth in the forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release. All forward-looking statements are qualified in their entirety by this cautionary statement, and the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the issuance of this news release.

About AMCC

AMCC is a global leader in network and embedded PowerPC processing, optical transport and storage solutions. Our products enable the development of converged IP-based networks offering high-speed secure data, high-definition video and high-quality voice for carrier, metropolitan, access and enterprise applications. AMCC provides networking equipment vendors with industry-leading network and communications processing, Ethernet, SONET and switch fabric solutions. AMCC is also the leading vendor of high-port count SATA RAID controllers enabling low-cost, high-performance, high-capacity storage. AMCC's corporate headquarters are located in Sunnyvale, California. Sales and engineering offices are located throughout the world. For further information regarding AMCC, please visit our web site at http://www.amcc.com/.

AMCC is a registered trademark of Applied Micro Circuits Corporation. The PowerPC name and logo are registered trademarks of IBM Corporation and used under license therefrom. All other trademarks are the property of their respective owners.

Applied Micro Circuits Corporation

CONTACT: Scott Dawson of Applied Micro Circuits Corporation,
+1-858-535-4217, [email protected]

Web site: http://www.amcc.com/

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