Applied Micro Circuits (AMCC) Plans Headcount Reduction

On January 23, 2015, the board of directors of Applied Micro Circuits Corporation (Nasdaq: AMCC)(the “Company”) approved a restructuring plan to reorganize the Company’s operations and reduce its workforce and related operating expenses. The restructuring plan is intended to increase the Company’s operating efficiencies, improve its business unit alignment and help consolidate its global operating sites. The plan includes eliminating job redundancies, including some currently unfilled positions, and reducing the Company’s current workforce by approximately 40 employees, or approximately 7%. As of the date of the filing of this Current Report on Form 8-K, the Company has initiated the reduction in its workforce. The Company expects to incur cash expenditures for employee severances of approximately $1.5 million to $1.7 million, payable primarily during the current fiscal year ending March 31, 2015, and expects to incur additional non-cash charges related to the restructuring plan. The Company anticipates that the restructuring plan will reduce its ongoing net operating expenses by approximately $14 million to $18 million annually.

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