Applied Micro Circuits Corporation Granted Stay of December 21, 2006 Filing Deadline

Santa Clara, California, UNITED STATES

SUNNYVALE, Calif., Dec. 21, 2006 (PRIME NEWSWIRE) -- Applied Micro Circuits Corporation (Nasdaq:AMCC) today announced that the Company was informed by The Nasdaq Global Select Market that the Nasdaq Listing and Hearing Council (the "Listing Council") has stayed the delisting of the Company's securities pending further review by the Listing Council. No date has been set for the review. The Company may submit in writing additional information for the Listing Council's consideration by January 3, 2007.

The Listing Council, acting pursuant to its discretionary authority under Marketplace Rule 4807(b), granted this stay pursuant to a request by the Company to call for review and stay the November 9, 2006 decision by the Nasdaq Listing Qualifications Panel to delist the Company's securities unless the Company filed its delinquent Annual Report on Form 10-K for the fiscal year ended March 31, 2006 and its Quarterly Reports on Form 10-Q for the fiscal quarters ended June 30, 2006 and September 30, 2006, by December 21, 2006. The Company expects to file these reports within the next few weeks.

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

The Applied Micro Circuits Corporation company logo is available at

Forward-Looking Statement

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as expects, anticipates, plans, believes, estimates, will or words of similar meaning. Such forward-looking statements are subject to a number of risks and uncertainties, including the risk that the Listing Council will lift the stay before the hearing date or that the outcome of the Listing Council's review will be unfavorable to the Company and that the Company's securities will be delisted from The Nasdaq Global Select Market, risks relating to general economic conditions, as well as the risks and uncertainties set forth in the Company's Annual Report on Form 10-K, and in the Company's other SEC filings. As a result of these risks and uncertainties, actual results may differ materially from these forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof and AMCC does not assume any obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise.

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.


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