AMCC's CEO and President, David M. Rickey, Honored as 1999 San Diego Entrepreneur of the Year.

SAN DIEGO--(BUSINESS WIRE)--July 9, 1999--

Leading high-bandwidth silicon connectivity solutions provider Applied Micro Circuits Corp. (AMCC) (Nasdaq:AMCC) today announced that Chief Executive Officer and President, David M. Rickey, has been selected as the 1999 recipient of the San Diego Ernst & Young Entrepreneur Of The Yeara Award for Telecommunications.

As the San Diego winner in this category, Rickey continues on as a nominee for the National Entrepreneur Of The Year Award, to be presented at the Ernst & Young Annual International Conference Awards Gala in Palm Springs, California, this November.

"I am deeply honored to be recognized by my peers and Ernst & Young as a 1999 Entrepreneur of the Year recipient," said Dave Rickey, president and CEO of AMCC. "AMCC continues to lead the communications market with high-bandwidth, high-performance silicon connectivity solutions. From our headquarters in San Diego, we look forward to further success and growth into the new millennium."

Rickey's award recognizes his visionary leadership and true entrepreneurial spirit in the semiconductor industry. Beginning his career with IBM in 1981, Rickey came to San Diego in 1985 to join Northern Telecom, where he worked for eight years. Rickey then began his tenure at AMCC in 1993 as VP of Operations, leaving briefly in 1995 to serve in a similar capacity at NexGen. AMCC's Board of Directors brought him back in February of 1996 as President and CEO, giving him the charter to tighten the company's strategic focus, revitalize product development and heighten profitability, with a goal to also position AMCC for a successful initial public offering. Rickey accomplished each of those goals ahead of schedule, and continues to serve AMCC as its President and CEO. Initially trained as an engineer, Rickey has earned Bachelor of Science degrees from both Marietta College and Columbia University, in addition to a Master of Science degree in Materials Science and Engineering from Stanford University.

Founded and produced by the professional services firm of Ernst & Young LLP, the Entrepreneur Of The Year program - now in its 13th year - is dedicated to recognizing entrepreneurs who have demonstrated excellence and extraordinary success through innovation, financial performance, and personal commitment to their businesses and communities. The awards are nationally co-sponsored by USA Today, CNNfn and CNN, the Nasdaq-Amex Market Group and the Kauffman Center for Entrepreneurial Leadership at the Ewing Marion Kauffman Foundation, and in San Diego by the San Diego Business Journal and Marsh Inc. Recipients of the Entrepreneur Of The Year award become lifetime members of the Entrepreneur Of The Year Hall of Fame.

AMCC designs, develops, manufactures and markets high-performance, high-bandwidth silicon solutions for the world's communication infrastructure. The Company utilizes a combination of high-frequency, mixed-signal design expertise and multiple silicon process technologies to offer IC products for the telecommunications market that address the SONET/SDH and ATM transmission standards and for the data communications markets that address the Gigabit Ethernet, ATM and Fibre Channel transmission standards. AMCC's core technologies also address ATE and high-speed computing needs. AMCC's corporate headquarters and wafer fabrication facilities are located in San Diego, California. Sales and consulting engineering offices are located throughout the world. For further information regarding AMCC and its products, write: Marketing Communication Department, AMCC, 6290 Sequence Drive, San Diego, California 92121-4358; or call 1-800-755-AMCC (1-800-755-2622) or [phone]; or fax [phone]; or email [e-mail]; or visit our website at http://www.amcc.com.

Except for historical information contained herein, the matters set forth in this news release are forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements, including, but not limited to, such factors as the rescheduling or cancellation of orders by customers; fluctuations in the timing and amount of customer requests for product shipments; fluctuations in manufacturing yields and inventory levels; changes in product mix; the Company's ability to introduce new products and technologies on a timely basis; the introduction of products and technologies by the Company's competitors; the availability of external foundry capacity, purchased parts, and raw material; competitive pressures on selling prices; the timing of investments in research and development; market acceptance of the Company's and its customer's products; the financial condition and performance of the Company's customers; the timing of depreciation and other expenses to be incurred by the Company in connection with the expansion of its existing manufacturing facility and in connection with its proposed new facility; the timing and amount of recruiting and relocation expenses, prototyping costs and promotional expenses; costs associated with future litigation, if any, including without limitation, litigation relating to the use or ownership of intellectual property; costs associated with compliance with applicable environmental regulations; general semiconductor industry conditions; and general economic conditions, including, but not limited to, economic conditions in Asia and the risk factors that are detailed in the Company's Annual Report on Form 10-K for the year ended March 31, 1998, the Company's Quarterly Report on Form 10-Q for the quarter ended December 31, 1998, and the Company's other filings with the Securities and Exchange Commission.

AMCC is a registered trademark of Applied Micro Circuits Corporation.