PMC Reports Third Quarter 2013 Results

PMC Investor Relations Website: http://investor.pmcs.com
Q3 2013 earnings announcement call live on Website at 1:30 p.m. PT
Conference call replay number 1 (800) 406-7325; passcode 4641853#.
Replay available shortly after end of conference call through November 28, 2013

SUNNYVALE, Calif. — (BUSINESS WIRE) — October 28, 2013PMC-Sierra, Inc. (PMC®) (Nasdaq: PMCS), the semiconductor and software solutions innovator transforming networks that connect, move and store big data, today reported results for the third quarter ended September 28, 2013.

Net revenues in the third quarter of 2013 totaled $128.9 million, an increase of one percent compared to $127.9 million in the second quarter of 2013, and a decrease of two percent compared to $131.7 million in the third quarter of 2012.

GAAP net loss in the third quarter of 2013 totaled $2.7 million, or $0.01 per share, compared to a GAAP net loss in the second quarter of 2013 of $4.7 million, or $0.02 per share. Non-GAAP net income totaled $20.0 million, or $0.10 per diluted share, up 23 percent in the third quarter of 2013 compared to non-GAAP net income of $16.3 million, or $0.08 per diluted share in the second quarter of 2013.

“The third quarter played out largely as expected and we continued to execute well in a challenging environment,” said Greg Lang, PMC president and chief executive officer. “We enter the fourth quarter well positioned with multiple growth opportunities and we remain committed to tightly managing our expenses.”

Net income on a non-GAAP basis in the third quarter of 2013 excludes the following items: (i) $5.9 million stock-based compensation expense; (ii) $13.1 million amortization of purchased intangible assets; and (iii) $3.7 million of other adjustments including income tax related as described in the accompanying GAAP to non-GAAP reconciliation table.

For a full reconciliation of each non-GAAP item used herein to the most directly comparable GAAP financial measure, please refer to the schedule included with this release. The Company believes the additional non-GAAP measures are useful to investors for the purpose of financial analysis. Management uses non-GAAP measures internally to evaluate its in-period operating performance before gains, losses and other charges that are considered by management to be outside of the Company’s core operating results. In addition, the measures are used to plan for the Company’s future periods. However, non-GAAP measures are neither stated in accordance with, nor are they a substitute for, GAAP measures.

THIRD QUARTER AND RECENT 2013 HIGHLIGHTS

The Company announced the following third quarter and recent announcements:

  • PMC established the Company as the only supplier of end-to-end 12G architecture from controller to SSD by introducing the Adaptec Series 8 12Gb/s SAS RAID Adapters. Systems designed with PMC's solutions can provide double the overall storage connectivity as competing solutions, with less components, space and power. PMC's 12Gb/s SAS architecture is optimized to deliver the performance, flexibility and density needed for dynamic data in cloud computing, content delivery networks, and mission-critical database applications.
  • As a leader in enterprise flash, PMC showcased performance demonstrations of its SAS flash manager and the industry’s first PCIe® Gen 3 NVM Express flash controller at the 2013 Flash Memory Summit.

Third Quarter 2013 Conference Call

Management will review the third quarter of 2013 results and share its outlook for the fourth quarter of 2013 during a conference call at 1:30 p.m. Pacific Time/4:30 p.m. Eastern Time on October 28, 2013. The conference call webcast will be accessible under the Financial News and Events section at http://investor.pmcs.com. To listen to the conference call live by telephone, dial 1 (877) 941-9205 with passcode 4641853#, approximately 10 minutes before the start time. A telephone playback will be available after the completion of the call and can be accessed at 1(800) 406-7325 using the access code 4641853#. A replay of the webcast will be available for 30 business days.

Safe Harbor Statement

This release contains forward-looking statements that involve risks and uncertainties, including in respect of our ongoing review of tax accounting errors. The Company’s SEC filings, including the Company’s most recent reports on Form 10-K and Form 10-Q, describe the risks associated with the Company’s business, including PMC’s limited revenue visibility due to variable customer demands, market segment growth or decline, orders with short delivery lead times, customer concentration, changes in inventory, and other items such as foreign exchange rates and volatility in global financial markets.

About PMC

PMC (Nasdaq: PMCS ) is the semiconductor and software solutions innovator transforming networks that connect, move and store big data. Building on a track record of technology leadership, the Company is driving innovation across storage, optical and mobile networks. PMC’s highly integrated solutions increase performance and enable next-generation services to accelerate the network transformation. For more information, visit www.pmcs.com . Follow PMC on Facebook , Twitter , LinkedIn and RSS .

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