PMC Reports Third Quarter 2014 Results

Third Quarter 2014 Conference Call

Management will review the third quarter 2014 results and share its outlook for the fourth quarter of 2014 during a conference call at 1:30 p.m. Pacific Time/4:30 p.m. Eastern Time on October 27, 2014. 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 by telephone, dial 1 (888) 430-8705 or 1 (719) 325-2362 outside North America with passcode 8686778 approximately ten minutes before the start time. A telephone playback will be available for 30 business days after the completion of the call and can be accessed at 1 (888) 203-1112 or 1 (719) 457-0820 outside North America using passcode 8686778. A replay of the webcast will be available through November 30, 2014.

PMC will be attending Morgan Stanley’s Semiconductor Corporate Access Day conference next week in Boston, MA at The Boston Harbor Hotel. Steve Geiser, the company’s vice president and chief financial officer, will be available for one-on-one meetings with investors all day on the 4th of November during the event.

Safe Harbor Statement

This release contains forward-looking statements that involve risks and uncertainties. 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 tax rates, 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.

© Copyright PMC-Sierra, Inc. 2014. All rights reserved. PMC and PMC-SIERRA are registered trademarks of PMC-Sierra, Inc. in the United States and other countries, PMCS is a trademark of PMC-Sierra, Inc. PMC disclaims any ownership rights in other product and company names mentioned herein. PMC is the corporate brand of PMC-Sierra, Inc.

PMC-Sierra, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except for per share amounts)
(unaudited)
 
    Three Months Ended     Nine Months Ended
September 27,     June 28,     September 28, September 27,     September 28,
2014 2014 2013 2014 2013
 
Net revenues $ 135,462 $ 126,822 $ 128,411 $ 388,752 $ 381,156
Cost of revenues   40,306     36,824     36,840     114,694     111,864  
Gross profit 95,156 89,998 91,571 274,058 269,292
 
Research and development 48,441 49,388 50,733 147,977 157,038
Selling, general and administrative 29,265 28,991 26,383 87,596 85,002
Amortization of purchased intangible assets   9,948     9,948     13,138     32,225     34,698  
Income (loss) from operations 7,502 1,671 1,317 6,260 (7,446 )
 
Other income (expense):
Gain on investment securities and other investments 12 46 1,762 87 1,776
Amortization of debt issue costs (51 ) (51 ) (30 ) (153 ) (30 )
Foreign exchange gain (loss) 899 (789 ) (1,898 ) 642 1,680
Interest income, net   198     114     230     321     824  
Income (loss) before provision for income taxes 8,560 991 1,381 7,157 (3,196 )
Provision for income taxes   (3,087 )   (4,471 )   (4,613 )   (9,405 )   (13,379 )
Net income (loss) $ 5,473   $ (3,480 ) $ (3,232 ) $ (2,248 ) $ (16,575 )
 
Net income (loss) per common share - basic $ 0.03 $ (0.02 ) $ (0.02 ) $ (0.01 ) $ (0.08 )
Net income (loss) per common share - diluted $ 0.03 $ (0.02 ) $ (0.02 ) $ (0.01 ) $ (0.08 )
 
Shares used in per share calculation - basic 197,613 196,114 205,377 196,305 204,638
Shares used in per share calculation - diluted 200,744 196,114 205,377 196,305 204,638
 
 



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