PMC Reports Third Quarter 2014 Results

PMC-Sierra, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
 
        September 27,     December 28,
2014 2013
ASSETS:
Current assets:
Cash and cash equivalents $ 89,940 $ 100,038
Short-term investments   35,419     10,894  
Cash, cash equivalents and short-term investments 125,359 110,932
Accounts receivable, net 57,013 56,112
Inventories, net 34,588 31,074
Prepaid expenses and other current assets 16,304 19,855
Income tax receivable 3,673 2,640
Prepaid tax expense 2,749 5,695

Deferred tax assets (1)

  3,328     43,131  
Total current assets 243,014 269,439
 
Investment securities 103,101 103,391
Investments and other assets 8,190 10,750
Prepaid tax expense 93 93
Property and equipment, net 38,730 39,149
Goodwill and other intangible assets, net 439,120 425,823

Deferred tax assets (1)

  1,557     1,306  
$ 833,805   $ 849,951  
 
LIABILITIES AND STOCKHOLDERS' EQUITY:
Current liabilities:
Accounts payable $ 19,092 $ 23,173
Accrued liabilities 72,360 64,257
Credit facility - 30,000
Income taxes payable 2,983 632
Liability for unrecognized tax benefit (1) 21,394 54,127
Deferred income taxes 9 71
Deferred income   5,501     7,481  
Total current liabilities 121,339 179,741
 
Long-term obligations 35,982 11,108
Deferred income taxes 49,183 43,143

Liability for unrecognized tax benefit (1)

18,621 27,947

PMC special shares convertible into 1,016 (2013 - 1,019) shares of common stock

1,180 1,188
Stockholders' equity:
Common stock and additional paid in capital 1,577,573 1,550,385
Accumulated other comprehensive loss (780 ) (526 )
Accumulated deficit   (969,293 )   (963,035 )
Total stockholders' equity   607,500     586,824  
$ 833,805   $ 849,951  
 
(1) Effective from the beginning of the first quarter of 2014, the Company adopted Financial Accounting Standards Board's Accounting Standards Update (“ASU”) No. 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or Tax Credit Carryforward Exists.” Approximately $44 million of deferred tax assets of a foreign subsidiary were derecognized along with the related liability for unrecognized tax benefits as a result of this presentation adoption, with no impact to the Condensed Consolidated Statements of Operations.
 
 

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