PMC Reports Third Quarter 2014 Results

PMC-Sierra, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
 
        Nine Months Ended
September 27,     September 28,
2014 2013
 
Cash flows from operating activities:
Net loss $ (2,248 ) $ (16,575 )
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization 48,739 51,731
Stock-based compensation 16,334 19,461
Unrealized foreign exchange gain, net (2,372 ) (6,106 )
Net amortization of premiums and accrued interest of investments 628 1,353
Asset impairments 770 -
Gain on investment securities and other (86 ) (1,767 )
Excess tax benefits from stock option transactions - (2,274 )
 
Changes in operating assets and liabilities:
Accounts receivable, net (934 ) 1,923
Inventories, net (3,514 ) (7,110 )
Prepaid expenses and other current assets 4,225 927
Accounts payable and accrued liabilities (6,699 ) (8,614 )
Deferred taxes and income taxes payable 8,608 11,120
Deferred income   (1,980 )   (915 )
Net cash provided by operating activities   61,471     43,154  
 
Cash flows from investing activities:
Business acquisition (10,000 ) (96,098 )
Investment in long term deposits - (1,127 )
Purchases of property and equipment (11,175 ) (11,297 )
Purchase of intangible assets (1,167 ) (2,048 )
Redemption of short-term investments 4,920 8,466
Disposals of investment securities and other investments 37,936 146,340
Purchases of investment securities and other investments   (67,727 )   (172,114 )
Net cash used in investing activities   (47,213 )   (127,878 )
 
Cash flows from financing activities:
Payment of debt issuance costs - (928 )
Proceeds from short-term loan and credit facility 30,000 -
Repayment of credit facility (60,000 ) -
Proceeds from issuance of common stock 17,924 23,476
Repurchases of common stock (11,496 ) (22,544 )
Excess tax benefits from stock option transactions   -     2,274  
Net cash (used in) provided by financing activities   (23,572 )   2,278  
 
Effect of exchange rate changes on cash and cash equivalents   (784 )   (505 )
Net decrease in cash and cash equivalents (10,098 ) (82,951 )
Cash and cash equivalents, beginning of the period   100,038     169,970  
Cash and cash equivalents, end of the period $ 89,940   $ 87,019  

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