PMC Reports First Quarter 2015 Results

PMC-Sierra, Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
 
        March 28,     December 27,
2015 2014
ASSETS:
Current assets:
Cash and cash equivalents $ 64,548 $ 112,570
Short-term investments   45,580     45,885  
Cash, cash equivalents and short-term investments 110,128 158,455
Accounts receivable, net 62,156 55,414
Inventories, net 35,685 37,949
Prepaid expenses and other current assets 14,348 16,473
Income taxes receivable 1,966 1,968
Prepaid tax expense - 51
Deferred tax assets   5,255     5,442  
Total current assets 229,538 275,752
 
Investment securities 120,052 107,509
Investments and other assets 7,332 7,683
Prepaid tax expense 93 42
Property and equipment, net 37,370 37,311
Goodwill 283,239 283,239
Intangible assets, net 133,344 143,680
Deferred tax assets 13,123 13,412
Long-term income tax receivable   465     457  
$ 824,556   $ 869,085  
 
LIABILITIES AND STOCKHOLDERS' EQUITY:
Current liabilities:
Accounts payable $ 20,357 $ 23,360
Accrued liabilities 53,788 74,135
Credit facility 10,000 -
Income taxes payable 1,109 1,062
Liability for unrecognized tax benefit 14,820 16,076
Deferred tax liabilities 7,644 7,644
Deferred income   3,944     4,530  
Total current liabilities 111,662 126,807
 
Long-term obligations 25,008 36,305
Deferred tax liabilities 54,209 53,493
Liability for unrecognized tax benefit 25,768 25,244

PMC special shares convertible into 205 (2014 - 278) shares of common stock

480 745
Stockholders' equity:
Common stock and additional paid in capital 1,603,586 1,595,809
Accumulated other comprehensive loss (2,185 ) (2,355 )
Accumulated deficit   (993,972 )   (966,963 )
Total stockholders' equity   607,429     626,491  
$ 824,556   $ 869,085  
 
 

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