PMC Reports First Quarter 2015 Results

PMC-Sierra, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
 
    Three Months Ended
March 28,     December 27,     March 29,
2015 2014 2014
 
Cash flows from operating activities:
Net income (loss) $ 4,655 $ 2,330 $ (4,241 )
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization 14,988 16,742 17,911
Stock-based compensation 6,693 6,847 6,191
Unrealized foreign exchange gain, net (4,495 ) (3,474 ) (1,725 )
Net amortization of premiums and accrued interest of investments 256 90 275
Asset impairments - - 770
Gain on investment securities and other (32 ) (45 ) (29 )
Amortization of discount on short-term and long-term obligations 210 350 -
Amortization of debt issue costs 51 51 51
 
Changes in operating assets and liabilities:
Accounts receivable, net (6,741 ) 1,600 (546 )
Inventories, net 2,264 (3,361 ) 864
Prepaid expenses and other current assets 834 (2,998 ) 2,324
Accounts payable and accrued liabilities (12,726 ) 7,577 (11,689 )
Deferred taxes and income taxes payable 2,664 4,365 2,374
Deferred income   (586 )   (971 )   (1,921 )
Net cash provided by operating activities   8,035     29,103     10,609  
 
Cash flows from investing activities:
Cash paid in connection with business acquisition (18,000 ) - -
Purchases of property and equipment (4,414 ) (2,770 ) (3,732 )
Purchase of intangible assets (441 ) (270 ) (481 )
Redemption of short-term investments 7,926 750 1,800
Disposals of investment securities and other investments 15,429 23,759 14,064
Purchases of investment securities and other investments   (35,329 )   (38,349 )   (17,790 )
Net cash used in investing activities   (34,829 )   (16,880 )   (6,139 )
 
Cash flows from financing activities:
Proceeds from credit facility 30,000 - 30,000
Repayment of credit facility (20,000 ) - (55,000 )
Proceeds from issuance of common stock 26,759 11,251 9,348
Repurchases of common stock   (57,222 )   -     (11,496 )
Net cash (used in) provided by financing activities   (20,463 )   11,251     (27,148 )
 
Effect of exchange rate changes on cash and cash equivalents   (765 )   (844 )   (432 )
Net (decrease) increase in cash and cash equivalents (48,022 ) 22,630 (23,110 )
Cash and cash equivalents, beginning of the period   112,570     89,940     100,038  
Cash and cash equivalents, end of the period $ 64,548   $ 112,570   $ 76,928  

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