PMC Reports Second Quarter 2015 Results

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. 2015. All rights reserved. PMC and PMC-SIERRA are registered trademarks of PMC-Sierra, Inc. in the United States and other countries, PMCS and Flashtec are trademarks 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 Six Months Ended
June 27, March 28, June 28, June 27, June 28,
  2015     2015     2014     2015     2014  
 
Net revenues $ 124,767 $ 133,071 $ 126,822 $ 257,838 $ 253,290
Cost of revenues   38,434     39,980     36,824   $ 78,414     74,388  
Gross profit 86,333 93,091 89,998 179,424 178,902
 
Research and development, net 55,833 48,866 49,388 104,699 99,536
Selling, general and administrative 30,488 30,051 28,991 60,539 58,331
Amortization of purchased intangible assets   9,269     9,317     9,948     18,586     22,277  
(Loss) income from operations (9,257 ) 4,857 1,671 (4,400 ) (1,242 )
 
Other income (expense):
Gain on investment securities and other investments 25 32 46 57 75
Amortization of debt issuance costs (51 ) (51 ) (51 ) (102 ) (102 )
Accretion of discount on short-term and long-term obligation (180 ) (210 ) - (390 ) -
Foreign exchange (loss) gain (948 ) 2,594 (789 ) 1,646 (257 )
Interest and other financial income, net   317     164     114     481     123  
(Loss) income before recovery of (provision for) income taxes (10,094 ) 7,386 991 (2,708 ) (1,403 )
Recovery of (provision for) income taxes   1,515     (2,731 )   (4,471 )   (1,216 )   (6,318 )
Net (loss) income $ (8,579 ) $ 4,655   $ (3,480 ) $ (3,924 ) $ (7,721 )
 
Net (loss) income per common share - basic and diluted $ (0.04 ) $ 0.02 $ (0.02 ) $ (0.02 ) $ (0.04 )
 
Shares used in per share calculation - basic 195,732 200,249 196,114 197,991 195,651
Shares used in per share calculation - diluted 195,732 205,688 196,114 197,991 195,651
 



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