PMC Reports Second Quarter 2015 Results

PMC-Sierra, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
   
June 27, December 27,
  2015     2014  
ASSETS:
Current assets:
Cash and cash equivalents $ 64,864 $ 112,570
Short-term investments   45,386     45,885  
Cash, cash equivalents and short-term investments 110,250 158,455
Accounts receivable, net 58,141 55,414
Inventories, net 36,165 37,949
Prepaid expenses and other current assets 14,097 16,473
Income taxes receivable 1,554 1,968
Prepaid tax expense - 51
Deferred tax assets   5,008     5,442  
Total current assets 225,215 275,752
 
Investment securities 131,508 107,509
Investments and other assets 7,629 7,683
Prepaid tax expense 93 42
Property and equipment, net 37,413 37,311
Goodwill 283,239 283,239
Intangible assets, net 125,808 143,680
Deferred tax assets 13,186 13,412
Long-term income tax receivable   459     457  
$ 824,550   $ 869,085  
 
LIABILITIES AND STOCKHOLDERS' EQUITY:
Current liabilities:
Accounts payable $ 18,848 $ 23,360
Accrued liabilities 71,108 74,135
Credit facility 37,000 -
Income taxes payable 44 1,062
Liability for unrecognized tax benefit 15,153 16,076
Deferred tax liabilities 7,646 7,644
Deferred income   4,371     4,530  
Total current liabilities 154,170 126,807
 
Long-term obligations 24,718 36,305
Deferred tax liabilities 53,028 53,493
Liability for unrecognized tax benefit 26,036 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 1,590,565 1,595,809
Accumulated other comprehensive loss (93 ) (2,355 )
Accumulated deficit   (1,024,354 )   (966,963 )
Total stockholders' equity   566,118     626,491  
$ 824,550   $ 869,085  
 

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