PMC Reports Second Quarter 2015 Results

PMC-Sierra, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
   
 
Six Months Ended
June 27, June 28,
  2015     2014  
 
Cash flows from operating activities:
Net loss $ (3,924 ) $ (7,721 )
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization 30,058 33,278
Stock-based compensation 12,804 11,106
Unrealized foreign exchange gain, net (4,328 ) (1,264 )
Net amortization of premiums and accrued interest of investments 390 # 390
Asset impairments 252 770
Gain on investment securities and other investments (57 ) (74 )
Accretion of discount on short-term and long-term obligations 390 -
Amortization of debt issuance costs 102 102
Gain on lease exit, net (696 ) -
 
Changes in operating assets and liabilities:
Accounts receivable, net (2,727 ) (2,249 )
Inventories, net 1,784 (311 )
Prepaid expenses and other current assets 1,055 3,068
Accounts payable and accrued liabilities 5,190 (2,234 )
Deferred taxes and income taxes payable 1,285 6,447
Deferred income   (159 )   (2,292 )
Net cash provided by operating activities   41,419     39,016  
 
Cash flows from investing activities:
Purchases of property and equipment (8,850 ) (8,054 )
Purchase of intangible assets (3,845 ) (733 )
Redemption of short-term investments 13,466 3,535
Disposals of investment securities and other investments 29,973 25,538
Purchases of investment securities and other investments   (67,515 )   (41,966 )
Net cash used in investing activities   (36,771 )   (21,680 )
 
Cash flows from financing activities:
Installment payment in connection with previous business acquisition (18,000 ) -
Proceeds from credit facility 102,000 30,000
Repayment of credit facility (65,000 ) (60,000 )
Proceeds from issuance of common stock 31,342 10,615
Repurchases of common stock   (102,108 )   (11,496 )

Net cash used in financing activities

  (51,766 )   (30,881 )
 
Effect of exchange rate changes on cash and cash equivalents   (588 )   95  
Net decrease in cash and cash equivalents (47,706 ) (13,450 )
Cash and cash equivalents, beginning of the period   112,570     100,038  
Cash and cash equivalents, end of the period $ 64,864   $ 86,588  

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