Applied Micro Circuits Corporation Reports First Quarter Fiscal 2017 Financial Results

 

           
APPLIED MICRO CIRCUITS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
           
       Three Months Ended
       June 30,  March 31,  June 30,
        2016    2016    2015 
Operating activities:       
 Net loss   $(10,539) $(8,907) $(7,404)
 Adjustments to reconcile net loss to net cash provided by operating activities:     
  Depreciation   1,570   1,891   1,838 
  Amortization of bond premium   226   258   - 
  Stock-based compensation expense   8,165   7,637   6,092 
  Tax effect on other comprehensive loss   (94)  49   - 
  Loss (gain) on short-term investments and other, net  (26)  7   (1,455)
 Changes in operating assets and liabilities:       
  Accounts receivable   102   3,187   882 
  Inventories   3,552   3,533   3,723  
    Other assets       (70 )     3,891       2,464  
    Accounts payable       (2,382 )     (4,248 )     (3,453 )
    Accrued payroll and other accrued liabilities     1,077       (1,018 )     220  
    Veloce accrued liability       (8 )     (9 )     (65 )
    Deferred revenue       1       (7 )     7  
      Net cash provided by operating activities     1,574       6,264       2,849  
Investing activities:              
  Proceeds from sales and maturities of short-term investments     18,461       5,487       7,444  
  Purchases of short-term investments       (17,739 )     (6,443 )     (1,129 )
  Proceeds from sale of property and equipment       2       -       25  
  Purchases of property and equipment       (2,547 )     (562 )     (315 )
      Net cash provided by (used for) investing activities     (1,823 )     (1,518 )     6,025  
Financing activities:              
  Proceeds from issuance of common stock       32       1,736       133  
  Funding of restricted stock units withheld for taxes and other     (623 )     (187 )     (1,212 )
      Net cash provided by (used for) financing activities     (591 )     1,549       (1,079 )
Net increase (decrease) in cash and cash equivalents     (840 )     6,295       7,795  
Cash and cash equivalents at beginning of the period     25,065       18,770       36,495  
Cash and cash equivalents at end of the period     $ 24,225     $ 25,065     $ 44,290  
                     

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