PMC-Sierra Reports First Quarter 2009 Results

PMC-Sierra®, the premier Internet infrastructure semiconductor solution provider, offers its customers technical and sales support worldwide through a network of offices in North America, Europe, Israel and Asia. PMC-Sierra provides semiconductor solutions for Enterprise Storage, Wide Area Network Infrastructure, Fiber To The Home, and Laser Printer/SMB NAS markets. The Company is publicly traded on the NASDAQ Stock Market under the PMCS symbol. For more information, visit www.pmc-sierra.com.

© Copyright PMC-Sierra, Inc. 2008. All rights reserved. PMC and PMC-SIERRA are registered trademarks of PMC-Sierra, Inc. in the United States and other countries. Other product and company names mentioned herein may be trademarks of their respective owners.

PMC-Sierra, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except for per share amounts)
(unaudited)
     
Three Months Ended
March 29, March 30,
2009

2008

  Restated *
 
Net revenues $ 102,572 $ 125,040
Cost of revenues   36,803     43,306  
Gross profit 65,769 81,734
 
Other costs and expenses:
Research and development 38,628 37,310
Selling, general and administrative 21,889 24,209
Amortization of purchased intangible assets 9,836 9,836
Restructuring costs and other charges   335     887  
Income (loss) from operations (4,919 ) 9,492
 
Other income (expense):
Foreign exchange gain 4,070 3,158
Gain on repurchase of senior convertible notes, net - 4,931
Amortization of debt issue costs (50 ) (145 )
Loss on subleased facilities (538 ) -
Interest income (expense), net   (811 )   327  
Income (loss) before provision for income taxes (2,248 ) 17,763
 
Provision for income taxes   (1,669 )   (38,686 )
Net loss $ (3,917 ) $ (20,923 )
 
Net loss per common share - basic and diluted $ (0.02 ) $ (0.10 )
 
Shares used in per share calculation - basic and diluted 223,844 219,931
 

* Effective December 29, 2008, the Company retrospectively adopted Financial Accounting Standards Board issued Staff Position Accounting Principles Board Opinion 14-1, Accounting for Convertible Debt Instruments That May Be Settled in Cash Upon Conversion (Including Partial Cash Settlements). Accordingly, the condensed consolidated financial statements have been restated.


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