PMC-Sierra Reports First Quarter 2009 Results

PMC-Sierra, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
     
March 29, December 28,
2009 2008
  Restated
ASSETS:
Current assets:
Cash and cash equivalents $ 247,435 $ 97,839
Short-term investments 70,542 209,685
Accounts receivable, net 40,372 40,191
Inventories, net 30,889 34,003
Prepaid expenses and other current assets 12,633 9,683
Deferred tax assets   883     3,949  
Total current assets 402,754 395,350
 
Goodwill 396,144 396,144
Intangible assets, net 144,312 153,956
Prepaid expenses 22,694 -
Property and equipment, net 14,408 15,858
Investments and other assets 11,168 3,512
Deposits for wafer fabrication capacity   5,145     5,145  
$ 996,625   $ 969,965  
 
LIABILITIES AND STOCKHOLDERS' EQUITY:
Current liabilities:
Accounts payable $ 17,338 $ 17,066
Accrued liabilities 50,703 51,390
Liability for unrecognized tax benefit 23,321 23,398
Income taxes payable 9,708 -
Deferred income taxes 4,007 2,042
Accrued restructuring costs 5,396 5,938
Deferred income   8,912     11,200  
Total current liabilities 119,385 111,034
 
2.25% senior convertible notes due October 15, 2025, net 56,085 55,357
Long-term obligations 6,746 503
Deferred taxes and other tax liabilities 18,779 17,806
Liability for unrecognized tax benefit 6,989 3,352
 

PMC special shares convertible into 2,025 (2008 - 2,045) shares of common stock

2,638 2,655
 
Stockholders' equity
Common stock and additional paid in capital 1,481,220 1,471,717
Accumulated other comprehensive loss (2,059 ) (3,218 )
Accumulated deficit   (693,158 )   (689,241 )
Total stockholders' equity   786,003     779,258  
$ 996,625   $ 969,965  
 

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