PMC-Sierra Reports Fourth Quarter 2009 Results

 
PMC-Sierra, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
   
Twelve Months Ended
 
December 27, December 28,
2009 2008
  As adjusted *
 
Cash flows from operating activities:
Net income $ 46,877 $ 128,297

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization 56,577 59,796
Stock-based compensation 21,396 24,838
Unrealized foreign exchange (gain) loss, net 2,542 (8,362 )
Non-cash accretion of investment securities (359 ) -
Asset impairment - 4,300
Gain on repurchase of senior convertible notes, net - (14,980 )
Gain on disposal of property and equipment - (32 )
Loss on subleased facilities 538 -
 
Changes in operating assets and liabilities:
Accounts receivable (10,554 ) (829 )
Inventories 2,723 613
Prepaid expenses and other current assets 1,132 6,743
Accounts payable and accrued liabilities (2,531 ) (40,240 )
Deferred income taxes and income taxes payable 4,147 (70,491 )
Accrued restructuring costs (2,029 ) (4,720 )
Deferred income   1,298     (2,474 )
Net cash provided by operating activities   121,757     82,459  
 
Cash flows from investing activities:
Purchases of property and equipment (6,215 ) (6,802 )
Proceeds from sale of property and equipment 31 -
Purchases of intangible assets (1,590 ) (5,913 )
Redemption of short-term investments 186,443 -
Disposals of investment securities 59,298 -
Purchases of investment securities   (295,365 )   (209,685 )
Net cash used in investing activities   (57,398 )   (222,400 )
 
Cash flows from financing activities:
Repurchase of senior convertible notes - (139,341 )
Proceeds from issuance of common stock   28,293     16,510  
Net cash provided by (used in) financing activities   28,293     (122,831 )
 
Effect of exchange rate changes on cash and cash equivalents 2,350 (4,311 )
Net increase (decrease) in cash and cash equivalents 95,002 (267,083 )
Cash and cash equivalents, beginning of the year   97,839     364,922  
Cash and cash equivalents, end of the year $ 192,841   $ 97,839  

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