PMC-Sierra Reports Second Quarter 2010 Results

PMC-Sierra, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
 
Six Months Ended
June 27, June 28,
  2010     2009  
Cash flows from operating activities:
Net income $ 57,093 $ 3,932
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 25,194 28,289
Stock-based compensation 11,014 11,092
Unrealized foreign exchange loss (gain), net 766 (1,087 )
Net amortization (accretion) of investment premiums/discounts 2,938 (1,054 )
Accrued interest on investment securities (855 ) -
Loss on disposal of investment securities 298 -
Loss on subleased facilities - 538
 
Changes in operating assets and liabilities:
Accounts receivable (20,805 ) (5,250 )
Inventories 2,162 8,732
Prepaid expenses and other current assets 2,580 (851 )
Accounts payable and accrued liabilities 9,679 (3,790 )
Deferred income taxes and income taxes payable (11,157 ) 3,329
Accrued restructuring costs (1,139 ) (958 )
Deferred income   2,838     (615 )
Net cash provided by operating activities   80,606     42,307  
 
Cash flows from investing activities:
Acquisition of business (34,250 ) -
Purchases of property and equipment (3,566 ) (2,983 )
Purchases of intangible assets (1,178 ) (1,384 )
Redemption of short-term investments 4,314 170,802
Disposals of investment securities 59,098 1,000
Purchases of investment securities   (171,894 )   (145,797 )
Net cash (used in) provided by investing activities   (147,476 )   21,638  
 
Cash flows from financing activities:
Proceeds from issuance of common stock   7,921     7,018  
Net cash provided by financing activities   7,921     7,018  
 
Effect of exchange rate changes on cash and cash equivalents 103 1,078
Net (decrease) increase in cash and cash equivalents (58,846 ) 72,041
Cash and cash equivalents, beginning of period   192,841     97,839  
Cash and cash equivalents, end of period $ 133,995   $ 169,880  

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