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22.07.2010 20:05:00
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PMC-Sierra Reports Second Quarter 2010 Results
PMC-Sierra, Inc. (Nasdaq: PMCS), the premier Internet infrastructure semiconductor solution provider, today reported results for the second quarter ended June 27, 2010.
Net revenues in the second quarter of 2010 were $160.7 million, an increase of 30% compared to $123.2 million in the second quarter of 2009 and 5% higher than net revenues of $152.8 million reported in the first quarter of 2010.
Net income in the second quarter of 2010 on a GAAP basis was $30.1 million (GAAP diluted earnings per share of $0.13) compared with net income of $7.8 million (GAAP diluted earnings per share of $0.03) in the second quarter of 2009 and net income of $27.0 million (GAAP diluted earnings per share of $0.12) in the first quarter of 2010.
Non-GAAP net income in the second quarter of 2010 was $47.6 million (non-GAAP diluted earnings per share of $0.20), an increase of 60% above the $29.7 million (non-GAAP diluted earnings per share of $0.13) reported in the second quarter of 2009 and 9% above non-GAAP net income of $43.5 million (non-GAAP diluted earnings per share of $0.19) in the first quarter of 2010.
"In the second quarter of 2010, we benefited from continued growth in our Enterprise Storage and Fiber To The Home businesses,” said Greg Lang, president and chief executive officer of PMC-Sierra. "We’re also very pleased to have closed the asset purchase of Adaptec’s channel storage business in the second quarter to accelerate our access to channel customers worldwide.”
On June 8, 2010, the Company announced it had completed the acquisition of the channel storage business from Adaptec, Inc. for approximately $34 million in cash. The channel storage business includes Adaptec's RAID storage product line, the Adaptec brand, a well-established global value added reseller customer base, board logistics capabilities, and leading SSD cache performance solutions.
Net income on a non-GAAP basis in the second quarter of 2010 excludes the following items: (i) $6.8 million amortization of purchased intangible assets; (ii) $5.7 million stock-based compensation expense; (iii) $1.5 million costs related to the acquisition of the channel storage business from Adaptec, Inc.; (iv) $0.8 million of non-cash interest expense for the accretion of the debt discount related to the senior convertible notes; and (v) $2.7 million income tax provision which includes $2.1 million tax effect on inter-company transactions.
For a full reconciliation of GAAP net income to non-GAAP net income, please refer to the schedule included with this release. The Company believes the additional non-GAAP measures are useful to investors for the purpose of financial analysis. Management uses the non-GAAP measures internally to evaluate its in-period operating performance before gains, losses and other charges that are considered by management to be outside of the Company’s core operating results. In addition, the measures are used to plan for the Company’s future periods. However, non-GAAP measures are neither stated in accordance with, nor are they a substitute for, GAAP measures.
In the second quarter of 2010, the Company announced:
- PMC’s second-generation SRCv family of 6Gb/s SAS RAID-on-Chip controllers, including the industry’s first 24-port RoC—which enables the highest levels of server performance and connectivity—along with an eight-port RoC targeted at the volume x86 server market. Both SRCv devices are based on PMC’s proven RoCstar™ architecture and multi-core processor subsystem, more than double the IOPS and throughput performance of existing solutions, and fully leverage PCI Express® 3.0. The devices are SAS 2.1 compliant and consume 30 percent less power than comparable solutions.
- PMC’s first multi-core, multi-threaded RAID adapter for Solid State Disk storage in x86 servers. PMC’s maxRAID BR5225-80 adapter connects PCI Express® (PCIe®) 2.0 to eight SAS/SATA ports at up to 6 Gb/s and targets data-intensive applications requiring high IOPS and throughput. Our storage platform is also the industry’s first PCIe solution to comply with the Storage Networking Industry Association’s Storage Management Initiative Specification version 1.4.
- Industry’s first pluggable GPON ONT reference design that connects any Customer Premises Equipment equipped with a standard Small Form-Factor Pluggable port to a high-speed Passive Optical Network. This eliminates the requirement for a separate, stand-alone ONT box and enables carriers and service providers to quickly and cost-effectively introduce advanced fiber-based services.
- Tecom, a broadband equipment maker based in Taiwan, selected PMC’s GPON SoC for its Mini GPON Gigabit ONT targeted at residential and SOHO deployments that require maximum performance, high quality of service and small form factors.
- PMC received the prestigious Quality Excellence Award from Huawei Technology, one of China’s leading telecommunications equipment companies. The award recognizes PMC’s superior product quality, technical support and product delivery. The Company’s HyPHY 20G was also a recipient of NGN Magazine’s Technology Leadership Award in the Network Technology Category.
Second Quarter 2010 Conference Call
Management will review the results for the second quarter of 2010 and provide an outlook for the third quarter of 2010 during a conference call at 2:30 pm Pacific Time/5:30 pm Eastern Time on July 22, 2010. The conference call webcast will be accessible under the Financial Events and Calendar section at http://investor.pmc-sierra.com/. To listen to the conference call live by telephone, dial 416-642-5213 approximately ten minutes before the start time. A telephone playback will be available after the completion of the call and can be accessed at 647-436-0148 using the access code 6766674. A replay of the webcast will be available for five business days.
Third Quarter 2010 Conference Call
PMC-Sierra is planning to release its results for the third quarter of 2010 on October 21, 2010. A conference call will be held on the day of the release to review the quarter and provide an outlook for the fourth quarter of 2010.
Safe Harbor Statement
The Company’s SEC filings describe the risks associated with the Company’s business, including PMC-Sierra’s limited revenue visibility due to variable customer demands, market segment growth or decline, orders with short delivery lead times, customer concentration, and other items such as foreign exchange rates. The Company does not undertake any obligation to update the forward-looking statements.
About PMC-Sierra
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 and Channel Storage, Wide Area Network Infrastructure, Fiber To The Home, and Laser Printer/Enterprise 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. 2010. 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 | Six Months Ended | |||||||||||||||||||
| June 27, | March 28, | June 28, | June 27, | June 28, | ||||||||||||||||
| 2010 | 2010 | 2009 | 2010 | 2009 | ||||||||||||||||
| Net revenues | $ | 160,669 | $ | 152,826 | $ | 123,194 | $ | 313,495 | $ | 225,766 | ||||||||||
| Cost of revenues | 50,064 | 49,005 | 39,413 | 99,069 | 76,216 | |||||||||||||||
| Gross profit | 110,605 | 103,821 | 83,781 | 214,426 | 149,550 | |||||||||||||||
| Other costs and expenses: | ||||||||||||||||||||
| Research and development | 43,646 | 42,067 | 36,383 | 85,713 | 75,011 | |||||||||||||||
| Selling, general and administrative | 25,196 | 22,385 | 22,222 | 47,581 | 44,111 | |||||||||||||||
| Amortization of purchased intangible assets | 6,816 | 9,836 | 9,836 | 16,652 | 19,672 | |||||||||||||||
| Restructuring costs and other charges | - | 256 | 303 | 256 | 638 | |||||||||||||||
| Income from operations | 34,947 | 29,277 | 15,037 | 64,224 | 10,118 | |||||||||||||||
| Other (expense) income: | ||||||||||||||||||||
| (Loss) gain on sale of investment securities | (429 | ) | 130 | - | (299 | ) | - | |||||||||||||
| Amortization of debt issue costs | (50 | ) | (50 | ) | (50 | ) | (100 | ) | (100 | ) | ||||||||||
| Loss on subleased facilities | - | - | - | - | (538 | ) | ||||||||||||||
| Foreign exchange gain (loss) | 74 | (989 | ) | (2,867 | ) | (915 | ) | 1,203 | ||||||||||||
| Interest expense, net | (25 | ) | (121 | ) | (841 | ) | (146 | ) | (1,652 | ) | ||||||||||
| Income before provision for income taxes | 34,517 | 28,247 | 11,279 | 62,764 | 9,031 | |||||||||||||||
| Provision for income taxes | (4,411 | ) | (1,260 | ) | (3,430 | ) | (5,671 | ) | (5,099 | ) | ||||||||||
| Net income | $ | 30,106 | $ | 26,987 | $ | 7,849 | $ | 57,093 | $ | 3,932 | ||||||||||
| Net income per common share - basic | $ | 0.13 | $ | 0.12 | $ | 0.03 | $ | 0.25 | $ | 0.02 | ||||||||||
| Net income per common share - diluted | $ | 0.13 | $ | 0.12 | $ | 0.03 | $ | 0.24 | $ | 0.02 | ||||||||||
| Shares used in per share calculation - basic | 230,997 | 229,804 | 224,861 | 230,401 | 224,353 | |||||||||||||||
| Shares used in per share calculation - diluted | 234,925 | 233,653 | 227,883 | 234,289 | 226,327 | |||||||||||||||
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As a supplement to the Company's condensed consolidated financial statements presented in accordance with generally accepted accounting principles ("GAAP"), the Company provides additional non-GAAP measures for cost of revenues, gross profit, gross profit percentage, research and development expense, selling, general and administrative expense, amortization of purchased intangible assets, restructuring costs and other charges, other (expense) income, provision for income taxes, operating expenses, operating income, operating margin percentage, net income, and basic and diluted net income per share. |
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A non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. The Company believes that the additional non-GAAP measures are useful to investors for the purpose of financial analysis. Management uses these measures internally to evaluate the Company's in-period operating performance before gains, losses and other charges that are considered by management to be outside of the Company's core operating results. In addition, the measures are used for planning and forecasting of the Company's future periods. However, non-GAAP measures are not in accordance with, nor are they a substitute for, GAAP measures. Other companies may use different non-GAAP measures and presentation of results. |
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| PMC-Sierra, Inc. | |||||||||||||||||||
| Adjustments to GAAP Cost of Revenues, Gross Profit, Gross Profit Percentage, Research and Development Expense, | |||||||||||||||||||
| Selling, General and Administrative Expense, Amortization of Purchased Intangible Assets, Restructuring Costs and Other Charges, | |||||||||||||||||||
| Other (Expense) Income, Provision for Income Taxes, Operating Expenses, Operating Income, | |||||||||||||||||||
| Operating Margin Percentage, Net Income, and Basic and Diluted Net Income Per Share | |||||||||||||||||||
| (in thousands, except for per share amounts) | |||||||||||||||||||
| (unaudited) | |||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||
| June 27, | March 28, | June 28 | June 27, | June 28, | |||||||||||||||
|
2010 (1) |
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2010 (2) |
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2009 (3) |
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2010 (4) |
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2009 (5) |
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||||||||||
| GAAP cost of revenues | $ | 50,064 | $ | 49,005 | $ | 39,413 | $ | 99,069 | $ | 76,216 | |||||||||
| Stock-based compensation | (229 | ) | (218 | ) | (226 | ) | (447 | ) | (431 | ) | |||||||||
| Acquisition related costs | (73 | ) | - | - | (73 | ) | - | ||||||||||||
| Non-GAAP cost of revenues | $ | 49,762 | $ | 48,787 | $ | 39,187 | $ | 98,549 | $ | 75,785 | |||||||||
| GAAP gross profit | $ | 110,605 | $ | 103,821 | $ | 83,781 | $ | 214,426 | $ | 149,550 | |||||||||
| Stock-based compensation | 229 | 218 | 226 | 447 | 431 | ||||||||||||||
| Acquisition related costs | 73 | - | - | 73 | - | ||||||||||||||
| Non-GAAP gross profit | $ | 110,907 | $ | 104,039 | $ | 84,007 | $ | 214,946 | $ | 149,981 | |||||||||
| Non-GAAP gross profit % | 69 | % | 68 | % | 68 | % | 69 | % | 66 | % | |||||||||
| GAAP research and development expense | $ | 43,646 | $ | 42,067 | $ | 36,383 | $ | 85,713 | $ | 75,011 | |||||||||
| Stock-based compensation | (2,181 | ) | (2,164 | ) | (2,062 | ) | (4,345 | ) | (4,393 | ) | |||||||||
| Termination costs | - | - | - | - | (1,168 | ) | |||||||||||||
| Non-GAAP research and development expense | $ | 41,465 | $ | 39,903 | $ | 34,321 | $ | 81,368 | $ | 69,450 | |||||||||
| GAAP selling, general and administrative expense | $ | 25,196 | $ | 22,385 | $ | 22,222 | $ | 47,581 | $ | 44,111 | |||||||||
| Stock-based compensation | (3,253 | ) | (2,969 | ) | (3,343 | ) | (6,222 | ) | (6,268 | ) | |||||||||
| Acquisition related costs | (1,453 | ) | - | - | (1,453 | ) | - | ||||||||||||
| Termination costs | - | - | - | - | (771 | ) | |||||||||||||
| Non-GAAP selling, general and administrative expense | $ | 20,490 | $ | 19,416 | $ | 18,879 | $ | 39,906 | $ | 37,072 | |||||||||
| GAAP amortization of purchased intangible assets | $ | 6,816 | $ | 9,836 | $ | 9,836 | $ | 16,652 | $ | 19,672 | |||||||||
| Amortization of purchased intangible assets | (6,816 | ) | (9,836 | ) | (9,836 | ) | (16,652 | ) | (19,672 | ) | |||||||||
| Non-GAAP amortization of purchased intangible assets | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||
| GAAP restructuring costs and other charges | $ | - | $ | 256 | $ | 303 | $ | 256 | $ | 638 | |||||||||
| Restructuring costs and other charges | - | (256 | ) | (303 | ) | (256 | ) | (638 | ) | ||||||||||
| Non-GAAP restructuring costs and other charges | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||
| GAAP other (expense) income | $ | (430 | ) | $ | (1,030 | ) | $ | (3,758 | ) | $ | (1,460 | ) | $ | (1,087 | ) | ||||
| Loss on subleased facilities | - | - | - | - | 538 | ||||||||||||||
| Foreign exchange loss (gain) on foreign tax liabilities | 16 | 962 | 2,889 | 978 | (687 | ) | |||||||||||||
| Accretion of debt discount related to senior convertible notes | 804 | 788 | 742 | 1,592 | 1,470 | ||||||||||||||
| Non-GAAP other (expense) income | $ | 390 | $ | 720 | $ | (127 | ) | $ | 1,110 | $ | 234 | ||||||||
| GAAP provision for income taxes | $ | 4,411 | $ | 1,260 | $ | 3,430 | $ | 5,671 | $ | 5,099 | |||||||||
| (Provision for) recovery of income taxes | (2,702 | ) | 693 | (2,450 | ) | (2,009 | ) | (3,480 | ) | ||||||||||
| Non-GAAP provision for income taxes | $ | 1,709 | $ | 1,953 | $ | 980 | $ | 3,662 | $ | 1,619 | |||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||
| June 27, | March 28, | June 28 | June 27, | June 28, | |||||||||||||||
|
2010 (1) |
|
2010 (2) |
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2009 (3) |
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2010 (4) |
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2009 (5) |
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| GAAP operating expenses | $ | 75,658 | $ | 74,544 | $ | 68,744 | $ | 150,202 | $ | 139,432 | |||||||||
| Stock-based compensation | (5,434 | ) | (5,133 | ) | (5,405 | ) | (10,567 | ) | (10,661 | ) | |||||||||
| Acquisition related costs | (1,453 | ) | - | - | (1,453 | ) | - | ||||||||||||
| Termination costs | - | - | - | - | (1,939 | ) | |||||||||||||
| Amortization of purchased intangible assets | (6,816 | ) | (9,836 | ) | (9,836 | ) | (16,652 | ) | (19,672 | ) | |||||||||
| Restructuring costs and other charges | - | (256 | ) | (303 | ) | (256 | ) | (638 | ) | ||||||||||
| Non-GAAP operating expenses | $ | 61,955 | $ | 59,319 | $ | 53,200 | $ | 121,274 | $ | 106,522 | |||||||||
| GAAP operating income | $ | 34,947 | $ | 29,277 | $ | 15,037 | $ | 64,224 | $ | 10,118 | |||||||||
| Stock-based compensation | 5,663 | 5,351 | 5,631 | 11,014 | 11,092 | ||||||||||||||
| Acquisition related costs | 1,526 | - | - | 1,526 | - | ||||||||||||||
| Termination costs | - | - | - | - | 1,939 | ||||||||||||||
| Amortization of purchased intangible assets | 6,816 | 9,836 | 9,836 | 16,652 | 19,672 | ||||||||||||||
| Restructuring costs and other charges | - | 256 | 303 | 256 | 638 | ||||||||||||||
| Non-GAAP operating income | $ | 48,952 | $ | 44,720 | $ | 30,807 | $ | 93,672 | $ | 43,459 | |||||||||
| Non-GAAP operating margin % | 30 | % | 29 | % | 25 | % | 30 | % | 19 | % | |||||||||
| GAAP net income | $ | 30,106 | $ | 26,987 | $ | 7,849 | $ | 57,093 | $ | 3,932 | |||||||||
| Stock-based compensation | 5,663 | 5,351 | 5,631 | 11,014 | 11,092 | ||||||||||||||
| Acquisition related costs | 1,526 | - | - | 1,526 | - | ||||||||||||||
| Termination costs | - | - | - | - | 1,939 | ||||||||||||||
| Amortization of purchased intangible assets | 6,816 | 9,836 | 9,836 | 16,652 | 19,672 | ||||||||||||||
| Restructuring costs and other charges | - | 256 | 303 | 256 | 638 | ||||||||||||||
| Loss on subleased facilities | - | - | - | - | 538 | ||||||||||||||
| Foreign exchange loss (gain) on foreign tax liabilities | 16 | 962 | 2,889 | 978 | (687 | ) | |||||||||||||
| Accretion of debt discount related to senior convertible notes | 804 | 788 | 742 | 1,592 | 1,470 | ||||||||||||||
| Provision for (recovery of) income taxes | 2,702 | (693 | ) | 2,450 | 2,009 | 3,480 | |||||||||||||
| Non-GAAP net income | $ | 47,633 | $ | 43,487 | $ | 29,700 | $ | 91,120 | $ | 42,074 | |||||||||
| Non-GAAP net income per share - basic | $ | 0.21 | $ | 0.19 | $ | 0.13 | $ | 0.40 | $ | 0.19 | |||||||||
| Non-GAAP net income per share - diluted | $ | 0.20 | $ | 0.19 | $ | 0.13 | $ | 0.39 | $ | 0.19 | |||||||||
| Shares used to calculate non-GAAP net income per share - basic | 230,997 | 229,804 | 224,861 | 230,401 | 224,353 | ||||||||||||||
| Shares used to calculate non-GAAP net income per share - diluted | 234,925 | 233,653 | 227,883 | 234,289 | 226,327 | ||||||||||||||
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(1) $5.7 million stock-based compensation expense; $1.5 million costs related to the acquisition of the channel storage business from Adaptec, Inc.; $6.8 million amortization of purchased intangible assets; $0.8 million of non-cash interest expense for the accretion of the debt discount related to the senior convertible notes; and $2.7 million income tax provision which includes $2.1 million tax effect on inter-company transactions, $0.5 million arrears interest relating to unrecognized tax benefits, $0.3 million net deferred tax expense relating to foreign exchange translation of a foreign subsidiary, and $0.2 million income tax recovery related to adjustments above. |
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(2) $5.4 million stock-based compensation expense; $9.8 million amortization of purchased intangible assets; $0.3 million restructuring costs; $1.0 million foreign exchange loss on foreign tax liabilities; $0.8 million of non-cash interest expense for the accretion of the debt discount related to the senior convertible notes; and $0.7 million income tax recovery which includes $2.1 million net deferred tax recovery relating to foreign exchange translation of a foreign subsidiary, $1.5 million tax effect on inter-company transactions, $0.5 million arrears interest relating to unrecognized tax benefits, $0.5 million income tax recovery related to adjustments above, and $0.1 million tax adjustments relating to prior periods. |
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(3) $5.6 million stock-based compensation expense; $9.8 million amortization of purchased intangible assets; $0.3 million restructuring costs; $2.9 million foreign exchange loss on foreign tax liabilities; $0.7 million of non-cash interest expense for the accretion of the debt discount related to the senior convertible notes; and $2.5 million income tax provision which includes $1.5 million net deferred tax expense relating to foreign exchange translation of a foreign subsidiary, $0.3 million arrears interest relating to unrecognized tax benefits, $1.2 million tax effect on inter-company transactions, and $0.5 million income tax recovery related to the adjustments above. |
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(4) $11.0 million stock-based compensation expense; $1.5 million costs related to the acquisition of the channel storage business from Adaptec, Inc.; $16.7 million amortization of purchased intangible assets; $0.3 million restructuring costs; $1.0 million foreign exchange loss on foreign tax liabilities; $1.6 million of non-cash interest expense for the accretion of the debt discount related to the senior convertible notes; and $2.0 million income tax provision which includes $3.6 million tax effect on inter-company transactions, $1.9 million net deferred tax recovery relating to foreign exchange translation of a foreign subsidiary, $1.0 million arrears interest relating to unrecognized tax benefits, and $0.7 million income tax recovery related to the adjustments above. |
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(5) $11.1 million stock-based compensation expense; $1.9 million termination costs; $19.7 million amortization of purchased intangible assets; $0.6 million restructuring costs; $0.5 million loss on subleased facilities; $0.7 million foreign exchange gain on foreign tax liabilities; $1.5 million of non-cash interest expense for the accretion of the debt discount related to the senior convertible notes; and $3.5 million income tax provision which includes $0.6 million net deferred tax expense relating to foreign exchange translation of a foreign subsidiary, $0.7 million arrears interest relating to unrecognized tax benefits, $0.7 million tax adjustments relating to prior periods, $0.3 million income tax related to foreign exchange gain on a foreign tax liability, $2.2 million tax effect on inter-company transactions, and $1.0 million income tax recovery related to adjustments above. |
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| PMC-Sierra, Inc. | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| (in thousands) | ||||||||
| (unaudited) | ||||||||
| June 27, | December 27, | |||||||
| 2010 | 2009 | |||||||
| ASSETS: | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 133,995 | $ | 192,841 | ||||
| Short-term investments | 128,116 | 67,928 | ||||||
| Accounts receivable, net | 79,831 | 50,745 | ||||||
| Inventories, net | 34,872 | 31,531 | ||||||
| Prepaid expenses and other current assets | 15,958 | 14,476 | ||||||
| Income tax receivable | 6,941 | - | ||||||
| Deferred tax assets | 6,834 | 3,052 | ||||||
| Total current assets | 406,547 | 360,573 | ||||||
| Property and equipment, net | 14,386 | 13,909 | ||||||
| Investment securities | 239,352 | 192,636 | ||||||
| Goodwill | 398,798 | 396,144 | ||||||
| Intangible assets, net | 116,346 | 110,458 | ||||||
| Deferred tax assets | 78 | 250 | ||||||
| Prepaid expenses | 23,594 | 26,187 | ||||||
| Investments and other assets | 13,939 | 10,175 | ||||||
| Deposits for wafer fabrication capacity | 5,145 | 5,145 | ||||||
| $ | 1,218,185 | $ | 1,115,477 | |||||
| LIABILITIES AND STOCKHOLDERS' EQUITY: | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 31,914 | $ | 22,266 | ||||
| Accrued liabilities | 64,771 | 52,996 | ||||||
| Liability for unrecognized tax benefit | 35,463 | 31,330 | ||||||
| Income taxes payable | - | 7,261 | ||||||
| Deferred income taxes | 75 | 681 | ||||||
| Accrued restructuring costs | 2,864 | 3,994 | ||||||
| Deferred income | 15,336 | 12,498 | ||||||
| Total current liabilities | 150,423 | 131,026 | ||||||
| 2.25% senior convertible notes due October 15, 2025, net | 59,948 | 58,356 | ||||||
| Long-term obligations | 8,599 | 6,211 | ||||||
| Deferred income taxes | 25,633 | 22,695 | ||||||
| Liability for unrecognized tax benefit | 15,565 | 14,663 | ||||||
| PMC special shares convertible into 1,520 (2009 - 1,570) | ||||||||
| shares of common stock | 1,931 | 2,003 | ||||||
| Stockholders' equity | ||||||||
| Common stock and additional paid in capital | 1,539,964 | 1,521,723 | ||||||
| Accumulated other comprehensive income | 1,393 | 1,164 | ||||||
| Accumulated deficit | (585,271 | ) | (642,364 | ) | ||||
| Total stockholders' equity | 956,086 | 880,523 | ||||||
| $ | 1,218,185 | $ | 1,115,477 | |||||
| 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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