PMC Reports First Quarter 2014 Results
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PMC-Sierra, Inc.
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
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(in thousands)
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(unaudited)
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Three Months Ended
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March 29,
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December 28,
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March 30,
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2014
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2013
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2013
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Cash flows from operating activities:
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Net loss
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$
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(4,241
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)
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$
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(15,679
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$
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(8,527
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)
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Adjustments to reconcile net loss to net cash provided by operating
activities:
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Depreciation and amortization
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17,911
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19,701
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15,732
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Stock-based compensation
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6,191
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6,803
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7,382
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Unrealized foreign exchange loss (gain), net
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2,551
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3,855
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(1,406
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)
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Net amortization of premiums/discounts and accrued interest of
investments
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275
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227
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58
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Asset impairments
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770
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2,966
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-
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Loss on disposal of property and equipment
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-
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6
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-
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(Gain) loss on investment securities and other
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(29
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(29
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26
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Excess tax benefits from stock option transactions
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-
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-
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(231
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)
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Changes in operating assets and liabilities:
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Accounts receivable
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(546
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)
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4,407
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4,765
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Inventories
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864
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3,485
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(2,024
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)
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Prepaid expenses and other current assets
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2,375
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388
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174
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Accounts payable and accrued liabilities
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(14,301
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)
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3,063
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(6,787
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Deferred taxes and income taxes payable
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710
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4,780
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5,258
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Deferred income
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(1,921
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)
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283
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(272
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)
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Net cash provided by operating activities
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10,609
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34,256
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14,148
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Cash flows from investing activities:
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Purchases of property and equipment
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(3,732
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(5,554
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(4,552
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)
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Purchase of intangible assets
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(481
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)
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(1,931
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)
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(465
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)
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Redemption of short-term investments
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1,800
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-
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5,946
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Disposals of investment securities and other investments
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14,064
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16,433
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20,518
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Purchases of investment securities and other investments
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(17,790
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(7,723
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)
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(135,318
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)
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Net cash (used in) provided by investing activities
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(6,139
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)
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1,225
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(113,871
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Cash flows from financing activities:
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Proceeds from short-term loan and credit facility
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30,000
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30,000
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-
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Repayment of credit facility
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(55,000
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-
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-
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Proceeds from issuance of common stock
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9,348
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1,771
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14,836
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Repurchases of common stock
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(11,496
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)
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(53,791
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)
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-
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Excess tax benefits from stock option transactions
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-
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-
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231
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Net cash (used in) provided by financing activities
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(27,148
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)
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(22,020
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)
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15,067
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Effect of exchange rate changes on cash and cash equivalents
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(432
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)
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(442
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)
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(417
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)
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Net (decrease) increase in cash and cash equivalents
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(23,110
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)
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13,019
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(85,073
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)
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Cash and cash equivalents, beginning of the period
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100,038
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87,019
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169,970
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Cash and cash equivalents, end of the period
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$
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76,928
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$
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100,038
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$
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84,897
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