PMC Reports Second Quarter 2015 Results

PMC-Sierra, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)

	June 27,			December 27,
		2015			2014
ASSETS:
Current assets:
Cash and cash equivalents	$	64,864		$	112,570
Short-term investments		45,386			45,885
Cash, cash equivalents and short-term investments		110,250			158,455
Accounts receivable, net		58,141			55,414
Inventories, net		36,165			37,949
Prepaid expenses and other current assets		14,097			16,473
Income taxes receivable		1,554			1,968
Prepaid tax expense		-			51
Deferred tax assets		5,008			5,442
Total current assets		225,215			275,752

Investment securities		131,508			107,509
Investments and other assets		7,629			7,683
Prepaid tax expense		93			42
Property and equipment, net		37,413			37,311
Goodwill		283,239			283,239
Intangible assets, net		125,808			143,680
Deferred tax assets		13,186			13,412
Long-term income tax receivable		459			457
	$	824,550		$	869,085

LIABILITIES AND STOCKHOLDERS' EQUITY:
Current liabilities:
Accounts payable	$	18,848		$	23,360
Accrued liabilities		71,108			74,135
Credit facility		37,000			-
Income taxes payable		44			1,062
Liability for unrecognized tax benefit		15,153			16,076
Deferred tax liabilities		7,646			7,644
Deferred income		4,371			4,530
Total current liabilities		154,170			126,807

Long-term obligations		24,718			36,305
Deferred tax liabilities		53,028			53,493
Liability for unrecognized tax benefit		26,036			25,244
PMC special shares convertible into 205 (2014 - 278)
shares of common stock		480			745
Stockholders' equity:
Common stock and additional paid in capital		1,590,565			1,595,809
Accumulated other comprehensive loss		(93	)		(2,355	)
Accumulated deficit		(1,024,354	)		(966,963	)
Total stockholders' equity		566,118			626,491
	$	824,550		$	869,085

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