PMC Reports Third Quarter 2014 Results

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

	September 27,			December 28,
	2014			2013
ASSETS:
Current assets:
Cash and cash equivalents	$	89,940		$	100,038
Short-term investments		35,419			10,894
Cash, cash equivalents and short-term investments		125,359			110,932
Accounts receivable, net		57,013			56,112
Inventories, net		34,588			31,074
Prepaid expenses and other current assets		16,304			19,855
Income tax receivable		3,673			2,640
Prepaid tax expense		2,749			5,695
Deferred tax assets ⁽¹⁾		3,328			43,131
Total current assets		243,014			269,439

Investment securities		103,101			103,391
Investments and other assets		8,190			10,750
Prepaid tax expense		93			93
Property and equipment, net		38,730			39,149
Goodwill and other intangible assets, net		439,120			425,823
Deferred tax assets ⁽¹⁾		1,557			1,306
	$	833,805		$	849,951

LIABILITIES AND STOCKHOLDERS' EQUITY:
Current liabilities:
Accounts payable	$	19,092		$	23,173
Accrued liabilities		72,360			64,257
Credit facility		-			30,000
Income taxes payable		2,983			632
Liability for unrecognized tax benefit ⁽¹⁾		21,394			54,127
Deferred income taxes		9			71
Deferred income		5,501			7,481
Total current liabilities		121,339			179,741

Long-term obligations		35,982			11,108
Deferred income taxes		49,183			43,143
Liability for unrecognized tax benefit ⁽¹⁾		18,621			27,947
PMC special shares convertible into 1,016 (2013 - 1,019) shares of common stock		1,180			1,188
Stockholders' equity:
Common stock and additional paid in capital		1,577,573			1,550,385
Accumulated other comprehensive loss		(780	)		(526	)
Accumulated deficit		(969,293	)		(963,035	)
Total stockholders' equity		607,500			586,824
	$	833,805		$	849,951

(1) Effective from the beginning of the first quarter of 2014, the Company adopted Financial Accounting Standards Board's Accounting Standards Update (“ASU”) No. 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or Tax Credit Carryforward Exists.” Approximately $44 million of deferred tax assets of a foreign subsidiary were derecognized along with the related liability for unrecognized tax benefits as a result of this presentation adoption, with no impact to the Condensed Consolidated Statements of Operations.

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