PMC Reports First Quarter 2015 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 28,
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December 27,
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March 29,
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2015
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2014
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2014
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Cash flows from operating activities:
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Net income (loss)
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$
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4,655
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$
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2,330
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$
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(4,241
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)
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Adjustments to reconcile net income (loss) to net cash provided by
operating activities:
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Depreciation and amortization
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14,988
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16,742
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17,911
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Stock-based compensation
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6,693
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6,847
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6,191
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Unrealized foreign exchange gain, net
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(4,495
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)
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(3,474
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)
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(1,725
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)
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Net amortization of premiums and accrued interest of investments
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256
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90
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275
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Asset impairments
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-
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-
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770
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Gain on investment securities and other
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(32
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)
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(45
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)
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(29
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)
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Amortization of discount on short-term and long-term obligations
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210
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350
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-
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Amortization of debt issue costs
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51
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51
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51
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Changes in operating assets and liabilities:
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Accounts receivable, net
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(6,741
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)
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1,600
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(546
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)
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Inventories, net
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2,264
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(3,361
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)
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864
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Prepaid expenses and other current assets
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834
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(2,998
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)
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2,324
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Accounts payable and accrued liabilities
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(12,726
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)
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7,577
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(11,689
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)
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Deferred taxes and income taxes payable
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2,664
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4,365
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2,374
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Deferred income
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(586
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)
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(971
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)
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(1,921
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)
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Net cash provided by operating activities
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8,035
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29,103
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10,609
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Cash flows from investing activities:
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Cash paid in connection with business acquisition
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(18,000
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)
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-
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-
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Purchases of property and equipment
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(4,414
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)
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(2,770
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)
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(3,732
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)
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Purchase of intangible assets
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(441
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)
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(270
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)
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(481
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)
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Redemption of short-term investments
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7,926
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750
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1,800
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Disposals of investment securities and other investments
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15,429
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23,759
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14,064
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Purchases of investment securities and other investments
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(35,329
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)
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(38,349
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)
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(17,790
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)
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Net cash used in investing activities
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(34,829
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)
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(16,880
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)
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(6,139
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)
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Cash flows from financing activities:
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Proceeds from credit facility
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30,000
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-
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30,000
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Repayment of credit facility
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(20,000
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)
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-
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(55,000
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)
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Proceeds from issuance of common stock
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26,759
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11,251
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9,348
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Repurchases of common stock
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(57,222
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)
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-
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(11,496
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)
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Net cash (used in) provided by financing activities
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(20,463
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)
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11,251
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(27,148
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)
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Effect of exchange rate changes on cash and cash equivalents
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(765
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)
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(844
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)
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(432
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)
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Net (decrease) increase in cash and cash equivalents
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(48,022
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)
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22,630
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(23,110
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)
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Cash and cash equivalents, beginning of the period
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112,570
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89,940
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100,038
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Cash and cash equivalents, end of the period
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$
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64,548
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$
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112,570
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$
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76,928
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