Applied Micro Circuits Corporation Reports First Quarter Fiscal 2017 Financial Results
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APPLIED MICRO CIRCUITS CORPORATION | |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |
(in thousands) | |
(unaudited) | | | | | | | | | | | | | | | | | | | |
Three Months Ended | | | | | | | |
June 30, | |
March 31, | |
June 30, | | | | | | | | |
2016 | | | |
2016 | | | |
2015 | | |
Operating activities: | | | | | | | | | | Net loss | | | | $ | (10,539 | ) | | $ | (8,907 | ) | | $ | (7,404 | ) | | | Adjustments to reconcile net loss to net cash provided by operating activities: | | | | | | | | | Depreciation | | | | 1,570 | | | | 1,891 | | | | 1,838 | | | | | Amortization of bond premium | | | | 226 | | | | 258 | | | | - | | | | | Stock-based compensation expense | | | | 8,165 | | | | 7,637 | | | | 6,092 | | | | | Tax effect on other comprehensive loss | | | | (94 | ) | | | 49 | | | | - | | | | | Loss (gain) on short-term investments and other, net | | | (26 | ) | | | 7 | | | | (1,455 | ) | | | Changes in operating assets and liabilities: | | | | | | | | | | | Accounts receivable | | | | 102 | | | | 3,187 | | | | 882 | | | | | Inventories | | | | 3,552 | | | | 3,533 | | | | 3,723 | | | | | Other assets | | | | (70 | ) | | | 3,891 | | | | 2,464 | | | | | Accounts payable | | | | (2,382 | ) | | | (4,248 | ) | | | (3,453 | ) | | | | Accrued payroll and other accrued liabilities | | | 1,077 | | | | (1,018 | ) | | | 220 | | | | | Veloce accrued liability | | | | (8 | ) | | | (9 | ) | | | (65 | ) | | | | Deferred revenue | | | | 1 | | | | (7 | ) | | | 7 | | | | | | Net cash provided by operating activities | | | 1,574 | | | | 6,264 | | | | 2,849 | | |
Investing activities: | | | | | | | | | | Proceeds from sales and maturities of short-term investments | | | 18,461 | | | | 5,487 | | | | 7,444 | | | | Purchases of short-term investments | | | | (17,739 | ) | | | (6,443 | ) | | | (1,129 | ) | | | Proceeds from sale of property and equipment | | | | 2 | | | | - | | | | 25 | | | | Purchases of property and equipment | | | | (2,547 | ) | | | (562 | ) | | | (315 | ) | | | | | Net cash provided by (used for) investing activities | | | (1,823 | ) | | | (1,518 | ) | | | 6,025 | | |
Financing activities: | | | | | | | | | | Proceeds from issuance of common stock | | | | 32 | | | | 1,736 | | | | 133 | | | | Funding of restricted stock units withheld for taxes and other | | | (623 | ) | | | (187 | ) | | | (1,212 | ) | | | | | Net cash provided by (used for) financing activities | | | (591 | ) | | | 1,549 | | | | (1,079 | ) | | Net increase (decrease) in cash and cash equivalents | | | (840 | ) | | | 6,295 | | | | 7,795 | | | Cash and cash equivalents at beginning of the period | | | 25,065 | | | | 18,770 | | | | 36,495 | | | Cash and cash equivalents at end of the period | | | $ | 24,225 | | | $ | 25,065 | | | $ | 44,290 | | | | | | | | | | | | | |
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