This release contains forward-looking statements that involve risks and uncertainties. The Company’s SEC filings, including the Company’s most recent reports on Form 10-K and Form 10-Q, describe the risks associated with the Company’s business, including PMC’s limited revenue visibility due to variable customer demands, market segment growth or decline, orders with short delivery lead times, customer concentration, changes in inventory, and other items such as foreign exchange rates and volatility in global financial markets.
About PMC
PMC (NASDAQ: PMCS) is the semiconductor and software solutions innovator transforming networks that connect, move and store big data. Building on a track record of technology leadership, the Company is driving innovation across storage, optical and mobile networks. PMC’s highly integrated solutions increase performance and enable next-generation services to accelerate the network transformation. For more information, visit www.pmcs.com. Follow PMC on Facebook, Twitter, LinkedIn and RSS.
© Copyright PMC-Sierra, Inc. 2014. All rights reserved. Adaptec by PMC, PMC and PMC-SIERRA are registered trademarks of PMC-Sierra, Inc. in the United States and other countries, and PMCS and MaxCache are trademarks of PMC-Sierra, Inc. Other product and company names mentioned herein may be trademarks of their respective owners. PMC is the corporate brand of PMC-Sierra, Inc.
| PMC-Sierra, Inc. | ||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||
| (in thousands, except for per share amounts) | ||||||||||||
| (unaudited) | ||||||||||||
| Three Months Ended | ||||||||||||
| March 29, | December 28, | March 30, | ||||||||||
| 2014 | 2013 | 2013 | ||||||||||
| Net revenues | $ | 126,468 | $ | 126,872 | $ | 125,161 | ||||||
| Cost of revenues | 37,564 | 37,349 | 37,387 | |||||||||
| Gross profit | 88,904 | 89,523 | 87,774 | |||||||||
| Research and development | 50,148 | 54,009 | 54,624 | |||||||||
| Selling, general and administrative | 29,340 | 27,768 | 28,342 | |||||||||
| Amortization of purchased intangible assets | 12,329 | 13,547 | 10,784 | |||||||||
| Loss from operations | (2,913 | ) | (5,801 | ) | (5,976 | ) | ||||||
| Other income (expense): | ||||||||||||
| Gain (loss) on investment securities and other investments | 29 | 103 | (16 | ) | ||||||||
| Amortization of debt issue costs | (97 | ) | (50 | ) | - | |||||||
| Foreign exchange gain | 532 | 2,363 | 1,365 | |||||||||
| Interest income, net | 55 | 83 | 264 | |||||||||
| Loss before provision for income taxes | (2,394 | ) | (3,302 | ) | (4,363 | ) | ||||||
| Provision for income taxes | (1,847 | ) | (12,377 | ) | (4,164 | ) | ||||||
| Net loss | $ | (4,241 | ) | $ | (15,679 | ) | $ | (8,527 | ) | |||
| Net loss per common share - basic | $ | (0.02 | ) | $ | (0.08 | ) | $ | (0.04 | ) | |||
| Net loss per common share - diluted | $ | (0.02 | ) | $ | (0.08 | ) | $ | (0.04 | ) | |||
| Shares used in per share calculation - basic | 195,188 | 201,615 | 203,307 | |||||||||
| Shares used in per share calculation - diluted | 195,188 | 201,615 | 203,307 | |||||||||
