PMC Reports First Quarter 2014 Results
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PMC-Sierra, Inc.
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CONDENSED CONSOLIDATED BALANCE SHEETS
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(in thousands)
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(unaudited)
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March 29,
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December 28,
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2014
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2013
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ASSETS:
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Current assets:
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Cash and cash equivalents
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$
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76,928
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$
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100,038
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Short-term investments
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15,526
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10,894
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Cash, cash equivalents and short-term investments
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92,454
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110,932
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Accounts receivable, net
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56,646
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56,112
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Inventories, net
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30,210
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31,074
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Prepaid expenses and other current assets
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17,991
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19,855
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Income tax receivable
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3,780
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2,640
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Prepaid tax expense
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5,346
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5,695
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Deferred tax assets (1)
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3,170
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43,131
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Total current assets
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209,597
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269,439
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Investment securities
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100,459
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103,391
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Investments and other assets
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8,939
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10,750
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Prepaid tax expenses
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93
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93
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Property and equipment, net
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38,255
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39,149
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Goodwill and other intangible assets, net
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412,051
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425,823
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Deferred tax assets (1)
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1,255
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1,306
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$
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770,649
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$
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849,951
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LIABILITIES AND STOCKHOLDERS' EQUITY:
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Current liabilities:
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Accounts payable
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$
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18,027
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$
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23,173
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Accrued liabilities
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54,447
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64,257
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Credit facility
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5,000
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30,000
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Income taxes payable
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2,696
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632
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Liability for unrecognized tax benefit (1)
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19,942
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54,127
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Deferred income taxes
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7
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71
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Deferred income
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5,560
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7,481
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Total current liabilities
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105,679
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179,741
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Long-term obligations
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9,208
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11,108
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Deferred income taxes
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47,529
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43,143
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Liability for unrecognized tax benefit (1)
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18,097
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27,947
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PMC special shares convertible into 1,019 (2013 - 1,019) shares of
common stock
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1,188
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1,188
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Stockholders' equity:
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Common stock and additional paid in capital
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1,560,907
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1,550,385
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Accumulated other comprehensive loss
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(673
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)
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(526
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Accumulated deficit
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(971,286
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(963,035
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Total stockholders' equity
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588,948
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586,824
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$
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770,649
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$
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849,951
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(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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