PMC Reports First Quarter 2014 Results


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

	March 29,			December 28,
	2014			2013
ASSETS:
Current assets:
Cash and cash equivalents	$	76,928		$	100,038
Short-term investments		15,526			10,894
Cash, cash equivalents and short-term investments		92,454			110,932
Accounts receivable, net		56,646			56,112
Inventories, net		30,210			31,074
Prepaid expenses and other current assets		17,991			19,855
Income tax receivable		3,780			2,640
Prepaid tax expense		5,346			5,695
Deferred tax assets ^₍₁₎		3,170			43,131
Total current assets		209,597			269,439

Investment securities		100,459			103,391
Investments and other assets		8,939			10,750
Prepaid tax expenses		93			93
Property and equipment, net		38,255			39,149
Goodwill and other intangible assets, net		412,051			425,823
Deferred tax assets ⁽¹⁾		1,255			1,306
	$	770,649		$	849,951

LIABILITIES AND STOCKHOLDERS' EQUITY:
Current liabilities:
Accounts payable	$	18,027		$	23,173
Accrued liabilities		54,447			64,257
Credit facility		5,000			30,000
Income taxes payable		2,696			632
Liability for unrecognized tax benefit ⁽¹⁾		19,942			54,127
Deferred income taxes		7			71
Deferred income		5,560			7,481
Total current liabilities		105,679			179,741

Long-term obligations		9,208			11,108
Deferred income taxes		47,529			43,143
Liability for unrecognized tax benefit ⁽¹⁾		18,097			27,947
PMC special shares convertible into 1,019 (2013 - 1,019) shares of common stock		1,188			1,188
Stockholders' equity:
Common stock and additional paid in capital		1,560,907			1,550,385
Accumulated other comprehensive loss		(673	)		(526	)
Accumulated deficit		(971,286	)		(963,035	)
Total stockholders' equity		588,948			586,824
	$	770,649		$	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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