PMC Reports Third Quarter 2014 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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Nine Months Ended
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September 27,
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September 28,
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2014
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2013
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Cash flows from operating activities:
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Net loss
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$
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(2,248
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)
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$
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(16,575
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)
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Adjustments to reconcile net loss to net cash provided by operating
activities:
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Depreciation and amortization
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48,739
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51,731
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Stock-based compensation
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16,334
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19,461
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Unrealized foreign exchange gain, net
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(2,372
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)
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(6,106
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)
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Net amortization of premiums and accrued interest of investments
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628
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1,353
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Asset impairments
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770
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-
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Gain on investment securities and other
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(86
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)
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(1,767
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)
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Excess tax benefits from stock option transactions
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-
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(2,274
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)
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Changes in operating assets and liabilities:
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Accounts receivable, net
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(934
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)
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1,923
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Inventories, net
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(3,514
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)
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(7,110
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)
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Prepaid expenses and other current assets
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4,225
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927
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Accounts payable and accrued liabilities
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(6,699
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)
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(8,614
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)
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Deferred taxes and income taxes payable
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8,608
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11,120
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Deferred income
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(1,980
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)
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(915
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)
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Net cash provided by operating activities
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61,471
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43,154
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Cash flows from investing activities:
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Business acquisition
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(10,000
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)
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(96,098
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)
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Investment in long term deposits
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-
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(1,127
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)
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Purchases of property and equipment
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(11,175
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)
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(11,297
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)
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Purchase of intangible assets
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(1,167
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)
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(2,048
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)
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Redemption of short-term investments
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4,920
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8,466
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Disposals of investment securities and other investments
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37,936
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146,340
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Purchases of investment securities and other investments
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(67,727
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)
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(172,114
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)
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Net cash used in investing activities
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(47,213
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)
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(127,878
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)
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Cash flows from financing activities:
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Payment of debt issuance costs
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-
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(928
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)
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Proceeds from short-term loan and credit facility
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30,000
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-
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Repayment of credit facility
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(60,000
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)
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-
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Proceeds from issuance of common stock
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17,924
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23,476
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Repurchases of common stock
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(11,496
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)
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(22,544
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)
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Excess tax benefits from stock option transactions
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-
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2,274
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Net cash (used in) provided by financing activities
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(23,572
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)
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2,278
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Effect of exchange rate changes on cash and cash equivalents
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(784
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)
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(505
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)
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Net decrease in cash and cash equivalents
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(10,098
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)
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(82,951
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)
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Cash and cash equivalents, beginning of the period
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100,038
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169,970
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Cash and cash equivalents, end of the period
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$
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89,940
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$
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87,019
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