Management will review fourth quarter and full year 2014 results and share its outlook for the first quarter of 2015 during a conference call at 1:30 p.m. Pacific Time/4:30 p.m. Eastern Time on January 29, 2015. The conference call webcast will be accessible under the Financial News and Events section at http://investor.pmcs.com. To listen to the conference call by telephone, dial 1 (888) 337-8169 or 1 (719) 325-2455 outside North America with passcode 2692388# approximately ten minutes before the start time. A telephone playback will be available until February 28, 2015, and can be accessed at 1 (888) 203-1112 or 1 (719) 457-0820 outside North America using passcode 2692388#.
PMC will be attending the Stifel, Nicolaus & Co.’s 2015 Technology, Internet & Media Conference on February 9, 2015, at the Westin St. Francis in San Francisco, as well as the Goldman Sachs Technology & Internet Conference on February 10, at the Palace Hotel in San Francisco. Steve Geiser, the Company’s vice president and chief financial officer, will be available both days for individual investor meetings. He will also participate in fireside chats and Q&As during both events, which will be webcast simultaneously at http://investor.pmcs.com.
Safe Harbor Statement
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 tax rates, 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. 2015. All rights reserved. PMC, PMC-SIERRA and ADAPTEC are registered trademarks of PMC-Sierra, Inc. in the United States and other countries, PMCS and FLASHTEC are trademarks of PMC-Sierra, Inc. PMC disclaims any ownership rights in other product and company names mentioned herein. 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 | Twelve Months Ended | |||||||||||||||||||||
| December 27, | September 27, | December 28, | December 27, | December 28, | ||||||||||||||||||
| 2014 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
| Net revenues | $ | 136,851 | $ | 135,462 | $ | 126,872 | $ | 525,603 | $ | 508,028 | ||||||||||||
| Cost of revenues | 40,702 | 40,306 | 37,349 | 155,396 | 149,213 | |||||||||||||||||
| Gross profit | 96,149 | 95,156 | 89,523 | 370,207 | 358,815 | |||||||||||||||||
| Gross profit % | 70 | % | 70 | % | 71 | % | 70 | % | 71 | % | ||||||||||||
| Research and development | 50,942 | 48,441 | 54,009 | 198,919 | 211,047 | |||||||||||||||||
| Selling, general and administrative | 29,411 | 29,265 | 27,768 | 117,007 | 112,770 | |||||||||||||||||
| Amortization of purchased intangible assets | 10,994 | 9,948 | 13,547 | 43,219 | 48,245 | |||||||||||||||||
| Income (loss) from operations | 4,802 | 7,502 | (5,801 | ) | 11,062 | (13,247 | ) | |||||||||||||||
| Foreign exchange gain | 2,866 | 899 | 2,363 | 3,508 | 4,043 | |||||||||||||||||
| Amortization of debt issue costs | (51 | ) | (51 | ) | (50 | ) | (204 | ) | (80 | ) | ||||||||||||
| Amortization of discount on long-term obligation | (350 | ) | - | - | (350 | ) | - | |||||||||||||||
| Interest income, net | 2 | 198 | 83 | 323 | 907 | |||||||||||||||||
| Gain on investment securities and other investments | 68 | 12 | 103 | 155 | 1,879 | |||||||||||||||||
| Income (loss) before provision for income taxes | 7,337 | 8,560 | (3,302 | ) | 14,494 | (6,498 | ) | |||||||||||||||
| Provision for income taxes | (5,007 | ) | (3,087 | ) | (12,377 | ) | (14,412 | ) | (25,756 | ) | ||||||||||||
| Net income (loss) | $ | 2,330 | $ | 5,473 | $ | (15,679 | ) | $ | 82 | $ | (32,254 | ) | ||||||||||
| Net income (loss) per common share - basic and diluted | $ | 0.01 | $ | 0.03 | $ | (0.08 | ) | $ | 0.00 | $ | (0.16 | ) | ||||||||||
| Shares used in per share calculation - basic | 198,625 | 197,613 | 201,615 | 196,885 | 203,882 | |||||||||||||||||
| Shares used in per share calculation - diluted | 201,935 | 200,744 | 201,615 | 200,145 | 203,882 | |||||||||||||||||
As a supplement to the Company's condensed consolidated financial
statements presented in accordance with generally accepted accounting
principles ("GAAP"), the Company provides additional non-GAAP measures
for cost of revenues, gross profit, gross profit percentage, research
and development expense, selling, general and administrative expense,
amortization of purchased intangible assets, other income (expense),
(provision for) recovery of income taxes, operating expenses, operating
income (loss), operating margin percentage, net income (loss), and basic
and diluted net income (loss) per share.
