PMC Reports First Quarter 2015 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 28,
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December 27,
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2015
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2014
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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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64,548
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$
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112,570
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Short-term investments
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45,580
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45,885
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Cash, cash equivalents and short-term investments
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110,128
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158,455
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Accounts receivable, net
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62,156
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55,414
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Inventories, net
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35,685
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37,949
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Prepaid expenses and other current assets
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14,348
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16,473
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Income taxes receivable
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1,966
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1,968
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Prepaid tax expense
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-
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51
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Deferred tax assets
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5,255
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5,442
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Total current assets
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229,538
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275,752
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Investment securities
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120,052
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107,509
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Investments and other assets
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7,332
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7,683
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Prepaid tax expense
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93
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42
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Property and equipment, net
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37,370
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37,311
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Goodwill
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283,239
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283,239
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Intangible assets, net
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133,344
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143,680
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Deferred tax assets
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13,123
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13,412
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Long-term income tax receivable
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465
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457
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$
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824,556
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$
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869,085
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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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20,357
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$
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23,360
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Accrued liabilities
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53,788
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74,135
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Credit facility
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10,000
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-
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Income taxes payable
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1,109
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1,062
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Liability for unrecognized tax benefit
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14,820
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16,076
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Deferred tax liabilities
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7,644
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7,644
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Deferred income
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3,944
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4,530
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Total current liabilities
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111,662
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126,807
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Long-term obligations
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25,008
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36,305
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Deferred tax liabilities
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54,209
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53,493
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Liability for unrecognized tax benefit
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25,768
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25,244
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PMC special shares convertible into 205 (2014 - 278) shares of
common stock
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480
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745
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Stockholders' equity:
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Common stock and additional paid in capital
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1,603,586
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1,595,809
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Accumulated other comprehensive loss
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(2,185
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)
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(2,355
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Accumulated deficit
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(993,972
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)
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(966,963
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)
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Total stockholders' equity
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607,429
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626,491
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$
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824,556
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$
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869,085
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