PMC Reports First Quarter 2015 Results

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

	March 28,			December 27,
	2015			2014
ASSETS:
Current assets:
Cash and cash equivalents	$	64,548		$	112,570
Short-term investments		45,580			45,885
Cash, cash equivalents and short-term investments		110,128			158,455
Accounts receivable, net		62,156			55,414
Inventories, net		35,685			37,949
Prepaid expenses and other current assets		14,348			16,473
Income taxes receivable		1,966			1,968
Prepaid tax expense		-			51
Deferred tax assets		5,255			5,442
Total current assets		229,538			275,752

Investment securities		120,052			107,509
Investments and other assets		7,332			7,683
Prepaid tax expense		93			42
Property and equipment, net		37,370			37,311
Goodwill		283,239			283,239
Intangible assets, net		133,344			143,680
Deferred tax assets		13,123			13,412
Long-term income tax receivable		465			457
	$	824,556		$	869,085

LIABILITIES AND STOCKHOLDERS' EQUITY:
Current liabilities:
Accounts payable	$	20,357		$	23,360
Accrued liabilities		53,788			74,135
Credit facility		10,000			-
Income taxes payable		1,109			1,062
Liability for unrecognized tax benefit		14,820			16,076
Deferred tax liabilities		7,644			7,644
Deferred income		3,944			4,530
Total current liabilities		111,662			126,807

Long-term obligations		25,008			36,305
Deferred tax liabilities		54,209			53,493
Liability for unrecognized tax benefit		25,768			25,244
PMC special shares convertible into 205 (2014 - 278) shares of common stock		480			745
Stockholders' equity:
Common stock and additional paid in capital		1,603,586			1,595,809
Accumulated other comprehensive loss		(2,185	)		(2,355	)
Accumulated deficit		(993,972	)		(966,963	)
Total stockholders' equity		607,429			626,491
	$	824,556		$	869,085

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