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 and PMC-SIERRA 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 | Six Months Ended | ||||||||||||||||||||
| June 27, | March 28, | June 28, | June 27, | June 28, | |||||||||||||||||
| 2015 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||
| Net revenues | $ | 124,767 | $ | 133,071 | $ | 126,822 | $ | 257,838 | $ | 253,290 | |||||||||||
| Cost of revenues | 38,434 | 39,980 | 36,824 | $ | 78,414 | 74,388 | |||||||||||||||
| Gross profit | 86,333 | 93,091 | 89,998 | 179,424 | 178,902 | ||||||||||||||||
| Research and development, net | 55,833 | 48,866 | 49,388 | 104,699 | 99,536 | ||||||||||||||||
| Selling, general and administrative | 30,488 | 30,051 | 28,991 | 60,539 | 58,331 | ||||||||||||||||
| Amortization of purchased intangible assets | 9,269 | 9,317 | 9,948 | 18,586 | 22,277 | ||||||||||||||||
| (Loss) income from operations | (9,257 | ) | 4,857 | 1,671 | (4,400 | ) | (1,242 | ) | |||||||||||||
| Other income (expense): | |||||||||||||||||||||
| Gain on investment securities and other investments | 25 | 32 | 46 | 57 | 75 | ||||||||||||||||
| Amortization of debt issuance costs | (51 | ) | (51 | ) | (51 | ) | (102 | ) | (102 | ) | |||||||||||
| Accretion of discount on short-term and long-term obligation | (180 | ) | (210 | ) | - | (390 | ) | - | |||||||||||||
| Foreign exchange (loss) gain | (948 | ) | 2,594 | (789 | ) | 1,646 | (257 | ) | |||||||||||||
| Interest and other financial income, net | 317 | 164 | 114 | 481 | 123 | ||||||||||||||||
| (Loss) income before recovery of (provision for) income taxes | (10,094 | ) | 7,386 | 991 | (2,708 | ) | (1,403 | ) | |||||||||||||
| Recovery of (provision for) income taxes | 1,515 | (2,731 | ) | (4,471 | ) | (1,216 | ) | (6,318 | ) | ||||||||||||
| Net (loss) income | $ | (8,579 | ) | $ | 4,655 | $ | (3,480 | ) | $ | (3,924 | ) | $ | (7,721 | ) | |||||||
| Net (loss) income per common share - basic and diluted | $ | (0.04 | ) | $ | 0.02 | $ | (0.02 | ) | $ | (0.02 | ) | $ | (0.04 | ) | |||||||
| Shares used in per share calculation - basic | 195,732 | 200,249 | 196,114 | 197,991 | 195,651 | ||||||||||||||||
| Shares used in per share calculation - diluted | 195,732 | 205,688 | 196,114 | 197,991 | 195,651 | ||||||||||||||||
