PMC Reports First Quarter 2014 Results

 
PMC-Sierra, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
   
March 29, December 28,
2014 2013
ASSETS:
Current assets:
Cash and cash equivalents $ 76,928 $ 100,038
Short-term investments   15,526     10,894  
Cash, cash equivalents and short-term investments 92,454 110,932
Accounts receivable, net 56,646 56,112
Inventories, net 30,210 31,074
Prepaid expenses and other current assets 17,991 19,855
Income tax receivable 3,780 2,640
Prepaid tax expense 5,346 5,695
Deferred tax assets (1)   3,170     43,131  
Total current assets 209,597 269,439
 
Investment securities 100,459 103,391
Investments and other assets 8,939 10,750
Prepaid tax expenses 93 93
Property and equipment, net 38,255 39,149
Goodwill and other intangible assets, net 412,051 425,823
Deferred tax assets (1)   1,255     1,306  
$ 770,649   $ 849,951  
 
LIABILITIES AND STOCKHOLDERS' EQUITY:
Current liabilities:
Accounts payable $ 18,027 $ 23,173
Accrued liabilities 54,447 64,257
Credit facility 5,000 30,000
Income taxes payable 2,696 632
Liability for unrecognized tax benefit (1) 19,942 54,127
Deferred income taxes 7 71
Deferred income   5,560     7,481  
Total current liabilities 105,679 179,741
 
Long-term obligations 9,208 11,108
Deferred income taxes 47,529 43,143
Liability for unrecognized tax benefit (1) 18,097 27,947

PMC special shares convertible into 1,019 (2013 - 1,019) shares of common stock

1,188 1,188
Stockholders' equity:
Common stock and additional paid in capital 1,560,907 1,550,385
Accumulated other comprehensive loss (673 ) (526 )
Accumulated deficit   (971,286 )   (963,035 )
Total stockholders' equity   588,948     586,824  
$ 770,649   $ 849,951  
 
(1) Effective from the beginning of the first quarter of 2014, the Company adopted Financial Accounting Standards Board's Accounting Standards Update (“ASU”) No. 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or Tax Credit Carryforward Exists”. Approximately $44 million of deferred tax assets of a foreign subsidiary were derecognized along with the related liability for unrecognized tax benefits as a result of this presentation adoption, with no impact to the Condensed Consolidated Statements of Operations.
 

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