| PMC-Sierra, Inc. | ||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||
| (in thousands) | ||||||||||||
| (unaudited) | ||||||||||||
| Three Months Ended | ||||||||||||
| March 29, | December 28, | March 30, | ||||||||||
| 2014 | 2013 | 2013 | ||||||||||
| Cash flows from operating activities: | ||||||||||||
| Net loss | $ | (4,241 | ) | $ | (15,679 | ) | $ | (8,527 | ) | |||
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||||||
| Depreciation and amortization | 17,911 | 19,701 | 15,732 | |||||||||
| Stock-based compensation | 6,191 | 6,803 | 7,382 | |||||||||
| Unrealized foreign exchange loss (gain), net | 2,551 | 3,855 | (1,406 | ) | ||||||||
| Net amortization of premiums/discounts and accrued interest of investments | 275 | 227 | 58 | |||||||||
| Asset impairments | 770 | 2,966 | - | |||||||||
| Loss on disposal of property and equipment | - | 6 | - | |||||||||
| (Gain) loss on investment securities and other | (29 | ) | (29 | ) | 26 | |||||||
| Excess tax benefits from stock option transactions | - | - | (231 | ) | ||||||||
| Changes in operating assets and liabilities: | ||||||||||||
| Accounts receivable | (546 | ) | 4,407 | 4,765 | ||||||||
| Inventories | 864 | 3,485 | (2,024 | ) | ||||||||
| Prepaid expenses and other current assets | 2,375 | 388 | 174 | |||||||||
| Accounts payable and accrued liabilities | (14,301 | ) | 3,063 | (6,787 | ) | |||||||
| Deferred taxes and income taxes payable | 710 | 4,780 | 5,258 | |||||||||
| Deferred income | (1,921 | ) | 283 | (272 | ) | |||||||
| Net cash provided by operating activities | 10,609 | 34,256 | 14,148 | |||||||||
| Cash flows from investing activities: | ||||||||||||
| Purchases of property and equipment | (3,732 | ) | (5,554 | ) | (4,552 | ) | ||||||
| Purchase of intangible assets | (481 | ) | (1,931 | ) | (465 | ) | ||||||
| Redemption of short-term investments | 1,800 | - | 5,946 | |||||||||
| Disposals of investment securities and other investments | 14,064 | 16,433 | 20,518 | |||||||||
| Purchases of investment securities and other investments | (17,790 | ) | (7,723 | ) | (135,318 | ) | ||||||
| Net cash (used in) provided by investing activities | (6,139 | ) | 1,225 | (113,871 | ) | |||||||
| Cash flows from financing activities: | ||||||||||||
| Proceeds from short-term loan and credit facility | 30,000 | 30,000 | - | |||||||||
| Repayment of credit facility | (55,000 | ) | - | - | ||||||||
| Proceeds from issuance of common stock | 9,348 | 1,771 | 14,836 | |||||||||
| Repurchases of common stock | (11,496 | ) | (53,791 | ) | - | |||||||
| Excess tax benefits from stock option transactions | - | - | 231 | |||||||||
| Net cash (used in) provided by financing activities | (27,148 | ) | (22,020 | ) | 15,067 | |||||||
| Effect of exchange rate changes on cash and cash equivalents | (432 | ) | (442 | ) | (417 | ) | ||||||
| Net (decrease) increase in cash and cash equivalents | (23,110 | ) | 13,019 | (85,073 | ) | |||||||
| Cash and cash equivalents, beginning of the period | 100,038 | 87,019 | 169,970 | |||||||||
| Cash and cash equivalents, end of the period | $ | 76,928 | $ | 100,038 | $ | 84,897 | ||||||
PMC Reports First Quarter 2014 Results
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