PMC Reports First Quarter 2014 Results


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

« Previous Page 1 | 2 | 3 | 4 | 5 | 6 Next Page »