PMC Reports Second Quarter 2015 Results

PMC-Sierra, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)


	Six Months Ended
	June 27,				June 28,
		2015				2014

Cash flows from operating activities:
Net loss	$	(3,924	)		$	(7,721	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		30,058				33,278
Stock-based compensation		12,804				11,106
Unrealized foreign exchange gain, net		(4,328	)			(1,264	)
Net amortization of premiums and accrued interest of investments		390		#		390
Asset impairments		252				770
Gain on investment securities and other investments		(57	)			(74	)
Accretion of discount on short-term and long-term obligations		390				-
Amortization of debt issuance costs		102				102
Gain on lease exit, net		(696	)			-

Changes in operating assets and liabilities:
Accounts receivable, net		(2,727	)			(2,249	)
Inventories, net		1,784				(311	)
Prepaid expenses and other current assets		1,055				3,068
Accounts payable and accrued liabilities		5,190				(2,234	)
Deferred taxes and income taxes payable		1,285				6,447
Deferred income		(159	)			(2,292	)
Net cash provided by operating activities		41,419				39,016

Cash flows from investing activities:
Purchases of property and equipment		(8,850	)			(8,054	)
Purchase of intangible assets		(3,845	)			(733	)
Redemption of short-term investments		13,466				3,535
Disposals of investment securities and other investments		29,973				25,538
Purchases of investment securities and other investments		(67,515	)			(41,966	)
Net cash used in investing activities		(36,771	)			(21,680	)

Cash flows from financing activities:
Installment payment in connection with previous business acquisition		(18,000	)			-
Proceeds from credit facility		102,000				30,000
Repayment of credit facility		(65,000	)			(60,000	)
Proceeds from issuance of common stock		31,342				10,615
Repurchases of common stock		(102,108	)			(11,496	)
Net cash used in financing activities		(51,766	)			(30,881	)

Effect of exchange rate changes on cash and cash equivalents		(588	)			95
Net decrease in cash and cash equivalents		(47,706	)			(13,450	)
Cash and cash equivalents, beginning of the period		112,570				100,038
Cash and cash equivalents, end of the period	$	64,864			$	86,588

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