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8-K - PMC-SIERRA, INC. 8-K - PMC SIERRA INC | a50257170.htm |
Exhibit 99.1
PMC Reports First Quarter 2012 Results
PMC’s new investor relations website: http://investor.pmcs.com
Q1 2012 earnings announcement call live on website at 1:30 p.m. PT
Conference call replay number 1 (888) 843-7419; passcode 32054963#
Replay available shortly after end of conference call through May 14, 2012
SUNNYVALE, Calif.--(BUSINESS WIRE)--April 30, 2012--PMC® (Nasdaq:PMCS), the semiconductor innovator transforming storage, optical and mobile networks, today reported results for the first quarter ended April 1, 2012.
Net revenues in the first quarter of 2012 were $132.1 million, a decrease of 13% compared to $152.6 million in the fourth quarter of 2011, and 16% lower than net revenues of $157.4 million in the first quarter of 2011.
GAAP net loss in the first quarter of 2012 was $96.3 million, or $0.41 per share, including $85.4 million income tax provision related to an intercompany dividend made in preparation for funding our share repurchase program, of which $65.4 million had a corresponding offset recognized in equity from the utilization of stock-option-related loss carry-forwards. This compares to GAAP net income in the fourth quarter of 2011 of $28.4 million, or $0.12 per diluted share. Non-GAAP net income in the first quarter of 2012 was $14.0 million, or $0.06 per diluted share, compared to non-GAAP net income of $30.6 million, or $0.13 per diluted share, in the first quarter of 2011.
Non-GAAP net income in the first quarter of 2012 excludes the following items: (i) $6.6 million stock-based compensation expense; (ii) $1.4 million acquisition-related costs; (iii) $1.6 million termination costs; (iv) $0.4 million lease exit costs; (v) $11.3 million amortization of purchased intangible assets; (vi) $1.3 million foreign exchange loss on foreign tax liabilities; (vii) $0.9 million of non-cash interest expense for the accretion of the debt discount related to the senior convertible notes; and (viii) $86.7 million provision for income taxes.
“Despite a challenging first quarter, we continued to execute well, making key product announcements and winning designs in all of our business segments,” said Greg Lang, president and chief executive officer of PMC. “We expect sequential improvement in our business in Q2 and a stronger second half of 2012.”
For a full reconciliation of each non-GAAP item used herein to the most directly comparable GAAP financial measure, please refer to the schedules included with this release. The Company believes the additional non-GAAP measures are useful to investors for the purpose of financial analysis. Management uses the non-GAAP measures internally to evaluate its in-period operating performance before gains, losses and other charges that are considered by management to be outside of the Company’s core operating results. In addition, the measures are used to plan for the Company’s future periods. However, non-GAAP measures are neither stated in accordance with, nor are they a substitute for, GAAP measures.
FIRST QUARTER AND RECENT HIGHLIGHTS
The Company announced the following in the first quarter of 2012:
- PMC’s board of directors authorized a new share repurchase program for up to $275 million of its common stock, reflecting the Company’s strong balance sheet and free-cash-flow generation, and emphasizing the board’s commitment to enhancing shareholder value. Added to the $40 million share repurchase program that the board authorized in the fourth quarter of 2011, the total authorization is $315 million. PMC expects to fund the repurchases through the use of available cash resources.
- Strengthening its relationships with leading server OEMs, PMC acquired Maxim Integrated Products, Inc.’s 12Gb/s SAS expander technology. Combined with PMC’s 12Gb/s SAS RAID-on-Chip (RoC) products, Maxim’s expander technology enables PMC to offer end-to-end 12Gb/s SAS solutions tailored for server platforms. Continued support for Maxim’s industry-leading server expander firmware will preserve OEM investment during the transition from 6Gb/s SAS to 12Gb/s SAS.
- Adaptec by PMC™ demonstrated a server configuration at CeBIT that doubles storage performance and bandwidth featuring a RAID controller card prototype based on the industry’s only PCI Express® (PCIe®) 3.0 capable 24-port RoC from PMC, installed in a system based on the new Intel® Xeon® processor E5-2600 product family, and 22 Seagate Pulsar® enterprise solid state drives.
- PMC announced that its 6Gb/s SAS RoC controllers are shipping on new HP ProLiant Generation 8 (Gen8) servers. PMC’s SRCv RoCs are the world’s first production released PCIe 3.0 capable storage controllers for the volume server market. The latest PCIe technology and 24 ports of 6Gb/s SAS connectivity enable HP Gen8 Servers to deliver seven times faster solid state storage performance and support twice the number of drives per RAID. Continuing its history of being first to market with production solutions, PMC has again demonstrated technology leadership in storage controllers.
- Building on its FTTH leadership, PMC announced availability of the industry’s first end-to-end symmetric 10G-EPON fiber access SoC solution with performance and feature integration that enables carriers to connect up to 10 times more subscribers per Optical Distribution Network and lower power consumption by more than 50 percent.
- PMC marked another major fiber access milestone, with more than 20 million ONU SoCs deployed in EPON, GPON and 10G-EPON Optical Network Units worldwide.
First Quarter 2012 Conference Call
Management will review the first quarter 2012 results and share its outlook for the second quarter of 2012 during a conference call at 1:30 p.m. Pacific Time/4:30 p.m. Eastern Time on April 30, 2012. The conference call webcast will be accessible under the Financial News and Events section of PMC’s website at: http://investor.pmcs.com. To listen to the conference call live by telephone, dial 1 (888) 771-4371 (US Toll Free) or 1 (847) 585-4405 (International) with passcode 32054963, approximately 10 minutes before the start time. A telephone playback will be available after the completion of the call and can be accessed at 1 (888) 843-7419 using the access code 32054963#. A replay of the webcast will be available for 10 business days.
Safe Harbor Statement
This release contains forward-looking statements that involve risks and uncertainties. The Company’s SEC filings 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 foreign exchange rates and volatility in global financial markets.
About PMC
PMC (Nasdaq:PMCS) is the semiconductor innovator transforming networks that connect, move and store digital content. 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 Twitter, LinkedIn and RSS.
© Copyright PMC-Sierra, Inc. 2012. All rights reserved. PMC and PMC-SIERRA are registered trademarks of PMC-Sierra, Inc. in the United States and other countries. PMCS and Adaptec by PMC are trademarks of PMC-Sierra, Inc. Other product and company names mentioned herein may be trademarks of their respective owners. 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 | ||||||||||||||||
April 1, | December 31, | March 27, | ||||||||||||||
2012 | 2011 | 2011 | ||||||||||||||
Net revenues | $ | 132,094 | $ | 152,553 | $ | 157,434 | ||||||||||
Cost of revenues | 41,012 | 47,166 | 59,161 | |||||||||||||
Gross profit | 91,082 | 105,387 | 98,273 | |||||||||||||
Research and development | 59,071 | 56,517 | 54,499 | |||||||||||||
Selling, general and administrative | 28,971 | 27,045 | 32,209 | |||||||||||||
Amortization of purchased intangible assets | 11,287 | 11,099 | 11,021 | |||||||||||||
(Loss) income from operations | (8,247 | ) | 10,726 | 544 | ||||||||||||
Other (expense) income: | ||||||||||||||||
Gain on investment securities and other | 39 | 286 | 170 | |||||||||||||
Amortization of debt issue costs | (50 | ) | (50 | ) | (50 | ) | ||||||||||
Foreign exchange loss | (1,105 | ) | (1,194 | ) | (1,474 | ) | ||||||||||
Interest expense, net | (179 | ) | (295 | ) | (924 | ) | ||||||||||
(Loss) income before (provision for) recovery of income taxes | (9,542 | ) | 9,473 | (1,734 | ) | |||||||||||
(Provision for) recovery of income taxes | (86,729 | ) | 18,892 | (5,923 | ) | |||||||||||
Net (loss) income | $ | (96,271 | ) | $ | 28,365 | $ | (7,657 | ) | ||||||||
Net (loss) income per common share - basic | $ | (0.41 | ) | $ | 0.12 | $ | (0.03 | ) | ||||||||
Net (loss) income per common share - diluted | $ | (0.41 | ) | $ | 0.12 | $ | (0.03 | ) | ||||||||
Shares used in per share calculation - basic | 232,142 | 231,199 | 234,058 | |||||||||||||
Shares used in per share calculation - diluted | 232,142 | 232,028 | 234,058 | |||||||||||||
As a supplement to the Company's condensed consolidated financial statements presented in accordance with generally accepted accounting principles ("GAAP"), the Company provides additional non-GAAP measures for cost of revenues, gross profit, gross profit percentage, research and development expense, selling, general and administrative expense, amortization of purchased intangible assets, other income (expense), (provision for) recovery of income taxes, operating expenses, operating income (loss), operating margin percentage, net income (loss), and basic and diluted net income (loss) per share.
A non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. The Company believes that the additional non-GAAP measures are useful to investors for the purpose of financial analysis. Management uses these measures internally to evaluate the Company's in-period operating performance before gains, losses and other charges that are considered by management to be outside of the Company's core operating results. In addition, the measures are used for planning and forecasting of the Company's future periods. However, non-GAAP measures are not in accordance with, nor are they a substitute for, GAAP measures. Other companies may use different non-GAAP measures and presentation of results.
PMC-Sierra, Inc. | ||||||||||||||||
Adjustments to GAAP Cost of Revenues, Gross Profit, Gross Profit Percentage, Research and Development Expense, | ||||||||||||||||
Selling, General and Administrative Expense, Amortization of Purchased Intangible Assets, | ||||||||||||||||
Other Income (Expense), (Provision for) Recovery of Income Taxes, Operating Expenses, Operating Income (Loss), | ||||||||||||||||
Operating Margin Percentage, Net Income (Loss), and Basic and Diluted Net Income (Loss) Per Share | ||||||||||||||||
(in thousands, except for per share amounts) | ||||||||||||||||
(unaudited) | ||||||||||||||||
Three Months Ended | ||||||||||||||||
April 1, |
December 31, | March 27, | ||||||||||||||
2012 (1) |
2011 (2) |
2011 (3) |
||||||||||||||
GAAP cost of revenues | $ | 41,012 | $ | 47,166 | $ | 59,161 | ||||||||||
Stock-based compensation | (224 | ) | (242 | ) | (223 | ) | ||||||||||
Acquisition-related costs | (2 | ) | - | (9,064 | ) | |||||||||||
Non-GAAP cost of revenues | $ | 40,786 | $ | 46,924 | $ | 49,874 | ||||||||||
GAAP gross profit | $ | 91,082 | $ | 105,387 | $ | 98,273 | ||||||||||
Stock-based compensation | 224 | 242 | 223 | |||||||||||||
Acquisition-related costs | 2 | - | 9,064 | |||||||||||||
Non-GAAP gross profit | $ | 91,308 | $ | 105,629 | $ | 107,560 | ||||||||||
Non-GAAP gross profit % | 69 | % | 69 | % | 68 | % | ||||||||||
GAAP research and development expense | $ | 59,071 | $ | 56,517 | $ | 54,499 | ||||||||||
Stock-based compensation | (2,841 | ) | (2,983 | ) | (2,697 | ) | ||||||||||
Acquisition-related costs | (598 | ) | 175 | (191 | ) | |||||||||||
Termination costs | (1,484 | ) | - | - | ||||||||||||
Non-GAAP research and development expense | $ | 54,148 | $ | 53,709 | $ | 51,611 | ||||||||||
GAAP selling, general and administrative expense | $ | 28,971 | $ | 27,045 | $ | 32,209 | ||||||||||
Stock-based compensation | (3,516 | ) | (3,500 | ) | (3,395 | ) | ||||||||||
Acquisition-related costs | (761 | ) | (810 | ) | (1,159 | ) | ||||||||||
Termination costs | (133 | ) | - | - | ||||||||||||
Lease exit (costs) recoveries | (442 | ) | 626 | (3,392 | ) | |||||||||||
Non-GAAP selling, general and administrative expense | $ | 24,119 | $ | 23,361 | $ | 24,263 | ||||||||||
GAAP amortization of purchased intangible assets | $ | 11,287 | $ | 11,099 | $ | 11,021 | ||||||||||
Amortization of purchased intangible assets | (11,287 | ) | (11,099 | ) | (11,021 | ) | ||||||||||
Non-GAAP amortization of purchased intangible assets | $ | - | $ | - | $ | - | ||||||||||
GAAP other expense | $ | (1,295 | ) | $ | (1,253 | ) | $ | (2,278 | ) | |||||||
Foreign exchange loss on foreign tax liabilities | 1,342 | 1,430 | 953 | |||||||||||||
Accretion of debt discount related to senior convertible notes | 925 | 906 | 853 | |||||||||||||
Accretion of liability for contingent consideration | - | - | 476 | |||||||||||||
Interest expense related to short-term loan | - | - | 258 | |||||||||||||
Recovery of impairment on investment securities and other | - | (533 | ) | - | ||||||||||||
Non-GAAP other income | $ | 972 | $ | 550 | $ | 262 | ||||||||||
GAAP provision for (recovery of) income taxes | $ | 86,729 | $ | (18,892 | ) | $ | 5,923 | |||||||||
(Provision for) recovery of income taxes | (86,718 | ) | 18,889 | (4,541 | ) | |||||||||||
Non-GAAP provision for (recovery of) income taxes | $ | 11 | $ | (3 | ) | $ | 1,382 | |||||||||
Three Months Ended | ||||||||||||||||
April 1, | December 31, | March 27, | ||||||||||||||
2012 (1) |
2011 (2) |
2011 (3) |
||||||||||||||
GAAP operating expenses | $ | 99,329 | $ | 94,661 | $ | 97,729 | ||||||||||
Stock-based compensation | (6,357 | ) | (6,483 | ) | (6,092 | ) | ||||||||||
Acquisition-related costs | (1,359 | ) | (635 | ) | (1,350 | ) | ||||||||||
Termination costs | (1,617 | ) | - | - | ||||||||||||
Lease exit (costs) recoveries | (442 | ) | 626 | (3,392 | ) | |||||||||||
Amortization of purchased intangible assets | (11,287 | ) | (11,099 | ) | (11,021 | ) | ||||||||||
Non-GAAP operating expenses | $ | 78,267 | $ | 77,070 | $ | 75,874 | ||||||||||
GAAP operating (loss) income | $ | (8,247 | ) | $ | 10,726 | $ | 544 | |||||||||
Stock-based compensation | 6,581 | 6,725 | 6,315 | |||||||||||||
Acquisition-related costs | 1,361 | 635 | 10,414 | |||||||||||||
Termination costs | 1,617 | - | - | |||||||||||||
Lease exit costs (recoveries) | 442 | (626 | ) | 3,392 | ||||||||||||
Amortization of purchased intangible assets | 11,287 | 11,099 | 11,021 | |||||||||||||
Non-GAAP operating income | $ | 13,041 | $ | 28,559 | $ | 31,686 | ||||||||||
Non-GAAP operating margin % | 10 | % | 19 | % | 20 | % | ||||||||||
GAAP net (loss) income | $ | (96,271 | ) | $ | 28,365 | $ | (7,657 | ) | ||||||||
Stock-based compensation | 6,581 | 6,725 | 6,315 | |||||||||||||
Acquisition-related costs | 1,361 | 635 | 10,414 | |||||||||||||
Termination costs | 1,617 | - | - | |||||||||||||
Lease exit costs (recoveries) | 442 | (626 | ) | 3,392 | ||||||||||||
Amortization of purchased intangible assets | 11,287 | 11,099 | 11,021 | |||||||||||||
Foreign exchange loss on foreign tax liabilities | 1,342 | 1,430 | 953 | |||||||||||||
Accretion of debt discount related to senior convertible notes | 925 | 906 | 853 | |||||||||||||
Accretion of liability for contingent consideration | - | - | 476 | |||||||||||||
Interest expense related to short-term loan | - | - | 258 | |||||||||||||
Recovery of impairment on investment securities and other | - | (533 | ) | - | ||||||||||||
Provision for (recovery of) income taxes | 86,718 | (18,889 | ) | 4,541 | ||||||||||||
Non-GAAP net income | $ | 14,002 | $ | 29,112 | $ | 30,566 | ||||||||||
Non-GAAP net income per share - basic | $ | 0.06 | $ | 0.13 | $ | 0.13 | ||||||||||
Non-GAAP net income per share - diluted | $ | 0.06 | $ | 0.13 | $ | 0.13 | ||||||||||
Shares used to calculate non-GAAP net income per share - basic | 232,142 | 231,199 | 234,058 | |||||||||||||
Shares used to calculate non-GAAP net income per share - diluted | 234,198 | 232,028 | 237,556 | |||||||||||||
(1) $6.6 million stock-based compensation expense; $1.4 million acquisition-related costs; $1.6 million termination costs; $0.4 million lease exit costs; $11.3 million amortization of purchased intangible assets; $1.3 million foreign exchange loss on foreign tax liabilities; $0.9 million non-cash interest expense for the accretion of the debt discount related to the senior convertible notes; and $86.7 million provision for income taxes which includes $85.4 million income tax provision related to an intercompany dividend, $1.6 million income tax provision relating to intercompany transactions, $0.6 million arrears interest relating to unrecognized tax benefits, $0.5 million deferred tax recovery related to non-deductible intangible asset amortization, $0.2 million net tax recovery relating to foreign exchange translation of a foreign subsidiary, and $0.2 million income tax recovery for adjustments relating to prior periods. |
||||||||||||||||
(2) $6.7 million stock-based compensation expense; $0.6 million acquisition-related costs; $0.6 million recovery of lease exit costs; $11.1 million amortization of purchased intangible assets; $1.4 million foreign exchange loss on foreign tax liabilities; $0.9 million of non-cash interest expense for the accretion of the debt discount related to the senior convertible notes; $0.5 million recovery of impairment on investment securities and other; and $18.9 million recovery of income taxes which includes $10.2 million income tax recovery for adjustments relating to prior periods, $2.5 million reduction of stock option related loss carry-forwards recognized in equity, $1.8 million recovery of arrears interest relating to unrecognized tax benefits, $1 million income tax recovery related to foreign tax credits, $0.6 million net tax recovery relating to foreign exchange translation of a foreign subsidiary, $0.4 million income tax recovery relating to intercompany transactions, and $2.4 million deferred tax recovery related to non-deductible intangible asset amortization. |
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(3) $6.3 million stock-based compensation expense; $10.4 million acquisition-related costs; $3.4 million lease exit costs; $11.0 million amortization of purchased intangible assets; $1 million foreign exchange loss on foreign tax liabilities; $0.9 million of non-cash interest expense for the accretion of the debt discount related to the senior convertible notes; $0.5 million accretion of liability for contingent consideration; $0.3 million interest expense related to short-term loan; and $4.5 million income tax provision which includes $2.2 million sheltered by the benefit of stock option related loss carry-forwards recognized in equity, $3.6 million income tax provision relating to intercompany transactions, $1.9 million net tax recovery relating to foreign exchange translation of a foreign subsidiary, and $0.6 million arrears interest relating to unrecognized tax benefits. |
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PMC-Sierra, Inc. | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
(in thousands) | |||||||||||
(unaudited) | |||||||||||
April 1, | December 31, | ||||||||||
2012 | 2011 | ||||||||||
ASSETS: | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 182,004 | $ | 182,571 | |||||||
Short-term investments | 109,061 | 104,391 | |||||||||
Accounts receivable, net | 62,826 | 59,213 | |||||||||
Inventories, net | 31,192 | 39,911 | |||||||||
Prepaid expenses and other current assets | 20,264 | 23,411 | |||||||||
Income tax receivable | 6,221 | 8,027 | |||||||||
Deferred tax assets | 32,829 | 30,725 | |||||||||
Total current assets | 444,397 | 448,249 | |||||||||
Investment securities | 216,036 | 226,619 | |||||||||
Investments and other assets | 2,187 | 2,431 | |||||||||
Prepaid expenses | 15,737 | 16,901 | |||||||||
Property and equipment, net | 27,888 | 25,364 | |||||||||
Goodwill | 521,543 | 520,899 | |||||||||
Intangible assets, net | 162,342 | 158,482 | |||||||||
Deferred tax assets | 598 | 494 | |||||||||
$ | 1,390,728 | $ | 1,399,439 | ||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY: | |||||||||||
Current liabilities: | |||||||||||
2.25% senior convertible notes due October 15, 2025, net | $ | 66,047 | $ | 65,122 | |||||||
Accounts payable | 21,699 | 38,340 | |||||||||
Accrued liabilities | 83,663 | 66,139 | |||||||||
Liability for unrecognized tax benefit | 48,186 | 46,394 | |||||||||
Deferred income taxes | 2,535 | 2,450 | |||||||||
Deferred income | 16,386 | 16,024 | |||||||||
Total current liabilities | 238,516 | 234,469 | |||||||||
Long-term obligations | 1,334 | 1,284 | |||||||||
Deferred income taxes | 41,651 | 40,663 | |||||||||
Liability for unrecognized tax benefit | 17,872 | 17,323 | |||||||||
PMC special shares convertible into 1,019 (2011 - 1,029) shares of common stock |
1,188 | 1,228 | |||||||||
Stockholders' equity: | |||||||||||
Common stock and additional paid in capital | 1,673,917 | 1,594,667 | |||||||||
Accumulated other comprehensive income (loss) | 1,570 | (1,146 | ) | ||||||||
Accumulated deficit | (585,320 | ) | (489,049 | ) | |||||||
Total stockholders' equity | 1,090,167 | 1,104,472 | |||||||||
$ | 1,390,728 | $ | 1,399,439 | ||||||||
PMC-Sierra, Inc. | |||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
(in thousands) | |||||||||||
(unaudited) | |||||||||||
Three Months Ended | |||||||||||
April 1, | March 27, | ||||||||||
2012 | 2011 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net loss | $ | (96,271 | ) | $ | (7,657 | ) | |||||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 15,919 | 24,828 | |||||||||
Stock-based compensation | 6,581 | 6,315 | |||||||||
Unrealized foreign exchange loss, net | 1,312 | 1,360 | |||||||||
Net amortization of premiums/discounts and accrued interest of investments | 1,462 | 1,159 | |||||||||
Accrued interest on short-term loan | - | 589 | |||||||||
Gain on investment securities and other | (35 | ) | (170 | ) | |||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | (3,613 | ) | (10,822 | ) | |||||||
Inventories | 8,719 | 4,649 | |||||||||
Prepaid expenses and other current assets | 1,106 | (305 | ) | ||||||||
Accounts payable and accrued liabilities | 8,225 | (13,435 | ) | ||||||||
Deferred income taxes and income taxes payable | 68,173 | 4,326 | |||||||||
Accrued restructuring costs | - | (485 | ) | ||||||||
Deferred income | 362 | (957 | ) | ||||||||
Net cash provided by operating activities | 11,940 | 9,395 | |||||||||
Cash flows from investing activities: | |||||||||||
Business acquisition | (15,900 | ) | - | ||||||||
Purchases of property and equipment | (9,070 | ) | (2,937 | ) | |||||||
Purchases of intangible assets | - | (1,194 | ) | ||||||||
Disposals of investment securities | 37,144 | 33,026 | |||||||||
Purchases of investment securities | (31,891 | ) | (31,779 | ) | |||||||
Net cash used in investing activities | (19,717 | ) | (2,884 | ) | |||||||
Cash flows from financing activities: | |||||||||||
Repayment of short-term loan | - | (180,991 | ) | ||||||||
Proceeds from issuance of common stock | 7,220 | 7,086 | |||||||||
Net cash provided by (used in) financing activities | 7,220 | (173,905 | ) | ||||||||
Effect of exchange rate changes on cash and cash equivalents | (10 | ) | 318 | ||||||||
Net decrease in cash and cash equivalents | (567 | ) | (167,076 | ) | |||||||
Cash and cash equivalents, beginning of period | 182,571 | 293,355 | |||||||||
Cash and cash equivalents, end of period | $ | 182,004 | $ | 126,279 |
CONTACT:
PMC-Sierra, Inc.
Mike Zellner, 1-408-988-1204
Vice
President & CFO
mike_zellner@pmc-sierra.com
or
Jennifer
Gianola, 1-408-239-8630
Director, Investor Relations
jennifer_gianola@pmc-sierra.com
or
Kimberly
Mason, 1-604-415-6239
Sr Communications Specialist
kim_mason@pmc-sierra.com