PMC Reports Second Quarter 2015 Results
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PMC-Sierra, Inc.
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CONDENSED CONSOLIDATED BALANCE SHEETS
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(in thousands)
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(unaudited)
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June 27,
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December 27,
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2015
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2014
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ASSETS:
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Current assets:
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Cash and cash equivalents
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$
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64,864
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$
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112,570
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Short-term investments
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45,386
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45,885
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Cash, cash equivalents and short-term investments
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110,250
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158,455
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Accounts receivable, net
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58,141
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55,414
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Inventories, net
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36,165
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37,949
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Prepaid expenses and other current assets
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14,097
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16,473
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Income taxes receivable
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1,554
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1,968
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Prepaid tax expense
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-
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51
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Deferred tax assets
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5,008
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5,442
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Total current assets
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225,215
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275,752
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Investment securities
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131,508
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107,509
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Investments and other assets
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7,629
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7,683
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Prepaid tax expense
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93
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42
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Property and equipment, net
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37,413
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37,311
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Goodwill
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283,239
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283,239
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Intangible assets, net
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125,808
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143,680
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Deferred tax assets
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13,186
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13,412
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Long-term income tax receivable
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459
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457
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$
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824,550
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$
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869,085
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LIABILITIES AND STOCKHOLDERS' EQUITY:
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Current liabilities:
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Accounts payable
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$
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18,848
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$
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23,360
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Accrued liabilities
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71,108
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74,135
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Credit facility
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37,000
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-
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Income taxes payable
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44
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1,062
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Liability for unrecognized tax benefit
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15,153
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16,076
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Deferred tax liabilities
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7,646
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7,644
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Deferred income
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4,371
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4,530
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Total current liabilities
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154,170
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126,807
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Long-term obligations
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24,718
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36,305
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Deferred tax liabilities
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53,028
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53,493
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Liability for unrecognized tax benefit
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26,036
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25,244
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PMC special shares convertible into 205 (2014 - 278)
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shares of common stock
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480
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745
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Stockholders' equity:
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Common stock and additional paid in capital
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1,590,565
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1,595,809
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Accumulated other comprehensive loss
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(93
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)
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(2,355
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)
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Accumulated deficit
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(1,024,354
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)
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(966,963
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)
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Total stockholders' equity
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566,118
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626,491
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$
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824,550
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$
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869,085
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