Applied Micro Circuits Corporation Reports Third Quarter Fiscal

Applied Micro Circuits Corporation Reports Third Quarter Fiscal 2016 Financial Results

APPLIED MICRO CIRCUITS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)

	Three Months Ended									Nine Months Ended
	December 31,			September 30,			December 31,			December 31,			December 31,
		2015			2015			2014			2015			2014
Operating activities:
Net loss	$	(8,199	)	$	(8,061	)	$	(12,131	)	$	(23,664	)	$	(36,913	)
Adjustments to reconcile net loss to net cash provided by (used for) operating activities:
Depreciation		2,028			1,833			2,223			5,699			6,598
Amortization of purchased intangible assets		-			-			-			-			105
Amortization of bond premium		429			-			-			429			-
Stock-based compensation expense		6,141			5,934			4,857			18,167			14,303
Veloce acquisition consideration		-			-			-			-			7,140
Tax effect on other comprehensive loss		-			-			50			-			(34	)
Non-cash restructuring charges		-			-			14			-			14
Impairment of a strategic investment		-			-			-			-			2,500
Gain on short-term investments and other, net		(1	)		(132	)		(123	)		(1,588	)		(101	)
Changes in operating assets and liabilities:											-
Accounts receivable		172			(1,099	)		(1,366	)		(45	)		5,931
Inventories		700			(574	)		(6,605	)		3,849			(5,271	)
Other assets		754			(355	)		(1,336	)		2,863			(736	)
Accounts payable		992			1,095			8,375			(1,366	)		(3,719	)
Accrued payroll and other accrued liabilities		168			(50	)		1,662			338			(927	)
Veloce accrued liability		(9	)		(25	)		(1,482	)		(99	)		(8,981	)
Deferred revenue		(39	)		(30	)		(22	)		(62	)		(188	)
Net cash provided by (used for) operating activities		3,136			(1,464	)		(5,884	)		4,521			(20,279	)
Investing activities:
Proceeds from sales and maturities of short-term investments		10,380			40,403			3,278			58,227			5,198
Purchases of short-term investments		(14,319	)		(62,573	)		(653	)		(78,021	)		(2,722	)
Proceeds from sale of property and equipment		-			6			-			31			1
Purchases of property and equipment and other assets		(1,232	)		(492	)		(271	)		(2,039	)		(7,291	)
Proceeds from sale of TPack		-			-			-			-			3,353
Net cash provided by (used for) investing activities		(5,171	)		(22,656	)		2,354			(21,802	)		(1,461	)
Financing activities:
Proceeds from issuances of common stock		(2	)		1,112			27			1,243			1,890
Funding of restricted stock units withheld for taxes		(268	)		(207	)		(363	)		(1,687	)		(1,609	)
Net cash provided by (used for) financing activities		(270	)		905			(336	)		(444	)		281
Net decrease in cash and cash equivalents		(2,305	)		(23,215	)		(3,866	)		(17,725	)		(21,459	)
Cash and cash equivalents at the beginning of the period		21,075			44,290			53,946			36,495			71,539
Cash and cash equivalents at the end of the period	$	18,770		$	21,075		$	50,080		$	18,770		$	50,080

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