Attached files
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| 8-K - PMC-SIERRA, INC. 8-K - PMC SIERRA INC | a50855652.htm |
Exhibit 99.1
PMC Reports First Quarter 2014 Results
PMC
Investor Relations Website: http://investor.pmcs.com
Q1
2014 earnings announcement call live on Website at 1:30 p.m. PT
Conference
call replay number 1 (800) 406-7325; passcode 4679257
Replay
available shortly after end of conference call through May 30, 2014
SUNNYVALE, Calif.--(BUSINESS WIRE)--May 1, 2014--PMC-Sierra, Inc. (PMC®) (NASDAQ:PMCS), the semiconductor and software solutions innovator transforming networks that connect, move and store big data, today reported results for the first quarter ended March 29, 2014.
Net revenues in the first quarter of 2014 totaled $126.5 million, a decrease of 0.3 percent compared to $126.9 million in the fourth quarter of 2013, and an increase of 1.0 percent compared to $125.2 million in the first quarter of 2013.
GAAP net loss in the first quarter of 2014 totaled $4.2 million, or $0.02 per share, compared to a GAAP net loss in the fourth quarter of 2014 of $15.7 million, or $0.08 per share.
Non-GAAP net income in the first quarter of 2014 totaled $16.0 million, or $0.08 per diluted share, compared to non-GAAP net income of $19.0 million, or $0.09 per diluted share, in the fourth quarter of 2013.
“2014 is off to a solid start as we continue to build momentum in both our storage and server businesses,” said Greg Lang, PMC president and chief executive officer. “First quarter revenue and non-GAAP EPS came in above the midpoint of our expectations, driven by strong demand for our Flash and OTN products. We are optimistic about the growing interest in our leading-edge product offerings and believe we are well positioned to capture market share in the year ahead.”
Net income on a non-GAAP basis in the first quarter of 2014 excludes the following items: (i) $6.2 million stock-based compensation expense; (ii) $12.3 million amortization of purchased intangible assets, and (iii) $1.7 million of other adjustments as described in the accompanying GAAP to non-GAAP reconciliation table.
For a full reconciliation of each non-GAAP item used herein to the most directly comparable GAAP financial measure, please refer to the schedule 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 2014 HIGHLIGHTS
The Company announced the following in the first quarter of 2014:
- On March 10, PMC announced the successful interoperability of its DIGI 120G OTN processor and Acacia’s AC100 100G Coherent module, enabling mass deployment of 100G OTN in metro networks, unlocking a 10-fold increase in fiber capacity and eliminating the need for new fiber. Demonstrating interoperability with Acacia’s module is an important step to show that the ecosystem is ready for the 100G transition.
- On March 6, PMC announced its exhibition at CeBIT in Hannover, Germany. PMC held several demonstrations at CeBIT featuring Adaptec by PMC® Series 8 RAID adapters with maxCache™ Plus Tiering Software and 12Gb/s SAS HBA-based Software Defined Storage.
- On February 11, it was announced that PMC’s Adaptec Series 8 card won the Enterprise RAID Card Innovation Award from ZDNet China.
- On January 28, PMC announced it was providing high-density storage connectivity support for the Open Compute Project (OCP). PMC’s 24-port RAID adapter enables the densest Open Rack storage capacity available today. A common scale-out configuration can now support connectivity for 360 drives per rack, a 33 percent increase in capacity.
First Quarter 2014 Conference Call
Management will review the first quarter 2014 results and share its outlook for the second quarter of 2014 during a conference call at 1:30 pm Pacific Time/4:30 pm Eastern Time on May 1, 2014. The conference call webcast will be accessible under the Financial News and Events section at http://investor.pmcs.com. To listen to the conference call live by telephone, dial 1 (877) 941-2069 with passcode 4679257, 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 (800) 406-7325 using the access code 4679257. A replay of the webcast will be available through May 30, 2014.
Safe Harbor Statement
This release contains forward-looking statements that involve risks and uncertainties. The Company’s SEC filings, including the Company’s most recent reports on Form 10-K and Form 10-Q, 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 and software solutions innovator transforming networks that connect, move and store big data. 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 Facebook, Twitter, LinkedIn and RSS.
© Copyright PMC-Sierra, Inc. 2014. All rights reserved. Adaptec by PMC, PMC and PMC-SIERRA are registered trademarks of PMC-Sierra, Inc. in the United States and other countries, and PMCS and MaxCache 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 | ||||||||||||
| March 29, | December 28, | March 30, | ||||||||||
| 2014 | 2013 | 2013 | ||||||||||
| Net revenues | $ | 126,468 | $ | 126,872 | $ | 125,161 | ||||||
| Cost of revenues | 37,564 | 37,349 | 37,387 | |||||||||
| Gross profit | 88,904 | 89,523 | 87,774 | |||||||||
| Research and development | 50,148 | 54,009 | 54,624 | |||||||||
| Selling, general and administrative | 29,340 | 27,768 | 28,342 | |||||||||
| Amortization of purchased intangible assets | 12,329 | 13,547 | 10,784 | |||||||||
| Loss from operations | (2,913 | ) | (5,801 | ) | (5,976 | ) | ||||||
| Other income (expense): | ||||||||||||
| Gain (loss) on investment securities and other investments | 29 | 103 | (16 | ) | ||||||||
| Amortization of debt issue costs | (97 | ) | (50 | ) | - | |||||||
| Foreign exchange gain | 532 | 2,363 | 1,365 | |||||||||
| Interest income, net | 55 | 83 | 264 | |||||||||
| Loss before provision for income taxes | (2,394 | ) | (3,302 | ) | (4,363 | ) | ||||||
| Provision for income taxes | (1,847 | ) | (12,377 | ) | (4,164 | ) | ||||||
| Net loss | $ | (4,241 | ) | $ | (15,679 | ) | $ | (8,527 | ) | |||
| Net loss per common share - basic | $ | (0.02 | ) | $ | (0.08 | ) | $ | (0.04 | ) | |||
| Net loss per common share - diluted | $ | (0.02 | ) | $ | (0.08 | ) | $ | (0.04 | ) | |||
| Shares used in per share calculation - basic | 195,188 | 201,615 | 203,307 | |||||||||
| Shares used in per share calculation - diluted | 195,188 | 201,615 | 203,307 | |||||||||
|
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. |
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|
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 | ||||||||||||
| March 29, | December 28, | March 30, | ||||||||||
|
2014 (1) |
2013 (2) |
2013 (3) |
||||||||||
| GAAP cost of revenues | $ | 37,564 | $ | 37,349 | $ | 37,387 | ||||||
| Stock-based compensation | (241 | ) | (256 | ) | (245 | ) | ||||||
| Acquisition-related costs | - | (5 | ) | - | ||||||||
| Termination recoveries (costs) | 9 | (171 | ) | - | ||||||||
| Non-GAAP cost of revenues | $ | 37,332 | $ | 36,917 | $ | 37,142 | ||||||
| GAAP gross profit | $ | 88,904 | $ | 89,523 | $ | 87,774 | ||||||
| Stock-based compensation | 241 | 256 | 245 | |||||||||
| Acquisition-related costs | - | 5 | - | |||||||||
| Termination (recoveries) costs | (9 | ) | 171 | - | ||||||||
| Non-GAAP gross profit | $ | 89,136 | $ | 89,955 | $ | 88,019 | ||||||
| Non-GAAP gross profit % | 70.5 | % | 70.9 | % | 70.3 | % | ||||||
| GAAP research and development expense | $ | 50,148 | $ | 54,009 | $ | 54,624 | ||||||
| Stock-based compensation | (2,647 | ) | (2,854 | ) | (3,304 | ) | ||||||
| Acquisition-related costs | (800 | ) | (1,071 | ) | (273 | ) | ||||||
| Termination recoveries (costs) | 58 | (2,690 | ) | (392 | ) | |||||||
| Asset impairment | - | (508 | ) | - | ||||||||
| Non-GAAP research and development expense | $ | 46,759 | $ | 46,886 | $ | 50,655 | ||||||
| GAAP selling, general and administrative expense | $ | 29,340 | $ | 27,768 | $ | 28,342 | ||||||
| Stock-based compensation | (3,303 | ) | (3,694 | ) | (3,833 | ) | ||||||
| Acquisition-related costs | (61 | ) | (39 | ) | (6 | ) | ||||||
| Lease exit costs | (142 | ) | (48 | ) | - | |||||||
| Termination costs | (3 | ) | (1,282 | ) | (207 | ) | ||||||
| Reversal of accruals | - | 1,300 | - | |||||||||
| Asset impairment | (477 | ) | (639 | ) | - | |||||||
| Other expenses | (58 | ) | - | - | ||||||||
| Non-GAAP selling, general and administrative expense | $ | 25,296 | $ | 23,366 | $ | 24,296 | ||||||
| GAAP amortization of purchased intangible assets | $ | 12,329 | $ | 13,547 | $ | 10,784 | ||||||
| Amortization of purchased intangible assets | (12,329 | ) | (13,547 | ) | (10,784 | ) | ||||||
| Non-GAAP amortization of purchased intangible assets | $ | - | $ | - | $ | - | ||||||
| GAAP other income (expense) | $ | 519 | $ | 2,499 | $ | 1,613 | ||||||
| Foreign exchange gain on foreign tax liabilities | (879 | ) | (2,564 | ) | (1,313 | ) | ||||||
| Non-GAAP other income (expense) | $ | (360 | ) | $ | (65 | ) | $ | 300 | ||||
| GAAP provision for (recovery of) income taxes | $ | 1,847 | $ | 12,377 | $ | 4,164 | ||||||
| (Provision for) recovery of income tax matters | (1,111 | ) | (11,760 | ) | (4,056 | ) | ||||||
| Non-GAAP provision for (recovery of) income taxes | $ | 736 | $ | 617 | $ | 108 | ||||||
| GAAP operating expenses | $ | 91,817 | $ | 95,324 | $ | 93,750 | ||||||
| Stock-based compensation | (5,950 | ) | (6,548 | ) | (7,137 | ) | ||||||
| Acquisition-related costs | (861 | ) | (1,110 | ) | (279 | ) | ||||||
| Asset impairment | (477 | ) | (1,147 | ) | - | |||||||
| Lease exit costs | (142 | ) | (48 | ) | - | |||||||
| Termination recoveries (costs) | 55 | (3,972 | ) | (599 | ) | |||||||
| Amortization of purchased intangible assets | (12,329 | ) | (13,547 | ) | (10,784 | ) | ||||||
| Reversal of accruals | - | 1,300 | - | |||||||||
| Other expenses | (58 | ) | - | - | ||||||||
| Non-GAAP operating expenses | $ | 72,055 | $ | 70,252 | $ | 74,951 | ||||||
| March 29, |
December 28, |
March 30, |
||||||||||
| 2014 | 2013 | 2013 | ||||||||||
| GAAP operating income (loss) | $ | (2,913 | ) | $ | (5,801 | ) | $ | (5,976 | ) | |||
| Stock-based compensation | 6,191 | 6,804 | 7,382 | |||||||||
| Acquisition-related costs | 861 | 1,115 | 279 | |||||||||
| Asset impairment | 477 | 1,147 | - | |||||||||
| Lease exit costs | 142 | 48 | - | |||||||||
| Termination (recoveries) costs | (64 | ) | 4,143 | 599 | ||||||||
| Amortization of purchased intangible assets | 12,329 | 13,547 | 10,784 | |||||||||
| Reversal of accruals | - | (1,300 | ) | - | ||||||||
| Other expenses | 58 | - | - | |||||||||
| Non-GAAP operating income | $ | 17,081 | $ | 19,703 | $ | 13,068 | ||||||
| Non-GAAP operating margin | 14 | % | 16 | % | 10 | % | ||||||
| GAAP net (loss) income | $ | (4,241 | ) | $ | (15,679 | ) | $ | (8,527 | ) | |||
| Stock-based compensation | 6,191 | 6,804 | 7,382 | |||||||||
| Acquisition-related costs | 861 | 1,115 | 279 | |||||||||
| Termination (recoveries) costs | (64 | ) | 4,143 | 599 | ||||||||
| Reversal of accruals | - | (1,300 | ) | - | ||||||||
| Asset impairment | 477 | 1,147 | - | |||||||||
| Lease exit costs | 142 | 48 | - | |||||||||
| Amortization of purchased intangible assets | 12,329 | 13,547 | 10,784 | |||||||||
| Other expenses | 58 | - | - | |||||||||
| Foreign exchange gain on foreign tax liabilities | (879 | ) | (2,564 | ) | (1,313 | ) | ||||||
| Provision for (recovery of) income tax matters | 1,111 | 11,760 | 4,056 | |||||||||
| Non-GAAP net income | $ | 15,985 | $ | 19,021 | $ | 13,260 | ||||||
| Non-GAAP net income per share - basic | $ | 0.08 | $ | 0.09 | $ | 0.07 | ||||||
| Non-GAAP net income per share - diluted | $ | 0.08 | $ | 0.09 | $ | 0.06 | ||||||
| Shares used to calculate non-GAAP net income per share - basic | 195,188 | 201,615 | 203,307 | |||||||||
| Shares used to calculate non-GAAP net income per share - diluted | 198,306 | 203,047 | 205,475 | |||||||||
| (1) $6.2 million stock-based compensation expense; $0.9 million acquisition-related costs; $0.1 million recovery of termination costs; $12.3 million amortization of purchased intangible assets; $0.9 million foreign exchange gain on foreign tax liabilities; $0.5 million asset impairment; $0.1 million lease exit costs; $0.1 million other expenses, and $1.1 million provision for income taxes which includes $0.8 million income tax provision related to unrecognized tax benefits, $0.3 million income tax provision related to prepaid tax amortization, $0.4 million tax provision related to certain income tax credits, $0.1 million for adjustments related to prior periods, and $0.5 million deferred income tax benefit related to tax deductible items above. | ||||||||||||
|
(2) $6.8 million stock-based compensation expense; $1.1 million acquisition-related costs and deferred tax effects; $4.1 million termination costs; $1.1 million asset impairment; $1.3 million reversal of accrual; $0.1 million lease exit costs; $13.5 million amortization of purchased intangible assets; $2.6 million foreign exchange gain on foreign tax liabilities; and $11.8 million provision for income taxes which includes $1.9 million income tax recovery related to intercompany transactions, $2.9 million income tax recovery for adjustments related to prior periods and changes in estimates, $0.9 million income tax provision related to unrecognized tax benefits, $3.3 million provision related to non-deductible intangible asset amortization, $0.7 million income tax provision related to foreign exchange translation of a foreign subsidiary, $10.4 million deferred tax provision related to changes in assessments for certain income tax credits, and $1.3 million income tax provision related to tax deductible goodwill and other items above. |
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| (3) $7.4 million stock-based compensation expense; $0.3 million acquisition-related costs; $0.6 million termination costs; $10.8 million amortization of purchased intangible assets; $1.3 million foreign exchange gain on foreign tax liabilities; and $4.1 million provision for income taxes which includes $1.8 million tax provision related to intercompany transactions, $2.6 million income tax provision related to unrecognized tax benefits, $0.5 million deferred tax recovery related to non-deductible intangible asset amortization, $0.1 million tax provision for adjustments related to prior periods, and $0.1 million income tax provision related to tax deductible items above. | ||||||||||||
| PMC-Sierra, Inc. | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| (in thousands) | ||||||||
| (unaudited) | ||||||||
| March 29, | December 28, | |||||||
| 2014 | 2013 | |||||||
| ASSETS: | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 76,928 | $ | 100,038 | ||||
| Short-term investments | 15,526 | 10,894 | ||||||
| Cash, cash equivalents and short-term investments | 92,454 | 110,932 | ||||||
| Accounts receivable, net | 56,646 | 56,112 | ||||||
| Inventories, net | 30,210 | 31,074 | ||||||
| Prepaid expenses and other current assets | 17,991 | 19,855 | ||||||
| Income tax receivable | 3,780 | 2,640 | ||||||
| Prepaid tax expense | 5,346 | 5,695 | ||||||
| Deferred tax assets (1) | 3,170 | 43,131 | ||||||
| Total current assets | 209,597 | 269,439 | ||||||
| Investment securities | 100,459 | 103,391 | ||||||
| Investments and other assets | 8,939 | 10,750 | ||||||
| Prepaid tax expenses | 93 | 93 | ||||||
| Property and equipment, net | 38,255 | 39,149 | ||||||
| Goodwill and other intangible assets, net | 412,051 | 425,823 | ||||||
| Deferred tax assets (1) | 1,255 | 1,306 | ||||||
| $ | 770,649 | $ | 849,951 | |||||
| LIABILITIES AND STOCKHOLDERS' EQUITY: | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 18,027 | $ | 23,173 | ||||
| Accrued liabilities | 54,447 | 64,257 | ||||||
| Credit facility | 5,000 | 30,000 | ||||||
| Income taxes payable | 2,696 | 632 | ||||||
| Liability for unrecognized tax benefit (1) | 19,942 | 54,127 | ||||||
| Deferred income taxes | 7 | 71 | ||||||
| Deferred income | 5,560 | 7,481 | ||||||
| Total current liabilities | 105,679 | 179,741 | ||||||
| Long-term obligations | 9,208 | 11,108 | ||||||
| Deferred income taxes | 47,529 | 43,143 | ||||||
| Liability for unrecognized tax benefit (1) | 18,097 | 27,947 | ||||||
|
PMC special shares convertible into 1,019 (2013 - 1,019) shares of common stock |
1,188 | 1,188 | ||||||
| Stockholders' equity: | ||||||||
| Common stock and additional paid in capital | 1,560,907 | 1,550,385 | ||||||
| Accumulated other comprehensive loss | (673 | ) | (526 | ) | ||||
| Accumulated deficit | (971,286 | ) | (963,035 | ) | ||||
| Total stockholders' equity | 588,948 | 586,824 | ||||||
| $ | 770,649 | $ | 849,951 | |||||
| (1) Effective from the beginning of the first quarter of 2014, the Company adopted Financial Accounting Standards Board's Accounting Standards Update (“ASU”) No. 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or Tax Credit Carryforward Exists”. Approximately $44 million of deferred tax assets of a foreign subsidiary were derecognized along with the related liability for unrecognized tax benefits as a result of this presentation adoption, with no impact to the Condensed Consolidated Statements of Operations. | ||||||||
| 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 | ||||||
CONTACT:
PMC-Sierra, Inc.
Hillary Choularton, 1-604-415-6671
hillary.choularton@pmcs.com
Communications
Specialist
or
The Blueshirt Group
Suzanne Schmidt, 1-415-217-4962
suzanne@blueshirtgroup.com