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PMC Reports Third Quarter 2012 Results

Stocks in this article: PMCS

About PMC

PMC (Nasdaq:PMCS) is the semiconductor 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 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 Nine Months Ended
September 30, July 1, October 2, September 30, October 2,
  2012     2012     2011     2012     2011  
 
 
Net revenues $ 131,723 $ 137,762 $ 173,299 $ 401,579 $ 501,751
Cost of revenues   38,990     41,253     52,640     121,255     164,464  
Gross profit 92,733 96,509 120,659 280,324 337,287
 
Research and development 55,604 56,699 59,669 171,374 170,589
Selling, general and administrative 27,786 29,290 29,981 86,047 91,556
Amortization of purchased intangible assets 11,624 11,626 11,031 34,537 33,083
Impairment of goodwill and purchased intangible assets   276,082     -       -     276,082     -  
(Loss) income from operations (278,363 ) (1,106 ) 19,978 (287,716 ) 42,059
 
Other (expense) income:
Gain on liability for contingent consideration - - 29,376 - 29,376
Gain on investment securities and other 180 527 222 746 559
Amortization of debt issue costs (50 ) (50 ) (50 ) (150 ) (150 )
Foreign exchange (loss) gain (2,454 ) 1,608 3,635 (1,951 ) 1,538
Interest expense, net   (797 )   (563 )   (477 )   (1,539 )   (1,972 )
(Loss) income before recovery of (provision for) income taxes (281,484 ) 416 52,684 (290,610 ) 71,410
Recovery of (provision for) income taxes   7,098     26,064     (5,428 )   (53,567 )   (15,076 )
Net (loss) income $ (274,386 ) $ 26,480   $ 47,256   $ (344,177 ) $ 56,334  
 
Net (loss) income per common share - basic $ (1.31 ) $ 0.12 $ 0.20 $ (1.56 ) $ 0.24
Net (loss) income per common share - diluted $ (1.31 ) $ 0.12 $ 0.20 $ (1.56 ) $ 0.24
 
Shares used in per share calculation - basic 209,512 222,316 232,590 221,323 233,880
Shares used in per share calculation - diluted 209,512 224,560 233,647 221,323 236,236
 




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