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Net revenues in the third quarter of 2009 were $130.9 million, an increase of 6 percent compared to $123.2 million in the second quarter of 2009 and 6 percent lower than net revenues of $139.4 million reported in the third quarter of 2008.
Net income in the third quarter of 2009 on a GAAP basis was $27.8 million (GAAP diluted earnings per share of $0.12) compared with net income of $7.8 million (GAAP diluted earnings per share of $0.03) in the second quarter of 2009 and net income of $4.5 million (GAAP diluted earnings per share of $0.02) in the third quarter of 2008.
Non-GAAP net income in the third quarter of 2009 was $34.5 million (non-GAAP diluted earnings per share of $0.15), an increase of 16 percent compared to $29.7 million (non-GAAP diluted earnings per share of $0.13) in the second quarter of 2009, and two cents per share above the non-GAAP diluted earnings per share of $0.13 achieved in the third quarter of 2008 when revenues reached $139.4 million.
"In the third quarter of 2009, we benefited from improved demand in our Storage business, led by the continued ramp in our new 6Gb/s SAS RAID-on-Chip device at H-P, as well as growth in our Microprocessor business," said Greg Lang, president and chief executive officer of PMC-Sierra. "This past quarter, we achieved the highest level of non-GAAP operating income in the last nine years on revenue that was 6 percent below peak quarterly revenue last year."
Net income on a non-GAAP basis in the third quarter of 2009 excludes the following items: (i) $5.1 million stock-based compensation expense; (ii) $0.3 million recovery of previously accrued termination costs; (iii) $9.8 million amortization of purchased intangible assets; (iv) $0.2 million restructuring costs; (v) $0.8 million of non-cash interest expense for the accretion of the debt discount related to the senior convertible notes; (vi) $1.0 million foreign exchange loss on foreign tax liabilities; and (vii) $9.9 million income tax recovery.
For a full reconciliation of GAAP net income to non-GAAP net income, 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.
The Company made the following announcements in Q3 2009:
-- We introduced the META 20G device that enables Carrier Ethernet Switch and Router (CESR) equipment to seamlessly connect to emerging Metro Optical Transport Networks (OTN). The META 20G enables a converged OTN infrastructure across IP and optical equipment with unified end-to-end network management. The device integrates Carrier Ethernet mapping and framing of 10GE LAN and WAN, and OTN mapping of IP-services such as Storage Area Networks (SAN) and Video protocols, while maintaining Packet over SONET/SDH service. The META 20G is the latest addition to PMC-Sierra's OTN product portfolio, which includes the HyPHY 20G and HyPHY 10G for Packet Optical Transport Platforms (P-OTP) and Multi-Service Provisioning Platforms (MSPP). The portfolio provides a chipset solution for end-to-end integration of OTN across metro networks.
-- In Q3, we announced the volume production of our maxSAS(TM) end-to-end chipset for 6Gb/s SAS enterprise storage systems. PMC-Sierra's complete 6Gb/s SAS chipset--which includes the Tachyon(R) SPC 8x6G SAS protocol controller, SXP 36x6GSec 36-port and SXP 24x6GSec 24-port SAS Expanders, and system management firmware--is shipping in volume to multiple leading storage and server OEMs.
Third Quarter 2009 Conference Call
Management will review the results for the third quarter of 2009 and provide an outlook for the fourth quarter of 2009 during a conference call at 2:30 pm Pacific Time/5:30 pm Eastern Time on October 22, 2009. The conference call webcast will be accessible under the Financial Events and Calendar section at http://investor.pmc-sierra.com/. To listen to the conference call live by telephone, dial 416-640-3404 approximately ten minutes before the start time. A telephone playback will be available after the completion of the call and can be accessed at 647-436-0148 using the access code 6475519. A replay of the webcast will be available for five business days.
Fourth Quarter 2009 Conference Call
PMC-Sierra is planning to release its results for the fourth quarter of 2009 in late January 2010. A conference call will be held on the day of the release to review the quarter and provide an outlook for the first quarter of 2010.
Safe Harbor Statement
PMC-Sierra's forward-looking statements are subject to risks and uncertainties. Actual results may differ from these projections, and reported results should not be considered as an indication of future performance. The Company's SEC filings describe more fully the risks associated with the Company's business including PMC-Sierra's limited revenue visibility due to variable customer demands, uncertainty in the financial and credit markets, market segment growth or decline, orders with short delivery lead times, customer concentration, and other items such as foreign exchange rates. The Company does not undertake any obligation to update the forward-looking statements.
About PMC-Sierra
PMC-Sierra(R), the premier Internet infrastructure semiconductor solution provider, offers its customers technical and sales support worldwide through a network of offices in North America, Europe, Israel and Asia. PMC-Sierra provides semiconductor solutions for Enterprise Storage, Wide Area Network Infrastructure, Fiber To The Home, and Laser Printer/SMB NAS markets. The Company is publicly traded on the NASDAQ Stock Market under the PMCS symbol. For more information, visit www.pmc-sierra.com.
(C) Copyright PMC-Sierra, Inc. 2009. All rights reserved. PMC and PMC-SIERRA are registered trademarks of PMC-Sierra, Inc. in the United States and other countries. Other product and company names mentioned herein may be trademarks of their respective owners.
PMC-Sierra, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except for per share amounts)
(unaudited)
Three Months Ended Nine Months Ended
September 27, June 28, September 28, September 27, September 28,
2009 2009 2008 2009 2008
Restated * Restated *
Net revenues $ 130,876 $ 123,194 $ 139,356 $ 356,642 $ 404,235
Cost of revenues 44,432 39,413 47,373 120,648 139,752
Gross profit 86,444 83,781 91,983 235,994 264,483
Other costs and expenses:
Research and development 35,823 36,383 39,688 110,834 116,993
Selling, general and administrative 19,743 22,222 23,565 63,854 71,954
Amortization of purchased intangible assets 9,836 9,836 9,836 29,508 29,508
Restructuring costs and other charges 175 303 (259 ) 813 785
Income from operations 20,867 15,037 19,153 30,985 45,243
Other income (expense):
Foreign exchange gain (loss) (1,094 ) (2,867 ) 873 109 2,965
Gain on repurchase of senior convertible notes, net - - - - 4,931
Amortization of debt issue costs (50 ) (50 ) (94 ) (150 ) (332 )
Loss on subleased facilities - - - (538 ) -
Interest income (expense), net (487 ) (841 ) 181 (2,139 ) 622
Recovery on investments, net - - 400 - 400
Loss on investment securities - - (11,790 ) - (11,790 )
Income before provision for income taxes 19,236 11,279 8,723 28,267 42,039
Recovery of (provision) for income taxes 8,583 (3,430 ) (4,266 ) 3,484 77,445
Net income $ 27,819 $ 7,849 $ 4,457 $ 31,751 $ 119,484
Net income per common share - basic $ 0.12 $ 0.03 $ 0.02 $ 0.14 $ 0.54
Net income per common share - diluted $ 0.12 $ 0.03 $ 0.02 $ 0.14 $ 0.53
Shares used in per share calculation - basic 227,123 224,861 222,335 225,276 221,091
Shares used in per share calculation - diluted 231,863 227,883 225,803 228,172 223,573
* Effective December 29, 2008, the Company retrospectively adopted
Financial Accounting Standards Board Accounting Standards
Codification 470, the Debt Topic for the accounting of
convertible debt instruments that may be settled in cash upon
conversion (including partial cash settlements). Accordingly, the
comparative condensed consolidated financial statements have been
restated.
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, restructuring costs and other charges, other income
(expense), provision for (recovery of) income taxes, operating
expenses, operating income, net income, and basic and diluted net
income 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, Restructuring Costs and Other Charges,
Other Income (Expense), Provision for (Recovery of) Income Taxes,
Operating Expenses, Operating Income,
Net Income, and Basic and Diluted Net Income Per Share
(in thousands, except for per share amounts)
(unaudited)
Three Months Ended Nine Months Ended
September 27, June 28, September 28, September 27, September 28,
2009 (1) 2009 (2) 2008 (3) 2009 (4) 2008 (5)
Restated * Restated *
GAAP cost of revenues $ 44,432 $ 39,413 $ 47,373 $ 120,648 $ 139,752
Stock-based compensation (149 ) (226 ) (233 ) (580 ) (958 )
Non-GAAP cost of revenues $ 44,283 $ 39,187 $ 47,140 $ 120,068 $ 138,794
GAAP gross profit $ 86,444 $ 83,781 $ 91,983 $ 235,994 $ 264,483
Stock-based compensation 149 226 233 580 958
Non-GAAP gross profit $ 86,593 $ 84,007 $ 92,216 $ 236,574 $ 265,441
Non-GAAP gross profit % 66 % 68 % 66 % 66 % 66 %
GAAP research and development expense $ 35,823 $ 36,383 $ 39,688 $ 110,834 $ 116,993
Stock-based compensation (2,173 ) (2,062 ) (2,425 ) (6,566 ) (8,807 )
Exclusion of termination costs 129 - - (1,039 ) -
Non-GAAP research and development expense $ 33,779 $ 34,321 $ 37,263 $ 103,229 $ 108,186
GAAP selling, general and administrative expense $ 19,743 $ 22,222 $ 23,565 $ 63,854 $ 71,954
Stock-based compensation (2,798 ) (3,343 ) (2,699 ) (9,066 ) (9,954 )
Exclusion of termination costs 147 - - (624 ) -
Non-GAAP selling, general and administrative expense $ 17,092 $ 18,879 $ 20,866 $ 54,164 $ 62,000
GAAP amortization of purchased intangible assets $ 9,836 $ 9,836 $ 9,836 $ 29,508 $ 29,508
Exclusion of amortization of purchased intangible assets (9,836 ) (9,836 ) (9,836 ) (29,508 ) (29,508 )
Non-GAAP amortization of purchased intangible assets $ - $ - $ - $ - $ -
GAAP restructuring costs and other charges $ 175 $ 303 $ (259 ) $ 813 $ 785
Exclusion of restructuring costs and other charges (175 ) (303 ) 259 (813 ) (785 )
Non-GAAP restructuring costs and other charges $ - $ - $ - $ - $ -
GAAP other income (expense) $ (1,631 ) $ (3,758 ) $ (10,430 ) $ (2,718 ) $ (3,204 )
Loss on subleased facilities - - - 538 -
Accretion of the debt discount related to the senior convertible 757 742 1,300 2,227 4,480
notes
Gain on repurchase of senior convertible notes, net - - - - (4,930 )
Foreign exchange loss (gain) on foreign tax liabilities 978 2,889 (784 ) 291 (3,624 )
Loss on investment securities - - 11,790 - 11,790
Recovery of investment loss - - (400 ) - (400 )
Non-GAAP other income (expense) $ 104 $ (127 ) $ 1,476 $ 338 $ 4,112
GAAP provision for (recovery of) income taxes $ (8,583 ) $ 3,430 $ 4,266 $ (3,484 ) $ (77,445 )
Recovery of (provision for) income tax matters 9,884 (2,450 ) 2,034 6,404 94,210
Non-GAAP provision for income taxes $ 1,301 $ 980 $ 6,300 $ 2,920 $ 16,765
Three Months Ended Nine Months Ended
September 27, June 28, September 28, September 27, September 28,
2009 (1) 2009 (2) 2008 (3) 2009 (4) 2008 (5)
Restated * Restated *
GAAP operating expenses $ 65,577 $ 68,744 $ 72,830 $ 205,009 $ 219,240
Stock-based compensation (4,971 ) (5,405 ) (5,124 ) (15,632 ) (18,761 )
Exclusion of termination costs 276 - - (1,663 ) -
Exclusion of amortization of purchased intangible assets (9,836 ) (9,836 ) (9,836 ) (29,508 ) (29,508 )
Exclusion of restructuring costs and other charges (175 ) (303 ) 259 (813 ) (785 )
Non-GAAP operating expenses $ 50,871 $ 53,200 $ 58,129 $ 157,393 $ 170,186
GAAP operating income $ 20,867 $ 15,037 $ 19,153 $ 30,985 $ 45,243
Stock-based compensation 5,120 5,631 5,357 16,212 19,719
Exclusion of termination costs (276 ) - - 1,663 -
Exclusion of amortization of purchased intangible assets 9,836 9,836 9,836 29,508 29,508
Exclusion of restructuring costs and other charges 175 303 (259 ) 813 785
Non-GAAP operating income $ 35,722 $ 30,807 $ 34,087 $ 79,181 $ 95,255
GAAP net income $ 27,819 $ 7,849 $ 4,457 $ 31,751 $ 119,484
Stock-based compensation 5,120 5,631 5,357 16,212 19,719
Exclusion of termination costs (276 ) - - 1,663 -
Exclusion of amortization of purchased intangible assets 9,836 9,836 9,836 29,508 29,508
Exclusion of restructuring costs and other charges 175 303 (259 ) 813 785
Loss on subleased facilities - - - 538 -
Accretion of the debt discount related to the senior convertible 757 742 1,300 2,227 4,480
notes
Gain on repurchase of senior convertible notes, net - - - - (4,930 )
Loss on investment securities - - 11,790 - 11,790
Recovery of investment loss - - (400 ) - (400 )
Foreign exchange loss (gain) on foreign tax liabilities 978 2,889 (784 ) 291 (3,624 )
Provision for (recovery of) income tax matters (9,884 ) 2,450 (2,034 ) (6,404 ) (94,210 )
Non-GAAP net income $ 34,525 $ 29,700 $ 29,263 $ 76,599 $ 82,602
Non-GAAP net income per share - basic $ 0.15 $ 0.13 $ 0.13 $ 0.34 $ 0.37
Non-GAAP net income per share - diluted $ 0.15 $ 0.13 $ 0.13 $ 0.34 $ 0.37
Shares used to calculate non-GAAP net income per share - basic 227,123 224,861 222,335 225,276 221,091
Shares used to calculate non-GAAP net income per share - diluted 231,863 227,883 225,803 228,172 223,573
Non-GAAP adjustments
(1) $5.1 million stock-based compensation expense; $0.3 million
recovery of previously accrued termination costs; $9.8 million
amortization of purchased intangible assets; $0.2 million
restructuring costs; $0.8 million of non-cash interest expense for
the accretion of the debt discount related to the senior
convertible notes; $1.0 million foreign exchange loss on foreign
tax liabilities; and $9.9 million income tax recovery which
includes $9.4 million net deferred tax recovery relating to
foreign exchange translation of a foreign subsidiary, $0.3 million
arrears interest relating to unrecognized tax benefits, $1.0
million tax effect on inter-company transactions, $0.8 million tax
adjustments based on completed filings and assessments received
from tax authorities, and $1.0 million income tax recovery related
to the adjustments above.
(2) $5.6 million stock-based compensation expense; $9.8 million
amortization of purchased intangible assets; $0.3 million
restructuring costs; $0.7 million of non-cash interest expense for
the accretion of the debt discount related to the senior
convertible notes; $2.9 million foreign exchange loss on foreign
tax liabilities; and $2.5 million income tax provision which
includes $1.5 million net deferred tax expense relating to foreign
exchange translation of a foreign subsidiary, $0.3 million arrears
interest relating to unrecognized tax benefits, $1.2 million tax
effect on inter-company transactions, and $0.5 million income tax
recovery related to the adjustments above.
(3) $5.4 million stock-based compensation expense; $9.8 million
amortization of purchased intangible assets; $0.3 million net
reversal of restructuring accruals relating to facilities; $1.3
million of non-cash interest expense for the accretion of the debt
discount related to the senior convertible notes; $11.8 million
related to loss on investment securities; $0.4 million recovery of
investment loss; $0.8 million foreign exchange gain on foreign tax
liabilities; and $2.0 million net income tax recovery relating to
$0.7 million tax adjustments based on completed filings and
assessments received from tax authorities, $1.6 million income tax
effect related to the non-GAAP adjustments above and $0.3 million
interest relating to unrecognized tax benefits.
(4) $16.2 million stock-based compensation expense; $1.7 million
of termination costs; $29.5 million amortization of purchased
intangible assets; $0.8 million restructuring costs; $0.5 million
loss on subleased facilities; $2.2 million of non-cash interest
expense for the accretion of the debt discount related to the
senior convertible notes; $0.3 million foreign exchange loss on
foreign tax liabilities; and $6.4 million income tax recovery
which includes $8.4 million net deferred tax recovery relating to
foreign exchange translation of a foreign subsidiary, $1.0 million
arrears interest relating to unrecognized tax benefits, $3.1
million tax effect on inter-company transactions, $0.1 million tax
adjustments based on completed filings and assessments received
from tax authorities and $2.0 million income tax recovery related
to the adjustments above.
(5) $19.7 million stock-based compensation expense; $29.5 million
amortization of purchased intangible assets; $0.8 million
restructuring costs; $4.5 million of non-cash interest expense for
the accretion of the debt discount related to the senior
convertible notes; $4.9 million gain on the repurchase of senior
convertible notes, net; $11.8 million related to loss on
investment securities; $0.4 million recovery of investment loss;
$3.6 million foreign exchange gain on foreign tax liabilities; and
$94.2 million income tax recovery relating to $91.3 million
related to the net adjustment to accrual for unrecognized tax
benefits and $2.9 million income tax effect related to the
non-GAAP adjustments above.
PMC-Sierra, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
September 27, December 28,
2009 2008
Restated *
ASSETS:
Current assets:
Cash and cash equivalents $ 181,044 $ 97,839
Short-term investments 94,019 209,685
Accounts receivable, net 48,261 40,191
Inventories, net 26,259 34,003
Prepaid expenses and other current assets 14,501 9,683
Deferred tax assets 3,994 3,949
Total current assets 368,078 395,350
Goodwill 396,144 396,144
Intangible assets, net 121,626 153,956
Investment securities 144,519 -
Prepaid expenses 22,751 -
Property and equipment, net 14,253 15,858
Investments and other assets 8,753 3,512
Deposits for wafer fabrication capacity 5,145 5,145
$ 1,081,269 $ 969,965
LIABILITIES AND STOCKHOLDERS' EQUITY:
Current liabilities:
Accounts payable $ 26,175 $ 17,066
Accrued liabilities 53,139 51,390
Liability for unrecognized tax benefit 28,565 23,398
Income taxes payable 3,807 -
Deferred income taxes 1,767 2,042
Accrued restructuring costs 4,565 5,938
Deferred income 11,958 11,200
Total current liabilities 129,976 111,034
2.25% senior convertible notes due October 15, 2025, net 57,584 55,357
Long-term obligations 4,578 503
Deferred income taxes 21,598 17,806
Liability for unrecognized tax benefit 8,664 3,352
PMC special shares convertible into 1,648 (2008 - 2,045) shares of 2,115 2,655
common stock
Stockholders' equity
Common stock and additional paid in capital 1,512,465 1,471,717
Accumulated other comprehensive income (loss) 1,779 (3,218 )
Accumulated deficit (657,490 ) (689,241 )
Total stockholders' equity 856,754 779,258
$ 1,081,269 $ 969,965
PMC-Sierra, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Nine Months Ended
September 27, September 28,
2009 2008
Restated *
Cash flows from operating activities:
Net income $ 31,751 $ 119,484
Adjustments to reconcile net income to net cash provided by
operating activities:
Stock-based compensation 16,212 19,719
Depreciation and amortization 42,437 44,521
Non-cash accretion of investment securities (419 ) -
Foreign exchange (gain) loss on tax liability, net 292 (3,311 )
Gain on repurchase of senior convertible notes, net - (4,873 )
Gain on sale of investments and other assets - (32 )
Loss on subleased facilities 538 -
Changes in operating assets and liabilities:
Accounts receivable (8,070 ) (6,856 )
Inventories 7,995 (3,938 )
Prepaid expenses and other current assets 2,403 4,972
Accounts payable and accrued liabilities 6,598 (22,069 )
Deferred income taxes and income taxes payable (6,893 ) (79,718 )
Accrued restructuring costs (1,373 ) (3,971 )
Deferred income 758 288
Net cash provided by operating activities 92,229 64,216
Cash flows from investing activities:
Purchases of property and equipment (4,570 ) (5,406 )
Purchases of intangible assets (1,398 ) (5,645 )
Redemption of short-term investments 170,802 -
Disposals of investment securities 11,142 -
Purchases of investment securities (209,311 ) (119,067 )
Net cash used in investing activities (33,335 ) (130,118 )
Cash flows from financing activities:
Repurchase of senior convertible notes - (95,491 )
Proceeds from issuance of common stock 24,311 16,510
Net cash provided by (used in) financing activities 24,311 (78,981 )
Effect of exchange rate changes on cash and cash equivalents - (658 )
Net increase (decrease) in cash and cash equivalents 83,205 (145,541 )
Cash and cash equivalents, beginning of the period 97,839 364,922
Cash and cash equivalents, end of the period $ 181,044 $ 219,381
SOURCE: PMC-Sierra, Inc.
PMC-Sierra, Inc. Mike Zellner, Vice President & CFO, 1 408-988-1204 or David Climie, VP Marketing Communications, 1 408-988-8276 or Susan Shaw, Sr Manager, Communications, 1 408-988-8515
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