PMCS Sierra leading producer of chips for ATM:
PMC-Sierra, Inc. Reports First Quarter Results and
a Two-for-One Stock Split
BURNABY, B.C.--(BUSINESS WIRE)--April 15, 1999--PMC-Sierra, Inc. (Nasdaq:PMCS - news) today announced
net revenues of $50.1 million, net earnings of $12.5 million and earnings per share (diluted) of $0.35, for the first quarter of
1999.
The prior year's first quarter results included net revenues of $34.3 million, earnings of $9.6 million and earnings per share
(diluted) of $0.29. First quarter 1999 revenues included $47.1 million related to networking semiconductors and $3.0 million
related to non-networking products compared to $27.9 million and $6.4 million respectively in the first quarter of 1998.
''PMC-Sierra grew its networking revenue 10% over last quarter and 69% compared to last year's first quarter,'' explained
Bob Bailey, President & Chief Executive Officer. ''Revenue, earnings and bookings grew, resulting in the eighth straight
quarter of record networking revenues with growing design win momentum.''
PMC-Sierra also announced that its Board of Directors has approved a two-for-one stock split in the form of a 100% stock
dividend. Stockholders of record on April 30, 1999 will be issued one additional share of common stock for each share of
common stock held on the record date. The additional shares will be mailed or delivered on or about May 14, 1999.
Approximately 64 million shares will be outstanding upon completion of the split.
PMC-Sierra develops and markets products which provide its customers with advanced internetworking semiconductor
solutions for the global information infrastructure. PMC-Sierra is traded on the Nasdaq National Market under the symbol
PMCS. Additional information on the Company can be found on line at pmc-sierra.com.
PMC-Sierra, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except for per share amounts)
(unaudited)
Three Months Ended
March 28, Dec. 27, March 29,
1999 1998 1998
Net revenues $ 50,139 $ 45,437 $ 34,295
Cost of revenues 10,974 10,082 8,135
--------- --------- ---------
Gross profit 39,165 35,355 26,160
Other costs and expenses:
Research and development 11,558 10,705 6,016
Marketing, general and
administrative 9,464 7,649 6,122
--------- --------- ---------
Income from operations 18,143 17,001 14,022
Interest income, net 1,056 783 824
--------- --------- ---------
Income before provision
for income taxes 19,199 17,784 14,846
Provision for income taxes 6,726 6,403 5,197
--------- --------- ---------
Net income $ 12,473 $ 11,381 $ 9,649
========= ========= =========
Basic net income per share $ 0.38 $ 0.35 $ 0.31
========= ========= =========
Diluted net income per share $ 0.35 $ 0.33 $ 0.29
========= ========= =========
Shares used to calculate:
Basic net income per share 32,806 32,460 31,524
Diluted net income per share 35,596 34,876 33,701
PMC-Sierra, Inc.
CONSOLIDATED BALANCE SHEETS
(in thousands)
March 28, Dec. 27,
1999 1998
(unaudited)
ASSETS:
Current assets:
Cash and cash equivalents $ 104,759 $ 33,943
Short-term investments - 50,893
Accounts receivable, net 24,292 26,227
Inventories 5,008 3,617
Prepaid expenses and other current assets 3,948 3,840
Short-term deposits for wafer
fabrication capacity - 4,000
----------- -----------
Total current assets 138,007 122,520
Property and equipment, net 33,060 31,595
Goodwill and other intangible assets, net 18,477 19,629
Investments and other assets 4,732 4,434
Deposits for wafer fabrication capacity 19,120 19,120
----------- -----------
$ 213,396 $ 197,298
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY:
Current liabilities:
Accounts payable $ 11,155 $ 8,964
Accrued liabilities 17,169 14,618
Deferred income 14,380 12,517
Accrued income taxes 8,952 13,897
Current portion of obligations under
capital leases and long-term debt 4,780 4,909
----------- -----------
Total current liabilities 56,436 54,905
Deferred income taxes 2,818 2,851
Noncurrent obligations under capital
leases and long-term debt 4,228 5,223
Special shares convertible into
PMC common stock 7,550 8,387
Stockholders' equity:
Common stock, par value $0.001 32 31
Additional paid in capital 185,355 181,397
Accumulated deficit (43,023) (55,496)
----------- -----------
Total stockholders' equity 142,364 125,932
----------- -----------
$ 213,396 $ 197,298
=========== ===========
Contact:
PMC-Sierra
John W. Sullivan, 604/415-6145 (VP Finance & CFO)
Sullivan@pmc-sierra.com
Glen S. Kayll, 604/415-6144 (Manager, I.R.)
Kayll@pmc-sierra.com
Susan Shaw, 604/415-6031 (Manager, Public Relations)
Sshaw@pmc-sierra.com
More Quotes and News:
PMC-Sierra Inc (Nasdaq:PMCS - news)
Related News Categories: computers, earnings, semiconductors
Help
Copyright © 1999 Business Wire. All rights reserved. All the news releases provided by Business Wire are copyrighted. Any forms of
copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these
materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving ina public database, redistributing via a
computer network or in a printed form.
See our Important Disclaimers and Legal Information.
Questions or C |
