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.

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