PMC Reports Second Quarter 2015 Results

Q2 2015 earnings announcement call live on http://investor.pmcs.com at 1:30 p.m. PT

Conference call: 1 (888) 364-3108 or 1 (719) 325-2458 outside North America; passcode 8830911#

Replay available shortly after end of conference call through August 22, 2015

SUNNYVALE, Calif. — (BUSINESS WIRE) — July 23, 2015 — 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 second quarter ended June 27, 2015.

Net revenues in the second quarter of 2015 totaled $124.8 million, a decrease of 1.6 percent, compared to $126.8 million in the second quarter of 2014, and a decrease of 6.2 percent from $133.1 million in the first quarter of 2015.

GAAP net loss in the second quarter of 2015 totaled $8.6 million or $0.04 per share, compared to GAAP net loss in the second quarter of 2014 of $3.5 million or $0.02 per share, and GAAP net income in the first quarter of 2015 of $4.7 million or $0.02 per diluted share.

Non-GAAP net income in the second quarter of 2015 totaled $18.0 million or $0.09 per diluted share, compared to non-GAAP net income in the second quarter of 2014 of $18.3 million or $0.09 per diluted share, and to non-GAAP net income in the first quarter of 2015 of $20.9 million or $0.10 per diluted share.

The Company also today initiated steps to reduce spending across the organization by approximately 14 percent. This reorganization involves a reduction in force of approximately 200 employees worldwide and other reductions that are together expected to result in approximately $40 million per year in savings. The full savings resulting from these workforce reductions will not be realized until the fourth quarter of the current year, although some impact from these measures will be noticeable in the Company’s third quarter results.

“2015 has started weaker than expected in the carrier and storage end markets,” said PMC President and Chief Executive Officer, Greg Lang. “Given the tepid growth environment, we are taking immediate action to reduce spending and accelerate our return to target model profitability.”

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.

SECOND QUARTER HIGHLIGHTS

The Company announced the following in the second quarter of 2015:

  • On July 22, PMC announced it was named a gold award winner in the ChannelPro-SMB 2015 Readers’ Choice Awards for Best SATA/SAS RAID Controller. Readers of ChannelPro-SMB cast their votes for the solution that best satisfies the unique business requirements, work styles, and budgets of their small and midsize business clients, and partner organizations.
  • On July 15, PMC announced it won the Fujitsu Network Communications 2015 Technology Award for DIGI-120G. This prestigious award recognizes PMC as an outstanding technology partner for delivering cutting-edge technology and exceptional technical support that enables Fujitsu to rapidly deliver competitive optical transport solutions to market.
  • On June 4, PMC hosted a Storage Technology Summit at the China Cloud Computing Conference in Beijing, China. PMC was joined by Baidu, Inspur, Memblaze, Sina and Sugon to discuss the storage technologies and architectures that are powering the China cloud.
  • On May 22, Memblaze Technology Co., Ltd. launched its next-generation PBlaze4 PCIe Solid-State Drive Series, which is based on PMC’s Flashtec™ NVMe Controllers.

Second Quarter 2015 Conference Call

Management will review second quarter 2015 results, share its outlook for the third quarter of 2015 and discuss the spending reductions described above during a conference call at 1:30 p.m. Pacific Time/4:30 p.m. Eastern Time on July 23, 2015. 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 by telephone, dial 1 (888) 364-3108 or 1 (719) 325-2458 outside North America with passcode 8830911# approximately ten minutes before the start time. A telephone playback will be available until August 22, 2015, and can be accessed at 1 (888) 203-1112 or 1 (719) 457-0820 outside North America using passcode 8830911#.

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