Applied Micro Circuits Corporation Reports Fourth Quarter & Full Year Fiscal 2016 Financial Results

 

                   
  APPLIED MICRO CIRCUITS CORPORATION  
  CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS  
  (in thousands)  
  (unaudited)  
                   
        Three Months Ended Year Ended  
        March 31, December 31, March 31, March 31, March 31,  
         2016   2015   2015   2016   2015   
  Operating activities:              
  Net loss    $  (8,907) $  (8,199) $  (15,144) $  (32,571) $  (52,058)  
  Adjustments to reconcile net loss to net cash provided by (used for) operating activities:           
   Depreciation       1,891     2,028     1,957     7,590     8,555   
   Amortization of purchased intangible assets    -     -     -     -     104   
      Amortization of bond premium         258         429         -         687         -      
      Stock-based compensation expense         7,637         6,141         4,002         25,804         18,305      
      Veloce acquisition consideration         -         -         2,090         -         9,230      
      Tax effect on other comprehensive loss         49         -         160         49         126      
      Non-cash restructuring charges         -         -         2,601         -         2,615      
      Impairment of strategic investments         -         -         500         -         3,000      
      Loss (gain) on short-term investments and other, net        7         (1 )       (1,216 )       (1,581 )       (1,317 )    
    Changes in operating assets and liabilities:                          
      Accounts receivable           3,187         172         6,840         3,142         12,771      
      Inventories           3,533         700         698         7,382         (4,573 )    
      Other assets            3,891         754         (705 )       6,754         (1,440 )    
      Accounts payable            (4,248 )       992         (6,193 )       (5,614 )       (9,911 )    
      Accrued payroll and other accrued liabilities        (1,018 )       168         (2,200 )       (680 )       (3,127 )    
      Veloce accrued liability           (9 )       (9 )       (169 )       (108 )       (9,150 )    
      Deferred revenue            (7 )       (39 )       36         (69 )       (152 )    
       Net cash provided by (used for) operating activities        6,264         3,136         (6,743 )       10,785         (27,022 )    
  Investing activities:                            
    Proceeds from sales and maturities of short-term investments        5,487         10,380         11,142         63,714         16,340      
    Purchases of short-term investments          (6,443 )       (14,319 )       (17,165 )       (84,464 )       (19,887 )    
    Proceeds from sale of property and equipment         -         -          -         31         1      
    Purchases of property and equipment and other assets       (562 )       (1,232 )       (2,481 )       (2,601 )       (9,772 )    
    Proceeds from sale of TPack           -         -         -         -         3,353      
       Net cash used for investing activities        (1,518 )       (5,171 )       (8,504 )       (23,320 )       (9,965 )    
  Financing activities:                            
    Proceeds from issuances of common stock          1,736         (2 )       1,964         2,979         3,854      
    Funding of restricted stock units withheld for taxes       (187 )       (268 )       (302 )       (1,874 )       (1,911 )    
       Net cash provided by (used for) financing activities        1,549         (270 )       1,662         1,105         1,943      
  Net increase (decrease) in cash and cash equivalents        6,295         (2,305 )       (13,585 )       (11,430 )       (35,044 )    
  Cash and cash equivalents at the beginning of the period       18,770         21,075         50,080         36,495         71,539      
  Cash and cash equivalents at the end of the period     $   25,065     $   18,770     $   36,495     $   25,065     $   36,495      
                                     

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