Applied Micro Circuits Corporation Reports Second Quarter Fiscal 2017 Financial Results

 

APPLIED MICRO CIRCUITS CORPORATION  
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 
(in thousands) 
(unaudited) 
        
  Three Months Ended   Six Months Ended  
  September 30,
2016
  June 30,
2016
  September 30,
2015
  September 30,
2016
  September 30,
2015
  
Operating activities:           
Net loss$(4,640) $(10,539) $(8,061) $(15,179) $(15,465)  
Adjustments to reconcile net loss to net cash  provided by operating activities:           
Depreciation 1,570   1,570   1,833   3,140   3,671   
Amortization of bond premium 174   226   -   400   -   
Stock-based compensation expense 6,696   8,165   5,934   14,861   12,026   
Tax effect on other comprehensive loss 19   (94)  -   (75)  -   
Loss (gain) on short-term investments and other, net 137   (26)  (132)  111   (1,587)  
Changes in operating assets and liabilities:           
Accounts receivable (4,389)    102       (1,099 )     (4,287 )     (217 )    
Inventories   (584 )     3,552       (574 )     2,968       3,149      
Other assets   1,113       (70 )     (355 )     1,042       2,109      
Accounts payable   2,767       (2,382 )     1,095       384       (2,358 )    
Accrued payroll and other accrued liabilities   (101 )     1,077       (50 )     977       170      
Veloce accrued liability   (3,660 )     (8 )     (25 )     (3,668 )     (90 )    
Deferred revenue   (12 )     1       (30 )     (10 )     (23 )    
Net cash provided by (used for) operating activities   (910 )     1,574       (1,464 )     664       1,385      
Investing activities:                      
Proceeds from sales and maturities of short-term investments   9,684       18,461       40,403       28,145       47,847      
Purchases of short-term investments   (11,062 )     (17,739 )     (62,573 )     (28,801 )     (63,702 )    
Proceeds from sale of property and equipment   -       2       6       2       31      
Purchases of property and equipment   (761 )     (2,547 )     (492 )     (3,308 )     (807 )    
Net cash used for investing activities   (2,139 )     (1,823 )     (22,656 )     (3,962 )     (16,631 )    
Financing activities:                      
Proceeds from issuances of common stock   1,744       32       1,112       1,776       1,245      
Funding of restricted stock units withheld for taxes and other   (431 )     (623 )     (207 )     (1,054 )     (1,419 )    
Net cash provided by (used for) financing activities   1,313       (591 )     905       722       (174 )    
Net decrease in cash and cash equivalents   (1,736 )     (840 )     (23,215 )     (2,576 )     (15,420 )    
Cash and cash equivalents at beginning of the period   24,225       25,065       44,290       25,065       36,495    
Cash and cash equivalents at end of the period $ 22,489     $ 24,225     $ 21,075     $ 22,489     $ 21,075    
                     

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