Adaptec 2003 Annual Report Download - page 53

PMC−Sierra, Inc.
CONSOLIDATED BALANCE SHEETS
(in thousands, except par value)
December 31,
2003 2002
ASSETS:
Current assets:
Cash and cash equivalents $ 290,264 $ 70,504
Short−term investments 119,117 340,826
Restricted cash 2,547 5,329
Accounts receivable, net of allowance for doubtful accounts of $2,849 (2002 − $2,781) 21,645 16,621
Inventories 18,275 26,420
Deferred tax assets — 1,083
Prepaid expenses and other current assets 12,547 15,499
Total current assets 464,395 476,282
Investment in bonds and notes 41,569 148,894
Other investments and assets 11,336 21,978
Property and equipment, net 20,750 51,189
Goodwill and other intangible assets, net 8,127 8,381
Deposits for wafer fabrication capacity 6,779 21,992
$ 552,956 $ 728,716
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Current liabilities:
Accounts payable $ 27,356 $ 24,697
Accrued liabilities 50,240 53,530
Income taxes payable 36,171 21,553
Accrued restructuring costs 16,413 129,499
Deferred income 15,720 17,982
Deferred tax liabilities 1,051 —
Total current liabilities 146,951 247,261
Convertible subordinated notes 175,000 275,000
Deferred tax liabilities 189 2,764
Commitments and contingencies (Note 8)
PMC special shares convertible into 2,921 (2002 − 3,196) shares of common stock 4,519 5,052
Stockholders’ equity
Common stock and additional paid in capital, par value $.001: 900,000 shares authorized;
174,289 shares issued and outstanding (2002 − 167,400) 870,857 834,265
Deferred stock compensation — (1,158)
Accumulated other comprehensive income 1,838 3,939
Accumulated deficit (646,398) (638,407)
Total stockholders’ equity 226,297 198,639
$ 552,956 $ 728,716
See notes to the consolidated financial statements.
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