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POWER INTEGRATIONS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) |
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| Three Months Ended | |||||||||||
| March 31, 2014 | Dec. 31, 2013 | March 31, 2013 | |||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
| Net income | $ | 12,363 | $ | 16,037 | $ | 10,903 | |||||
| Adjustments to reconcile net income to cash provided by operating activities | |||||||||||
| Depreciation | 3,971 | 4,026 | 3,975 | ||||||||
| Amortization of intangible assets | 1,856 | 1,878 | 1,842 | ||||||||
| Gain on disposal of property and equipment | 159 | (148 | ) | - | |||||||
| Stock-based compensation expense | 3,915 | 4,330 | 3,636 | ||||||||
| Amortization of premium on marketable securities | 394 | 317 | 104 | ||||||||
| Deferred income taxes | 3,864 | 2,025 | (3,236 | ) | |||||||
| Decrease in accounts receivable allowances | (15 | ) | - | (20 | ) | ||||||
| Excess tax benefit from stock options exercised | - | (734 | ) | - | |||||||
| Tax benefit associated with employee stock plans | - | 1,284 | - | ||||||||
| Change in operating assets and liabilities: | |||||||||||
| Accounts receivable | (4,017 | ) | 2,712 | (7,393 | ) | ||||||
| Inventories | (5,652 | ) | (1,984 | ) | 893 | ||||||
| Prepaid expenses and other assets | 1,825 | (3,118 | ) | 3,928 | |||||||
| Accounts payable | 1,088 | (485 | ) | 2,832 | |||||||
| Taxes payable and other accrued liabilities | (5,624 | ) | (1,543 | ) | 1,172 | ||||||
| Deferred income on sales to distributors | 2,116 | (1,134 | ) | 2,936 | |||||||
| Net cash provided by operating activities | 16,243 | 23,463 | 21,572 | ||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
| Purchases of property and equipment | (4,465 | ) | (2,710 | ) | (3,950 | ) | |||||
| Collections of financing lease and other receivables | - | 433 | - | ||||||||
| Purchases of marketable securities | (24,751 | ) | (13,211 | ) | (19,422 | ) | |||||
| Proceeds from maturities of marketable securities | - | 5,900 | 1,500 | ||||||||
| Net cash used in investing activities | (29,216 | ) | (9,588 | ) | (21,872 | ) | |||||
| CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||
| Net proceeds from issuance of common stock | 7,045 | 2,601 | 8,705 | ||||||||
| Payments of dividends to stockholders | (3,033 | ) | (2,400 | ) | (2,310 | ) | |||||
| Excess tax benefit from stock options exercised | - | 734 | - | ||||||||
| Net cash provided by financing activities | 4,012 | 935 | 6,395 | ||||||||
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (8,961 | ) | 14,810 | 6,095 | |||||||
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 92,928 | 78,118 | 63,394 | ||||||||
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 83,967 | $ | 92,928 | $ | 69,489 | |||||
Power Integrations Reports First-Quarter Financial Results
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