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POWER INTEGRATIONS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) |
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| Three Months Ended | ||||||||||||
|
March 31, 2015 |
December 31, 2014 |
March 31, 2014 |
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| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||
| Net income | $ | 6,343 | $ | 14,354 | $ | 12,363 | ||||||
| Adjustments to reconcile net income to cash provided by operating activities | ||||||||||||
| Depreciation | 4,032 | 4,035 | 3,971 | |||||||||
| Amortization of intangible assets | 1,786 | 1,349 | 1,856 | |||||||||
| Loss on disposal of property and equipment | - | 80 | 159 | |||||||||
| Stock-based compensation expense | 4,391 | 3,612 | 3,915 | |||||||||
| Amortization of premium on marketable securities | 286 | 398 | 394 | |||||||||
| Deferred income taxes | 77 | 939 | 3,864 | |||||||||
| Decrease in accounts receivable allowances | (5 | ) | (5 | ) | (15 | ) | ||||||
| Deficiency associated with employee stock plans | (189 | ) | - | - | ||||||||
| Change in operating assets and liabilities: | ||||||||||||
| Accounts receivable | (550 | ) | 200 | (4,017 | ) | |||||||
| Inventories | 424 | (7,064 | ) | (5,652 | ) | |||||||
| Prepaid expenses and other assets | (227 | ) | (1,744 | ) | 1,825 | |||||||
| Accounts payable | 349 | (172 | ) | 1,088 | ||||||||
| Taxes payable and other accrued liabilities | (1,076 | ) | 15 | (5,624 | ) | |||||||
| Deferred income on sales to distributors | 2,031 | (3,522 | ) | 2,116 | ||||||||
| Net cash provided by operating activities | 17,672 | 12,475 | 16,243 | |||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||
| Purchases of property and equipment | (3,322 | ) | (5,677 | ) | (4,465 | ) | ||||||
| Acquisition, net of cash acquired | (15,365 | ) | - | - | ||||||||
| Loan to third party | - | (6,600 | ) | - | ||||||||
| Purchases of marketable securities | - | - | (24,751 | ) | ||||||||
| Proceeds from sales and maturities of marketable securities | 26,785 | 38,052 | - | |||||||||
| Net cash provided by (used in) investing activities | 8,098 | 25,775 | (29,216 | ) | ||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||
| Net proceeds from issuance of common stock | 3,519 | 751 | 7,045 | |||||||||
| Repurchase of common stock | (841 | ) | (35,502 | ) | - | |||||||
| Payments of dividends to stockholders | (3,519 | ) | (3,511 | ) | (3,033 | ) | ||||||
| Net cash provided by (used in) financing activities | (841 | ) | (38,262 | ) | 4,012 | |||||||
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 24,929 | (12 | ) | (8,961 | ) | |||||||
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 60,708 | 60,720 | 92,928 | |||||||||
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 85,637 | $ | 60,708 | $ | 83,967 | ||||||
Power Integrations Reports First-Quarter Financial Results
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