Power Integrations Reports First-Quarter Financial Results


POWER INTEGRATIONS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)

	Three Months Ended
	March 31, 2015			December 31, 2014			March 31, 2014
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

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