Maxim Reports Results for the Third Quarter of Fiscal 2012

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


Three Months Ended


March 31,


December 31,


March 26,


2012


2011


2011


(in thousands)

Cash flows from operating activities: 






Net income

$       54,517


$        88,130


$      136,276

Adjustments to reconcile net income to net cash provided by operating activities: 






      Stock-based compensation 

22,038


23,474


21,228

      Depreciation and amortization 

53,476


51,995


50,684

      Deferred taxes 

(9,942)


(368)


15,733

      In-process research and development

1,600


-


-

      (Gain) Loss from sale of property, plant and equipment

(6,487)


124


(51)

      Gain from discontinued operations

(45,372)


-


-

      Gain from sale of equity investments

-


(1,811)


-

      Tax shortfall (benefit) related to stock-based compensation plans

2,957


(2,581)


33,411

      Impairment of long-lived assets

7,712


-


-

      Excess tax benefit related to stock-based compensation 

(5,172)


(4,242)


(4,229)

      Changes in assets and liabilities: 






          Accounts receivable 

(50,026)


82,760


(11,327)

          Inventories 

12,412


19,045


(17,673)

          Other current assets 

2,332


(1,615)


44,654

          Accounts payable 

27,228


(18,397)


10,952

          Income taxes payable 

98,321


12,619


(70,201)

          Deferred income on shipments to distributors 

(2,407)


(3,444)


1,306

          All other accrued liabilities 

33,312


3,631


45,934

Net cash provided by operating activities 

196,499


249,320


256,697







Cash flows from investing activities: 






          Payments for property, plant and equipment

(70,053)


(68,361)


(29,593)

          Proceeds from sales of property, plant and equipment

13,774


1,709


80

          Acquisitions

-


(12,018)


-

          Discontinued operations

56,607


-


-

          Purchases of equity investments

(1,980)


-


(49,787)

          Purchases of available-for-sale securities

-


(25,108)


-

          Proceeds from sales of equity securities

-


3,225


-

Net cash used in investing activities 

(1,652)


(100,553)


(79,300)







Cash flows from financing activities: 






         Dividends paid

(64,384)


(64,158)


(62,323)

         Repayment of notes payable

-


(4,189)


-

         Repurchase of common stock

(28,970)


(72,486)


(46,689)

         Issuance of ESPP

-


14,906


-

         Proceeds from stock options exercised

20,395


12,013


6,197

         Other

(2,497)


(3,734)


(4,003)

Net cash used in financing activities 

(75,456)


(117,648)


(106,818)







Net increase in cash and cash equivalents 

119,391


31,119


70,579

Cash and cash equivalents: 






          Beginning of period

741,160


710,041


798,344

          End of period

$     860,551


$      741,160


$      868,923







Total cash, cash equivalents, and short-term investments

$     935,956


$      816,535


$      918,847














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