Power Integrations Reports Record Quarterly Revenues and Earnings

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

		Three Months Ended									Nine Months Ended
		Sept. 30, 2013			June 30, 2013			Sept. 30, 2012			Sept. 30, 2013			Sept. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:
	Net income (loss)	$	16,654		$	13,672		$	(44,406	)	$	41,229		$	(44,121	)
	Adjustments to reconcile net income (loss) to cash provided by operating activities
	Depreciation		4,094			3,993			3,799			12,062			11,426
	Amortization of intangible assets		1,842			1,842			1,843			5,526			3,322
	Loss (gain) on sale of property and equipment		-			17			-			17			(1	)
	Charge (gain) related to SemiSouth		-			(497	)		59,237			(497	)		59,237
	Stock-based compensation expense		4,191			4,328			3,847			12,155			10,520
	Amortization of premium on marketable securities		221			147			171			472			738
	Non-cash interest income		-			-			(665	)		-			(1,445	)
	Deferred income taxes		(2,418	)		848			(745	)		(4,806	)		4,089
	Increase (decrease) in accounts receivable allowances		26			(133	)		35			(127	)		21
	Excess tax benefit from stock options exercised		-			-			(86	)		-			(560	)
	Tax benefit associated with employee stock plans		-			-			(118	)		-			1,413
	Change in operating assets and liabilities:
	Accounts receivable		646			(901	)		6,825			(7,648	)		1,489
	Inventories		2,938			528			1,626			4,359			15,745
	Prepaid expenses and other assets		(3,603	)		1,270			(14,169	)		1,595			(11,335	)
	Accounts payable		(505	)		625			1,047			2,952			4,842
	Taxes payable and other accrued liabilities		3,088			(1,652	)		(37,039	)		2,608			(28,255	)
	Deferred income on sales to distributors		1,827			548			(833	)		5,311			2,554
	Net cash provided by (used in) operating activities		29,001			24,635			(19,631	)		75,208			29,679

CASH FLOWS FROM INVESTING ACTIVITIES:
	Purchases of property and equipment		(4,358	)		(2,942	)		(3,427	)		(11,250	)		(12,181	)
	Proceeds from sale of property and equipment		-			36			-			36			2
	Proceeds from sale of SemiSouth related assets		-			959			-			959			-
	Acquisition		-			-			(2,360	)		-			(115,720	)
	Increase in financing lease receivables		-			-			(37	)		-			(420	)
	Collections of financing lease receivables		-			-			228			-			527
	Loan to SemiSouth		-			-			-			-			(18,000	)
	Purchases of marketable securities		(51,048	)		(25,801	)		-			(96,271	)		-
	Proceeds from maturities of marketable securities		8,600			15,350			24,320			25,450			36,788
	Net cash provided by (used in) investing activities		(46,806	)		(12,398	)		18,724			(81,076	)		(109,004	)

CASH FLOWS FROM FINANCING ACTIVITIES
	Net proceeds from issuance of common stock		12,889			6,044			3,656			27,638			17,977
	Payments of dividends to stockholders		(2,392	)		(2,344	)		(1,448	)		(7,046	)		(4,301	)
	Excess tax benefit from stock options exercised		-			-			86			-			560
	Net cash provided by financing activities		10,497			3,700			2,294			20,592			14,236

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			(7,308	)		15,937			1,387			14,724			(65,089	)

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD			85,426			69,489			73,360			63,394			139,836

CASH AND CASH EQUIVALENTS AT END OF PERIOD		$	78,118		$	85,426		$	74,747		$	78,118		$	74,747

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