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