LSI Reports Second Quarter 2013 Results

 

LSI CORPORATION

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)












Three Months Ended


Six Months Ended


June 30,


March 31,


July 1,


June 30,


July 1,


2013


2013


2012


2013


2012

Operating activities:










Net income

$   24,620


$   18,432


$   58,713


$   43,052


$ 133,910

Adjustments:










    Depreciation and amortization 

45,547


44,285


45,279


89,832


90,647

    Stock-based compensation expense

21,865


25,546


25,318


47,411


56,152

    Non-cash restructuring of operations and other items, net

(266)


6,596


2,901


6,330


5,041

    Gain on re-measurement of a pre-acquisition equity interest to fair value

-


-


-


-


(5,765)

    Gain on sale of property and equipment

-


(4)


(95)


(4)


(70)

    Unrealized foreign exchange (gain)/loss

(2,843)


589


(4,196)


(2,254)


(2,735)

    Deferred taxes 

(25)


(26)


28


(51)


(43,174)

    Changes in assets and liabilities, net of assets acquired and liabilities assumed in business combination:



















        Accounts receivable

(18,962)


40,652


5,428


21,690


(39,417)

        Inventories

7,447


25,123


(3,226)


32,570


227

        Prepaid expenses, assets held for sale and other assets

(1,162)


(7,955)


460


(9,117)


(1,830)

        Accounts payable

22,453


(33,054)


(17,598)


(10,601)


29,521

        Accrued and other liabilities

(20,854)


(57,354)


4,260


(78,208)


(55,010)

Net cash provided by operating activities

77,820


62,830


117,272


140,650


167,497











Investing activities:










    Purchases of debt securities available-for-sale

(63,833)


(53,345)


(51,106)


(117,178)


(72,369)

    Proceeds from maturities and sales of debt securities available-for-sale 

26,900


24,117


8,250


51,017


17,756

    Purchases of other investments

-


(750)


-


(750)


-

    Purchases of property and equipment

(18,282)


(25,075)


(12,636)


(43,357)


(77,618)

    Proceeds from sale of property and equipment

55


27


231


82


252

    Acquisition of business, net of cash acquired 

-


-


-


-


(319,231)

Net cash used in investing activities

(55,160)


(55,026)


(55,261)


(110,186)


(451,210)











Financing activities:










   Issuance of common stock

23,724


8,165


16,854


31,889


82,128

   Purchases of common stock under repurchase program

(61,515)


(60,765)


(137,979)


(122,280)


(176,185)

Net cash used in financing activities

(37,791)


(52,600)


(121,125)


(90,391)


(94,057)











Effect of exchange rate changes on cash and cash equivalents

(523)


(1,507)


598


(2,030)


103











Net change in cash and cash equivalents

(15,654)


(46,303)


(58,516)


(61,957)


(377,667)











Cash and cash equivalents at beginning of period

425,225


471,528


460,660


471,528


779,811











Cash and cash equivalents at end of period

$ 409,571


$ 425,225


$ 402,144


$ 409,571


$ 402,144


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