LSI Reports Third Quarter 2013 Results

     

LSI CORPORATION

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)












Three Months Ended


Nine Months Ended


September 29,


June 30,


September 30,


September 29,


September 30,


2013


2013


2012


2013


2012

Operating activities:










Net income

$           36,559


$   24,620


$           39,665


$           79,611


$         173,575

Adjustments:










    Depreciation and amortization 

46,335


45,547


45,671


136,167


136,318

    Stock-based compensation expense

20,209


21,865


27,386


67,620


83,538

    Non-cash restructuring of operations and other items, net

85


(266)


698


6,415


5,739

    Gain on sale of investments

-


-


(2,550)


-


(2,550)

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

-


-


-


-


(5,765)

    (Gain)/loss on sale of property and equipment

(54)


-


2,644


(58)


2,574

    Unrealized foreign exchange (gain)/loss

(1,452)


(2,843)


2,655


(3,706)


(80)

    Deferred taxes 

(416)


(25)


(72)


(467)


(43,246)

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










        Accounts receivable

(50,605)


(18,962)


40,348


(28,915)


931

        Inventories

3,436


7,447


(5,091)


36,006


(4,864)

        Prepaid expenses, assets held for sale and other assets

(1,398)


(1,162)


1,110


(10,515)


(720)

        Accounts payable

(28,186)


22,453


(25,186)


(38,787)


4,335

        Accrued and other liabilities

38,416


(20,854)


(15,471)


(39,792)


(70,481)

Net cash provided by operating activities

62,929


77,820


111,807


203,579


279,304











Investing activities:










    Purchases of debt securities available-for-sale

(45,941)


(63,833)


(22,087)


(163,119)


(94,456)

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

42,686


26,900


11,767


93,703


29,523

    Purchases of other investments

-


-


-


(750)


-

    Proceeds from sale of other investments

-


-


2,550


-


2,550

    Purchases of property and equipment

(21,697)


(18,282)


(25,667)


(65,054)


(103,285)

    Proceeds from sale of property and equipment

183


55


1,374


265


1,626

    Increase in non-current assets 

(3,821)


-


-


(3,821)


-

    Acquisition of business, net of cash acquired 

-


-


-


-


(319,231)

Net cash used in investing activities

(28,590)


(55,160)


(32,063)


(138,776)


(483,273)











Financing activities:










   Issuance of common stock

9,416


23,724


8,515


41,305


90,643

   Payment of dividends to stockholders

(16,311)


-


-


(16,311)


-

   Purchases of common stock under repurchase program

(41,207)


(61,515)


(50,062)


(163,487)


(226,247)

Net cash used in financing activities

(48,102)


(37,791)


(41,547)


(138,493)


(135,604)











Effect of exchange rate changes on cash and cash equivalents

443


(523)


166


(1,587)


269











Net change in cash and cash equivalents

(13,320)


(15,654)


38,363


(75,277)


(339,304)











Cash and cash equivalents at beginning of period

409,571


425,225


402,144


471,528


779,811











Cash and cash equivalents at end of period

$         396,251


$ 409,571


$         440,507


$         396,251


$         440,507


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