Power Integrations Reports First-Quarter Financial Results

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

March 31, 2015

December 31, 2014

March 31, 2014

CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 6,343 $ 14,354 $ 12,363
Adjustments to reconcile net income to cash provided by operating activities
Depreciation 4,032 4,035 3,971
Amortization of intangible assets 1,786 1,349 1,856
Loss on disposal of property and equipment - 80 159
Stock-based compensation expense 4,391 3,612 3,915
Amortization of premium on marketable securities 286 398 394
Deferred income taxes 77 939 3,864
Decrease in accounts receivable allowances (5 ) (5 ) (15 )
Deficiency associated with employee stock plans (189 ) - -
Change in operating assets and liabilities:
Accounts receivable (550 ) 200 (4,017 )
Inventories 424 (7,064 ) (5,652 )
Prepaid expenses and other assets (227 ) (1,744 ) 1,825
Accounts payable 349 (172 ) 1,088
Taxes payable and other accrued liabilities (1,076 ) 15 (5,624 )
Deferred income on sales to distributors   2,031     (3,522 )   2,116  
Net cash provided by operating activities   17,672     12,475     16,243  
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment (3,322 ) (5,677 ) (4,465 )
Acquisition, net of cash acquired (15,365 ) - -
Loan to third party - (6,600 ) -
Purchases of marketable securities - - (24,751 )
Proceeds from sales and maturities of marketable securities   26,785     38,052     -  
Net cash provided by (used in) investing activities   8,098     25,775     (29,216 )
 
CASH FLOWS FROM FINANCING ACTIVITIES
Net proceeds from issuance of common stock 3,519 751 7,045
Repurchase of common stock (841 ) (35,502 ) -
Payments of dividends to stockholders   (3,519 )   (3,511 )   (3,033 )
Net cash provided by (used in) financing activities   (841 )   (38,262 )   4,012  
 
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 24,929 (12 ) (8,961 )
 
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD   60,708     60,720     92,928  
 
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 85,637   $ 60,708   $ 83,967  

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