Power Integrations Reports Second-Quarter Financial Results

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

June 30, 2015

March 31, 2015

June 30, 2014

June 30, 2015

June 30, 2014

CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 8,590 $ 6,343 $ 16,716 $ 14,933 $ 29,079
Adjustments to reconcile net income to cash provided by operating activities
Depreciation 4,035 4,032 3,876 8,067 7,847
Amortization of intangible assets 1,729 1,786 1,518 3,515 3,374
Loss on disposal of property and equipment - - - - 159
Stock-based compensation expense 3,750 4,391 4,175 8,141 8,090
Amortization of premium on marketable securities 265 286 421 551 815
Deferred income taxes 9 77 (3,729 ) 86 135
Decrease in accounts receivable allowances (80 ) (5 ) - (85 ) (15 )
Excess tax benefit from employee stock plans - - (213 ) - (213 )
Tax benefit (deficiency) associated with employee stock plans - (189 ) 364 (189 ) 364
Change in operating assets and liabilities:
Accounts receivable (500 ) (550 ) (22 ) (1,050 ) (4,039 )
Inventories 779 424 (3,294 ) 1,203 (8,946 )
Prepaid expenses and other assets 2,077 (227 ) 3,475 1,850 5,300
Accounts payable 5,954 349 782 6,303 1,870
Taxes payable and other accrued liabilities (751 ) (1,076 ) 881 (1,827 ) (4,743 )
Deferred income on sales to distributors   (796 )   2,031     1,285     1,235     3,401  
Net cash provided by operating activities   25,061     17,672     26,235     42,733     42,478  
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment (1,822 ) (3,322 ) (5,420 ) (5,144 ) (9,885 )
Acquisition, net of cash acquired (184 ) (15,365 ) - (15,549 ) -
Purchases of marketable securities (9,993 ) - - (9,993 ) (24,751 )
Proceeds from sales and maturities of marketable securities   2,250     26,785     -     29,035     -  
Net cash provided by (used in) investing activities   (9,749 )   8,098     (5,420 )   (1,651 )   (34,636 )
 
CASH FLOWS FROM FINANCING ACTIVITIES
Net proceeds from issuance of common stock 856 3,519 2,822 4,375 9,867
Repurchase of common stock (22,335 ) (841 ) (25,731 ) (23,176 ) (25,731 )
Payments of dividends to stockholders (3,529 ) (3,519 ) (3,026 ) (7,048 ) (6,059 )
Excess tax benefit from employee stock plans   -     -     213     -     213  
Net cash used in financing activities   (25,008 )   (841 )   (25,722 )   (25,849 )   (21,710 )
 
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (9,696 ) 24,929 (4,907 ) 15,233 (13,868 )
 
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD   85,637     60,708     83,967     60,708     92,928  
 
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 75,941   $ 85,637   $ 79,060   $ 75,941   $ 79,060  

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