Power Integrations Reports Fourth-Quarter Financial Results

                                             
 

POWER INTEGRATIONS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
 
Three Months Ended Twelve Months Ended
 
December 31, 2015 September 30, 2015 December 31, 2014 December 31, 2015 December 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 12,701 $ 11,513 $ 14,354 $ 39,147 $ 59,544
Adjustments to reconcile net income to cash provided by operating activities
Depreciation 4,229 4,168 4,035 16,464 15,884
Amortization of intangible assets 1,792 1,732 1,349 7,039 6,072
Loss on disposal of property and equipment 91 270 80 361 250
Stock-based compensation expense 3,265 3,361 3,612 14,767 14,282
Amortization of premium on marketable securities 254 258 398 1,063 1,694
Deferred income taxes (5,568 ) 66 939 (5,416 ) 157
Increase (decrease) in accounts receivable allowances (1 ) 213 (5 ) 127 70
Excess tax benefit from employee stock plans - - - - (437 )
Tax benefit (deficiency) associated with employee stock plans - - - (189 ) 815
Change in operating assets and liabilities:
Accounts receivable 3,243 1,938 200 4,131 2,133
Inventories 3,505 8,792 (7,064 ) 13,500 (21,703 )
Prepaid expenses and other assets (887 ) 2,428 (1,744 ) 3,391 8,211
Accounts payable 35 (8,338 ) (172 ) (2,000 ) 2,337
Taxes payable and other accrued liabilities 3,503 (1,752 ) 15 (76 ) (3,242 )
Deferred income on sales to distributors   (1,363 )   6     (3,522 )   (122 )   (505 )
Net cash provided by operating activities   24,799     24,655     12,475     92,187     85,562  
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment (3,740 ) (2,475 ) (5,677 ) (11,359 ) (23,071 )
Payment for purchase of building - (10,389 ) - (10,389 ) -
Payment for acquisition, net of cash acquired - - - (15,549 ) -
Loan to third party - - (6,600 ) - (6,600 )
Other assets - - - - (1,261 )
Purchases of marketable securities (14,815 ) (4,940 ) - (29,748 ) (45,269 )
Proceeds from sales and maturities of marketable securities   21,850     8,424     38,052     59,309     38,052  
Net cash provided by (used in) investing activities   3,295     (9,380 )   25,775     (7,736 )   (38,149 )
 
CASH FLOWS FROM FINANCING ACTIVITIES
Net proceeds from issuance of common stock 5,678 2,527 751 12,580 13,855
Repurchase of common stock - (30,555 ) (35,502 ) (53,731 ) (80,760 )
Payments of dividends to stockholders (3,415 ) (3,453 ) (3,511 ) (13,916 ) (13,165 )
Excess tax benefit from employee stock plans   -     -     -     -     437  
Net cash provided by (used in) financing activities   2,263     (31,481 )   (38,262 )   (55,067 )   (79,633 )
 
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 30,357 (16,206 ) (12 ) 29,384 (32,220 )
 
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD   59,735     75,941     60,720     60,708     92,928  
 
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 90,092   $ 59,735   $ 60,708   $ 90,092   $ 60,708  
 

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