Power Integrations Reports Record Quarterly Revenues and Earnings

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

Sept. 30,
2013

June 30,
2013

Sept. 30,
2012

Sept. 30,
2013

Sept. 30,
2012

CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ 16,654 $ 13,672 $ (44,406 ) $ 41,229 $ (44,121 )
Adjustments to reconcile net income (loss) to cash provided by operating activities
Depreciation 4,094 3,993 3,799 12,062 11,426
Amortization of intangible assets 1,842 1,842 1,843 5,526 3,322
Loss (gain) on sale of property and equipment - 17 - 17 (1 )
Charge (gain) related to SemiSouth - (497 ) 59,237 (497 ) 59,237
Stock-based compensation expense 4,191 4,328 3,847 12,155 10,520
Amortization of premium on marketable securities 221 147 171 472 738
Non-cash interest income - - (665 ) - (1,445 )
Deferred income taxes (2,418 ) 848 (745 ) (4,806 ) 4,089
Increase (decrease) in accounts receivable allowances 26 (133 ) 35 (127 ) 21
Excess tax benefit from stock options exercised - - (86 ) - (560 )
Tax benefit associated with employee stock plans - - (118 ) - 1,413
Change in operating assets and liabilities:
Accounts receivable 646 (901 ) 6,825 (7,648 ) 1,489
Inventories 2,938 528 1,626 4,359 15,745
Prepaid expenses and other assets (3,603 ) 1,270 (14,169 ) 1,595 (11,335 )
Accounts payable (505 ) 625 1,047 2,952 4,842
Taxes payable and other accrued liabilities 3,088 (1,652 ) (37,039 ) 2,608 (28,255 )
Deferred income on sales to distributors   1,827     548     (833 )   5,311     2,554  
Net cash provided by (used in) operating activities   29,001     24,635     (19,631 )   75,208     29,679  
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment (4,358 ) (2,942 ) (3,427 ) (11,250 ) (12,181 )
Proceeds from sale of property and equipment - 36 - 36 2
Proceeds from sale of SemiSouth related assets - 959 - 959 -
Acquisition - - (2,360 ) - (115,720 )
Increase in financing lease receivables - - (37 ) - (420 )
Collections of financing lease receivables - - 228 - 527
Loan to SemiSouth - - - - (18,000 )
Purchases of marketable securities (51,048 ) (25,801 ) - (96,271 ) -
Proceeds from maturities of marketable securities   8,600     15,350     24,320     25,450     36,788  
Net cash provided by (used in) investing activities   (46,806 )   (12,398 )   18,724     (81,076 )   (109,004 )
 
CASH FLOWS FROM FINANCING ACTIVITIES
Net proceeds from issuance of common stock 12,889 6,044 3,656 27,638 17,977
Payments of dividends to stockholders (2,392 ) (2,344 ) (1,448 ) (7,046 ) (4,301 )
Excess tax benefit from stock options exercised   -     -     86     -     560  
Net cash provided by financing activities   10,497     3,700     2,294     20,592     14,236  
 
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (7,308 ) 15,937 1,387 14,724 (65,089 )
 
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD   85,426     69,489     73,360     63,394     139,836  
 
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 78,118   $ 85,426   $ 74,747   $ 78,118   $ 74,747  

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