TI reports 1Q14 financial results and shareholder returns

Capital expenditures for the past twelve months were 3 percent of revenue.

Cash return

Amounts are in millions of dollars.

		Trailing 12 Months
	1Q14	1Q14	1Q13	Change
Dividends paid	$ 325	$ 1,268	$ 856	48%
Stock repurchases	$ 720	$ 2,909	$ 2,179	34%
Total cash returned	$ 1,045	$ 4,177	$ 3,035	38%

Total cash returned over the past twelve months was 99 percent of the company's targeted cash return model (free cash flow minus net debt retirement plus proceeds from exercises of equity compensation).

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES
Consolidated Statements of Income
(Millions of dollars, except share and per-share amounts)


	For Three Months Ended Mar. 31,
	2014	2013

Revenue	$ 2,983	$ 2,885
Cost of revenue	1,376	1,511
Gross profit	1,607	1,374
Research and development (R&D)	366	419
Selling, general and administrative (SG&A)	479	459
Acquisition charges	83	86
Restructuring charges/other	(11)	15
Operating profit	690	395
Other income (expense), net	6	2
Interest and debt expense	25	23
Income before income taxes	671	374
Provision for income taxes	184	12
Net income	$ 487	$ 362

Earnings per common share:
Basic	$ .44	$ .32
Diluted	$ .44	$ .32

Average shares outstanding (millions):
Basic	1,081	1,107
Diluted	1,096	1,123

Cash dividends declared per share of common stock	$ .30	$ .21

Percentage of revenue:
Gross profit	53.9%	47.6%
R&D	12.3%	14.5%
SG&A	16.1%	15.9%
Operating profit	23.1%	13.7%

As required by accounting rule ASC 260, net income allocated to unvested restricted stock units (RSUs), on which we pay dividend equivalents, is excluded from the calculation of EPS. $7 million is excluded for both the quarters ending March 31, 2014 and 2013.

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