Power Integrations Reports Third-Quarter Financial Results


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

	Three Months Ended									Nine Months Ended
	Sept. 30, 2014			June 30, 2014			Sept. 30, 2013			Sept. 30, 2014			Sept. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	16,111		$	16,716		$	16,654		$	45,190		$	41,229
Adjustments to reconcile net income to cash provided by operating activities
Depreciation		4,002			3,876			4,094			11,849			12,062
Amortization of intangible assets		1,349			1,518			1,842			4,723			5,526
Loss on disposal of property and equipment		11			-			-			170			17
Gain on sale of assets held for sale		-			-			-			-			(497	)
Stock-based compensation expense		2,580			4,175			4,191			10,670			12,155
Amortization of premium on marketable securities		481			421			221			1,296			472
Deferred income taxes		(917	)		(3,729	)		(2,418	)		(782	)		(4,806	)
Increase (decrease) in accounts receivable allowances		90			-			26			75			(127	)
Excess tax benefit from employee stock plans		(224	)		(213	)		-			(437	)		-
Tax benefit associated with employee stock plans		451			364			-			815			-
Change in operating assets and liabilities:
Accounts receivable		5,972			(22	)		646			1,933			(7,648	)
Inventories		(5,693	)		(3,294	)		2,938			(14,639	)		4,359
Prepaid expenses and other assets		4,655			3,475			(3,603	)		9,955			1,595
Accounts payable		639			782			(505	)		2,509			2,952
Taxes payable and other accrued liabilities		1,486			881			3,088			(3,257	)		2,608
Deferred income on sales to distributors		(384	)		1,285			1,827			3,017			5,311
Net cash provided by operating activities		30,609			26,235			29,001			73,087			75,208

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment		(7,509	)		(5,420	)		(4,358	)		(17,394	)		(11,250	)
Proceeds from sale of property and equipment		-			-			-			-			36
Proceeds from sale of assets held for sale		-			-			-			-			959
Other assets		(1,261	)		-			-			(1,261	)		-
Purchases of marketable securities		(20,518	)		-			(51,048	)		(45,269	)		(96,271	)
Proceeds from maturities of marketable securities		-			-			8,600			-			25,450
Net cash used in investing activities		(29,288	)		(5,420	)		(46,806	)		(63,924	)		(81,076	)

CASH FLOWS FROM FINANCING ACTIVITIES
Net proceeds from issuance of common stock		3,237			2,822			12,889			13,104			27,638
Repurchase of common stock		(19,527	)		(25,731	)		-			(45,258	)		-
Payments of dividends to stockholders		(3,595	)		(3,026	)		(2,392	)		(9,654	)		(7,046	)
Excess tax benefit from employee stock plans		224			213			-			437			-
Net cash provided by (used in) financing activities		(19,661	)		(25,722	)		10,497			(41,371	)		20,592

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(18,340	)		(4,907	)		(7,308	)		(32,208	)		14,724

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		79,060			83,967			85,426			92,928			63,394

CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	60,720		$	79,060		$	78,118		$	60,720		$	78,118

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