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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