UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
______________
FORM 8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF
THE
SECURITIES EXCHANGE ACT OF 1934
Date
of Report (Date of earliest event reported): October
28, 2015
______________
Power
Integrations, Inc.
(Exact
name of Registrant as specified in its charter)
______________
Delaware |
000-23441 |
94-3065014 |
||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
5245 Hellyer Avenue
San Jose, California 95138-1002
(Address
of principal executive offices)
(408) 414-9200
(Registrant’s
telephone number, including area code)
______________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition.
On October 28, 2015 the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
Exhibit 99.1. Press release dated October 28, 2015
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
Power Integrations |
|
|
(Registrant) |
|
October 28, 2015 |
|
/s/ SANDEEP NAYYAR |
(Date) |
Sandeep Nayyar |
|
Chief Financial Officer |
Exhibit 99.1
Power Integrations Reports Third-Quarter Financial Results
Revenues increased four percent sequentially to $88.9 million; non-GAAP earnings were $0.55 per diluted share; GAAP earnings were $0.39 per diluted share
Cash flow from operations was $24.7 million for the quarter; company announces new $30 million share-repurchase authorization
SAN JOSE, Calif.--(BUSINESS WIRE)--October 28, 2015--Power Integrations (Nasdaq: POWI) today announced financial results for the quarter ended September 30, 2015. Net revenues for the third quarter were $88.9 million, up four percent from the prior quarter and down one percent from the third quarter of 2014. GAAP gross margin for the third quarter was 49.7 percent; operating margin was 13.3 percent. Net income for the quarter was $11.5 million or $0.39 per diluted share, compared with $0.29 per diluted share in the prior quarter and $0.52 per diluted share in the third quarter of 2014.
In addition to its GAAP results, the company provided non-GAAP financial measures that exclude stock-based compensation expenses, amortization of intangible assets and other acquisition-related expenses, the tax effects of these items, and a tax benefit recognized in 2014. Non-GAAP gross margin for the third quarter was 51.0 percent; operating margin was 18.9 percent. Non-GAAP net income was $16.2 million or $0.55 per diluted share, compared with $0.47 per diluted share in the prior quarter and $0.65 per diluted share in the third quarter of 2014.
Commented Balu Balakrishnan, president and CEO of Power Integrations: “Like many of our peers, we experienced soft demand in the industrial end-market during the third quarter. However, revenues increased in each of the other three end-market categories, resulting in overall sequential growth of four percent. Most notably, revenues from the communications market grew more than 30 percent sequentially driven by adoption of our InnoSwitch™ products in the mobile-device market.
“While macroeconomic conditions continue to weigh on overall demand, we believe we are in the early stages of a promising product cycle with InnoSwitch ICs, and we are poised to capitalize on key trends in power conversion such as energy-efficiency, faster charging of mobile devices, renewable energy and more.”
Additional Highlights
Financial Outlook
The company issued the following forecast for the fourth quarter of 2015:
Conference Call Today at 1:45 p.m. Pacific Time
Power Integrations management will hold a conference call today at 1:45 p.m. PT. Members of the investment community can join the call by dialing 1-647-788-4901. The call will also be available on the investor section of the company's website, http://investors.power.com.
About Power Integrations
Power Integrations, Inc. is a leading innovator in semiconductor technologies for high-voltage power-conversion. The company’s products are key building blocks in the clean-power ecosystem, enabling the generation of renewable energy as well as the efficient transmission and consumption of power in applications ranging from milliwatts to megawatts. For more information please visit www.power.com.
Note Regarding Use of Non-GAAP Financial Measures
In addition to the company's consolidated financial statements, which are presented according to GAAP, the company provides certain non-GAAP financial information that excludes stock-based compensation expenses recorded under ASC 718-10, amortization of acquisition-related intangible assets and the write-up of acquired inventory, acquisition expenses, severance and transition expenses, the tax effects of these items, and a tax benefit recognized in 2014. The company uses these measures in its own financial and operational decision-making and, with respect to one measure, in setting performance targets for employee-compensation purposes. Further, the company believes that these non-GAAP measures offer an important analytical tool to help investors understand the company’s core operating results and trends, and to facilitate comparability with the operating results of other companies that provide similar measures. These non-GAAP measures have certain limitations as analytical tools and are not meant to be considered in isolation or as a substitute for GAAP financial information. For example, stock-based compensation is an important component of the company’s compensation mix, and will continue to result in significant expenses in the company’s GAAP results for the foreseeable future, but is not reflected in the non-GAAP measures. Also, other companies, including companies in Power Integrations’ industry, may calculate non-GAAP measures differently, limiting their usefulness as comparative measures.
Note Regarding Forward-Looking Statements
The statements in this press release regarding the company’s forecast for its fourth-quarter financial performance and its beliefs about being in the early stages of a promising product cycle and being poised to capitalize on key trends in power conversion are forward-looking statements reflecting management's current expectations and beliefs. These forward-looking statements are based on current information that is, by its nature, subject to rapid and even abrupt change. Due to risks and uncertainties associated with the company's business, actual results could differ materially from those projected or implied by these statements. These risks and uncertainties include, but are not limited to: changes in global macroeconomic conditions, which may impact the level of demand for the company’s products including its InnoSwitch products; potential changes and shifts in customer demand away from end products that utilize the company's integrated circuits to end products that do not incorporate the company's products; the effects of competition, which may cause the company to decrease its selling prices for its products; the outcome and cost of patent litigation, which may affect sales of the company’s products or could result in higher expenses and charges than currently expected; unforeseen costs and expenses; and unfavorable fluctuations in component costs or operating expenses resulting from changes in commodity prices and/or exchange rates. In addition, new product introductions and design wins are subject to the risks and uncertainties that typically accompany development and delivery of complex technologies to the marketplace, including product development delays and defects and market acceptance of the new products. These and other risk factors that may cause actual results to differ are more fully explained under the caption “Risk Factors” in the company's most recent Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission (SEC) on July 31, 2015. The company is under no obligation (and expressly disclaims any obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by the rules and regulations of the SEC.
Power Integrations, InnoSwitch and the Power Integrations logo are trademarks or registered trademarks of Power Integrations, Inc. All other trademarks are property of their respective owners.
POWER INTEGRATIONS, INC. | |||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||||||||
(in thousands, except per-share amounts) | |||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2015 | June 30, 2015 | September 30, 2014 | September 30, 2015 | September 30, 2014 | |||||||||||||||||||
NET REVENUES | $ | 88,878 | $ | 85,265 | $ | 90,144 | $ | 256,700 | $ | 262,202 | |||||||||||||
COST OF REVENUES | 44,717 | 41,247 | 41,092 | 126,229 | 118,437 | ||||||||||||||||||
GROSS PROFIT | 44,161 | 44,018 | 49,052 | 130,471 | 143,765 | ||||||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||||
Research and development | 13,888 | 14,683 | 13,458 | 43,144 | 41,314 | ||||||||||||||||||
Sales and marketing | 10,463 | 11,567 | 10,935 | 33,337 | 33,344 | ||||||||||||||||||
General and administrative | 7,361 | 7,480 | 7,155 | 22,824 | 22,614 | ||||||||||||||||||
Amortization of acquisition-related intangible assets | 666 | 693 | 629 | 2,109 | 2,562 | ||||||||||||||||||
Acquisition expenses, severance and transition costs | - | 391 | - | 1,113 | - | ||||||||||||||||||
Total operating expenses | 32,378 | 34,814 | 32,177 | 102,527 | 99,834 | ||||||||||||||||||
INCOME FROM OPERATIONS | 11,783 | 9,204 | 16,875 | 27,944 | 43,931 | ||||||||||||||||||
Other income, net | 428 | 14 | 381 | 219 | 836 | ||||||||||||||||||
INCOME BEFORE INCOME TAXES | 12,211 | 9,218 | 17,256 | 28,163 | 44,767 | ||||||||||||||||||
PROVISION (BENEFIT) FOR INCOME TAXES | 698 | 628 | 1,145 | 1,717 | (423 | ) | |||||||||||||||||
NET INCOME | $ | 11,513 | $ | 8,590 | $ | 16,111 | $ | 26,446 | $ | 45,190 | |||||||||||||
EARNINGS PER SHARE: | |||||||||||||||||||||||
Basic | $ | 0.40 | $ | 0.29 | $ | 0.54 | $ | 0.91 | $ | 1.50 | |||||||||||||
Diluted | $ | 0.39 | $ | 0.29 | $ | 0.52 | $ | 0.89 | $ | 1.46 | |||||||||||||
SHARES USED IN PER-SHARE CALCULATION: | |||||||||||||||||||||||
Basic | 28,855 | 29,368 | 30,013 | 29,175 | 30,186 | ||||||||||||||||||
Diluted | 29,298 | 30,034 | 30,757 | 29,856 | 31,053 | ||||||||||||||||||
SUPPLEMENTAL INFORMATION: | |||||||||||||||||||||||
Stock-based compensation expenses included in: | |||||||||||||||||||||||
Cost of revenues | $ | 219 | $ | 257 | $ | 131 | $ | 725 | $ | 648 | |||||||||||||
Research and development | 1,277 | 1,306 | 971 | 3,974 | 3,522 | ||||||||||||||||||
Sales and marketing | 877 | 878 | 779 | 2,767 | 2,578 | ||||||||||||||||||
General and administrative | 988 | 1,309 | 699 | 4,036 | 3,922 | ||||||||||||||||||
Total stock-based compensation expense | $ | 3,361 | $ | 3,750 | $ | 2,580 | $ | 11,502 | $ | 10,670 | |||||||||||||
Cost of revenues includes: | |||||||||||||||||||||||
Amortization of write-up of acquired inventory | $ | - | $ | - | $ | - | $ | 309 | $ | - | |||||||||||||
Amortization of acquisition-related intangible assets | $ | 961 | $ | 961 | $ | 645 | $ | 2,883 | $ | 1,935 | |||||||||||||
General & administrative expenses include: | |||||||||||||||||||||||
Patent-litigation expenses | $ | 1,500 | $ | 1,501 | $ | 1,529 | $ | 4,458 | $ | 3,842 | |||||||||||||
Other income, net includes: | |||||||||||||||||||||||
Amortization of in-place lease intangible assets | $ | 30 | $ | - | $ | - | $ | 30 | $ | - | |||||||||||||
REVENUE MIX BY END MARKET | |||||||||||||||||||||||
Communications | 26 | % | 21 | % | 18 | % | 23 | % | 17 | % | |||||||||||||
Computer | 7 | % | 7 | % | 11 | % | 7 | % | 11 | % | |||||||||||||
Consumer | 36 | % | 36 | % | 36 | % | 37 | % | 37 | % | |||||||||||||
Industrial | 31 | % | 36 | % | 35 | % | 33 | % | 35 | % | |||||||||||||
POWER INTEGRATIONS, INC. | |||||||||||||||||||||||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP RESULTS | |||||||||||||||||||||||||
(in thousands, except per-share amounts) | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
September 30, 2015 | June 30, 2015 | September 30, 2014 | September 30, 2015 | September 30, 2014 | |||||||||||||||||||||
RECONCILIATION OF GROSS PROFIT | |||||||||||||||||||||||||
GAAP gross profit | $ | 44,161 | $ | 44,018 | $ | 49,052 | $ | 130,471 | $ | 143,765 | |||||||||||||||
GAAP gross margin | 49.7 | % | 51.6 | % | 54.4 | % | 50.8 | % | 54.8 | % | |||||||||||||||
Stock-based compensation included in cost of revenues | 219 | 257 | 131 | 725 | 648 | ||||||||||||||||||||
Amortization of write-up of acquired inventory | - | - | - | 309 | - | ||||||||||||||||||||
Amortization of acquisition-related intangible assets | 961 | 961 | 645 | 2,883 | 1,935 | ||||||||||||||||||||
Non-GAAP gross profit | $ | 45,341 | $ | 45,236 | $ | 49,828 | $ | 134,388 | $ | 146,348 | |||||||||||||||
Non-GAAP gross margin | 51.0 | % | 53.1 | % | 55.3 | % | 52.4 | % | 55.8 | % | |||||||||||||||
RECONCILIATION OF OPERATING EXPENSES | |||||||||||||||||||||||||
GAAP operating expenses | $ | 32,378 | $ | 34,814 | $ | 32,177 | $ | 102,527 | $ | 99,834 | |||||||||||||||
Less: | Stock-based compensation expense included in operating expenses | ||||||||||||||||||||||||
Research and development | 1,277 | 1,306 | 971 | 3,974 | 3,522 | ||||||||||||||||||||
Sales and marketing | 877 | 878 | 779 | 2,767 | 2,578 | ||||||||||||||||||||
General and administrative | 988 | 1,309 | 699 | 4,036 | 3,922 | ||||||||||||||||||||
Total | 3,142 | 3,493 | 2,449 | 10,777 | 10,022 | ||||||||||||||||||||
Amortization of acquisition-related intangible assets | 666 | 693 | 629 | 2,109 | 2,562 | ||||||||||||||||||||
Acquisition expenses, severance and transition costs | - | 391 | - | 1,113 | - | ||||||||||||||||||||
Non-GAAP operating expenses | $ | 28,570 | $ | 30,237 | $ | 29,099 | $ | 88,528 | $ | 87,250 | |||||||||||||||
RECONCILIATION OF INCOME FROM OPERATIONS | |||||||||||||||||||||||||
GAAP income from operations | $ | 11,783 | $ | 9,204 | $ | 16,875 | $ | 27,944 | $ | 43,931 | |||||||||||||||
GAAP operating margin | 13.3 | % | 10.8 | % | 18.7 | % | 10.9 | % | 16.8 | % | |||||||||||||||
Add: | Total stock-based compensation | 3,361 | 3,750 | 2,580 | 11,502 | 10,670 | |||||||||||||||||||
Amortization of write-up of acquired inventory | - | - | - | 309 | - | ||||||||||||||||||||
Amortization of acquisition-related intangible assets | 1,627 | 1,654 | 1,274 | 4,992 | 4,497 | ||||||||||||||||||||
Acquisition expenses, severance and transition costs | - | 391 | - | 1,113 | - | ||||||||||||||||||||
Non-GAAP income from operations | $ | 16,771 | $ | 14,999 | $ | 20,729 | $ | 45,860 | $ | 59,098 | |||||||||||||||
Non-GAAP operating margin | 18.9 | % | 17.6 | % | 23.0 | % | 17.9 | % | 22.5 | % | |||||||||||||||
RECONCILIATION OF PROVISION (BENEFIT) FOR INCOME TAXES | |||||||||||||||||||||||||
GAAP provision (benefit) for income taxes | $ | 698 | $ | 628 | $ | 1,145 | $ | 1,717 | $ | (423 | ) | ||||||||||||||
GAAP effective tax rate | 5.7 | % | 6.8 | % | 6.6 | % | 6.1 | % | -0.9 | % | |||||||||||||||
Benefit associated with tax settlement | - | - | - | - | (3,331 | ) | |||||||||||||||||||
Tax effect of other adjustments to GAAP results | (310 | ) | (197 | ) | (120 | ) | (1,028 | ) | (783 | ) | |||||||||||||||
Non-GAAP provision for income taxes | $ | 1,008 | $ | 825 | $ | 1,265 | $ | 2,745 | $ | 3,691 | |||||||||||||||
Non-GAAP effective tax rate | 5.9 | % | 5.5 | % | 6.0 | % | 6.0 | % | 6.2 | % | |||||||||||||||
RECONCILIATION OF NET INCOME PER SHARE (DILUTED) | |||||||||||||||||||||||||
GAAP net income | $ | 11,513 | $ | 8,590 | $ | 16,111 | $ | 26,446 | $ | 45,190 | |||||||||||||||
Adjustments to GAAP net income | |||||||||||||||||||||||||
Stock-based compensation | 3,361 | 3,750 | 2,580 | 11,502 | 10,670 | ||||||||||||||||||||
Amortization of write-up of acquired inventory | - | - | - | 309 | - | ||||||||||||||||||||
Amortization of acquisition-related intangible assets | 1,627 | 1,654 | 1,274 | 4,992 | 4,497 | ||||||||||||||||||||
Benefit associated with tax settlement | - | - | - | - | (3,331 | ) | |||||||||||||||||||
Acquisition expenses, severance and transition costs | - | 391 | - | 1,113 | - | ||||||||||||||||||||
Amortization of in-place lease intangible assets | 30 | - | - | 30 | - | ||||||||||||||||||||
Tax effect of items excluded from non-GAAP results | (310 | ) | (197 | ) | (120 | ) | (1,028 | ) | (783 | ) | |||||||||||||||
Non-GAAP net income | $ | 16,221 | $ | 14,188 | $ | 19,845 | $ | 43,364 | $ | 56,243 | |||||||||||||||
Average shares outstanding for calculation | |||||||||||||||||||||||||
of non-GAAP income per share (diluted) | 29,298 | 30,034 | 30,757 | 29,856 | 31,053 | ||||||||||||||||||||
Non-GAAP net income per share (diluted) | $ | 0.55 | $ | 0.47 | $ | 0.65 | $ | 1.45 | $ | 1.81 | |||||||||||||||
GAAP income per share | $ | 0.39 | $ | 0.29 | $ | 0.52 | $ | 0.89 | $ | 1.46 | |||||||||||||||
POWER INTEGRATIONS, INC. | |||||||||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||||||||
(in thousands) | |||||||||||||||
September 30, 2015 | June 30, 2015 | December 31, 2014 | |||||||||||||
ASSETS | |||||||||||||||
CURRENT ASSETS: | |||||||||||||||
Cash and cash equivalents | $ | 59,735 | $ | 75,941 | $ | 60,708 | |||||||||
Short-term marketable securities | 91,222 | 94,944 | 114,575 | ||||||||||||
Accounts receivable | 11,061 | 13,212 | 10,186 | ||||||||||||
Inventories | 55,439 | 64,231 | 64,025 | ||||||||||||
Deferred tax assets | 75 | 38 | 39 | ||||||||||||
Prepaid expenses and other current assets | 5,780 | 9,444 | 16,379 | ||||||||||||
Total current assets | 223,312 | 257,810 | 265,912 | ||||||||||||
PROPERTY AND EQUIPMENT, net | 102,223 | 92,913 | 95,823 | ||||||||||||
INTANGIBLE ASSETS, net | 39,957 | 41,028 | 35,524 | ||||||||||||
GOODWILL | 91,849 | 91,849 | 80,599 | ||||||||||||
DEFERRED TAX ASSETS | 10,647 | 11,025 | 11,562 | ||||||||||||
OTHER ASSETS | 5,502 | 4,894 | 4,243 | ||||||||||||
Total assets | $ | 473,490 | $ | 499,519 | $ | 493,663 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||
CURRENT LIABILITIES: | |||||||||||||||
Accounts payable | $ | 23,370 | $ | 30,792 | $ | 21,980 | |||||||||
Accrued payroll and related expenses | 8,203 | 9,539 | 9,071 | ||||||||||||
Taxes payable | 2,022 | 2,237 | 2,963 | ||||||||||||
Deferred tax liabilities | 1,985 | 2,085 | 2,193 | ||||||||||||
Deferred income on sales to distributors | 16,464 | 16,457 | 15,223 | ||||||||||||
Other accrued liabilities | 3,182 | 3,381 | 3,730 | ||||||||||||
Total current liabilities | 55,226 | 64,491 | 55,160 | ||||||||||||
LONG-TERM LIABILITIES: | |||||||||||||||
Income taxes payable | 746 | 746 | 743 | ||||||||||||
Deferred tax liabilities | 3,752 | 3,928 | 4,272 | ||||||||||||
Other liabilities | 2,569 | 2,673 | 2,812 | ||||||||||||
Total liabilities | 62,293 | 71,838 | 62,987 | ||||||||||||
STOCKHOLDERS' EQUITY: | |||||||||||||||
Common stock | 28 | 29 | 29 | ||||||||||||
Additional paid-in capital | 136,422 | 161,089 | 171,938 | ||||||||||||
Accumulated other comprehensive loss | (1,043 | ) | (1,167 | ) | (1,136 | ) | |||||||||
Retained earnings | 275,790 | 267,730 | 259,845 | ||||||||||||
Total stockholders' equity | 411,197 | 427,681 | 430,676 | ||||||||||||
Total liabilities and stockholders' equity | $ | 473,490 | $ | 499,519 | $ | 493,663 | |||||||||
POWER INTEGRATIONS, INC. | |||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2015 | June 30, 2015 | September 30, 2014 | September 30, 2015 | September 30, 2014 | |||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||||
Net income | $ | 11,513 | $ | 8,590 | $ | 16,111 | $ | 26,446 | $ | 45,190 | |||||||||||||
Adjustments to reconcile net income to cash provided by operating activities | |||||||||||||||||||||||
Depreciation | 4,168 | 4,035 | 4,002 | 12,235 | 11,849 | ||||||||||||||||||
Amortization of intangible assets | 1,732 | 1,729 | 1,349 | 5,247 | 4,723 | ||||||||||||||||||
Loss on disposal of property and equipment | 270 | - | 11 | 270 | 170 | ||||||||||||||||||
Stock-based compensation expense | 3,361 | 3,750 | 2,580 | 11,502 | 10,670 | ||||||||||||||||||
Amortization of premium on marketable securities | 258 | 265 | 481 | 809 | 1,296 | ||||||||||||||||||
Deferred income taxes | 66 | 9 | (917 | ) | 152 | (782 | ) | ||||||||||||||||
Increase (decrease) in accounts receivable allowances | 213 | (80 | ) | 90 | 128 | 75 | |||||||||||||||||
Excess tax benefit from employee stock plans | - | - | (224 | ) | - | (437 | ) | ||||||||||||||||
Tax benefit (deficiency) associated with employee stock plans | - | - | 451 | (189 | ) | 815 | |||||||||||||||||
Change in operating assets and liabilities: | |||||||||||||||||||||||
Accounts receivable | 1,938 | (500 | ) | 5,972 | 888 | 1,933 | |||||||||||||||||
Inventories | 8,792 | 779 | (5,693 | ) | 9,995 | (14,639 | ) | ||||||||||||||||
Prepaid expenses and other assets | 2,428 | 2,077 | 4,655 | 4,278 | 9,955 | ||||||||||||||||||
Accounts payable | (8,338 | ) | 5,954 | 639 | (2,035 | ) | 2,509 | ||||||||||||||||
Taxes payable and other accrued liabilities | (1,752 | ) | (751 | ) | 1,486 | (3,579 | ) | (3,257 | ) | ||||||||||||||
Deferred income on sales to distributors | 6 | (796 | ) | (384 | ) | 1,241 | 3,017 | ||||||||||||||||
Net cash provided by operating activities | 24,655 | 25,061 | 30,609 | 67,388 | 73,087 | ||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||
Purchases of property and equipment | (2,475 | ) | (1,822 | ) | (7,509 | ) | (7,619 | ) | (17,394 | ) | |||||||||||||
Payment for purchase of building | (10,389 | ) | - | - | (10,389 | ) | - | ||||||||||||||||
Payment for acquisition, net of cash acquired | - | (184 | ) | - | (15,549 | ) | - | ||||||||||||||||
Other assets | - | - | (1,261 | ) | - | (1,261 | ) | ||||||||||||||||
Purchases of marketable securities | (4,940 | ) | (9,993 | ) | (20,518 | ) | (14,933 | ) | (45,269 | ) | |||||||||||||
Proceeds from sales and maturities of marketable securities | 8,424 | 2,250 | - | 37,459 | - | ||||||||||||||||||
Net cash used in investing activities | (9,380 | ) | (9,749 | ) | (29,288 | ) | (11,031 | ) | (63,924 | ) | |||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||||||||||||||
Net proceeds from issuance of common stock | 2,527 | 856 | 3,237 | 6,902 | 13,104 | ||||||||||||||||||
Repurchase of common stock | (30,555 | ) | (22,335 | ) | (19,527 | ) | (53,731 | ) | (45,258 | ) | |||||||||||||
Payments of dividends to stockholders | (3,453 | ) | (3,529 | ) | (3,595 | ) | (10,501 | ) | (9,654 | ) | |||||||||||||
Excess tax benefit from employee stock plans | - | - | 224 | - | 437 | ||||||||||||||||||
Net cash used in financing activities | (31,481 | ) | (25,008 | ) | (19,661 | ) | (57,330 | ) | (41,371 | ) | |||||||||||||
NET DECREASE IN CASH AND CASH EQUIVALENTS | (16,206 | ) | (9,696 | ) | (18,340 | ) | (973 | ) | (32,208 | ) | |||||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 75,941 | 85,637 | 79,060 | 60,708 | 92,928 | ||||||||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 59,735 | $ | 75,941 | $ | 60,720 | $ | 59,735 | $ | 60,720 |
CONTACT:
Power Integrations, Inc.
Joe Shiffler, 408-414-8528
joe@power.com