Power Integrations (Nasdaq: POWI) today announced financial results for the quarter ended September 30, 2014. Net revenues for the quarter were $90.1 million, up one percent from the prior quarter and down two percent compared with the third quarter of 2013. GAAP gross margin for the third quarter was 54.4 percent; operating margin was 18.7 percent. Net income for the quarter was $16.1 million or $0.52 per diluted share, compared with $0.54 per diluted share in the prior quarter and $0.54 per diluted share in the third quarter of 2013.
In addition to its GAAP results, the company provided certain non-GAAP financial measures for the third quarter that exclude stock-based compensation expenses, acquisition-related amortization expenses and the accompanying tax effects. Non-GAAP gross margin for the quarter was 55.3 percent; non-GAAP operating margin was 23.0 percent. Non-GAAP net income for the quarter was $19.8 million or $0.65 per diluted share, compared with $0.61 per diluted share in the prior quarter and $0.71 per diluted share in the third quarter of 2013.
Commented Balu Balakrishnan, president and CEO of Power Integrations: “Revenues and earnings increased sequentially, but like many of our industry peers we saw a slowdown in orders over the course of the quarter, resulting in less-than-seasonal sales growth. Revenues from the communications end-market increased by more than 20 percent sequentially, but demand was less than expected across the other end-market categories.
“While our near-term outlook reflects a tepid demand environment, our profitability and cash flow remain healthy, and our strong balance sheet enables us to further expand our share-repurchase program at an opportune moment. We continue to invest for long-term growth, and we remain optimistic about our expanding addressable market, our pipeline of innovative products, and the growing demand for energy-efficiency and renewable energy.”
Additional Highlights
- Cash flow from operations in the third quarter was $30.6 million; cash and investments totaled $213.9 million at quarter-end, up $1.5 million from the end of the prior quarter.
- Power Integrations repurchased approximately 359,000 shares of its common stock during the quarter for $19.5 million. As of September 30, 2014, the company had approximately $34.3 million remaining on its repurchase authorization; in October the company’s board of directors increased the amount authorized by an additional $25 million.
- The company paid a dividend of $0.12 per share on September 30, 2014. A dividend of $0.12 per share will be paid on December 31, 2014, to stockholders of record as of November 28, 2014.
- The company received 23 U.S. patents during the quarter and had 668 U.S. patents at quarter-end.
Financial Outlook
The company issued the following forecast for the fourth quarter of 2014:
- Fourth-quarter revenues are expected to be $86 million plus or minus $3 million.
- Non-GAAP gross margin is expected to be approximately 54 percent. (Excludes approximately $0.2 million of stock-based compensation and $0.6 million of amortization of acquisition-related intangibles.) GAAP gross margin is expected to be approximately 53 percent.
- Non-GAAP operating expenses are expected to be between $29.5 million and $30 million. (Excludes approximately $3.6 million of stock-based compensation and $0.6 million of amortization of acquisition-related intangibles.) GAAP operating expenses are expected to be between $33.7 million and $34.2 million.
Conference Call Today at 1:45 p.m. Pacific Time
Power Integrations management will hold a conference call today at 1:45 p.m. Pacific time. Members of the investment community can join the call by dialing 1-647-788-4901. The call will be available via a live and archived webcast on the investor section of the company's website, http://investors.powerint.com.
About Power Integrations
Power Integrations, Inc. is a Silicon Valley-based supplier of high-performance electronic components used in high-voltage power-conversion systems. The company’s integrated circuits and diodes enable compact, energy-efficient AC-DC power supplies for a vast range of electronic products including mobile devices, TVs, PCs, appliances, smart utility meters and LED lights. CONCEPT IGBT drivers enhance the efficiency, reliability and cost of high-power applications such as industrial motor drives, solar and wind energy systems, electric vehicles and high-voltage DC transmission. Since its introduction in 1998, Power Integrations’ EcoSmart® energy-efficiency technology has prevented billions of dollars’ worth of energy waste and millions of tons of carbon emissions. Reflecting the environmental benefits of the company’s products, Power Integrations’ stock is included in the NASDAQ® Clean Edge® Green Energy Index, The Cleantech Index®, and the Ardour Global IndexSM. For more information, including design-support tools and resources, please visit www.powerint.com; visit Power Integrations’ Green Room for a comprehensive guide to energy-efficiency standards around the world.
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 Accounting Standard Codification 718-10, amortization of acquisition-related intangible assets, a 2013 gain related to asset sales, the tax effects of these items, and a tax benefit recognized in the second quarter of 2014. The company uses these non-GAAP measures in its own financial and operational decision-making processes 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 non-GAAP 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 relating to the company’s projected fourth-quarter financial performance and its optimism about its expanding addressable market, pipeline of innovative products, and the growing demand for energy-efficiency and renewable energy, 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 forward-looking 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; 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 resulting from changes in commodity prices and/or the exchange rate between the U.S. dollar and the Japanese yen. 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, 2014. 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, EcoSmart 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, 2014 | June 30, 2014 | September 30, 2013 | September 30, 2014 | September 30, 2013 | ||||||||||||||||||||
| NET REVENUES | $ | 90,144 | $ | 88,985 | $ | 91,715 | $ | 262,202 | $ | 256,677 | ||||||||||||||
| COST OF REVENUES | 41,092 | 40,249 | 42,941 | 118,437 | 121,832 | |||||||||||||||||||
| GROSS PROFIT | 49,052 | 48,736 | 48,774 | 143,765 | 134,845 | |||||||||||||||||||
| OPERATING EXPENSES: | ||||||||||||||||||||||||
| Research and development | 13,458 | 14,366 | 12,984 | 41,314 | 38,745 | |||||||||||||||||||
| Sales and marketing | 10,935 | 11,434 | 10,091 | 33,344 | 29,992 | |||||||||||||||||||
| General and administrative | 7,155 | 7,813 | 7,984 | 22,614 | 23,784 | |||||||||||||||||||
| Amortization of acquisition-related intangible assets | 629 | 798 | 1,121 | 2,562 | 3,365 | |||||||||||||||||||
| Total operating expenses | 32,177 | 34,411 | 32,180 | 99,834 | 95,886 | |||||||||||||||||||
| INCOME FROM OPERATIONS | 16,875 | 14,325 | 16,594 | 43,931 | 38,959 | |||||||||||||||||||
| Gain on sale of assets held for sale | - | - | - | - | 497 | |||||||||||||||||||
| Other income, net | 381 | 198 | 82 | 836 | 367 | |||||||||||||||||||
| INCOME BEFORE PROVISION (BENEFIT) FOR INCOME TAXES | 17,256 | 14,523 | 16,676 | 44,767 | 39,823 | |||||||||||||||||||
| PROVISION (BENEFIT) FOR INCOME TAXES | 1,145 | (2,193 | ) | 22 | (423 | ) | (1,406 | ) | ||||||||||||||||
| NET INCOME | $ | 16,111 | $ | 16,716 | $ | 16,654 | $ | 45,190 | $ | 41,229 | ||||||||||||||
| EARNINGS PER SHARE: | ||||||||||||||||||||||||
| Basic | $ | 0.54 | $ | 0.55 | $ | 0.56 | $ | 1.50 | $ | 1.41 | ||||||||||||||
| Diluted | $ | 0.52 | $ | 0.54 | $ | 0.54 | $ | 1.46 | $ | 1.36 | ||||||||||||||
| SHARES USED IN PER-SHARE CALCULATION: | ||||||||||||||||||||||||
| Basic | 30,013 | 30,310 | 29,762 | 30,186 | 29,235 | |||||||||||||||||||
| Diluted | 30,757 | 31,110 | 30,652 | 31,053 | 30,237 | |||||||||||||||||||
| SUPPLEMENTAL INFORMATION: | ||||||||||||||||||||||||
| Stock-based compensation expenses included in: | ||||||||||||||||||||||||
| Cost of revenues | $ | 131 | $ | 298 | $ | 296 | $ | 648 | $ | 824 | ||||||||||||||
| Research and development | 971 | 1,339 | 1,485 | 3,522 | 4,231 | |||||||||||||||||||
| Sales and marketing | 779 | 864 | 964 | 2,578 | 2,588 | |||||||||||||||||||
| General and administrative | 699 | 1,674 | 1,446 | 3,922 | 4,512 | |||||||||||||||||||
| Total stock-based compensation expense | $ | 2,580 | $ | 4,175 | $ | 4,191 | $ | 10,670 | $ | 12,155 | ||||||||||||||
| Cost of revenues includes: | ||||||||||||||||||||||||
| Amortization of acquisition-related intangible assets | $ | 645 | $ | 645 | $ | 645 | $ | 1,935 | $ | 1,935 | ||||||||||||||
| General & administrative expenses include: | ||||||||||||||||||||||||
| Patent-litigation expenses | $ | 1,529 | $ | 1,127 | $ | 1,667 | $ | 3,842 | $ | 3,873 | ||||||||||||||
| REVENUE MIX BY END MARKET | ||||||||||||||||||||||||
| Communications | 18 | % | 15 | % | 21 | % | 17 | % | 21 | % | ||||||||||||||
| Computer | 11 | % | 12 | % | 10 | % | 11 | % | 10 | % | ||||||||||||||
| Consumer | 36 | % | 38 | % | 34 | % | 37 | % | 35 | % | ||||||||||||||
| Industrial | 35 | % | 35 | % | 35 | % | 35 | % | 34 | % | ||||||||||||||
| 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, 2014 | June 30, 2014 | September 30, 2013 | September 30, 2014 | September 30, 2013 | ||||||||||||||||||||||
| RECONCILIATION OF GROSS PROFIT | ||||||||||||||||||||||||||
| GAAP gross profit | $ | 49,052 | $ | 48,736 | $ | 48,774 | $ | 143,765 | $ | 134,845 | ||||||||||||||||
| GAAP gross profit margin | 54.4 | % | 54.8 | % | 53.2 | % | 54.8 | % | 52.5 | % | ||||||||||||||||
| Stock-based compensation included in cost of revenues | 131 | 298 | 296 | 648 | 824 | |||||||||||||||||||||
| Amortization of acquisition-related intangible assets | 645 | 645 | 645 | 1,935 | 1,935 | |||||||||||||||||||||
| Non-GAAP gross profit | $ | 49,828 | $ | 49,679 | $ | 49,715 | $ | 146,348 | $ | 137,604 | ||||||||||||||||
| Non-GAAP gross profit margin | 55.3 | % | 55.8 | % | 54.2 | % | 55.8 | % | 53.6 | % | ||||||||||||||||
| RECONCILIATION OF OPERATING EXPENSES | ||||||||||||||||||||||||||
| GAAP operating expenses | $ | 32,177 | $ | 34,411 | $ | 32,180 | $ | 99,834 | $ | 95,886 | ||||||||||||||||
Less: Stock-based compensation expense included in operating expenses | ||||||||||||||||||||||||||
| Research and development | 971 | 1,339 | 1,485 | 3,522 | 4,231 | |||||||||||||||||||||
| Sales and marketing | 779 | 864 | 964 | 2,578 | 2,588 | |||||||||||||||||||||
| General and administrative | 699 | 1,674 | 1,446 | 3,922 | 4,512 | |||||||||||||||||||||
| Total | 2,449 | 3,877 | 3,895 | 10,022 | 11,331 | |||||||||||||||||||||
| Amortization of acquisition-related intangible assets | 629 | 798 | 1,121 | 2,562 | 3,365 | |||||||||||||||||||||
| Non-GAAP operating expenses | $ | 29,099 | $ | 29,736 | $ | 27,164 | $ | 87,250 | $ | 81,190 | ||||||||||||||||
| RECONCILIATION OF INCOME FROM OPERATIONS | ||||||||||||||||||||||||||
| GAAP income from operations | $ | 16,875 | $ | 14,325 | $ | 16,594 | $ | 43,931 | $ | 38,959 | ||||||||||||||||
| GAAP operating margin | 18.7 | % | 16.1 | % | 18.1 | % | 16.8 | % | 15.2 | % | ||||||||||||||||
Add: Total stock-based compensation | 2,580 | 4,175 | 4,191 | 10,670 | 12,155 | |||||||||||||||||||||
| Amortization of acquisition-related intangible assets | 1,274 | 1,443 | 1,766 | 4,497 | 5,300 | |||||||||||||||||||||
| Non-GAAP income from operations | $ | 20,729 | $ | 19,943 | $ | 22,551 | $ | 59,098 | $ | 56,414 | ||||||||||||||||
| Non-GAAP operating margin | 23.0 | % | 22.4 | % | 24.6 | % | 22.5 | % | 22.0 | % | ||||||||||||||||
| RECONCILIATION OF PROVISION (BENEFIT) FOR INCOME TAXES | ||||||||||||||||||||||||||
| GAAP provision (benefit) for income taxes | $ | 1,145 | $ | (2,193 | ) | $ | 22 | $ | (423 | ) | $ | (1,406 | ) | |||||||||||||
| GAAP effective tax rate | 6.6 | % | -15.1 | % | 0.1 | % | -0.9 | % | -3.5 | % | ||||||||||||||||
| Benefit associated with tax settlement | - | (3,331 | ) | - | (3,331 | ) | - | |||||||||||||||||||
| Tax effect of other adjustments to GAAP results | (120 | ) | (115 | ) | (776 | ) | (783 | ) | (3,873 | ) | ||||||||||||||||
| Non-GAAP provision for income taxes | $ | 1,265 | $ | 1,253 | $ | 798 | $ | 3,691 | $ | 2,467 | ||||||||||||||||
| Non-GAAP effective tax rate | 6.0 | % | 6.2 | % | 3.5 | % | 6.2 | % | 4.3 | % | ||||||||||||||||
| RECONCILIATION OF NET INCOME PER SHARE (DILUTED) | ||||||||||||||||||||||||||
| GAAP net income | $ | 16,111 | $ | 16,716 | $ | 16,654 | $ | 45,190 | $ | 41,229 | ||||||||||||||||
| Adjustments to GAAP net income | ||||||||||||||||||||||||||
| Stock-based compensation | 2,580 | 4,175 | 4,191 | 10,670 | 12,155 | |||||||||||||||||||||
| Amortization of acquisition-related intangible assets | 1,274 | 1,443 | 1,766 | 4,497 | 5,300 | |||||||||||||||||||||
| Gain on sale of assets held for sale | - | - | - | - | (497 | ) | ||||||||||||||||||||
| Benefit associated with tax settlement | - | (3,331 | ) | - | (3,331 | ) | - | |||||||||||||||||||
| Tax effect of items excluded from non-GAAP results | (120 | ) | (115 | ) | (776 | ) | (783 | ) | (3,873 | ) | ||||||||||||||||
| Non-GAAP net income | $ | 19,845 | $ | 18,888 | $ | 21,835 | $ | 56,243 | $ | 54,314 | ||||||||||||||||
| Average shares outstanding for calculation | ||||||||||||||||||||||||||
| of non-GAAP income per share (diluted) | 30,757 | 31,110 | 30,652 | 31,053 | 30,237 | |||||||||||||||||||||
| Non-GAAP net income per share (diluted) | $ | 0.65 | $ | 0.61 | $ | 0.71 | $ | 1.81 | $ | 1.80 | ||||||||||||||||
| GAAP income per share | $ | 0.52 | $ | 0.54 | $ | 0.54 | $ | 1.46 | $ | 1.36 | ||||||||||||||||
| POWER INTEGRATIONS, INC. | ||||||||||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||||||||||
| (in thousands) | ||||||||||||||||
September 30, 2014 | June 30, 2014 | December 31, 2013 | ||||||||||||||
| ASSETS | ||||||||||||||||
| CURRENT ASSETS: | ||||||||||||||||
| Cash and cash equivalents | $ | 60,720 | $ | 79,060 | $ | 92,928 | ||||||||||
| Short-term marketable securities | 153,144 | 133,354 | 109,179 | |||||||||||||
| Accounts receivable | 10,381 | 16,443 | 12,389 | |||||||||||||
| Inventories | 56,958 | 51,269 | 42,235 | |||||||||||||
| Deferred tax assets | 2,103 | 2,011 | 2,059 | |||||||||||||
| Prepaid expenses and other current assets | 8,773 | 13,590 | 18,632 | |||||||||||||
| Total current assets | 292,079 | 295,727 | 277,422 | |||||||||||||
| PROPERTY AND EQUIPMENT, net | 96,506 | 91,368 | 90,141 | |||||||||||||
| INTANGIBLE ASSETS, net | 36,873 | 36,960 | 40,334 | |||||||||||||
| GOODWILL | 80,599 | 80,599 | 80,599 | |||||||||||||
| DEFERRED TAX ASSETS | 9,472 | 8,904 | 9,449 | |||||||||||||
| OTHER ASSETS | 3,887 | 4,031 | 3,476 | |||||||||||||
| Total assets | $ | 519,416 | $ | 517,589 | $ | 501,421 | ||||||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||
| CURRENT LIABILITIES: | ||||||||||||||||
| Accounts payable | $ | 24,777 | $ | 22,802 | $ | 20,772 | ||||||||||
| Accrued payroll and related expenses | 8,834 | 8,786 | 8,900 | |||||||||||||
| Taxes payable | 2,753 | 2,054 | 2,266 | |||||||||||||
| Deferred taxes | 1,103 | 1,110 | 943 | |||||||||||||
| Deferred income on sales to distributors | 18,744 | 19,128 | 15,727 | |||||||||||||
| Other accrued liabilities | 2,224 | 1,701 | 1,810 | |||||||||||||
| Total current liabilities | 58,435 | 55,581 | 50,418 | |||||||||||||
| LONG-TERM LIABILITIES | ||||||||||||||||
| Income taxes payable | 2,722 | 2,397 | 6,885 | |||||||||||||
| Deferred taxes | 4,397 | 4,647 | 5,273 | |||||||||||||
| Other liabilities | 2,229 | 2,301 | 2,159 | |||||||||||||
| Total liabilities | 67,783 | 64,926 | 64,735 | |||||||||||||
| STOCKHOLDERS' EQUITY: | ||||||||||||||||
| Common stock | 29 | 30 | 30 | |||||||||||||
| Additional paid-in capital | 203,076 | 216,337 | 223,660 | |||||||||||||
| Accumulated other comprehensive loss | (474 | ) | (190 | ) | (470 | ) | ||||||||||
| Retained earnings | 249,002 | 236,486 | 213,466 | |||||||||||||
| Total stockholders' equity | 451,633 | 452,663 | 436,686 | |||||||||||||
| Total liabilities and stockholders' equity | $ | 519,416 | $ | 517,589 | $ | 501,421 | ||||||||||
| 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 | ||||||||||||||
Contacts:
Joe Shiffler, 408-414-8528
jshiffler@powerint.com
