Maxim Integrated Reports Results For The Fourth Quarter Of Fiscal 2014; Increases Dividend By 8%

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


Three Months Ended


Year Ended


June 28,


March 29,


June 29,


June 28,


June 29,


2014


2014


2013


2014


2013


(in thousands)

Cash flows from operating activities: 










Net income

$     84,793


$   122,544


$   119,014


$   354,810


$   454,912

Adjustments to reconcile net income to net cash provided by operating activities: 










      Stock-based compensation 

21,786


22,057


18,853


85,452


83,808

      Depreciation and amortization 

64,391


64,665


51,191


244,593


207,136

      Deferred taxes 

(9,501)


(36,482)


(2,813)


(32,159)


25,372

      Loss (gain) from sale of property, plant and equipment

1,068


818


1,380


2,187


(1,156)

      Tax benefit (shortfall) related to stock-based compensation 

942


3,204


358


(68)


8,197

      Impairment of long-lived assets

6,447


-


-


11,644


24,929

      Impairment of investments in privately-held companies

6,537


3,723


700


10,260


700

      In-process research and development written-off

-


2,580


-


2,580


2,800

      Loss (gain) on sale of discontinued operations

-


-


-


-


(3,285)

      Excess tax benefit from stock-based compensation

(4,897)


(5,139)


(2,792)


(14,192)


(18,923)

      Changes in assets and liabilities: 










          Accounts receivable 

8,300


(15,566)


14,608


13,340


32,023

          Inventories 

1,226


7,717


(7,657)


20,672


(35,245)

          Other current assets 

26,579


7,194


(2,832)


45,557


(21,233)

          Accounts payable 

5,203


(4,044)


(6,961)


(11,255)


(32,510)

          Income taxes payable 

9,853


14,244


13,118


54,492


70,156

          Deferred revenue on shipments to distributors 

1,475


(1,283)


706


(823)


277

          All other accrued liabilities 

9,882


25,466


17,527


(10,983)


19,977

Net cash provided by (used in) operating activities 

234,084


211,698


214,400


776,107


817,935











Cash flows from investing activities: 










          Purchase of property, plant and equipment

(23,654)


(26,407)


(48,922)


(132,523)


(216,672)

          Proceeds from sales of property, plant and equipment

1,627


618


4,538


5,293


19,196

          Proceeds from sales of property, plant and equipment through note receivable

-


-


10,786


-


10,786

          Proceeds from maturity of available-for-sale securities

-


-


-


27,000


50,000

          Purchases of available-for-sale securities

(49,953)


-


-


(49,953)


-

          Purchases of privately-held companies securities

-


-


(500)


-


(500)

          Payments in connection to acquisitions

-


(5,750)


(2,767)


(459,256)


(2,767)

          Proceeds from sale of investments in privately-held companies

-


-


585


-


585

Net cash provided by (used in) investing activities 

(71,980)


(31,539)


(36,280)


(609,439)


(139,372)











Cash flows from financing activities: 










         Excess tax benefit from stock-based compensation

4,897


5,139


2,792


14,192


18,923

         Contingent consideration paid

-


(104)


(6,305)


(4,705)


(13,781)

         Dividends paid

(73,626)


(73,481)


(69,532)


(294,175)


(280,215)

         Repayment of notes payable

(2,430)


(439)


(302,299)


(4,708)


(303,500)

         Issuance of debt

-


-


-


497,895


494,395

         Debt issuance cost

-


-


(671)


(3,431)


(3,921)

         Repurchase of common stock

(40,744)


(51,083)


(193,221)


(305,314)


(375,135)

         Issuance of ESPP shares under employee stock purchase program

23,713


-


19,529


42,809


36,297

         Net issuance of restricted stock units

(8,922)


(8,390)


(7,456)


(31,384)


(29,042)

         Proceeds from stock options exercised

26,232


29,538


6,049


69,639


71,342

Net cash provided by (used in) financing activities 

(70,880)


(98,820)


(551,114)


(19,182)


(384,637)











Net increase (decrease) in cash and cash equivalents 

91,224


81,339


(372,994)


147,486


293,926

Cash and cash equivalents: 










          Beginning of period

1,231,248


1,149,909


1,547,980


1,174,986


881,060

          End of period

$1,322,472


$1,231,248


$1,174,986


$1,322,472


$1,174,986











Total cash, cash equivalents and short-term investments

$1,372,425


$1,231,248


$1,200,046


$1,372,425


$1,200,046












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