LSI Reports First Quarter 2013 Results

 

 

LSI CORPORATION

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)








Three Months Ended


March 31,


December 31,


April 1,


2013


2012


2012

Operating activities:






Net income

$   18,432


$         22,653


$   75,197

Adjustments:






    Depreciation and amortization 

44,285


44,166


45,368

    Stock-based compensation expense

25,546


24,762


30,834

    Non-cash restructuring of operations and other items, net

1,536


221


2,140

    Gain on re-measurement of a pre-acquisition equity interest to fair value

-


-


(5,765)

    (Gain)/loss on sale of property and equipment

(4)


(46)


25

    Unrealized foreign exchange loss/(gain)

589


(518)


1,461

    Deferred taxes 

(26)


(9,972)


(43,202)

    Changes in assets and liabilities, net of assets acquired and liabilities 






        assumed in business combination:






        Accounts receivable

40,652


(7,620)


(44,845)

        Inventories

25,123


2,748


3,453

        Prepaid expenses, assets held for sale and other assets

(7,955)


(16,850)


(2,290)

        Accounts payable

(33,054)


23,208


47,119

        Accrued and other liabilities

(52,294)


12,103


(59,270)

Net cash provided by operating activities

62,830


94,855


50,225







Investing activities:






    Purchases of debt securities available-for-sale

(53,345)


(37,206)


(21,263)

    Proceeds from maturities and sales of debt securities available-for-sale 

24,117


28,320


9,506

    Purchases of other investments

(750)


(500)


-

    Purchases of property and equipment

(25,075)


(27,494)


(64,982)

    Proceeds from sale of property and equipment

27


67


21

    Acquisition of business, net of cash acquired 

-


-


(319,231)

Net cash used in investing activities

(55,026)


(36,813)


(395,949)







Financing activities:






   Issuance of common stock

8,165


20,985


65,274

   Purchases of common stock under repurchase program

(60,765)


(46,338)


(38,206)

Net cash (used in)/provided by financing activities

(52,600)


(25,353)


27,068







Effect of exchange rate changes on cash and cash equivalents

(1,507)


(1,668)


(495)







Net change in cash and cash equivalents

(46,303)


31,021


(319,151)







Cash and cash equivalents at beginning of period

471,528


440,507


779,811







Cash and cash equivalents at end of period

$ 425,225


$       471,528


$ 460,660


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