Revenues grew three percent year-over-year to $85.3 million; non-GAAP
earnings were $0.50 per diluted share; GAAP earnings were $0.30 per
diluted share
Power Integrations (Nasdaq: POWI)
today announced financial results for the quarter ended March 31, 2016.
Net revenues for the first quarter were $85.3 million, down two percent
from the prior quarter and up three percent compared to the first
quarter of 2015. Net income was $8.8 million or $0.30 per diluted share,
compared to $0.44 in the prior quarter and $0.21 in the first quarter of
2015. Cash flow from operations for the first quarter was $20.3 million.
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, and the tax
effects of these items. Non-GAAP net income for the first quarter was
$14.7 million or $0.50 per diluted share, compared with $0.58 in the
prior quarter and $0.43 in the first quarter of 2015.
Commented Balu Balakrishnan, president and CEO of Power Integrations:
“Revenues increased from a year ago, and we expect continued growth in
the second quarter as demand for our InnoSwitch™ products continues to
ramp in the mobile-device market. The broader InnoSwitch product cycle
continues to take shape with the recent introductions of InnoSwitch-CE
and the 900-volt InnoSwitch-EP, and we have a robust pipeline of
innovative new products on the way that will further expand our
addressable market.”
Additional Highlights
-
Power Integrations repurchased approximately 138,000 shares of its
common stock during the quarter for $6.1 million. At quarter-end the
company had $23.9 million remaining on its repurchase authorization.
-
The company paid a dividend of $0.13 per share on March 31, 2016. A
dividend of $0.13 per share will be paid on June 30, 2016 to
stockholders of record as of May 31, 2016.
-
Power Integrations had $185.2 million in cash and short-term
marketable securities at quarter-end, an increase of $11.3 million
during the quarter.
-
Power Integrations was issued 14 U.S. patents during the first quarter.
Financial Outlook
The company issued the following forecast for the second quarter of 2016:
-
Revenues are expected to be in a range of $88 million to $94 million.
-
Non-GAAP gross margin is expected to be between 50.5 percent and 51
percent. (Excludes approximately $0.3 million of stock-based
compensation expense and $1 million of amortization of
acquisition-related intangible assets.) GAAP gross margin is expected
to be between 49.1 percent and 49.6 percent.
-
Non-GAAP operating expenses are expected to be approximately $31
million. (Excludes approximately $4.8 million of stock-based
compensation expenses and $0.6 million of amortization of
acquisition-related intangible assets.) GAAP operating expenses are
expected to be approximately $36.4 million.
Conference Call Today at 1:30 p.m. Pacific Time
Power Integrations management will hold a conference call today at 1:30
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, and the tax effects of
these items. 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 second-quarter financial performance and its expectation that
products in its pipeline will expand the company’s addressable market
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
Annual Report on Form 10-K, filed with the Securities and Exchange
Commission (SEC) on February 11, 2016. 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
|
|
|
March 31, 2016
|
|
December 31, 2015
|
|
March 31, 2015
|
NET REVENUES
|
|
$
|
85,326
|
|
|
$
|
87,289
|
|
|
$
|
82,557
|
|
|
|
|
|
|
|
|
COST OF REVENUES
|
|
|
42,379
|
|
|
|
44,373
|
|
|
|
40,265
|
|
|
|
|
|
|
|
|
GROSS PROFIT
|
|
|
42,947
|
|
|
|
42,916
|
|
|
|
42,292
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES:
|
|
|
|
|
|
|
Research and development
|
|
|
14,779
|
|
|
|
13,856
|
|
|
|
14,573
|
|
Sales and marketing
|
|
|
10,740
|
|
|
|
10,449
|
|
|
|
11,307
|
|
General and administrative
|
|
|
7,850
|
|
|
|
6,896
|
|
|
|
7,983
|
|
Amortization of acquisition-related intangible assets
|
|
|
666
|
|
|
|
666
|
|
|
|
750
|
|
Acquisition expenses, severance and transition costs
|
|
|
-
|
|
|
|
-
|
|
|
|
722
|
|
Total operating expenses
|
|
|
34,035
|
|
|
|
31,867
|
|
|
|
35,335
|
|
|
|
|
|
|
|
|
INCOME FROM OPERATIONS
|
|
|
8,912
|
|
|
|
11,049
|
|
|
|
6,957
|
|
|
|
|
|
|
|
|
Other income, net
|
|
|
261
|
|
|
|
206
|
|
|
|
(223
|
)
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME TAXES
|
|
|
9,173
|
|
|
|
11,255
|
|
|
|
6,734
|
|
|
|
|
|
|
|
|
PROVISION (BENEFIT) FOR INCOME TAXES
|
|
|
330
|
|
|
|
(1,446
|
)
|
|
|
391
|
|
|
|
|
|
|
|
|
NET INCOME
|
|
$
|
8,843
|
|
|
$
|
12,701
|
|
|
$
|
6,343
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE:
|
|
|
|
|
|
|
Basic
|
|
$
|
0.31
|
|
|
$
|
0.45
|
|
|
$
|
0.22
|
|
Diluted
|
|
$
|
0.30
|
|
|
$
|
0.44
|
|
|
$
|
0.21
|
|
|
|
|
|
|
|
|
SHARES USED IN PER-SHARE CALCULATION:
|
|
|
|
|
|
|
Basic
|
|
|
28,679
|
|
|
|
28,483
|
|
|
|
29,309
|
|
Diluted
|
|
|
29,244
|
|
|
|
29,126
|
|
|
|
30,058
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL INFORMATION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expenses included in:
|
|
|
|
|
|
|
Cost of revenues
|
|
$
|
90
|
|
|
$
|
208
|
|
|
$
|
249
|
|
Research and development
|
|
|
1,469
|
|
|
|
1,281
|
|
|
|
1,391
|
|
Sales and marketing
|
|
|
1,027
|
|
|
|
877
|
|
|
|
1,012
|
|
General and administrative
|
|
|
1,830
|
|
|
|
899
|
|
|
|
1,739
|
|
Total stock-based compensation expense
|
|
$
|
4,416
|
|
|
$
|
3,265
|
|
|
$
|
4,391
|
|
|
|
|
|
|
|
|
Cost of revenues includes:
|
|
|
|
|
|
|
Amortization of write-up of acquired inventory
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
309
|
|
Amortization of acquisition-related intangible assets
|
|
$
|
961
|
|
|
$
|
961
|
|
|
$
|
961
|
|
|
|
|
|
|
|
|
General & administrative expenses include:
|
|
|
|
|
|
|
Patent-litigation expenses
|
|
$
|
1,159
|
|
|
$
|
1,517
|
|
|
$
|
1,457
|
|
|
|
|
|
|
|
|
Other income, net includes:
|
|
|
|
|
|
|
Amortization of in-place lease intangible assets
|
|
$
|
90
|
|
|
$
|
90
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUE MIX BY END MARKET
|
|
|
|
|
|
|
Communications
|
|
|
23
|
%
|
|
|
26
|
%
|
|
|
21
|
%
|
Computer
|
|
|
6
|
%
|
|
|
7
|
%
|
|
|
8
|
%
|
Consumer
|
|
|
39
|
%
|
|
|
34
|
%
|
|
|
38
|
%
|
Industrial
|
|
|
32
|
%
|
|
|
33
|
%
|
|
|
33
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
POWER INTEGRATIONS, INC.
|
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP RESULTS
|
(in thousands, except per-share amounts)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
March 31, 2016
|
|
December 31, 2015
|
|
March 31, 2015
|
RECONCILIATION OF GROSS PROFIT
|
|
|
|
|
|
|
GAAP gross profit
|
|
$
|
42,947
|
|
|
$
|
42,916
|
|
|
$
|
42,292
|
|
GAAP gross margin
|
|
|
50.3
|
%
|
|
|
49.2
|
%
|
|
|
51.2
|
%
|
|
|
|
|
|
|
|
Stock-based compensation included in cost of revenues
|
|
|
90
|
|
|
|
208
|
|
|
|
249
|
|
Amortization of write-up of acquired inventory
|
|
|
-
|
|
|
|
-
|
|
|
|
309
|
|
Amortization of acquisition-related intangible assets
|
|
|
961
|
|
|
|
961
|
|
|
|
961
|
|
|
|
|
|
|
|
|
Non-GAAP gross profit
|
|
$
|
43,998
|
|
|
$
|
44,085
|
|
|
$
|
43,811
|
|
Non-GAAP gross margin
|
|
|
51.6
|
%
|
|
|
50.5
|
%
|
|
|
53.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF OPERATING EXPENSES
|
|
|
|
|
|
|
GAAP operating expenses
|
|
$
|
34,035
|
|
|
$
|
31,867
|
|
|
$
|
35,335
|
|
|
|
|
|
|
|
|
Less:Stock-based compensation expense included in operating expenses
|
|
|
|
|
|
|
Research and development
|
|
|
1,469
|
|
|
|
1,281
|
|
|
|
1,391
|
|
Sales and marketing
|
|
|
1,027
|
|
|
|
877
|
|
|
|
1,012
|
|
General and administrative
|
|
|
1,830
|
|
|
|
899
|
|
|
|
1,739
|
|
Total
|
|
|
4,326
|
|
|
|
3,057
|
|
|
|
4,142
|
|
|
|
|
|
|
|
|
Amortization of acquisition-related intangible assets
|
|
|
666
|
|
|
|
666
|
|
|
|
750
|
|
|
|
|
|
|
|
|
Acquisition expenses, severance and transition costs
|
|
|
-
|
|
|
|
-
|
|
|
|
722
|
|
|
|
|
|
|
|
|
Non-GAAP operating expenses
|
|
$
|
29,043
|
|
|
$
|
28,144
|
|
|
$
|
29,721
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF INCOME FROM OPERATIONS
|
|
|
|
|
|
|
GAAP income from operations
|
|
$
|
8,912
|
|
|
$
|
11,049
|
|
|
$
|
6,957
|
|
GAAP operating margin
|
|
|
10.4
|
%
|
|
|
12.7
|
%
|
|
|
8.4
|
%
|
|
|
|
|
|
|
|
Add:Total stock-based compensation
|
|
|
4,416
|
|
|
|
3,265
|
|
|
|
4,391
|
|
Amortization of write-up of acquired inventory
|
|
|
-
|
|
|
|
-
|
|
|
|
309
|
|
Amortization of acquisition-related intangible assets
|
|
|
1,627
|
|
|
|
1,627
|
|
|
|
1,711
|
|
Acquisition expenses, severance and transition costs
|
|
|
-
|
|
|
|
-
|
|
|
|
722
|
|
|
|
|
|
|
|
|
Non-GAAP income from operations
|
|
$
|
14,955
|
|
|
$
|
15,941
|
|
|
$
|
14,090
|
|
Non-GAAP operating margin
|
|
|
17.5
|
%
|
|
|
18.3
|
%
|
|
|
17.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF PROVISION (BENEFIT) FOR INCOME TAXES
|
|
|
|
|
|
|
GAAP provision (benefit) for income taxes
|
|
$
|
330
|
|
|
$
|
(1,446
|
)
|
|
$
|
391
|
|
GAAP effective tax rate
|
|
|
3.6
|
%
|
|
|
-12.8
|
%
|
|
|
5.8
|
%
|
|
|
|
|
|
|
|
Tax effect of adjustments to GAAP results
|
|
|
(301
|
)
|
|
|
(796
|
)
|
|
|
(521
|
)
|
|
|
|
|
|
|
|
Non-GAAP provision (benefit) for income taxes
|
|
$
|
631
|
|
|
$
|
(650
|
)
|
|
$
|
912
|
|
Non-GAAP effective tax rate
|
|
|
4.1
|
%
|
|
|
-4.0
|
%
|
|
|
6.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF NET INCOME PER SHARE (DILUTED)
|
|
|
|
|
|
|
GAAP net income
|
|
$
|
8,843
|
|
|
$
|
12,701
|
|
|
$
|
6,343
|
|
|
|
|
|
|
|
|
Adjustments to GAAP net income
|
|
|
|
|
|
|
Stock-based compensation
|
|
|
4,416
|
|
|
|
3,265
|
|
|
|
4,391
|
|
Amortization of write-up of acquired inventory
|
|
|
-
|
|
|
|
-
|
|
|
|
309
|
|
Amortization of acquisition-related intangible assets
|
|
|
1,627
|
|
|
|
1,627
|
|
|
|
1,711
|
|
Acquisition expenses, severance and transition costs
|
|
|
-
|
|
|
|
-
|
|
|
|
722
|
|
Amortization of in-place lease intangible assets
|
|
|
90
|
|
|
|
90
|
|
|
|
-
|
|
Tax effect of items excluded from non-GAAP results
|
|
|
(301
|
)
|
|
|
(796
|
)
|
|
|
(521
|
)
|
|
|
|
|
|
|
|
Non-GAAP net income
|
|
$
|
14,675
|
|
|
$
|
16,887
|
|
|
$
|
12,955
|
|
|
|
|
|
|
|
|
Average shares outstanding for calculation of non-GAAP income per
share (diluted)
|
|
|
29,244
|
|
|
|
29,126
|
|
|
|
30,058
|
|
|
|
|
|
|
|
|
Non-GAAP net income per share (diluted)
|
|
$
|
0.50
|
|
|
$
|
0.58
|
|
|
$
|
0.43
|
|
|
|
|
|
|
|
|
GAAP income per share
|
|
$
|
0.30
|
|
|
$
|
0.44
|
|
|
$
|
0.21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
POWER INTEGRATIONS, INC.
|
CONSOLIDATED BALANCE SHEETS
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2016
|
|
December 31, 2015
|
ASSETS
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
Cash and cash equivalents
|
|
$ 94,735
|
|
$ 90,092
|
Short-term marketable securities
|
|
90,419
|
|
83,769
|
Accounts receivable
|
|
11,294
|
|
7,818
|
Inventories
|
|
45,665
|
|
51,934
|
Prepaid expenses and other current assets
|
|
7,295
|
|
6,790
|
Total current assets
|
|
249,408
|
|
240,403
|
|
|
|
|
|
PROPERTY AND EQUIPMENT, net
|
|
97,723
|
|
99,381
|
INTANGIBLE ASSETS, net
|
|
36,373
|
|
38,165
|
GOODWILL
|
|
91,849
|
|
91,849
|
DEFERRED TAX ASSETS
|
|
11,779
|
|
11,843
|
OTHER ASSETS
|
|
5,664
|
|
5,896
|
Total assets
|
|
$ 492,796
|
|
$ 487,537
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
Accounts payable
|
|
$ 19,862
|
|
$ 21,660
|
Accrued payroll and related expenses
|
|
7,986
|
|
9,327
|
Taxes payable
|
|
3,326
|
|
3,620
|
Deferred income on sales to distributors
|
|
17,102
|
|
15,101
|
Other accrued liabilities
|
|
2,217
|
|
2,285
|
Total current liabilities
|
|
50,493
|
|
51,993
|
|
|
|
|
|
LONG-TERM LIABILITIES:
|
|
|
|
|
Income taxes payable
|
|
2,695
|
|
2,511
|
Deferred tax liabilities
|
|
1,141
|
|
1,291
|
Other liabilities
|
|
3,246
|
|
3,123
|
Total liabilities
|
|
57,575
|
|
58,918
|
|
|
|
|
|
STOCKHOLDERS' EQUITY:
|
|
|
|
|
Common stock
|
|
28
|
|
28
|
Additional paid-in capital
|
|
146,655
|
|
145,366
|
Accumulated other comprehensive loss
|
|
(1,652)
|
|
(1,851)
|
Retained earnings
|
|
290,190
|
|
285,076
|
Total stockholders' equity
|
|
435,221
|
|
428,619
|
Total liabilities and stockholders' equity
|
|
$ 492,796
|
|
$ 487,537
|
|
|
|
|
|
|
POWER INTEGRATIONS, INC.
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
March 31, 2016
|
|
December 31, 2015
|
|
March 31, 2015
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
Net income
|
|
$
|
8,843
|
|
|
$
|
12,701
|
|
|
$
|
6,343
|
|
Adjustments to reconcile net income to cash provided by operating
activities
|
|
|
|
|
|
|
Depreciation
|
|
|
4,315
|
|
|
|
4,229
|
|
|
|
4,032
|
|
Amortization of intangible assets
|
|
|
1,792
|
|
|
|
1,792
|
|
|
|
1,786
|
|
Loss on disposal of property and equipment
|
|
|
78
|
|
|
|
91
|
|
|
|
-
|
|
Stock-based compensation expense
|
|
|
4,416
|
|
|
|
3,265
|
|
|
|
4,391
|
|
Amortization of premium on marketable securities
|
|
|
260
|
|
|
|
254
|
|
|
|
286
|
|
Deferred income taxes
|
|
|
(86
|
)
|
|
|
(5,568
|
)
|
|
|
77
|
|
Increase (decrease) in accounts receivable allowances
|
|
|
89
|
|
|
|
(1
|
)
|
|
|
(5
|
)
|
Tax shortfall associated with employee stock plans
|
|
|
-
|
|
|
|
-
|
|
|
|
(189
|
)
|
Change in operating assets and liabilities:
|
|
|
|
|
|
|
Accounts receivable
|
|
|
(3,565
|
)
|
|
|
3,243
|
|
|
|
(550
|
)
|
Inventories
|
|
|
6,269
|
|
|
|
3,505
|
|
|
|
424
|
|
Prepaid expenses and other assets
|
|
|
(868
|
)
|
|
|
(887
|
)
|
|
|
(227
|
)
|
Accounts payable
|
|
|
(1,840
|
)
|
|
|
35
|
|
|
|
349
|
|
Taxes payable and other accrued liabilities
|
|
|
(1,413
|
)
|
|
|
3,503
|
|
|
|
(1,076
|
)
|
Deferred income on sales to distributors
|
|
|
2,001
|
|
|
|
(1,363
|
)
|
|
|
2,031
|
|
Net cash provided by operating activities
|
|
|
20,291
|
|
|
|
24,799
|
|
|
|
17,672
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
Purchases of property and equipment
|
|
|
(2,095
|
)
|
|
|
(3,740
|
)
|
|
|
(3,322
|
)
|
Payment for acquisition, net of cash acquired
|
|
|
-
|
|
|
|
-
|
|
|
|
(15,365
|
)
|
Purchases of marketable securities
|
|
|
(45,227
|
)
|
|
|
(14,815
|
)
|
|
|
-
|
|
Proceeds from sales and maturities of marketable securities
|
|
|
38,531
|
|
|
|
21,850
|
|
|
|
26,785
|
|
Net cash provided by (used in) investing activities
|
|
|
(8,791
|
)
|
|
|
3,295
|
|
|
|
8,098
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
|
Net proceeds from issuance of common stock
|
|
|
2,957
|
|
|
|
5,678
|
|
|
|
3,519
|
|
Repurchase of common stock
|
|
|
(6,085
|
)
|
|
|
-
|
|
|
|
(841
|
)
|
Payments of dividends to stockholders
|
|
|
(3,729
|
)
|
|
|
(3,415
|
)
|
|
|
(3,519
|
)
|
Net cash provided by (used in) financing activities
|
|
|
(6,857
|
)
|
|
|
2,263
|
|
|
|
(841
|
)
|
|
|
|
|
|
|
|
NET INCREASE IN CASH AND CASH EQUIVALENTS
|
|
|
4,643
|
|
|
|
30,357
|
|
|
|
24,929
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
|
|
|
90,092
|
|
|
|
59,735
|
|
|
|
60,708
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
|
$
|
94,735
|
|
|
$
|
90,092
|
|
|
$
|
85,637
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160428006841/en/
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