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Luminex Corporation Reports First Quarter 2011 Results

Wednesday, May 11, 2011 General News J E 4
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Revenue Growth of 30 percent over prior year

LUMINEX CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

Three Months Ended

March 31,

2011

2010

(unaudited)

Cash flows from operating activities:

Net income

$  4,461

$  1,875

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

Depreciation and amortization

2,516

2,163

Stock-based compensation

2,547

2,167

Deferred income tax benefit

1,325

1,594

Excess income tax benefit from employee stock-based awards

(2,204)

-

Other

71

335

Changes in operating assets and liabilities:

Accounts receivable, net

6,588

6,252

Inventories, net

(586)

(1,566)

Other assets

(1,022)

73

Accounts payable

(2,744)

(4,187)

Accrued liabilities

(1,786)

(3,383)

Deferred revenue

(143)

777

Net cash provided by operating activities

9,023

6,100

Cash flows from investing activities:

Purchases of available-for-sale securities

(7,046)

(12,613)

Maturities of available-for-sale securities

6,921

3,195

Purchase of property and equipment

(1,154)

(1,464)

Purchase of cost method investment

(2,000)

-

Net cash used in investing activities

(3,279)

(10,882)

Cash flows from financing activities:

Proceeds from issuance of common stock

228

1,139

Payments for stock repurchases

(3,250)

-

Excess income tax benefit from employee stock-based awards

2,204

-

Net cash (used in) provided by financing activities

(818)

1,139

Effect of foreign currency exchange rate on cash

148

(27)

Change in cash and cash equivalents

5,074

(3,670)

Cash and cash equivalents, beginning of period

89,487

90,843

Cash and cash equivalents, end of period

$94,561

$87,173

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