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 | ||
