Table of Contents
LIQUIDITY AND CAPITAL RESOURCES The following table reflects total cash and investments as of
June 29, 2013and September 29, 2012: As of (dollar amounts in thousands) June 29, 2013 September 29, 2012 Change Cash and cash equivalents $ 508,493$ 440,244 $ 68,249Percentage of total assets 61.5 % 54.0 %
The following table reflects summary Consolidated Statement of
Nine months ended (in thousands) June 29, 2013 June 30, 2012 Net cash provided by continuing operations
$ 68,180 $ 124,648Net cash used in discontinued operations - (1,469 ) Net cash provided by operating activities $ 68,180 $ 123,179Net cash used in investing activities (647 ) (13,629 ) Net cash (used in) provided by financing activities 868 (106,972 ) Effect of exchange rate changes on cash and cash equivalents (152 ) (69 ) Changes in cash and cash equivalents $ 68,249 $ 2,509Cash and cash equivalents, beginning of period 440,244 378,188 Cash and cash equivalents, end of period $ 508,493 $ 380,697Nine months ended June 29, 2013Continuing Operations Net cash provided by operating activities was primarily the result of working capital changes, which provided $68.2 milliondriven by decreases in accounts receivables of $42.7 milliondue to cash collections in line with higher sales in the fourth quarter of fiscal 2012 due to variations in the timing of our customer orders within the seasonal cycle who tend to add or replace equipment capacity by the end of the September quarter, a reduction in inventories of $10.8 millionpartially offset by a decrease in accounts payable and accrued expenses of $31.3 milliondue to lower purchases and global shutdown in the first nine months of fiscal 2013 and decreases in income tax payable of $5.5 million. In addition, net income of $29.8 millionplus non-cash adjustments of $22.1 millioncontributed to net cash provided by operating activities. Net cash used by investing activities was primarily due to capital expenditure of $6.0 millionoffset by the disposal of a building of $5.3 million. Net cash provided by financing activities relate to proceed from the exercise of stock options. Nine months ended June 30, 2012Continuing Operations Net cash provided by operating activities was primarily the result of net income of $93.3 millionplus non-cash adjustments of $25.4 million. In addition, working capital changes provided $6.0 milliondriven by decrease in inventories and increases in accounts payable, accrued expenses and other current liabilities and income taxes, which were partially offset by increases in accounts receivable. Net cash used in investing activities of $13.6 millionwas due to one-time payment of $14.8 millionrelated to our Earnout Agreement with Orthodyne Electronics Corporationin connection with its acquisition in October 2008and capital expenditures of $5.1 million. This was partially offset by sale of short term investments of $6.4 million. Net cash used in financing activities was a result of the repayment of our 0.875% Convertible Subordinate Notes of $110.0 millionin June 2012partially offset by proceeds from stock option exercises. Discontinued Operations Net cash used in operating activities was related to facility payments for our former Test business.