Consolidated Statements

 

Consolidated Statement of Cash Flows

 

Years ended March 31,

In thousands 1997 1996 1995
Increase (decrease) in Cash and Cash Equivalents
Cash flows from operating activities:
Net income $ 110,376 $ 101,454 $ 59,278
Adjustments to reconcile net income to net cash provided by operating activities:
Write-off of in-process technology -- 19,366 --
Depreciation and amortization 27,997 22,464 12,241
Undistributed earnings of joint venture (1,336) -- --
Changes in assets and liabilities net of effects of NeoCAD acquisition:
Accounts receivable 7,280 (34,777) (7,959)
Inventories, including the impact of receipts against advances
for wafer purchases (14,095) 19,375 1,011
Deferred income taxes and other 14,134 (783) (1,685)
Accounts payable, accrued liabilities and income taxes payable (3,193) 7,408 21,959
Deferred income on shipments to distributors (1,213) 15,755 3,153
Total adjustments net of effects of NeoCAD acquisition 29,574 48,808 28,720
Net cash provided by operating activities 139,950 150,262 87,998
Cash flows from investing activities:
Purchases of short-term available-for-sale investments (247,022) (292,013) (75,590)
Proceeds from sale or maturity of short-term available-for-sale investments 303,604 92,333 77,193
Purchases of held-to-maturity investments (72,227) (96,141) (362,625)
Proceeds from maturity of held-to-maturity investments 72,189 72,555 350,000
Advances for wafer purchases (60,000) -- (42,000)
Acquisition of NeoCAD, net of cash acquired -- (33,412) --
Acquisition of property, plant and equipment (26,803) (60,506) (26,227)
Investment in joint venture -- (34,316) --
Other -- (1,235) (6,647)
Net cash used in investing activities (30,259) (352,735) (85,896)
Cash flows from financing activities:
Net proceeds from issuance of long-term debt -- 243,901 --
Acquisition of Treasury Stock (32,028) -- --
Principal payments on capital lease obligations (977) (1,389) (1,421)
Proceeds from issuance of common stock 28,324 14,151 8,688
Net cash (used)/provided by financing activities (4,681) 256,663 7,267
Net increase in cash and cash equivalents 105,010 54,190 9,369
Cash and cash equivalents at beginning of period 110,893 56,703 47,334
Cash and cash equivalents at end of period $ 215,903 $ 110,893 $ 56,703
Schedule of non-cash transactions:
Tax benefit from stock options $ 16,730 $ 7,907 $ 3,456
Issuance of Treasury Stock under employee stock plans 30,181 8,223 9,195
Receipts against advances for wafer purchases 9,034 32,966 --
Supplemental disclosures of cash flow information:
Interest paid 13,309 201 10,286
Income taxes paid $ 34,426 $ 74,688 $ 34,730
See accompanying notes.

| Statements of Income | Balance Sheets |
| Statement of Cash Flows | Statement of Stockholders' Equity |

| Annual Report 1997 |
| Letter to Shareholders | Financial Highlights | MD&A | Consolidated Statements |
| Notes to Consolidated Statements | Selected Consolidated Information |