CONSOLIDATED STATEMENT OF CASH FLOWS
| Years ended March 31, | |||||
| (In thousands) | 1998 | 1997 | 1996 | ||
| Increase (decrease) in Cash and Cash Equivalents | |||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||
| Net income | $ 126,587 | $ 110,376 | $ 101,454 | ||
| Adjustments to reconcile net
income to net cash provided by operating activities: |
|||||
| Write-off of in-process technology | --- | --- | 19,366 | ||
| Depreciation and amortization | 32,709 | 27,997 | 22,464 | ||
| Undistributed earnings of joint venture | (3,747) | (1,336) | --- | ||
| Changes in assets and
liabilities net of effects of NeoCAD acquisition: |
|||||
| Accounts receivable | 11,336 | 7,280 | (34,777) | ||
| Inventories,
excluding receipts against advances for wafer purchases |
7,469 | (14,095) | 19,375 | ||
| Deferred income taxes and other | 15,644 | 14,134 | (783) | ||
| Accounts
payable, accrued liabilities and income taxes payable |
8,861 | (3,193) | 7,408 | ||
| Deferred income on shipments to distributors | 19,543 | (1,213) | 15,755 | ||
| Total adjustments net of effects of NeoCAD acquisition | 91,815 | 29,574 | 48,808 | ||
| Net cash provided by operating activities | 218,402 | 139,950 | 150,262 | ||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||
| Purchases of short-term available-for-sale investments | (337,500) | (247,022) | (292,013) | ||
| Proceeds from sale or maturity of short-term
available-for-sale investments |
352,149 | 303,604 | 92,333 | ||
| Purchases of restricted held-to-maturity investments | (72,281) | (72,227) | (96,141) | ||
| Proceeds from maturity of restricted held-to-maturity investments | 72,267 | 72,189 | 72,555 | ||
| Advances for wafer purchases | (90,000) | (60,000) | --- | ||
| Acquisition of NeoCAD, net of cash acquired | --- | --- | (33,412) | ||
| Property, plant and equipment | (29,700) | (26,803) | (60,506) | ||
| Investment in joint venture | (67,422) | --- | (34,316) | ||
| Deposit on building | (28,351) | --- | --- | ||
| Other | --- | --- | (1,235) | ||
| Net cash used in investing activities | (200,838) | (30,259) | (352,735) | ||
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
| Net proceeds from issuance of long-term debt | --- | --- | 243,901 | ||
| Acquisition of treasury stock | (93,795) | (32,028) | --- | ||
| Principal payments on capital lease obligations | --- | (977) | (1,389) | ||
| Proceeds from issuance of common stock | 27,189 | 28,324 | 14,151 | ||
| Net cash (used)/provided by financing activities | (66,606) | (4,681) | 256,663 | ||
| Net (decrease)/increase in cash and cash equivalents | (49,042) | 105,010 | 54,190 | ||
| Cash and cash equivalents at beginning of period | 215,903 | 110,893 | 56,703 | ||
| Cash and cash equivalents at end of period | $ 166,861 | $ 215,903 | $ 110,893 | ||
| SCHEDULE OF NON-CASH TRANSACTIONS: | |||||
| Tax benefit from stock options | $ 16,099 | $ 16,730 | $ 7,907 | ||
| Issuance of treasury stock under employee stock plans | 38,669 | 30,181 | 8,223 | ||
| Receipts against advances for wafer purchases | 391 | 9,034 | 32,966 | ||
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||||
| Interest paid | 13,008 | 13,309 | 201 | ||
| Income taxes paid | $ 39,472 | $ 34,426 | $ 74,688 | ||
| See accompanying notes. | |||||
Return to Consolidated Financial Statements