CYMER INC

CIK:0000897067|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Income Statement [Abstract]
Revenue	$ 99,555	$ 150,498
Cost of revenue	48,262	74,997
Gross profit	51,293	75,501
Operating expenses:
Research and development	45,538	42,315
Sales and marketing	5,548	6,491
General and administrative	12,380	10,021
Total operating expenses	63,466	58,827
Operating (loss) income	(12,173)	16,674
Other income (expense):
Foreign currency exchange gain (loss)	683	(263)
Interest income	252	380
Interest expense	(160)	(254)
Other income	67	154
Total other income	842	17
(Loss) income before income taxes	(11,331)	16,691
Income tax benefit	13,597	4,840
Net income	$ 2,266	$ 21,531
Earnings per share:
Basic	$ 0.07	$ 0.70
Diluted	$ 0.07	$ 0.68
Weighted average shares outstanding:
Basic	31,586	30,814
Diluted	32,441	31,443

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Operating activities:
Net income	$ 2,266	$ 21,531
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation, amortization and accretion	7,816	5,796
Stock-based compensation	7,137	5,791
Bad debt (recovery) expense	(70)	345
Excess tax benefits from stock option exercises	(4,358)	(1,547)
Provision for deferred income taxes	6,309	4,014
Loss on disposal of property, plant and equipment	11	154
Change in assets and liabilities:
Restricted cash	277	(133)
Accounts receivable	16,816	(3,488)
Inventories	(48,622)	(1,494)
Other assets	(15,053)	(6,410)
Accounts payable	21,627	4,988
Deferred revenue	20,753	26,042
Other liabilities	(15,531)	(23,999)
Net cash (used in) provided by operating activities	(622)	31,590
Investing activities:
Acquisition of property, plant and equipment	(22,008)	(9,287)
Purchases of investments	(2,997)	(107,012)
Proceeds from sold or matured investments	79,207	104,046
Net cash provided by (used in) investing activities	54,202	(12,253)
Financing activities:
Proceeds from issuance of common stock	1,463	3,399
Excess tax benefits from stock option exercises	4,358	1,547
Install payments related to prior acquisition of eDiag	(3,000)	(3,000)
Payments under capital lease obligations	(95)	(104)
Net cash provided by financing activities	2,726	1,842
Effect of exchange rate changes on cash and cash equivalents	(805)	(110)
Net increase in cash and cash equivalents	55,501	21,069
Cash and cash equivalents at beginning of the period	134,660	125,027
Cash and cash equivalents at end of the period	190,161	146,096
Supplemental disclosure of cash flow information:
Interest paid	46	44
Income taxes paid	4,660	1,551
Supplemental disclosure of non-cash investing and financing activities:
Net increase in acquisition of property and equipment included in accounts payable	629	792
Net decrease in in-transit proceeds from issuance of common stock	0	3
Property and equipment acquired under capital lease obligations	$ 56	$ 120

CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Current assets:
Cash and cash equivalents	$ 190,161	$ 134,660
Restricted cash	6,153	6,430
Short-term investments	94,276	149,311
Accounts receivable-net of allowance for doubtful accounts of $426 and $501, respectively	95,709	113,249
Inventories	305,027	259,536
Deferred income taxes	73,117	72,948
Other current assets	54,498	40,558
Total current assets	818,941	776,692
Long-term investments	0	21,767
Property, plant and equipment-net of accumulated depreciation of $202,094 and 196,607, respectively	185,151	169,052
Deferred income taxes	15,019	16,906
Goodwill	17,130	17,503
Intangible assets-net of accumulated amortization of $6,226 and $5,834, respectively	8,251	8,717
Other assets	13,056	12,593
Total assets	1,057,548	1,023,230
Current liabilities:
Accounts payable	103,691	80,414
Deferred revenue	139,467	121,478
Deferred income taxes	178	186
Other current liabilities	27,763	41,419
Total current liabilities	271,099	243,497
Deferred revenue	9,558	5,814
Deferred income taxes	679	705
Other liabilities	19,980	23,434
Total liabilities	301,316	273,450
COMMITMENTS AND CONTINGENCIES (NOTE 12)
Stockholders' equity:
Preferred stock, authorized 5,000,000 shares; $.001 par value; no shares issued or outstanding	0	0
Common stock, authorized 100,000,000 shares; $.001 par value; 45,033,000 shares issued and 31,621,000 shares outstanding at March 31, 2013; 44,782,000 shares issued and 31,370,000 shares outstanding at December 31, 2012	45	45
Additional paid-in capital	709,776	696,818
Treasury stock, at cost (13,412,000 common shares at March 31, 2013 and December 31, 2012)	(492,890)	(492,890)
Accumulated other comprehensive loss	(20,552)	(11,780)
Retained earnings	559,853	557,587
Total stockholders' equity	756,232	749,780
Total liabilities and stockholders' equity	$ 1,057,548	$ 1,023,230