HITTITE MICROWAVE CORP

CIK:0001130866|SEC Filings

Condensed Consolidated Statements of Operations (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Condensed Consolidated Statements of Operations
Revenue	$ 70,608	$ 67,696
Cost of revenue	23,014	17,797
Gross profit	47,594	49,899
Operating expenses:
Research and development	11,895	13,218
Sales and marketing	6,944	5,790
General and administrative	3,732	3,771
Total operating expenses	22,571	22,779
Income from operations	25,023	27,120
Interest income	81	66
Other (expense), income net	(33)	30
Income before income taxes	25,071	27,216
Provision for income taxes	8,625	9,618
Net income	$ 16,446	$ 17,598
Earnings per share:
Basic (in dollars per share)	$ 0.52	$ 0.58
Diluted (in dollars per share)	$ 0.52	$ 0.57
Weighted average shares outstanding:
Basic (in shares)	31,363	30,540
Diluted (in shares)	31,394	31,049
Dividend paid per share (in dollars per share)	$ 0.15

Condensed Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Cash flows from operating activities:
Net income	$ 16,446	$ 17,598
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	2,988	2,044
Amortization	470	680
Deferred taxes	2,776	31
Provision for excess and obsolete inventory	1,068	524
Stock-based compensation	3,479	3,474
Changes in operating assets and liabilities:
Accounts receivable	(2,940)	(4,455)
Inventories	(2,080)	(6,575)
Prepaid expenses and other assets	(3,129)	(632)
Deferred revenue and customer advances	(445)	(558)
Accounts payable	357	684
Accrued expenses	422	4,204
Income taxes receivable and payable	7,802	6,332
Net cash provided by operating activities	27,214	23,351
Cash flows from investing activities:
Purchases of property and equipment	(1,797)	(1,834)
Purchases of marketable securities	(146,951)	(109,961)
Proceeds from sales and maturities of marketable securities	180,980	60,000
Net cash provided by (used in) investing activities	32,232	(51,795)
Cash flows from financing activities:
Proceeds from exercise of stock options		234
Payment of withholding taxes in connection with vesting of restricted stock	(857)	(2,444)
Excess income tax benefit related to stock-based compensation plans	(60)	1,078
Payment of dividends	(4,707)
Net cash used in financing activities	(5,624)	(1,132)
Effect of exchange rate changes on cash and cash equivalents	(37)	(256)
Net increase (decrease) in cash and cash equivalents	53,785	(29,832)
Cash and cash equivalents, beginning of period	118,600	269,157
Cash and cash equivalents, end of period	$ 172,385	$ 239,325

Condensed Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 172,385	$ 118,600
Marketable securities	319,971	353,947
Accounts receivable, net of allowance for doubtful accounts of $334	39,141	36,186
Inventories	77,034	76,020
Income taxes receivable	174	5,991
Deferred taxes	10,152	13,399
Prepaid expenses and other current assets	3,251	2,997
Total current assets	622,108	607,140
Property and equipment, net	38,186	39,433
Deferred taxes	2,006	1,725
Other assets	10,577	8,190
Total assets	672,877	656,488
Current liabilities:
Accounts payable	5,326	4,971
Accrued commissions	1,194	1,567
Accrued payroll and benefits	4,926	4,059
Accrued other expenses	4,691	4,760
Income taxes payable	1,314	193
Customer advances	4,012	3,919
Deferred revenue	2,278	2,816
Total current liabilities	23,741	22,285
Long-term income taxes payable	6,709	5,839
Deferred taxes	33	232
Other liabilities	95	103
Total liabilities	30,578	28,459
Commitments and contingencies (Note 4)
Stockholders' equity:
Preferred stock, $.01 par value: 5,000 shares authorized; no shares issued or outstanding at March 31, 2014 and December 31, 2013
Common stock, $.01 par value: 200,000 shares authorized; 31,376 and 31,390 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively	314	314
Additional paid-in capital	208,221	204,803
Accumulated other comprehensive loss	(853)	(823)
Retained earnings	434,617	423,735
Total stockholders' equity	642,299	628,029
Total liabilities and stockholders' equity	$ 672,877	$ 656,488