8,075,033Non-cash items included in net income:Depreciation1,010,839924,637Amortization346,162198,471Stock-based compensation3,153,4994,406,533Deferred income tax(483,988)4,112,304Deferred license revenue amortization(1,467,869)(373,492)Impairment of investment––4,058,768Unrealized loss (gain) in foreign currency translation and other(13,497)152,980Changes in operating assets and liabilities:Accounts receivable, net(366,782)(2,801,911)Inventories149,041(136,270)Other current assets376,748996,345Other assets47,7054,846Litigation settlement7,111,090––Accounts payable and accrued liabilities(9,049,218)(4,686,429)Net cash provided by operating activities9,487,65614,931,815Cash Flow From Investing Activities:Short-term investments(10,300,129)––Intangible asset purchases(1,250,000)(2,500,000)Purchases of property, plant and equipment(5,533,847)(1,165,358)Net cash used in investing activities(17,083,976)(3,665,358)Cash Flow From Financing Activities:Proceeds from exercise of options for common stock2,613,6396,179,777Cash Settlement of share units(936,115)––Purchase of treasury stock(12,964,495)(11,964,983)Realized excess tax benefit4,474,196400,311Net cash used in financing activities(6,812,775)(5,384,895)Effect of exchange rate changes on cash and cash equivalents22,358(243,814)Net increase (decrease) in cash and cash equivalents(14,386,737)5,637,748Cash and cash equivalents at beginning of period120,708,57296,654,275Cash and cash equivalents at end of period$
102,292,023 RECONCILIATION OF NON-GAAP FINANCIAL MEASURES(Unaudited) The following tables set forth the reconciliation between U.S. GAAP and our non-GAAP financial measures for income from operations, net income and diluted income per share (unaudited): Thirteen Weeks EndedJuly 26, 2013July 27, 2012
|SOURCE Cyberonics, Inc.|
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