Power Integrations Announces Financial Results for Fiscal Year 2006
Power Integrations released complete financial results for the fiscal year ended December 31, 2006. As previously disclosed, the company’s 2006 net revenues totaled $162.4 million, an increase of 13% compared to the prior year. Gross margin calculated under generally accepted accounting principles (GAAP) was 54.6%, which included a positive impact of approximately one margin point from the ship-and-debit settlements recorded by the company during the second quarter of 2006.
Operating expenses on a GAAP basis totaled $84.8 million, including $14.2 million in stock-based compensation expenses. Also included in operating expenses were $13.7 million in expenses related to the company’s special investigation and the related financial-statement restatement, as well as $7.0 million in expenses related to patent litigation. Net income under GAAP was $9.4 million, or $0.31 per diluted share.
On a non-GAAP basis which excludes expenses for stock-based compensation, full-year gross margin was 55.3%. Non-GAAP net income, which excludes stock-based compensation expenses and the related tax effects, was $21.8 million, or $0.71 per diluted share.
The company has virtually completed its closing and review procedures for the first quarter of 2007, and intends to report final results for that period as soon as practicable.
