Power Integrations Inc. (San Jose, CA) announced financial results for its first quarter ended March 31, 2002. Net revenues for the first quarter of 2002 were $23.7 million, compared with net revenues of $23.6 million in the fourth quarter of 2001. Net income for the first quarter was $1.6 million, or $0.05 per diluted share, on approximately 29.4 million shares outstanding. This compares with fourth-quarter net income of $1.3 million, or $0.04 per diluted share, on approximately 29.7 million shares outstanding.
"The positive results we achieved during the first quarter reflect the company's continued penetration into new applications and stabilization in our markets," said President and CEO Balu Balakrishnan. "Increased diversification of our revenue stream and further penetration of existing markets, helped mitigate the seasonal decline we normally see in the first quarter."
