Power Integrations Announces Second Quarter 2000 Financial Results
Power Integrations (Sunnyvale, CA) announced financial results for the second quarter ending on June 30, 2000. Net revenue for the second quarter of 2000 was $29.0 million, up 26 percent from net revenues of $23.0 million reported in the second quarter of 1999. Income before tax in the second quarter of 2000 was $7.5 million compared to $6.2 million in the second quarter of 1999, an increase of 20 percent. Net income for the second quarter of 2000, based on an effective tax rate of 30 percent, was $5.2 million, compared with $5.3 million in the second quarter of 1999, which was based on an effective tax rate of 15 percent. Second quarter earnings per share, on a diluted basis, were $0.18 on approximately 28.7 million shares outstanding. This compares with $0.19 cents on approximately 28.2 million shares outstanding in the second quarter of 1999."During the second quarter, we continued to execute on our strategic objectives for Power Integrations," said Howard Earhart, president and CEO of Power Integrations. "Our heightened efforts to diversify our revenue stream are paying off, and for the second consecutive quarter, more than half of our revenue was generated by markets beyond our two major businesses, cellular and PC standby."According to Earhart, the company has recently signed a new five-year agreement with their foundry partner and product license of 10 years, Matsushita Electric Corp. (Osaka, Japan), ensuring an ongoing supply of low-cost wafers.