Power Integrations Inc. (San Jose, CA), a leader in power conversion semiconductor technology, announced financial results for its first quarter ended March 31, 2004. Net revenues for the first quarter of 2004 were $34.2 million compared with $29.1 million in the first quarter a year ago and $32.3 million in the fourth quarter of 2003. Net income for the first quarter was $5.1 million, or $0.16 per diluted share, compared with net income of $3.9 million, or $0.13 per diluted share, for the same period last year, and $5.3 million, or $0.16 per diluted share, in the fourth quarter of 2003.
"Our financial results in the first quarter were at the high-end of our expectations. We are especially pleased with the rebound in sales to the communications segment, which increased 24 percent from the prior quarter," said Balu Balakrishnan, president and chief executive officer. "This rebound is consistent with our understanding of fourth-quarter operational issues at some of our largest cell phone OEMs."
