Power Integrations Inc. (San Jose, CA), a supplier of high-voltage integrated circuits used in power conversion semiconductor technology, announced its financial results for the quarter ended March 31, 2005. Net revenues for the quarter totaled $34.4 million, up 2% compared to the prior quarter and up 1% from the year-ago quarter.
Net income for the quarter was $4.7 million, or $0.15 per diluted share, compared to $4.5 million, or $0.14 per diluted share, in the prior quarter and $5.1 million, or $0.16 per diluted share, in the year-ago quarter. The company’s results for the first quarter included an adjustment to deferred income on sales to distributors. The adjustment resulted in the recognition of $1.1 million in previously deferred revenue and an increase in net income of $0.4 million, or $0.01 per diluted share.
"Revenues and earnings for the quarter came in ahead of our expectations, and we maintained our gross margin despite a highly competitive business environment," noted Power Integrations President and CEO Balu Balakrishnan. "We are also encouraged by the accelerating global efforts by policy makers to establish standards to improve the energy efficiency of electronic products. We believe that our EcoSmart technology offers the ideal solution for manufacturers seeking a cost-effective way to meet these energy-efficiency standards."
