Power Integrations announced financial results for the quarter ended March 31, 2012. Net revenues for the first quarter were $71.8 million, up eight percent from the prior quarter and down six percent compared with the first quarter of 2011. Net income was $7.5 million or $0.25 per diluted share, compared with $0.22 per diluted share in the prior quarter and $0.33 per diluted share in the first quarter of 2011. Gross margin for the first quarter was 48.2 percent; operating margin was 12.2 percent.
In addition to its GAAP results, the company provided certain non-GAAP financial measures that exclude stock-based compensation expenses, certain acquisition-related costs and expenses, non-cash interest income, and the tax effects of these items. Non-GAAP net income for the quarter was $10.7 million or $0.36 per diluted share, compared with $0.29 per diluted share in the prior quarter and $0.40 per diluted share in the first quarter of 2011. Non-GAAP gross margin for the first quarter was 48.8 percent; non-GAAP operating margin was 17.3 percent.
Commented Balu Balakrishnan, president and CEO of Power Integrations: "Our first-quarter revenues came in ahead of our projections driven by strong sequential growth in industrial and consumer applications. The improvement in bookings that began in November continued through the first quarter and the month of April, and we expect revenues to grow sequentially again in the second quarter. We also expect further improvement in our non-GAAP gross margin, which expanded by a full percentage point in the first quarter."
Mr. Balakrishnan continued: "Earlier this week we completed our acquisition of CT-Concept, extending our footprint in high-voltage power conversion to include high-power applications such as industrial motor drives, renewable energy systems, mass transit and automotive. With CT-Concept’s innovative IGBT drivers, we can now bring the same benefits of integration – reliability, efficiency and ease of design – to these high-power systems that we already bring to lower-power applications."
