Power Integrations Inc. (San Jose, CA), a leader in power conversion semiconductor technology, announced its financial results for the quarter and year ended December 31, 2004. Net revenues for the fourth quarter of 2004 were $33.6 million, an increase of 2% from the $32.9 million reported in the prior quarter, and an increase of 4% from the $32.3 million reported in the year-ago quarter.
Net income for the fourth quarter was $4.5 million, or $0.14 per diluted share, compared to $5.7 million, or $0.18 per diluted share, in the prior quarter and $5.3 million, or $0.16 per diluted share, in the year-ago quarter. Net income for the prior quarter included a benefit of $1.1 million, or $0.03 per share, related to the favorable conclusion of certain tax contingencies.
For the full year, net revenues grew 9 percent to $136.6 million, the highest total in the company’s history. The increase was driven primarily by growth in consumer, industrial and computing applications, partially offset by lower revenues from communications applications. Net income for the full year was $20.4 million, or $0.63 per diluted share, up 13 percent from $18.1 million, or $0.57 per diluted share, in 2003.
