News

Power Integrations Reports Fourth Straight Quarter of Record Revenues and Net Income

August 03, 2010 by Jeff Shepard

Power Integrations announced financial results for the quarter ended June 30, 2010. Net revenues for the quarter were $79.9 million, up 12% compared with the prior quarter and 62% compared with the second quarter of 2009. Net income was a record $15.6 million, or $0.53 per diluted share, compared with net income of $12.3 million, or $0.42 per diluted share in the prior quarter and net income of $4.5 million, or $0.16 per diluted share, in the second quarter of 2009. Gross margin for the second quarter was 52.0%; operating margin was 23.6%.

In addition to its GAAP results, the company provided certain non-GAAP financial measures that exclude stock-based compensation expenses and the related tax effects. Non-GAAP net income for the second quarter was $17.7 million or $0.60 per diluted share, compared with $14.3 million or $0.49 per diluted share in the prior quarter and $6.9 million or $0.25 per diluted share in the second quarter of 2009. Non-GAAP gross margin for the quarter was 52.2%; non-GAAP operating margin was 26.7%.

Commented Balu Balakrishnan, President and CEO of Power Integrations: "Our second-quarter results were strong across the board, with record revenues, significant margin expansion and strong cash flow. Our quarterly revenues have nearly doubled over the past five quarters, and we are almost 50% above our pre-recession peak in the third quarter of 2008."

Balakrishnan added: "Tighter energy-efficiency requirements – both policy- and market-driven – are transforming the power-supply market, and we believe we are gaining market share by offering innovative products that enable high efficiency without adding cost and complexity. We continue to extend our market leadership and broaden our addressable market with innovative new product families such as our Hiper™ products for the high-power market, and the brand-new LinkSwitch™-PL and LinkSwitch-PH, which bring unprecedented integration to the LED lighting market."