Power Integrations Inc. (San Jose, CA), a leader in energy-saving semiconductors used in power conversion, announced financial results for its first quarter of fiscal 2003, ended March 31, 2003. Net revenues for the first quarter of 2003 were $29.1 million, compared with $23.7 million in the first quarter of 2002 and $29.2 million in the fourth quarter of 2002. Net income for the first quarter was $3.9 million, or $0.13 per diluted share. This compares with net income of $1.6 million, or $0.05 per diluted share, in the first quarter of 2002, and net income of $3.6 million, or $0.12 per diluted share, in the fourth quarter of 2002.
"The net income growth we achieved in the first quarter demonstrates our ability to increase earnings in spite of the challenging business climate," said Balu Balakrishnan, president and chief executive officer of Power Integrations. "Gross margin in the first quarter grew to 51.8 percent due to our cost-reduction efforts in 2002. We are especially pleased with the improvement in our operating margin, which in the first quarter was 18.3 percent, compared with 7.9 percent in the same quarter last year."
