Power Integrations Inc. (San Jose, CA), a leader in power conversion semiconductor technology, announced financial results for its second quarter ended June 30, 2003. Net revenues for the second quarter of 2003 were $29.8 million, compared with $27.1 million in the second quarter of 2002, and $29.1 million in the first quarter of 2003.
Net income for the second quarter was $4.2 million, or $0.13 per diluted share. This compares with net income of $2.1 million, or $0.07 per diluted share, in the second quarter of 2002, and net income of $3.9 million, or $0.13 per diluted share, in the first quarter of 2003.
The company expects revenues in the third quarter to increase 10% to 14% sequentially. Gross margin is expected to be in the range of 48% to 49%. Operating expenses are expected to be relatively flat sequentially. Earnings per share in the third quarter are expected to be in the range of $0.14 to $0.16.
Based on the latest end-market information, the company expects 2003 revenue to increase 15% to 20%. Gross margin for the year is expected to be in the range of 49% to 50%. Earnings per share are expected to be in the range of $0.55 to $0.60. Revenue mix by market for 2003 is now expected to be: Communications (37%); Consumer (27%); Computer (23%); Industrial (8%); and Other (5%).
