Power Integrations Inc. (San Jose, CA), a leader in power conversion semiconductor technology, announced financial results for its third quarter ended September 30, 2003. Net revenues for the third quarter of 2003 were $34.5 million compared with $28.2 million in the same period a year ago and $29.8 million in the second quarter of 2003.
Net income for the third quarter was $4.8 million, or $0.15 per diluted share. This compares with net income of $2.3 million, or $0.08 per diluted share, in the third quarter of 2002, and net income of $4.2 million, or $0.13 per diluted share, in the second quarter of 2003.
In the third quarter, Power Integrations achieved strong market share growth in several key target applications: PC standby, set-top boxes, home appliances, LCD monitors and DVD players. PC standby revenue grew 51% year-over-year, which was primarily driven by the 1W initiative. The company also increased its patent portfolio to a total of 72 US and 58 foreign patents.
