Power Integrations Reports Q4, Annual Results
Power Integrations Inc. (San Jose, CA) announced financial results for its fourth quarter and year ended December 31, 2001. Net revenues for the fourth quarter of 2001 were $23.6 million compared with net revenues of $23.0 million in the third quarter. Net income for the fourth quarter was $1.3 million, or $0.04 per diluted share, on approximately 29.7 million shares outstanding. This compares with third-quarter net income of $0.92 million, or $0.03 per diluted share, on approximately 29.3 million shares outstanding.
For the year ended December 31, 2001, Power Integrations reported net revenues of $94.1 million compared with $111.5 million reported in 2000. Net income for 2001 was $6.7 million, or $0.23 per diluted share, based on approximately 29 million shares outstanding. This compares with 2000 net income of $19.8 million, or $0.69 per diluted share, based on approximately 28.8 million shares outstanding.
“Given the magnitude of the decline in the semiconductor industry during the year, we are pleased with our performance throughout 2001. We sustained profitability, strengthened our balance sheet and gained market share during a time when the competitive pricing environment has been more aggressive than ever,” said Howard Earhart, chairman of the board of Power Integrations.