Power Integrations Reports Second-Quarter 2004 Results

Power Integrations Inc. (San Jose, CA), a leader in power conversion semiconductor technology, announced financial results for the quarter ended June 30, 2004. Net revenues for the second quarter of 2004 were a record $35.9 million. Net revenues increased 21% from the $29.8 million reported in the second quarter of 2003, and were up 5% compared to $34.2 million in the first quarter of 2004.

Net income for the second quarter was $5 million, or $0.15 per diluted share, compared to $4.2 million, or $0.13 per diluted share, in the year-ago quarter, and $5.1 million, or $0.16 per diluted share, in the first quarter of 2004. Gross margin for the second quarter was 46%, as expected, down from 48.9% in the prior quarter. Operating margin for the quarter was 18%, down from 20% in the prior quarter.

"Our results in the second quarter were at the high end of our expectations," said Power Integrations President and CEO Balu Balakrishnan. "We are especially pleased to have achieved the highest quarterly revenue in the company's history. We also further reduced our inventories and generated $11.7 million in cash from operations."