Power Integrations Reports Third-Quarter 2004 Results

Power Integrations Inc. (San Jose, CA), a leader in power conversion semiconductor technology, announced its financial results for the quarter ended September 30, 2004. Net revenues for the third quarter of 2004 totaled $32.9 million, a decrease of 5% from the $34.5 million reported in the third quarter of 2003, and a decrease of 8% from the $35.9 million reported in the prior quarter.

Net income for the third quarter was $5.7 million, or $0.18 per diluted share, compared to $4.8 million, or $0.15 per diluted share, in the year-ago quarter and $5.0 million, or $0.15 per diluted share, in the prior quarter.

Net income for the third quarter of 2004 included a benefit of $1.1 million resulting from a reduction in the company's estimated income-tax liabilities due to the favorable conclusion of certain tax contingencies. This previously announced item contributed $0.03 to the company's earnings per share for the quarter.