Record Revenue and Earnings Reported by Power Integrations
Power Integrations, Inc. announced financial results for the quarter ended September 30, 2013 including net revenues for the quarter of $91.7 million, up four percent from the prior quarter and 18 percent from the third quarter of 2012. GAAP net income for the quarter was $16.7 million or $0.54 per diluted share, compared with income of $0.45 per diluted share in the prior quarter and a net loss of $1.54 per share in the third quarter of 2012. GAAP gross margin for the third quarter was 53.2 percent; operating margin was 18.1 percent.
In addition to its GAAP results, the company provided non-GAAP financial measures that exclude stock-based compensation expenses, certain charges, gains and expenses related to acquisitions and strategic investments, non-cash interest income, the tax effects of these items, and a one-time tax-related charge incurred in 2012. Non-GAAP net income for the third quarter of 2013 was $21.8 million or $0.71 per diluted share, compared with $0.61 per diluted share in the prior quarter and $0.49 per diluted share in the third quarter of 2012. Non-GAAP gross margin for the third quarter was 54.2 percent; non-GAAP operating margin was 24.6 percent.
Commented Balu Balakrishnan, president and CEO of Power Integrations: â€œOur third-quarter results featured record revenues, with sequential growth across all four end-market categories. Compared to a year ago, sales were up 18 percent, with all four end markets contributing double-digit growth. We also reported record earnings and strong cash flow in the third quarter, fueled by the continued expansion of our gross-profit margins.
â€œOur fourth-quarter revenues are likely to be modestly lower compared to the third quarter due primarily to seasonal trends. Nevertheless, we are on pace for a double-digit revenue increase in 2013, substantially ahead of the growth rate of the overall analog semiconductor industry. We believe we are well positioned for further growth as we continue to increase our penetration across the broader power supply market while aggressively pursuing emerging opportunities in areas like LED lighting, rapid charging and high power.â€