Power Integrations Reports First-Quarter Financial Results

 
POWER INTEGRATIONS, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands)
   
March 31, 2014 December 31, 2013
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 83,967 $ 92,928
Short-term marketable securities 133,684 109,179
Accounts receivable 16,421 12,389
Inventories 47,934 42,235
Deferred tax assets 2,059 2,059
Prepaid expenses and other current assets   17,027     18,632  
Total current assets   301,092     277,422  
 
PROPERTY AND EQUIPMENT, net 92,142 90,141
INTANGIBLE ASSETS, net 38,478 40,334
GOODWILL 80,599 80,599
DEFERRED TAX ASSETS 5,686 9,449
OTHER ASSETS   3,332     3,476  
Total assets $ 521,329   $ 501,421  
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable $ 23,600 $ 20,772
Accrued payroll and related expenses 8,046 8,900
Taxes payable 1,768 2,266
Deferred taxes 1,325 943
Deferred income on sales to distributors 17,844 15,727
Other accrued liabilities   1,698     1,810  
Total current liabilities   54,281     50,418  
 
LONG-TERM LIABILITIES
Income taxes payable 2,612 6,885
Deferred taxes 4,991 5,273
Other liabilities   2,267     2,159  
Total liabilities   64,151     64,735  
 
STOCKHOLDERS' EQUITY:
Common stock 30 30
Additional paid-in capital 234,667 223,660
Accumulated other comprehensive loss (315 ) (470 )
Retained earnings   222,796     213,466  
Total stockholders' equity   457,178     436,686  
Total liabilities and stockholders' equity $ 521,329   $ 501,421  

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