Power Integrations Reports First-Quarter Financial Results

Note Regarding Forward-Looking Statements

The statements in this press release regarding the company’s forecast for its second-quarter financial performance and its prospects for growth in 2015 are forward-looking statements reflecting management's current expectations and beliefs. These forward-looking statements are based on current information that is, by its nature, subject to rapid and even abrupt change. Due to risks and uncertainties associated with the company's business, actual results could differ materially from those projected or implied by these statements. These risks and uncertainties include, but are not limited to: changes in global macroeconomic conditions, which may impact the level of demand for the company’s products; potential changes and shifts in customer demand away from end products that utilize the company's integrated circuits to end products that do not incorporate the company's products; the effects of competition, which may cause the company to decrease its selling prices for its products; the outcome and cost of patent litigation, which may affect sales of the company’s products or could result in higher expenses and charges than currently expected; unforeseen costs and expenses; and unfavorable fluctuations in component costs or operating expenses resulting from changes in commodity prices and/or exchange rates. In addition, new product introductions and design wins are subject to the risks and uncertainties that typically accompany development and delivery of complex technologies to the marketplace, including product development delays and defects and market acceptance of the new products. These and other risk factors that may cause actual results to differ are more fully explained under the caption “Risk Factors” in the company's most recent Annual Report on Form 10-K, filed with the Securities and Exchange Commission (SEC) on February 10, 2015. The company is under no obligation (and expressly disclaims any obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by the rules and regulations of the SEC.

Power Integrations and the Power Integrations logo are trademarks or registered trademarks of Power Integrations, Inc. All other trademarks are property of their respective owners.

 
POWER INTEGRATIONS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per-share amounts)
 
  Three Months Ended

March 31, 2015

 

December 31, 2014

 

March 31, 2014

NET REVENUES $ 82,557 $ 86,595 $ 83,073
 
COST OF REVENUES   40,265     40,790     37,096  
 
GROSS PROFIT   42,292     45,805     45,977  
 
OPERATING EXPENSES:
Research and development 14,573 13,667 13,490
Sales and marketing 11,307 11,262 10,975
General and administrative 7,983 7,574 7,646
Amortization of acquisition-related intangible assets 750 628 1,135
Acquisition expenses and related transition costs   722     809     -  
Total operating expenses   35,335     33,940     33,246  
 
INCOME FROM OPERATIONS 6,957 11,865 12,731
 
Other income (expense), net   (223 )   182     257  
 
INCOME BEFORE INCOME TAXES 6,734 12,047 12,988
 
PROVISION (BENEFIT) FOR INCOME TAXES   391     (2,307 )   625  
 
NET INCOME $ 6,343   $ 14,354   $ 12,363  
 
EARNINGS PER SHARE:
Basic $ 0.22   $ 0.49   $ 0.41  
Diluted $ 0.21   $ 0.48   $ 0.40  
 
SHARES USED IN PER-SHARE CALCULATION:
Basic 29,309 29,350 30,239
Diluted 30,058 30,051 31,167
 
 
SUPPLEMENTAL INFORMATION:
 
Stock-based compensation expenses included in:
Cost of revenues $ 249 $ 231 $ 219
Research and development 1,391 1,262 1,212
Sales and marketing 1,012 962 935
General and administrative   1,739     1,157     1,549  
Total stock-based compensation expense $ 4,391   $ 3,612   $ 3,915  
 
Cost of revenues includes:
Amortization of write-up of acquired inventory $ 309   $ -   $ -  
Amortization of acquisition-related intangible assets $ 961   $ 646   $ 645  
 
General & administrative expenses include:
Patent-litigation expenses $ 1,457   $ 1,815   $ 1,186  
 
 
REVENUE MIX BY END MARKET
Communications 21 % 21 % 18 %
Computer 8 % 9 % 10 %
Consumer 38 % 37 % 37 %
Industrial 33 % 33 % 35 %

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