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 expectation that products in its pipeline will expand the company’s addressable market 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 including its InnoSwitch 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 11, 2016. 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, InnoSwitch 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, 2016

December 31, 2015

March 31, 2015

NET REVENUES $ 85,326 $ 87,289 $ 82,557
 
COST OF REVENUES   42,379     44,373     40,265  
 
GROSS PROFIT   42,947     42,916     42,292  
 
OPERATING EXPENSES:
Research and development 14,779 13,856 14,573
Sales and marketing 10,740 10,449 11,307
General and administrative 7,850 6,896 7,983
Amortization of acquisition-related intangible assets 666 666 750
Acquisition expenses, severance and transition costs   -     -     722  
Total operating expenses   34,035     31,867     35,335  
 
INCOME FROM OPERATIONS 8,912 11,049 6,957
 
Other income, net   261     206     (223 )
 
INCOME BEFORE INCOME TAXES 9,173 11,255 6,734
 
PROVISION (BENEFIT) FOR INCOME TAXES   330     (1,446 )   391  
 
NET INCOME $ 8,843   $ 12,701   $ 6,343  
 
EARNINGS PER SHARE:
Basic $ 0.31   $ 0.45   $ 0.22  
Diluted $ 0.30   $ 0.44   $ 0.21  
 
SHARES USED IN PER-SHARE CALCULATION:
Basic 28,679 28,483 29,309
Diluted 29,244 29,126 30,058
 
 
SUPPLEMENTAL INFORMATION:
 
Stock-based compensation expenses included in:
Cost of revenues $ 90 $ 208 $ 249
Research and development 1,469 1,281 1,391
Sales and marketing 1,027 877 1,012
General and administrative   1,830     899     1,739  
Total stock-based compensation expense $ 4,416   $ 3,265   $ 4,391  
 
Cost of revenues includes:
Amortization of write-up of acquired inventory $ -   $ -   $ 309  
Amortization of acquisition-related intangible assets $ 961   $ 961   $ 961  
 
General & administrative expenses include:
Patent-litigation expenses $ 1,159   $ 1,517   $ 1,457  
 
Other income, net includes:
Amortization of in-place lease intangible assets $ 90   $ 90   $ -  
 
 
REVENUE MIX BY END MARKET
Communications 23 % 26 % 21 %
Computer 6 % 7 % 8 %
Consumer 39 % 34 % 38 %
Industrial 32 % 33 % 33 %
 

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