Power Integrations Reports Third-Quarter Financial Results

Note Regarding Forward-Looking Statements

The statements in this press release regarding the company’s forecast for its fourth-quarter financial performance, the company’s belief that it is on track for double-digit revenue growth in 2016, and that it expects to carry strong momentum into 2017 on the strength of the InnoSwitch™ product cycle, new products for the high-power and lighting markets, and a robust product pipeline that will further expand its addressable market in the years ahead 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 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 Nine Months Ended
September 30, 2016 June 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015
NET REVENUES $ 103,790 $ 97,169 $ 88,878 $ 286,285 $ 256,700
 
COST OF REVENUES   52,597     49,532     44,717     144,508     126,229  
 
GROSS PROFIT   51,193     47,637     44,161     141,777     130,471  
 
OPERATING EXPENSES:
Research and development 15,906 15,859 13,888 46,544 43,144
Sales and marketing 11,447 11,407 10,463 33,594 33,337
General and administrative 8,789 8,133 7,361 24,772 22,824
Amortization of acquisition-related intangible assets 582 611 666 1,859 2,109
Acquisition expenses, severance and transition costs   -     -     -     -     1,113  
Total operating expenses   36,724     36,010     32,378     106,769     102,527  
 
INCOME FROM OPERATIONS 14,469 11,627 11,783 35,008 27,944
 
Other income, net   282     236     428     779     219  
 
INCOME BEFORE INCOME TAXES 14,751 11,863 12,211 35,787 28,163
 
PROVISION FOR INCOME TAXES   586     598     698     1,514     1,717  
 
NET INCOME $ 14,165   $ 11,265   $ 11,513   $ 34,273   $ 26,446  
 
EARNINGS PER SHARE:
Basic $ 0.49   $ 0.39   $ 0.40   $ 1.19   $ 0.91  
Diluted $ 0.48   $ 0.38   $ 0.39   $ 1.16   $ 0.89  
 
SHARES USED IN PER-SHARE CALCULATION:
Basic 28,972 28,850 28,855 28,834 29,175
Diluted 29,625 29,422 29,298 29,480 29,856
 
 
SUPPLEMENTAL INFORMATION:
 
Stock-based compensation expenses included in:
Cost of revenues $ 348 $ 293 $ 219 $ 731 $ 725
Research and development 1,934 1,940 1,277 5,343 3,974
Sales and marketing 1,303 899 877 3,229 2,767
General and administrative   2,204     1,880     988     5,914     4,036  
Total stock-based compensation expense $ 5,789   $ 5,012   $ 3,361   $ 15,217   $ 11,502  
 
Cost of revenues includes:
Amortization of write-up of acquired inventory $ -   $ -   $ -   $ -   $ 309  
Amortization of acquisition-related intangible assets $ 939   $ 946   $ 961   $ 2,846   $ 2,883  
 
General & administrative expenses include:
Patent-litigation expenses $ 1,894   $ 1,658   $ 1,500   $ 4,711   $ 4,458  
 
Other income, net includes:
Amortization of in-place lease intangible assets $ 90   $ 90   $ 30   $ 270   $ 30  
 
 
REVENUE MIX BY END MARKET
Communications 28 % 27 % 26 % 26 % 23 %
Computer 5 % 6 % 7 % 6 % 7 %
Consumer 37 % 35 % 36 % 37 % 37 %
Industrial 30 % 32 % 31 % 31 % 33 %
 

« Previous Page 1 | 2 | 3 | 4 | 5 | 6  Next Page »



© 2024 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us
ShareCG™ is a trademark of Internet Business Systems, Inc.

Report a Bug Report Abuse Make a Suggestion About Privacy Policy Contact Us User Agreement Advertise