Power Integrations Reports Second-Quarter Financial Results

Note Regarding Forward-Looking Statements

The statements in this press release regarding the company’s forecast for its third-quarter financial performance, being on track for double-digit revenue growth for the year and expanding its addressable market in the years to come 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’s revenues to decrease or 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 8, 2017. 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.

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

June 30,
2017

March 31,
2017

June 30,
2016

 

June 30,
2017

June 30,
2016

NET REVENUES $ 107,563 $ 104,688 $ 97,571 $ 212,251 $ 185,607
 
COST OF REVENUES   54,116     54,212     49,786     108,328     93,334  
 
GROSS PROFIT   53,447     50,476     47,785     103,923     92,273  
 
OPERATING EXPENSES:
Research and development 17,341 16,640 15,859 33,981 30,638
Sales and marketing 12,607 11,633 11,407 24,240 22,147
General and administrative 8,765 8,704 8,133 17,469 15,983
Amortization of acquisition-related intangible assets   537     583     611     1,120     1,277  
Total operating expenses   39,250     37,560     36,010     76,810     70,045  
 
INCOME FROM OPERATIONS 14,197 12,916 11,775 27,113 22,228
 
Other income, net   465     506     236     971     497  
 
INCOME BEFORE INCOME TAXES 14,662 13,422 12,011 28,084 22,725
 
PROVISION FOR INCOME TAXES   760     (677 )   604     83     939  
 
NET INCOME $ 13,902   $ 14,099   $ 11,407   $ 28,001   $ 21,786  
 
EARNINGS PER SHARE:
Basic $ 0.47   $ 0.48   $ 0.40   $ 0.95   $ 0.76  
Diluted $ 0.46   $ 0.47   $ 0.39   $ 0.92   $ 0.74  
 
SHARES USED IN PER-SHARE CALCULATION:
Basic 29,720 29,456 28,850 29,589 28,765
Diluted 30,454 30,248 29,422 30,370 29,361
 
 
SUPPLEMENTAL INFORMATION:
 
Stock-based compensation expenses included in:
Cost of revenues $ 351 $ 143 $ 293 $ 494 $ 383
Research and development 2,351 1,634 1,940 3,985 3,409
Sales and marketing 1,189 1,097 899 2,286 1,926
General and administrative   2,436     2,095     1,880     4,531     3,710  
Total stock-based compensation expense $ 6,327   $ 4,969   $ 5,012   $ 11,296   $ 9,428  
 
Cost of revenues includes:
Amortization of acquisition-related intangible assets $ 939   $ 939   $ 946   $ 1,878   $ 1,907  
 
General & administrative expenses include:
Patent-litigation expenses $ 1,779   $ 1,844   $ 1,658   $ 3,623   $ 2,817  
 
Other income, net includes:
Amortization of in-place lease intangible assets $ 90   $ 90   $ 90   $ 180   $ 180  
 
 
REVENUE MIX BY END MARKET
Communications 22 % 28 % 26 % 25 % 25 %
Computer 4 % 4 % 6 % 4 % 6 %
Consumer 41 % 37 % 36 % 39 % 37 %
Industrial 33 % 31 % 32 % 32 % 32 %

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