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, being on course for double-digit revenue growth for the year, the opportunities ahead of it and its ability to address these opportunities 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, InnoSwitch 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   Nine Months Ended
September 30, 2017   June 30, 2017   September 30, 2016 September 30, 2017   September 30, 2016
NET REVENUES $ 111,255 $ 107,563 $ 101,625 $ 323,506 $ 287,232
 
COST OF REVENUES   55,542     54,116     51,783     163,870     145,117  
 
GROSS PROFIT   55,713     53,447     49,842     159,636     142,115  
 
OPERATING EXPENSES:
Research and development 17,340 17,341 15,906 51,321 46,544
Sales and marketing 12,254 12,607 11,447 36,494 33,594
General and administrative 9,546 8,765 8,789 27,015 24,772
Amortization of acquisition-related intangible assets   514     537     582     1,634     1,859  
Total operating expenses   39,654     39,250     36,724     116,464     106,769  
 
INCOME FROM OPERATIONS 16,059 14,197 13,118 43,172 35,346
 
Other income, net   895     465     282     1,866     779  
 
INCOME BEFORE INCOME TAXES 16,954 14,662 13,400 45,038 36,125
 
PROVISION FOR INCOME TAXES   448     760     591     531     1,530  
 
NET INCOME $ 16,506   $ 13,902   $ 12,809   $ 44,507   $ 34,595  
 
EARNINGS PER SHARE:
Basic $ 0.55   $ 0.47   $ 0.44   $ 1.50   $ 1.20  
Diluted $ 0.54   $ 0.46   $ 0.43   $ 1.46   $ 1.17  
 
SHARES USED IN PER-SHARE CALCULATION:
Basic 29,759 29,720 28,972 29,646 28,834
Diluted 30,614 30,454 29,625 30,472 29,480
 
 
SUPPLEMENTAL INFORMATION:
 
Stock-based compensation expenses included in:
Cost of revenues $ 391 $ 351 $ 348 $ 885 $ 731
Research and development 2,173 2,351 1,934 6,158 5,343
Sales and marketing 1,441 1,189 1,303 3,727 3,229
General and administrative   2,521     2,436     2,204     7,052     5,914  
Total stock-based compensation expense $ 6,526   $ 6,327   $ 5,789   $ 17,822   $ 15,217  
 
Cost of revenues includes:
Amortization of acquisition-related intangible assets $ 939   $ 939   $ 939   $ 2,817   $ 2,846  
 
General & administrative expenses include:
Patent-litigation expenses $ 2,302   $ 1,779   $ 1,894   $ 5,925   $ 4,711  
 
Other income, net includes:
Amortization of in-place lease intangible assets $ -   $ 90   $ 90   $ 180   $ 270  
 
 
REVENUE MIX BY END MARKET
Communications 23 % 22 % 28 % 24 % 26 %
Computer 5 % 4 % 5 % 4 % 6 %
Consumer 37 % 41 % 36 % 38 % 36 %
Industrial 35 % 33 % 31 % 34 % 32 %

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