Power Integrations Reports Fourth-Quarter and Full-Year 2013 Financial Results

Quarterly revenues increased 14 percent year-over-year to $90.4 million; non-GAAP earnings per diluted share grew 40% year-over-year to $0.66; GAAP earnings were $0.52 per diluted share

Full-year revenues grew 14 percent to $347.1 million; company generated $98.7 million in cash flow from operations during the year

SAN JOSE, Calif. — (BUSINESS WIRE) — February 3, 2014 — Power Integrations (Nasdaq: POWI) today announced financial results for the quarter and year ended December 31, 2013. Net revenues for the quarter were $90.4 million, one percent lower than the prior quarter and up 14 percent from the fourth quarter of 2012. GAAP net income for the quarter was $16.0 million or $0.52 per diluted share, compared with $0.54 per diluted share in the prior quarter and $0.33 per diluted share in the fourth quarter of 2012. GAAP gross margin for the fourth quarter was 53.5 percent; operating margin was 16.7 percent.

In addition to its GAAP results, the company provided non-GAAP financial measures that exclude stock-based compensation expenses, gains and expenses related to acquisitions and strategic investments, non-cash interest income, the tax effects of these items, and a one-time tax-related charge incurred in 2012. Non-GAAP net income for the fourth quarter of 2013 was $20.4 million or $0.66 per diluted share, compared with $0.71 per diluted share in the prior quarter and $0.47 per diluted share in the fourth quarter of 2012. Non-GAAP gross margin for the fourth quarter was 54.5 percent; non-GAAP operating margin was 23.5 percent.

For the full year, the company reported record revenues of $347.1 million, an increase of 14 percent compared with 2012. Non-GAAP net income for the year was $2.46 per diluted share, compared with $1.80 per diluted share in the prior year. Full-year GAAP net income was $1.88 per diluted share, compared with a net loss of $1.20 per share in 2012.

Commented Balu Balakrishnan, president and CEO of Power Integrations: “2013 was a great year for Power Integrations, with double-digit sales growth, a 37-percent increase in non-GAAP EPS, and nearly $100 million in cash flow from operations. We ended the year with a strong quarter, and believe we’re well-positioned for 2014 and beyond. Energy efficiency continues to be a major factor in the electronics, appliance and industrial markets, and our addressable market is expanding thanks to strong growth in areas like LED lighting, renewable energy and rapid charging for mobile devices.”

Additional Highlights

  • Cash flow from operations in the fourth quarter and full year were $23.5 million and $98.7 million, respectively; cash and investments increased by $106.9 million during the year to a total of $202.1 million.
  • The company paid a dividend of $0.08 per share on December 31, 2013. A dividend of $0.10 per share is to be paid on March 31, 2014, to stockholders of record as of February 28.
  • Power Integrations received 23 U.S. patents and 18 non-U.S. patents during the quarter and had a total of 609 U.S. patents and 492 non-U.S. patents as of December 31, 2013.

Financial Outlook

The company issued the following forecast for the first quarter of 2014:

  • First-quarter revenues are expected to be between $86 million and $92 million.
  • Gross margins are expected to be similar to fourth-quarter levels.
  • Non-GAAP operating expenses are expected to be approximately $29 million. (Excludes from GAAP operating expenses approximately $4 million of stock-based compensation expenses and $1 million of amortization expense for acquisition-related intangible assets.) GAAP operating expenses are expected to be approximately $34 million.

Conference Call Today at 1:45 p.m. Pacific Time

Power Integrations management will hold a conference call today at 1:45 p.m. Pacific time. Members of the investment community can join the call by dialing 1-877-201-0168 from within the United States or 1-647-788-4901 from outside the U.S. The call will be available via a live and archived webcast on the investor section of the company's website, http://investors.powerint.com.

About Power Integrations

Power Integrations, Inc. is a Silicon Valley-based supplier of high-performance electronic components used in high-voltage power-conversion systems. The company’s integrated circuits and diodes enable compact, energy-efficient AC-DC power supplies for a vast range of electronic products including mobile devices, TVs, PCs, appliances, smart utility meters and LED lights. CONCEPT IGBT drivers enhance the efficiency, reliability and cost of high-power applications such as industrial motor drives, solar and wind energy systems, electric vehicles and high-voltage DC transmission. Since its introduction in 1998, Power Integrations’ EcoSmart <

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