Power Integrations Reports First-Quarter Financial Results

Non-GAAP earnings increased 31 percent year-over-year to $0.47 per diluted share; GAAP earnings were $0.37 per diluted share

Cash flow from operations was $21.6 million; cash and investments increased $23.9 million during the quarter to $119.0 million

SAN JOSE, Calif. — (BUSINESS WIRE) — May 2, 2013 — Power Integrations (Nasdaq: POWI) today announced financial results for the quarter ended March 31, 2013. Net revenues for the quarter were $77.0 million, down three percent from the prior quarter and up seven percent from the first quarter of 2012. GAAP net income for the quarter was $10.9 million or $0.37 per diluted share, compared with $0.33 per diluted share in the prior quarter and $0.25 per diluted share in the first quarter of 2012. GAAP gross margin for the first quarter was 51.7 percent; operating margin was 11.8 percent.

In addition to its GAAP results, the company provided non-GAAP financial measures that exclude stock-based compensation expenses, certain acquisition-related expenses, charges related to SemiSouth Laboratories, non-cash interest income, and the tax effects of these items. Non-GAAP net income for the quarter was $14.0 million or $0.47 per diluted share, compared with $0.47 per diluted share in the prior quarter and $0.36 per diluted share in the first quarter of 2012. Non-GAAP gross margin for the first quarter was 52.9 percent; non-GAAP operating margin was 18.8 percent.

Commented Balu Balakrishnan, president and CEO of Power Integrations: “First-quarter revenues were within our projected range, albeit toward the lower end due in large part to a decline of nearly 20 percent in revenues from the computer market. Nevertheless, recent trends indicate that the broader demand environment is improving. Revenues from industrial and consumer applications, which account for nearly 70 percent of our sales, both increased sequentially in the first quarter. Book-to-bill was well above 1.0 for the quarter as total bookings increased more than 10 percent sequentially. While economic conditions remain uncertain, we believe these factors point toward sequential growth in the second quarter, and we expect our revenues for Q2 to be between $79 million and $85 million.”

Additional Highlights

  • Power Integrations paid a dividend of $0.08 per share on March 29, 2013. The next dividend of $0.08 per share is to be paid on June 28, 2013 to stockholders of record as of May 31, 2013.
  • Power Integrations received 11 U.S. patents and 38 non-U.S. patents during the quarter and had a total of 542 U.S. patents and 419 non-U.S. patents as of March 31, 2013.

Financial Outlook

The company issued the following forecast for the second quarter of 2013:

  • Second-quarter revenues are expected to be between $79 million and $85 million.
  • Non-GAAP gross margin is expected to be between 52 percent and 53 percent. (Excludes from cost of revenues approximately $0.6 million of amortization of acquisition-related intangible assets and $0.4 million of stock-based compensation.) GAAP gross margin is expected to be between 51 percent and 52 percent.
  • Non-GAAP operating expenses are expected to be approximately $27 million, plus or minus $0.5 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 $32 million, plus or minus $0.5 million.

Conference Call Today at 2:00 p.m. Pacific Time

Power Integrations management will hold a conference call today at 2:00 p.m. Pacific time. Members of the investment community can join the call by dialing 1-877-317-6789 from within the United States or 1-412-317-6789 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® energy-efficiency technology has prevented billions of dollars’ worth of energy waste and millions of tons of carbon emissions. Reflecting the environmental benefits of the company’s products, Power Integrations’ stock is included in the NASDAQ <

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