Power Integrations Reports Record Quarterly Revenues and Earnings

POWER INTEGRATIONS, INC.
CONSOLIDATED BALANCE SHEETS

(in thousands)

         
 

September 30,
2013

June 30,
2013

December 31,
2012

ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 78,118 $ 85,426 $ 63,394
Short-term marketable securities 102,051 59,630 31,766
Accounts receivable 15,101 15,772 7,326
Inventories 40,212 43,199 44,625
Deferred tax assets 344 344 352
Prepaid expenses and other current assets   15,557     12,097     17,401  
Total current assets   251,383     216,468     164,864  
 
PROPERTY AND EQUIPMENT, net 90,217 89,743 89,724
INTANGIBLE ASSETS, net 42,212 44,054 47,738
GOODWILL 80,599 80,599 80,599
DEFERRED TAX ASSETS 15,263 14,425 11,532
OTHER ASSETS   3,965     4,608     4,673  
Total assets $ 483,639   $ 449,897   $ 399,130  
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable $ 20,267 $ 21,347 $ 16,452
Accrued payroll and related expenses 8,157 7,681 6,720
Taxes payable 2,128 1,476 1,213
Deferred taxes 885 748 1,193
Deferred income on sales to distributors 16,861 15,035 11,550
Other accrued liabilities   2,661     2,650     3,439  
Total current liabilities   50,959     48,937     40,567  
 
LONG-TERM LIABILITIES
Income taxes payable 8,916 8,665 7,937
Deferred taxes 7,404 7,646 8,179
Pension liability   1,456     1,366     1,398  
Total liabilities   68,735     66,614     58,081  
 
STOCKHOLDERS' EQUITY:
Common stock 30 29 28
Additional paid-in capital 215,404 198,375 175,668
Accumulated other comprehensive loss (358 ) (687 ) (293 )
Retained earnings   199,828     185,566     165,646  
Total stockholders' equity   414,904     383,283     341,049  
Total liabilities and stockholders' equity $ 483,639   $ 449,897   $ 399,130  
 

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