Power Integrations Reports Third-Quarter Financial Results

             
POWER INTEGRATIONS, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands)
 
 

September 30, 2014

June 30, 2014

December 31, 2013

ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 60,720 $ 79,060 $ 92,928
Short-term marketable securities 153,144 133,354 109,179
Accounts receivable 10,381 16,443 12,389
Inventories 56,958 51,269 42,235
Deferred tax assets 2,103 2,011 2,059
Prepaid expenses and other current assets   8,773     13,590     18,632  
Total current assets   292,079     295,727     277,422  
 
PROPERTY AND EQUIPMENT, net 96,506 91,368 90,141
INTANGIBLE ASSETS, net 36,873 36,960 40,334
GOODWILL 80,599 80,599 80,599
DEFERRED TAX ASSETS 9,472 8,904 9,449
OTHER ASSETS   3,887     4,031     3,476  
Total assets $ 519,416   $ 517,589   $ 501,421  
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable $ 24,777 $ 22,802 $ 20,772
Accrued payroll and related expenses 8,834 8,786 8,900
Taxes payable 2,753 2,054 2,266
Deferred taxes 1,103 1,110 943
Deferred income on sales to distributors 18,744 19,128 15,727
Other accrued liabilities   2,224     1,701     1,810  
Total current liabilities   58,435     55,581     50,418  
 
LONG-TERM LIABILITIES
Income taxes payable 2,722 2,397 6,885
Deferred taxes 4,397 4,647 5,273
Other liabilities   2,229     2,301     2,159  
Total liabilities   67,783     64,926     64,735  
 
STOCKHOLDERS' EQUITY:
Common stock 29 30 30
Additional paid-in capital 203,076 216,337 223,660
Accumulated other comprehensive loss (474 ) (190 ) (470 )
Retained earnings   249,002     236,486     213,466  
Total stockholders' equity   451,633     452,663     436,686  
Total liabilities and stockholders' equity $ 519,416   $ 517,589   $ 501,421  
 

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