Power Integrations Reports Second-Quarter Financial Results

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

June 30, 2015

March 31, 2015

December 31, 2014

ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 75,941 $ 85,637 $ 60,708
Short-term marketable securities 94,944 87,560 114,575
Accounts receivable 13,212 12,631 10,186
Inventories 64,231 65,009 64,025
Deferred tax assets 38 39 39
Prepaid expenses and other current assets   9,444     11,458     16,379  
Total current assets   257,810     262,334     265,912  
 
PROPERTY AND EQUIPMENT, net 92,913 94,179 95,823
INTANGIBLE ASSETS, net 41,028 42,758 35,524
GOODWILL 91,849 91,849 80,599
DEFERRED TAX ASSETS 11,025 11,265 11,562
OTHER ASSETS   4,894     4,789     4,243  
Total assets $ 499,519   $ 507,174   $ 493,663  
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable $ 30,792 $ 23,907 $ 21,980
Accrued payroll and related expenses 9,539 8,815 9,071
Taxes payable 2,237 2,930 2,963
Deferred tax liabilities 2,085 2,187 2,193
Deferred income on sales to distributors 16,457 17,254 15,223
Other accrued liabilities   3,381     3,834     3,730  
Total current liabilities   64,491     58,927     55,160  
 
LONG-TERM LIABILITIES:
Income taxes payable 746 746 743
Deferred tax liabilities 3,928 4,059 4,272
Other liabilities   2,673     2,960     2,812  
Total liabilities   71,838     66,692     62,987  
 
STOCKHOLDERS' EQUITY:
Common stock 29 29 29
Additional paid-in capital 161,089 178,816 171,938
Accumulated other comprehensive loss (1,167 ) (1,031 ) (1,136 )
Retained earnings   267,730     262,668     259,845  
Total stockholders' equity   427,681     440,482     430,676  
Total liabilities and stockholders' equity $ 499,519   $ 507,174   $ 493,663  

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