Power Integrations Reports First-Quarter Financial Results

Note Regarding Forward-Looking Statements

The statements in this press release regarding the company’s forecast for its second-quarter financial performance, and regarding the company’s belief that its pipeline of new products coming to market over the next several quarters will further enhance its competitive positioning and expand its addressable market, are forward-looking statements reflecting management's current expectations and beliefs. These forward-looking statements are based on current information that is, by its nature, subject to rapid and even abrupt change. Due to risks and uncertainties associated with the company's business, actual results could differ materially from those projected or implied by these statements. These risks and uncertainties include, but are not limited to: changes in global macroeconomic conditions, which may impact the level of demand for the company’s products; potential changes and shifts in customer demand away from end products that utilize the company's integrated circuits to end products that do not incorporate the company's products; the effects of competition, which may cause the company to decrease its selling prices for its products; the outcome and cost of patent litigation, which may affect sales of the company’s products or could result in higher expenses and charges than currently expected; unforeseen costs and expenses; and unfavorable fluctuations in component costs or operating expenses resulting from changes in commodity prices and/or exchange rates. In addition, new product introductions and design wins are subject to the risks and uncertainties that typically accompany development and delivery of complex technologies to the marketplace, including product development delays and defects and market acceptance of the new products. These and other risk factors that may cause actual results to differ are more fully explained under the caption “Risk Factors” in the company's most recent Annual Report on Form 10-K, filed with the Securities and Exchange Commission (SEC) on February 8, 2017. The company is under no obligation (and expressly disclaims any obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by the rules and regulations of the SEC.

Power Integrations, InnoSwitch and the Power Integrations logo are trademarks or registered trademarks of Power Integrations, Inc.

 
POWER INTEGRATIONS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per-share amounts)
           
Three Months Ended
March 31, 2017 December 31, 2016 March 31, 2016
NET REVENUES $ 104,688 $ 102,436 $ 88,036
 
COST OF REVENUES   54,212     52,360     43,548  
 
GROSS PROFIT   50,476     50,076     44,488  
 
OPERATING EXPENSES:
Research and development 16,640 15,766 14,779
Sales and marketing 11,633 11,941 10,740
General and administrative 8,704 8,257 7,850
Amortization of acquisition-related intangible assets   583     584     666  
Total operating expenses   37,560     36,548     34,035  
 
INCOME FROM OPERATIONS 12,916 13,528 10,453
 
Other income, net   506     299     261  
 
INCOME BEFORE INCOME TAXES 13,422 13,827 10,714
 
PROVISION FOR INCOME TAXES   (677 )   (476 )   335  
 
NET INCOME $ 14,099   $ 14,303   $ 10,379  
 
EARNINGS PER SHARE:
Basic $ 0.48   $ 0.49   $ 0.36  
Diluted $ 0.47   $ 0.48   $ 0.35  
 
SHARES USED IN PER-SHARE CALCULATION:
Basic 29,456 29,196 28,679
Diluted 30,248 29,914 29,244
 
 
SUPPLEMENTAL INFORMATION:
 
Stock-based compensation expenses included in:
Cost of revenues $ 143 $ 417 $ 90
Research and development 1,634 1,966 1,469
Sales and marketing 1,097 1,260 1,027
General and administrative   2,095     2,025     1,830  
Total stock-based compensation expense $ 4,969   $ 5,668   $ 4,416  
 
Cost of revenues includes:
Amortization of acquisition-related intangible assets $ 939   $ 939   $ 961  
 
General & administrative expenses include:
Patent-litigation expenses $ 1,844   $ 2,150   $ 1,159  
 
Other income, net includes:
Amortization of in-place lease intangible assets $ 90   $ 90   $ 90  
 
 
REVENUE MIX BY END MARKET
Communications 28 % 29 % 23 %
Computer 4 % 6 % 6 %
Consumer 37 % 37 % 38 %
Industrial 31 % 28 % 33 %
 

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