Power Integrations Reports First-Quarter Financial Results

Note Regarding Forward-Looking Statements

The above statements regarding the company’s forecast for its second-quarter financial performance and expectations for a sequential recovery in the second quarter driven largely by increased demand from fast-charging applications in the smartphone 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, including changing tariffs and uncertainty regarding trade negotiations, 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’s revenues to decrease or 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 13, 2019. 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 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, 2019

December 31, 2018

March 31, 2018

NET REVENUES $ 89,188 $ 93,307 $ 103,081
 
COST OF REVENUES   43,714     45,302     49,537  
 
GROSS PROFIT   45,474     48,005     53,544  
 
OPERATING EXPENSES:
Research and development 17,946 17,965 17,481
Sales and marketing 12,590 12,746 12,574
General and administrative 8,390 8,796 9,014
Amortization of acquisition-related intangible assets   427     455     514  
Total operating expenses   39,353     39,962     39,583  
 
INCOME FROM OPERATIONS 6,121 8,043 13,961
 
Other income, net   1,152     1,297     836  
 
INCOME BEFORE INCOME TAXES 7,273 9,340 14,797
 
PROVISION (BENEFIT) FOR INCOME TAXES   40     (13,396 )   597  
 
NET INCOME $ 7,233   $ 22,736   $ 14,200  
 
EARNINGS PER SHARE:
Basic $ 0.25   $ 0.78   $ 0.48  
Diluted $ 0.25   $ 0.77   $ 0.46  
 
SHARES USED IN PER-SHARE CALCULATION:
Basic 28,951 29,164 29,799
Diluted 29,446 29,651 30,552
 
 
SUPPLEMENTAL INFORMATION:
 
Stock-based compensation expenses included in:
Cost of revenues $ 271 $ 313 $ 249
Research and development 1,632 1,944 1,839
Sales and marketing 1,061 1,222 1,276
General and administrative   1,443     1,963     2,261  
Total stock-based compensation expense $ 4,407   $ 5,442   $ 5,625  
 
Cost of revenues includes:
Amortization of acquisition-related intangible assets $ 794   $ 813   $ 813  
 
General & administrative expenses include:
Patent-litigation expenses $ 2,317   $ 2,304   $ 1,897  
 
 
REVENUE MIX BY END MARKET
Communications 18 % 20 % 19 %
Computer 5 % 6 % 5 %
Consumer 39 % 34 % 40 %
Industrial 38 % 40 % 36 %
 

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