Power Integrations Announces Fourth Quarter and Year End Results Company Achieves Record Results for the Year

January 20, 2000

4Q1999 Balance Sheet
4Q1999 Income Statement

SUNNYVALE, Calif., Jan. 20 -- Power Integrations, Inc. (Nasdaq: POWI) today announced financial results for its fourth quarter and year ended December 31, 1999. Power Integrations closed its year with record results on net revenues of $104.1 million, an increase of 49% over the previous year.

Net revenues for the fourth quarter of 1999 were $30.1 million, up 50% from net revenues of $20.2 million reported in the fourth quarter of 1998. Net income for the fourth quarter of 1999 was $7.5 million, compared with $4.2 million in the fourth quarter of 1998. Fourth quarter earnings per share, on a diluted basis, were $0.26 on approximately 28.9 million shares outstanding. This compares with $0.16 on approximately 27.1 million shares outstanding in the fourth quarter of 1998.

For the year ended December 31, 1999, Power Integrations reported net revenues of $104.1 million, up 49% from $70 million reported in 1998. Net income for 1999 was $24.5 million, up 93% from $12.7 million in 1998. Diluted earning per share for the year ended December 31, 1999 were $0.87 on approximately 28.2 million shares outstanding compared with $.48 per share on approximately 26.5 million shares outstanding at December 31, 1998.

The net income per share and number of shares used in the per-share calculation for all periods presented reflect the two-for-one stock split that was effective November 22, 1999.

"1999 was another excellent year for Power Integrations; a year where we shipped approximately one hundred and fifty million power conversion ICs into a power-hungry electronics market," said Howard Earhart President and Chief Executive Officer of Power Integrations. "We increased our share of the rapidly expanding cellular phone charger market where we grew over 125% on a year to year basis," he added.

"Our TinySwitch product line which was introduced in September of 1998 has grown rapidly and represented 9% of our fourth quarter revenue," he continued. "Not only is TinySwitch a commercial success but it was also recognized by Discover Magazine and won the tenth annual award for technological innovation in the environmental category."

Safe Harbor Statement
The statements in this news release, other than the historical financial information, may contain forward-looking statements that involve risks and uncertainties that could cause actual results to differ from anticipated results. Further information on risk factors that could affect the Company's results is detailed in the Company's most recent reports on Form 10-K and Form 10-Q as filed with the Securities and Exchange Commission.

About Power Integrations

Power Integrations, Inc. is a leading supplier of high-voltage analog integrated circuits for use in AC to DC power conversion. For more information, visit the company's web site at: http://www.powerint.com or contact the company at 477 North Mathilda Ave., Sunnyvale, Calif. 94086; 408-523-9200.

NASDAQ: POWI $119.08 -1.23
-1.02% Volume: 129,556 August 7, 2020

Contact Us

Joe Shiffler
Director, Investor Relations & Corporate Communications
(408) 414-8528
joe@power.com

Literature Requests
ir@power.com

Mailing Address:
Power Integrations
Attn: Investor Relations
5245 Hellyer Avenue San Jose, CA. 95138

Transfer Agent:
Computershare
P.O. Box 30170
College Station, TX 77842
Phone: (781) 575-2879




Subscribe to Investor Alerts

Email Address *
Mailing Lists *



 
Enter the code shown above.