Power Integrations Announces Second Quarter 2000 Earnings Results

July 20, 2000

2Q2000 Balance Sheet
2Q2000 - Income Statement

SUNNYVALE, Calif., July 20 -- Power Integrations, Inc. (Nasdaq: POWI) today announced financial results for its second quarter ended June 30, 2000.

Net revenues for the second quarter of 2000 were $29 million, up 26 percent from net revenues of $23 million reported in the second quarter of 1999. Income before tax in the second quarter of 2000 was $7.5 million compared to $6.2 million in the second quarter of 1999, an increase of 20 percent. Net income for the second quarter of 2000, based on an effective tax rate of 30 percent, was $5.2 million, compared with $5.3 million in the second quarter of 1999, which was based on an effective tax rate of 15 percent. Second quarter earnings per share, on a diluted basis, were 18 cents on approximately 28.7 million shares outstanding. This compares with 19 cents on approximately 28.2 million shares outstanding in the second quarter of 1999.

In the first six months, net revenues increased 30 percent to $57 million from $43.8 million in 1999. Six-month net income was $10.1 million or 35 cents per share, based on an effective rate of 30 percent, compared to $10.2 million or 37 cents per share a year earlier, based on an effective tax rate of 15 percent.

"During the second quarter we continued to execute on our strategic objectives for Power Integrations," said Howard Earhart, president and chief executive officer of the Company. "Our heightened efforts to diversify our revenue stream are paying off, and for the second consecutive quarter more than half of our revenue was generated by markets beyond our two major businesses, cellular and PC standby. Notably, year over year revenue from these other highly diverse markets has grown by approximately 55 percent. We also signed a new five-year agreement with our foundry partner and product licensee of ten years, Matsushita Electric Corporation, ensuring an ongoing supply of low-cost wafers. Perhaps most significantly, we were granted three additional patents bringing our total intellectual property portfolio to 25 U.S. and 33 foreign patents, further strengthening our competitive position as the leading supplier of high-voltage integrated ICs."

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

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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




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