Power Integrations Announces Fourth Quarter and Year End Results

January 23, 2001

4Q2000 Balance Sheet
4Q2000 Income Statement

SAN JOSE, Calif., Jan. 23 -- Power Integrations, Inc. (Nasdaq: POWI) today announced financial results for its fourth quarter and year ended December 31, 2000.

Net revenues for the fourth quarter of 2000 were $26.6 million compared with net revenues of $30.1 million reported in the fourth quarter of 1999. Based on a tax rate of 30 percent, net income for the fourth quarter was $4.6 million, or $0.16 per diluted share on approximately 28.1 million shares outstanding. Based on a tax rate of 15 percent, fourth quarter 1999 net income was $7.5 million, or $0.26 per diluted share on approximately 28.9 million shares outstanding.

For the year ended December 31, 2000, Power Integrations reported net revenues of $111.5 million compared with $104.0 million reported in 1999. Based on a 30 percent tax rate, net income for 2000 was $19.8 million, or $0.69 per diluted share based on approximately 28.8 million shares outstanding. For 1999, based on a tax rate of 15 percent, the company reported net income of $24.5 million, or $0.87 per share on approximately 28.2 million shares outstanding.

"I am pleased with the results of the fourth quarter, which are slightly better than the outlook we had as we entered the fourth quarter," said Howard Earhart, president and chief executive officer of Power Integrations. "The quarter's results were largely driven by an earlier than anticipated return to growth in the cellular phone charger segment of our business. This growth more than offset a decline in demand in the PC standby segment of our business. Our expectations for 2001 remain on track for 10 to 20 percent growth year over year, with the first quarter relatively flat and sequential growth returning in the second quarter."

"We achieved many significant milestones in 2000 and I am very pleased with the progress we've made," Earhart added. "As a result of very active new product development based on our proprietary technology, we enter 2001 poised to take advantage of the increasingly complex demands for low cost, energy efficient power devices. New products should enable us to continue to penetrate our existing markets and also allow us to target new and emerging markets. Consumer demand today is driven largely by convenience and portability, and our products, by their nature, are a key component in developing power for these types of devices. As manufacturers introduce more and more complex products, such as next generation PDAs, notebook computers and web-enabled cell phones, we will look to leverage our leadership position in power conversion ICs."

Safe Harbor Statement

This press release contains forward-looking statements which reflect management's current forecast of certain aspects of the Company's future business. These forward looking statements are based on current information which we have assessed, but which by its nature, is subject to rapid and even abrupt changes. Forward looking statements are denoted by the use of such words and phrases as "will," "expects," "believe," "should" and similar words and phrases that look toward future events or performance. The Company's actual results could differ materially from those projected or implied by our forward looking statements due to risks and uncertainties associated with the Company's business. These include, but are not limited to, changes and shifts in customer demand away from products that integrate the Company's ICs to products that do not. Other factors include, but are not limited to, our ability to maintain and establish strategic relationships; the effects of competition; the risks inherent in the development and delivery of complex technologies; our ability to attract, retain and motivate qualified personnel; the emergence of new markets for our products and services, and our ability to compete in those markets based on timeliness, cost and market demand; and our limited financial resources. Acceleration in new product introductions are subject to the risks and uncertainties that typically accompany accelerated development and delivery of complex technologies to the market place, including product development delays and defects. We more fully discuss these and other risk factors in the Company's most recent reports on Form 10-K and Form 10-Q 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 5245 Hellyer Ave., San Jose, Calif. 95138; 408-414-9200.

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




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