Company to announce complete Q2 results on July 30
SAN JOSE, Calif.--(BUSINESS WIRE)--
Power Integrations (Nasdaq: POWI),
the leader in high-voltage integrated circuits for energy-efficient
power conversion, today revised its financial outlook for the quarter
ended June 30, 2013. The company now expects to report second-quarter
revenues of between $87 million and $88 million, as compared to the
previously projected range of $79 million to $85 million. The company
reported revenues of $77.0 million in the first quarter of 2013.
Non-GAAP gross margin for the quarter is now expected to be between 53
percent and 53.5 percent, compared with the prior projection of 52-53
percent. GAAP gross margin for the second quarter is expected to be
between 52 percent and 52.5 percent. (Non-GAAP gross margin excludes
from cost of revenues approximately $0.6 million of amortization of
acquisition-related intangible assets and $0.3 million of stock-based
compensation.) Non-GAAP operating expenses are expected to total between
$27.5 million and $28 million, while GAAP operating expenses are
expected to be between $32.5 million and $33 million. (Non-GAAP
operating expenses exclude approximately $4 million of stock-based
compensation and $1 million of amortization expense for
acquisition-related intangible assets.)
Commented
Balu Balakrishnan
, president and CEO of Power Integrations:
“We saw stronger-than-expected demand in the second quarter and now
expect to report a sequential revenue increase of 13-14 percent for the
quarter, with significant growth in each of our four primary end-market
categories.”
Power Integrations will announce its complete second-quarter results
after U.S. market hours on July 30, and will conduct a conference call
that day beginning at 1:45 p.m. Pacific time. Members of the investment
community can join the call by dialing 1-877-317-6789 from within the
U.S. or 1-412-317-6789 from outside the U.S. The call will also be
available via a live and archived webcast on the company’s investor
website, http://powerintegrations2014.q4web.com.
About Power Integrations
Power
Integrations, Inc., is a Silicon Valley-based supplier of
high-performance electronic components used in high-voltage
power-conversion systems. The company’s integrated circuits and diodes
enable compact, energy-efficient AC-DC power supplies for a vast range
of electronic products including mobile devices, TVs, PCs, appliances,
smart utility meters and LED lights. CONCEPT IGBT drivers enhance
the efficiency, reliability and cost of high-power applications such as
industrial motor drives, solar and wind energy systems, electric
vehicles and high-voltage DC transmission. Since its introduction in
1998, Power Integrations’ EcoSmart® energy-efficiency
technology has prevented billions of dollars’ worth of energy waste and
millions of tons of carbon emissions. Reflecting the environmental
benefits of the company’s products, its stock is included in the NASDAQ®
Clean Edge® Green Energy Index, The Cleantech Index®,
and the Ardour Global IndexSM. For more information,
including design-support tools and resources, please visit www.powerint.com;
visit Power Integrations’ Green
Room for a comprehensive guide to energy-efficiency standards around
the world.
Note Regarding Use of Non-GAAP Financial Measures
In addition to the company's consolidated financial statements, which
are presented according to GAAP, the company provides certain non-GAAP
financial information that excludes stock-based compensation expenses
recorded under Accounting Standard Codification 718-10,
acquisition-related expenses, amortization of acquisition-related
intangible assets and the fair-value write-up of acquired inventory,
charges associated with SemiSouth, non-cash interest income, and the tax
effects of the above items. The company uses these non-GAAP measures in
its own financial and operational decision-making processes and, with
respect to one measure, in setting performance targets for
employee-compensation purposes. Further, the company believes that these
non-GAAP measures offer an important analytical tool to help investors
understand the company’s core operating results and trends, and to
facilitate comparability with the operating results of other companies
that provide similar non-GAAP measures. These non-GAAP measures have
certain limitations as analytical tools and are not meant to be
considered in isolation or as a substitute for GAAP financial
information. For example, stock-based compensation is an important
component of the company’s compensation mix, and will continue to result
in significant expenses in the company’s GAAP results for the
foreseeable future, but is not reflected in the non-GAAP measures. Also,
other companies, including companies in Power Integrations’ industry,
may calculate non-GAAP measures differently, limiting their usefulness
as comparative measures.
Note Regarding Forward-Looking Statements
The statements in this press release relating to the company’s projected
second-quarter financial performance 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 change. Due to risks and uncertainties associated
with the company's business, actual results could differ materially from
those projected or implied by these forward-looking statements. These
risks and uncertainties include but are not limited to the fact that the
company is yet to complete its customary quarter-end financial closing.
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 Quarterly Report on Form 10-Q, filed with the Securities and
Exchange Commission (SEC) on May 3, 2013. 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, EcoSmart and the Power Integrations logo are
trademarks or registered trademarks of Power Integrations, Inc. All
other trademarks are property of their respective owners.
Source: Power Integrations, Inc.