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Power Integrations Reports Fourth-Quarter and Full-Year Financial Results

February 2, 2021

Quarterly revenues increased 32 percent year-over-year to $150.7 million; GAAP earnings were $0.45 per diluted share; non-GAAP earnings were $0.60 per diluted share

Full-year revenues grew 16 percent to $488.3 million; cash flow from operations was $125.6 million; quarterly dividend increases by 18 percent to $0.13 per share

SAN JOSE, Calif.--(BUSINESS WIRE)-- Power Integrations (Nasdaq: POWI) today announced financial results for the quarter and year ended December 31, 2020. Per-share measures for all periods have been adjusted for the 2:1 stock split effected as a stock dividend in August 2020.

Net revenues for the fourth quarter of 2020 were $150.7 million, up 24 percent compared to the prior quarter and up 32 percent from the fourth quarter of 2019. Net income for the fourth quarter was $27.3 million or $0.45 per diluted share compared to $0.24 per diluted share in the prior quarter and $2.64 per diluted share in the fourth quarter of 2019. Results for the fourth quarter of 2019 included a benefit of $2.39 per diluted share from a patent-litigation settlement. Cash flow from operations for the fourth quarter was $46.4 million.

In addition to its GAAP results, the company provided certain non-GAAP measures that exclude stock-based compensation, amortization of acquisition-related intangible assets and the tax effects of these items. Non-GAAP net income for the fourth quarter of 2020 was $36.4 million or $0.60 per diluted share compared with $0.40 per diluted share in the prior quarter and $2.80 per diluted share in the fourth quarter of 2019 (which included the benefit of $2.39 per share from the litigation settlement). A reconciliation of GAAP to non-GAAP financial results appears at the end of this press release.

Full-year net revenues were $488.3 million, up 16 percent compared to 2019. Net income was $71.2 million or $1.17 per diluted share, compared to $3.24 per diluted share in 2019. Non-GAAP net income for the full year was $103.5 million or $1.70 per diluted share, compared to $3.69 per diluted share in 2019. (Both GAAP and non-GAAP net income for 2019 included a benefit of $2.41 per share from the settlement.) Full-year cash flow from operations for 2020 was $125.6 million.

Commented Balu Balakrishnan, president and CEO of Power Integrations: “Fourth-quarter revenues came in well above our expectations driven by broad-based demand. All four major end-market categories grew at double-digit rates compared to the prior quarter, and distribution sell-through once again exceeded sell-in. We achieved revenue growth of 16 percent in 2020—far above the rate of the analog semiconductor industry—and we are well positioned for continued growth in 2021.”

Power Integrations paid a cash dividend of $0.11 per share on December 31, 2020. The company’s board of directors has increased the quarterly dividend to $0.13 per share, with the next dividend to be paid on March 31, 2021 to stockholders of record as of February 26, 2021.

Financial Outlook

The company issued the following forecast for the first quarter of 2021:

  • Revenues are expected to be flat compared to the fourth quarter of 2020, plus or minus five percent.
  • GAAP gross margin is expected to be approximately 48 percent, and non-GAAP gross margin is expected to be approximately 49 percent. (The difference between the expected GAAP and non-GAAP gross margins comprises approximately 0.6 percentage points from amortization of acquisition-related intangible assets and 0.4 percentage points from stock-based compensation.)
  • GAAP operating expenses are expected to be approximately $44.5 million; non-GAAP operating expenses are expected to be approximately $37.5 million. (Non-GAAP expenses are expected to exclude approximately $6.8 million of stock-based compensation and $0.2 million of amortization of acquisition-related intangible assets.)

Conference Call Today at 1:30 p.m. Pacific Time

Power Integrations management will hold a conference call today at 1:30 p.m. Pacific time. Members of the investment community can register for the call by visiting the following link: http://www.directeventreg.com/registration/event/4278028. A webcast of the call will also be available on the investor section of the company's website, http://investors.power.com.

About Power Integrations

Power Integrations, Inc. is a leading innovator in semiconductor technologies for high-voltage power conversion. The company’s products are key building blocks in the clean-power ecosystem, enabling the generation of renewable energy as well as the efficient transmission and consumption of power in applications ranging from milliwatts to megawatts. For more information please visit www.power.com.

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 ASC 718-10, amortization of acquisition-related intangible assets, and the tax effects of these items. The company uses these measures in its financial and operational decision-making and, with respect to one measure, in setting performance targets for compensation purposes. The company believes that these non-GAAP measures offer important analytical tools to help investors understand its operating results, and to facilitate comparability with the results of companies that provide similar measures. Non-GAAP measures have 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. Reconciliations of non-GAAP measures to GAAP measures are attached to this press release.

Note Regarding Forward-Looking Statements

The above statements regarding the company’s forecast for its first-quarter financial performance and being well-positioned for growth in 2021 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: the impact of the COVID-19 pandemic on demand for the company’s products, its ability to supply products and its ability to conduct other aspects of its business such as competing for new design wins; 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; 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 7, 2020, and most recent Quarterly Report on Form 10-Q, filed with the SEC on October 29, 2020. 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 law.

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 Twelve Months Ended
December 31, 2020 September 30, 2020 December 31, 2019 December 31, 2020 December 31, 2019
NET REVENUES

$

150,693

 

$

121,129

 

$

114,457

 

$

488,318

 

$

420,669

 

 
COST OF REVENUES

 

76,688

 

 

61,560

 

 

56,232

 

 

244,728

 

 

207,267

 

 
GROSS PROFIT

 

74,005

 

 

59,569

 

 

58,225

 

 

243,590

 

 

213,402

 

 
OPERATING EXPENSES:
Research and development

 

21,921

 

 

20,868

 

 

18,298

 

 

81,711

 

 

73,470

 

Sales and marketing

 

14,113

 

 

13,442

 

 

14,241

 

 

53,578

 

 

52,720

 

General and administrative

 

10,028

 

 

10,302

 

 

10,634

 

 

36,895

 

 

37,582

 

Amortization of acquisition-related intangible assets

 

216

 

 

216

 

 

378

 

 

919

 

 

1,577

 

Litigation settlement

 

-

 

 

-

 

 

(168,969

)

 

-

 

 

(168,969

)

Total operating expenses

 

46,278

 

 

44,828

 

 

(125,418

)

 

173,103

 

 

(3,620

)

 
INCOME FROM OPERATIONS

 

27,727

 

 

14,741

 

 

183,643

 

 

70,487

 

 

217,022

 

 
OTHER INCOME

 

630

 

 

877

 

 

1,852

 

 

4,764

 

 

5,392

 

 
INCOME BEFORE INCOME TAXES

 

28,357

 

 

15,618

 

 

185,495

 

 

75,251

 

 

222,414

 

 
PROVISION FOR INCOME TAXES

 

1,079

 

 

798

 

 

27,204

 

 

4,075

 

 

28,946

 

 
NET INCOME

$

27,278

 

$

14,820

 

$

158,291

 

$

71,176

 

$

193,468

 

 
EARNINGS PER SHARE:
Basic

$

0.46

 

$

0.25

 

$

2.69

 

$

1.19

 

$

3.31

 

Diluted

$

0.45

 

$

0.24

 

$

2.64

 

$

1.17

 

$

3.24

 

 
SHARES USED IN PER-SHARE CALCULATION:
Basic

 

59,879

 

 

59,823

 

 

58,854

 

 

59,657

 

 

58,534

 

Diluted

 

61,176

 

 

60,852

 

 

60,010

 

 

60,845

 

 

59,632

 

 
 
 
SUPPLEMENTAL INFORMATION: Three Months Ended Twelve Months Ended
December 31, 2020 September 30, 2020 December 31, 2019 December 31, 2020 December 31, 2019
Stock-based compensation expenses included in:
Cost of revenues

$

713

 

$

602

 

$

413

 

$

1,963

 

$

1,237

 

Research and development

 

2,942

 

 

2,976

 

 

2,754

 

 

10,378

 

 

8,423

 

Sales and marketing

 

1,740

 

 

1,900

 

 

1,602

 

 

6,290

 

 

5,015

 

General and administrative

 

3,468

 

 

3,880

 

 

3,569

 

 

12,281

 

 

8,672

 

Total stock-based compensation expense

$

8,863

 

$

9,358

 

$

8,338

 

$

30,912

 

$

23,347

 

 
Cost of revenues includes:
Amortization of acquisition-related intangible assets

$

799

 

$

799

 

$

955

 

$

3,196

 

$

3,483

 

 
 
Three Months Ended Twelve Months Ended
REVENUE MIX BY END MARKET December 31, 2020 September 30, 2020 December 31, 2019 December 31, 2020 December 31, 2019
Communications

 

34

%

 

32

%

 

29

%

 

30

%

 

26

%

Computer

 

9

%

 

9

%

 

6

%

 

7

%

 

5

%

Consumer

 

31

%

 

31

%

 

35

%

 

33

%

 

35

%

Industrial

 

26

%

 

28

%

 

30

%

 

30

%

 

34

%

POWER INTEGRATIONS, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP RESULTS
(in thousands, except per-share amounts)
 
Three Months Ended Twelve Months Ended
December 31, 2020 September 30, 2020 December 31, 2019 December 31, 2020 December 31, 2019
RECONCILIATION OF GROSS PROFIT
GAAP gross profit

$

74,005

 

$

59,569

 

$

58,225

 

$

243,590

 

$

213,402

 

GAAP gross margin

 

49.1

%

 

49.2

%

 

50.9

%

 

49.9

%

 

50.7

%

 
Stock-based compensation included in cost of revenues

 

713

 

 

602

 

 

413

 

 

1,963

 

 

1,237

 

Amortization of acquisition-related intangible assets

 

799

 

 

799

 

 

955

 

 

3,196

 

 

3,483

 

 
Non-GAAP gross profit

$

75,517

 

$

60,970

 

$

59,593

 

$

248,749

 

$

218,122

 

Non-GAAP gross margin

 

50.1

%

 

50.3

%

 

52.1

%

 

50.9

%

 

51.9

%

 
 
Three Months Ended Twelve Months Ended
RECONCILIATION OF OPERATING EXPENSES December 31, 2020 September 30, 2020 December 31, 2019 December 31, 2020 December 31, 2019
GAAP operating expenses

$

46,278

 

$

44,828

 

$

(125,418

)

$

173,103

 

$

(3,620

)

 
Less: Stock-based compensation expense included in operating expenses
Research and development

 

2,942

 

 

2,976

 

 

2,754

 

 

10,378

 

 

8,423

 

Sales and marketing

 

1,740

 

 

1,900

 

 

1,602

 

 

6,290

 

 

5,015

 

General and administrative

 

3,468

 

 

3,880

 

 

3,569

 

 

12,281

 

 

8,672

 

Total

 

8,150

 

 

8,756

 

 

7,925

 

 

28,949

 

 

22,110

 

 
Amortization of acquisition-related intangible assets

 

216

 

 

216

 

 

378

 

 

919

 

 

1,577

 

 
Non-GAAP operating expenses

$

37,912

 

$

35,856

 

$

(133,721

)

$

143,235

 

$

(27,307

)

 
 
Three Months Ended Twelve Months Ended
RECONCILIATION OF INCOME FROM OPERATIONS December 31, 2020 September 30, 2020 December 31, 2019 December 31, 2020 December 31, 2019
GAAP income from operations

$

27,727

 

$

14,741

 

$

183,643

 

$

70,487

 

$

217,022

 

GAAP operating margin

 

18.4

%

 

12.2

%

 

160.4

%

 

14.4

%

 

51.6

%

 
Add: Total stock-based compensation

 

8,863

 

 

9,358

 

 

8,338

 

 

30,912

 

 

23,347

 

Amortization of acquisition-related intangible assets

 

1,015

 

 

1,015

 

 

1,333

 

 

4,115

 

 

5,060

 

 
Non-GAAP income from operations

$

37,605

 

$

25,114

 

$

193,314

 

$

105,514

 

$

245,429

 

Non-GAAP operating margin

 

25.0

%

 

20.7

%

 

168.9

%

 

21.6

%

 

58.3

%

 
 
Three Months Ended Twelve Months Ended
RECONCILIATION OF PROVISION FOR INCOME TAXES December 31, 2020 September 30, 2020 December 31, 2019 December 31, 2020 December 31, 2019
GAAP provision for income taxes

$

1,079

 

$

798

 

$

27,204

 

$

4,075

 

$

28,946

 

GAAP effective tax rate

 

3.8

%

 

5.1

%

 

14.7

%

 

5.4

%

 

13.0

%

 
Tax effect of adjustments to GAAP results

 

(725

)

 

(971

)

 

(53

)

 

(2,719

)

 

(1,955

)

 
Non-GAAP provision for income taxes

$

1,804

 

$

1,769

 

$

27,257

 

$

6,794

 

$

30,901

 

Non-GAAP effective tax rate

 

4.7

%

 

6.8

%

 

14.0

%

 

6.2

%

 

12.3

%

 
 
Three Months Ended Twelve Months Ended
RECONCILIATION OF NET INCOME PER SHARE (DILUTED) December 31, 2020 September 30, 2020 December 31, 2019 December 31, 2020 December 31, 2019
GAAP net income

$

27,278

 

$

14,820

 

$

158,291

 

$

71,176

 

$

193,468

 

 
Adjustments to GAAP net income
Stock-based compensation

 

8,863

 

 

9,358

 

 

8,338

 

 

30,912

 

 

23,347

 

Amortization of acquisition-related intangible assets

 

1,015

 

 

1,015

 

 

1,333

 

 

4,115

 

 

5,060

 

Tax effect of items excluded from non-GAAP results

 

(725

)

 

(971

)

 

(53

)

 

(2,719

)

 

(1,955

)

 
Non-GAAP net income

$

36,431

 

$

24,222

 

$

167,909

 

$

103,484

 

$

219,920

 

 
Average shares outstanding for calculation of non-GAAP net income per share (diluted)

 

61,176

 

 

60,852

 

 

60,010

 

 

60,845

 

 

59,632

 

 
Non-GAAP net income per share (diluted)

$

0.60

 

$

0.40

 

$

2.80

 

$

1.70

 

$

3.69

 

 
GAAP net income per share (diluted)

$

0.45

 

$

0.24

 

$

2.64

 

$

1.17

 

$

3.24

 

 
 
 
POWER INTEGRATIONS, INC.
CALCULATION OF EARNINGS PER SHARE BENEFIT OF SETTLEMENT
(in thousands, except per-share amounts)
 
Three Months Ended Twelve Months Ended
December 31, 2020 September 30, 2020 December 31, 2019 December 31, 2020 December 31, 2019
Gain from litigation settlement

$

-

 

$

-

 

$

168,969

 

$

-

 

$

168,969

 

Tax expense attributed to settlement

 

-

 

 

-

 

 

25,543

 

 

-

 

 

25,543

 

Litigation settlement net of tax

$

-

 

$

-

 

$

143,426

 

$

-

 

$

143,426

 

 
Earnings per share benefit of settlement (GAAP and non-GAAP)

$

-

 

$

-

 

$

2.39

 

$

-

 

$

2.41

 

 
Diluted average shares outstanding

 

61,176

 

 

60,852

 

 

60,010

 

 

60,845

 

 

59,632

 

POWER INTEGRATIONS, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands)
       
       
  December 31, 2020   September 30, 2020   December 31, 2019
ASSETS      
CURRENT ASSETS:      
Cash and cash equivalents  

$

258,874

 

 

$

232,014

 

 

$

178,690

 

Short-term marketable securities  

 

190,318

 

 

 

211,926

 

 

 

232,398

 

Accounts receivable, net  

 

35,910

 

 

 

29,447

 

 

 

24,274

 

Inventories  

 

102,878

 

 

 

104,805

 

 

 

90,380

 

Prepaid expenses and other current assets  

 

13,252

 

 

 

14,755

 

 

 

15,597

 

Total current assets  

 

601,232

 

 

 

592,947

 

 

 

541,339

 

       
PROPERTY AND EQUIPMENT, net  

 

166,188

 

 

 

147,719

 

 

 

116,619

 

INTANGIBLE ASSETS, net  

 

12,506

 

 

 

13,582

 

 

 

16,865

 

GOODWILL  

 

91,849

 

 

 

91,849

 

 

 

91,849

 

DEFERRED TAX ASSETS  

 

3,339

 

 

 

2,660

 

 

 

2,836

 

OTHER ASSETS  

 

28,225

 

 

 

27,311

 

 

 

34,388

 

Total assets  

$

903,339

 

 

$

876,068

 

 

$

803,896

 

       
LIABILITIES AND STOCKHOLDERS’ EQUITY      
CURRENT LIABILITIES:      
Accounts payable  

$

34,712

 

 

$

43,623

 

 

$

27,433

 

Accrued payroll and related expenses  

 

14,806

 

 

 

12,892

 

 

 

13,408

 

Taxes payable  

 

902

 

 

 

379

 

 

 

584

 

Other accrued liabilities  

 

12,106

 

 

 

9,357

 

 

 

9,051

 

Total current liabilities  

 

62,526

 

 

 

66,251

 

 

 

50,476

 

       
LONG-TERM LIABILITIES:      
Income taxes payable  

 

15,588

 

 

 

15,497

 

 

 

14,617

 

Deferred tax liabilities  

 

75

 

 

 

87

 

 

 

164

 

Other liabilities  

 

14,739

 

 

 

14,436

 

 

 

14,093

 

Total liabilities  

 

92,928

 

 

 

96,271

 

 

 

79,350

 

       
STOCKHOLDERS' EQUITY:      
Common stock  

 

28

 

 

 

28

 

 

 

28

 

Additional paid-in capital  

 

190,920

 

 

 

181,192

 

 

 

152,117

 

Accumulated other comprehensive loss  

 

(2,163

)

 

 

(2,355

)

 

 

(3,130

)

Retained earnings  

 

621,626

 

 

 

600,932

 

 

 

575,531

 

Total stockholders' equity  

 

810,411

 

 

 

779,797

 

 

 

724,546

 

Total liabilities and stockholders' equity  

$

903,339

 

 

$

876,068

 

 

$

803,896

 

POWER INTEGRATIONS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
           
  Three Months Ended   Twelve Months Ended
  December 31, 2020   September 30, 2020   December 31, 2019   December 31, 2020   December 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:          
Net income  

$

27,278

 

 

$

14,820

 

 

$

158,291

 

 

$

71,176

 

 

$

193,468

 

Adjustments to reconcile net income to cash provided by operating activities          
Depreciation  

 

6,672

 

 

 

6,002

 

 

 

4,928

 

 

 

23,743

 

 

 

19,190

 

Amortization of intangible assets  

 

1,076

 

 

 

1,076

 

 

 

1,373

 

 

 

4,359

 

 

 

5,213

 

Loss on disposal of property and equipment  

 

214

 

 

 

19

 

 

 

35

 

 

 

525

 

 

 

249

 

Stock-based compensation expense  

 

8,863

 

 

 

9,358

 

 

 

8,338

 

 

 

30,912

 

 

 

23,347

 

Amortization of premium (accretion of discount) on marketable securities  

 

180

 

 

 

204

 

 

 

104

 

 

 

705

 

 

 

(192

)

Deferred income taxes  

 

(692

)

 

 

(1,179

)

 

 

2,741

 

 

 

(592

)

 

 

4,019

 

Increase (decrease) in accounts receivable allowances for credit losses  

 

(491

)

 

 

309

 

 

 

-

 

 

 

(336

)

 

 

57

 

Change in operating assets and liabilities:          
Accounts receivable  

 

(5,972

)

 

 

(16,884

)

 

 

1,545

 

 

 

(11,300

)

 

 

(13,259

)

Inventories  

 

1,927

 

 

 

(842

)

 

 

(1,670

)

 

 

(12,498

)

 

 

(9,523

)

Prepaid expenses and other assets  

 

3,020

 

 

 

2,041

 

 

 

902

 

 

 

9,153

 

 

 

(2,132

)

Accounts payable  

 

(668

)

 

 

504

 

 

 

(3,920

)

 

 

5,697

 

 

 

(6,556

)

Taxes payable and other accrued liabilities  

 

4,959

 

 

 

801

 

 

 

9,492

 

 

 

4,095

 

 

 

10,618

 

Net cash provided by operating activities  

 

46,366

 

 

 

16,229

 

 

 

182,159

 

 

 

125,639

 

 

 

224,499

 

           
CASH FLOWS FROM INVESTING ACTIVITIES:          
Purchases of property and equipment  

 

(34,860

)

 

 

(14,116

)

 

 

(9,789

)

 

 

(70,598

)

 

 

(24,114

)

Proceeds from sale of property and equipment  

 

320

 

 

 

-

 

 

 

-

 

 

 

651

 

 

 

-

 

Acquisition of technology licenses  

 

-

 

 

 

-

 

 

 

(675

)

 

 

-

 

 

 

(1,026

)

Purchases of marketable securities  

 

(43,637

)

 

 

(46,239

)

 

 

(71,952

)

 

 

(109,703

)

 

 

(207,240

)

Proceeds from sales and maturities of marketable securities  

 

64,390

 

 

 

28,033

 

 

 

4,150

 

 

 

151,385

 

 

 

70,334

 

Net cash used in investing activities  

 

(13,787

)

 

 

(32,322

)

 

 

(78,266

)

 

 

(28,265

)

 

 

(162,046

)

           
CASH FLOWS FROM FINANCING ACTIVITIES:          
Net proceeds from issuance of common stock  

 

865

 

 

 

3,364

 

 

 

225

 

 

 

10,527

 

 

 

9,908

 

Repurchase of common stock  

 

-

 

 

 

-

 

 

 

-

 

 

 

(2,636

)

 

 

(7,302

)

Payments of dividends to stockholders  

 

(6,584

)

 

 

(6,582

)

 

 

(5,590

)

 

 

(25,081

)

 

 

(20,506

)

Net cash used in financing activities  

 

(5,719

)

 

 

(3,218

)

 

 

(5,365

)

 

 

(17,190

)

 

 

(17,900

)

           
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS  

 

26,860

 

 

 

(19,311

)

 

 

98,528

 

 

 

80,184

 

 

 

44,553

 

           
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD  

 

232,014

 

 

 

251,325

 

 

 

80,162

 

 

 

178,690

 

 

 

134,137

 

           
CASH AND CASH EQUIVALENTS AT END OF PERIOD  

$

258,874

 

 

$

232,014

 

 

$

178,690

 

 

$

258,874

 

 

$

178,690

 

 

Joe Shiffler
Power Integrations, Inc.
(408) 414-8528
joe@power.com

Source: Power Integrations, Inc.

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