Exhibit 99.1
Power Integrations Reports Third-Quarter Financial Results
Net revenues were $75.1 million; cash flow from operations was $19.4 million
Company repurchased 1.0 million shares during the third quarter; repurchase authorization increased by $30 million
SAN JOSE, Calif.--(BUSINESS WIRE)--November 3, 2011--Power Integrations (Nasdaq: POWI), the leader in high-voltage integrated circuits for energy-efficient power conversion, today announced financial results for the quarter ended September 30, 2011. Net revenues for the third quarter were $75.1 million, down six percent from the prior quarter and down one percent compared with the third quarter of 2010. Net income was $7.5 million or $0.25 per diluted share, compared with $0.35 per diluted share in the prior quarter and $0.43 per diluted share in the third quarter of 2010. Gross margin for the third quarter was 46.7 percent; operating margin was 14.1 percent.
In addition to its GAAP results, the company provided certain non-GAAP financial measures that exclude stock-based compensation expenses, amortization of acquisition-related intangible assets and the fair-value write-up of acquired inventory, and the tax effects of these items. Non-GAAP net income for the quarter was $9.5 million or $0.32 per diluted share, compared with $0.43 per diluted share in the prior quarter and $0.53 per diluted share in the third quarter of 2010. Non-GAAP gross margin for the third quarter was 47.2 percent; non-GAAP operating margin was 16.6 percent.
Commented Balu Balakrishnan, president and CEO of Power Integrations: “Like much of the semiconductor industry, we are experiencing a downturn in demand driven by macroeconomic factors. Third-quarter revenues were down six percent from the prior quarter, but within the range of our guidance. Order rates remain relatively subdued, and we expect sales to decline further in the fourth quarter.”
Balakrishnan continued: “While the current business environment is challenging, we believe our long-term growth drivers are intact. Manufacturers continue to specify more efficient power supplies in response to both regulatory and market forces. Our LED-lighting and high-power businesses continue to ramp. Meanwhile, we have made good progress on cost reductions to help offset the margin impact of higher input costs, and we expect our gross margin to increase in the fourth quarter as a result. We also expect our operating expenses to decrease in the fourth quarter as we have implemented expense-saving measures in response to the weaker business environment.”
Additional Highlights
- Cash flow from operations was $19.4 million for the quarter and totaled $60.0 million for the nine months ended September 30.
- Power Integrations repurchased approximately 1.0 million shares of its common stock during the third quarter for $31.4 million. As of September 30 the company had used $35.8 million of its $50 million repurchase authorization, repurchasing a total of 1.1 million shares. The company’s board of directors has authorized the use of an additional $30 million for share repurchases on top of the $14.2 million that remained at quarter-end.
- The company paid a dividend of $0.05 per share on September 30, 2011. The next dividend of $0.05 per share will be paid on December 30, 2011 to stockholders of record as of November 30.
- Power Integrations was issued 18 U.S. patents and 26 non-U.S. patents during the quarter and had a total of 440 U.S. patents and 293 non-U.S. patents as of September 30.
Financial Outlook for Fourth Quarter of 2011
The company issued the following forecast for the fourth quarter of 2011:
- Revenues are expected to be between $63 million and $69 million;
- Gross margins are expected to increase by approximately 100 basis points compared with the third quarter;
- Operating expenses:
- GAAP: between $24 million and $25 million;
- Non-GAAP: between $21.5 million and $22.5 million (excluding approximately $2.4 million of stock-based compensation expenses and less than $0.1 million of amortization expense related to acquisition-related intangible assets).
Conference Call Today at 1:45 p.m. Pacific Time
Power Integrations management will hold a conference call today at 1:45 p.m. Pacific time. Members of the investment community can join the call by dialing 1-877-303-9795 from within the United States or 1-631-291-4581 from outside the U.S. The call will be available via a live and archived webcast on the investor section of the company's website, http://investors.powerint.com.
About Power Integrations
Power Integrations is the leading supplier of high-voltage integrated circuits used in energy-efficient power conversion. The company's innovative technology enables compact, energy-efficient power supplies in a wide range of electronic products, in AC-DC, DC-DC and LED lighting applications. Since its introduction in 1998, Power Integrations' EcoSmart™ energy-efficiency technology has saved an estimated $5 billion of standby energy waste and prevented millions of tons of CO2 emissions. The company's Green Room web site provides a wealth of information about "energy vampires" and the issue of standby energy waste, along with a comprehensive guide to energy-efficiency standards around the world. Reflecting the environmental benefits of EcoSmart technology, Power Integrations’ stock is included in The Cleantech Index® and the NASDAQ® Clean Edge® Green Energy Index. For more information, please visit www.powerint.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 Accounting Standard Codification 718-10, certain acquisition-related expenses such as the amortization of acquisition-related intangible assets and the fair-value write-up of acquired inventory, and the tax effects of these 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 financial 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 fourth-quarter 2011 financial performance are forward-looking statements reflecting management's current forecast. These forward-looking statements are based on current information that is, by its nature, subject to rapid and even abrupt changes. 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: changes in global macroeconomic conditions that 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 company's ability to maintain and establish strategic relationships; the effects of competition; the risks inherent in the development and delivery of complex technologies; the outcome and cost of patent litigation; the company's ability to attract, retain and motivate qualified personnel; the emergence of new markets for the company's products and services; the company's ability to compete in those markets based on timeliness, cost and market demand; unforeseen costs and expenses; unfavorable fluctuations in component costs resulting from changes in commodity prices and/or the exchange rate between the U.S. dollar and the Japanese yen; and the challenges inherent in integrating acquired businesses. 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 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 August 8, 2011. 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.
POWER INTEGRATIONS, INC. | |||||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||||
(in thousands, except per-share amounts) | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
September 30, 2011 | June 30, 2011 | September 30, 2010 | September 30, 2011 | September 30, 2010 | |||||||||||||||||
NET REVENUES | $ | 75,063 | $ | 80,184 | $ | 75,452 | $ | 232,009 | $ | 226,817 | |||||||||||
COST OF REVENUES | 40,020 | 42,558 | 36,447 | 122,917 | 110,402 | ||||||||||||||||
GROSS PROFIT | 35,043 | 37,626 | 39,005 | 109,092 | 116,415 | ||||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||
Research and development | 10,345 | 10,195 | 9,348 | 30,563 | 26,133 | ||||||||||||||||
Sales and marketing | 7,990 | 8,104 | 7,657 | 24,342 | 22,104 | ||||||||||||||||
General and administrative | 6,145 | 6,141 | 6,746 | 18,761 | 19,223 | ||||||||||||||||
Total operating expenses | 24,480 | 24,440 | 23,751 | 73,666 | 67,460 | ||||||||||||||||
INCOME FROM OPERATIONS | 10,563 | 13,186 | 15,254 | 35,426 | 48,955 | ||||||||||||||||
OTHER INCOME, net | 552 | 461 | 415 | 1,455 | 1,379 | ||||||||||||||||
INCOME BEFORE PROVISION FOR INCOME TAXES | 11,115 | 13,647 | 15,669 | 36,881 | 50,334 | ||||||||||||||||
PROVISION FOR INCOME TAXES | 3,603 | 3,048 | 3,035 | 8,916 | 9,800 | ||||||||||||||||
NET INCOME | $ | 7,512 | $ | 10,599 | $ | 12,634 | $ | 27,965 | $ | 40,534 | |||||||||||
EARNINGS PER SHARE: | |||||||||||||||||||||
Basic | $ | 0.26 | $ | 0.37 | $ | 0.45 | $ | 0.97 | $ | 1.46 | |||||||||||
Diluted | $ | 0.25 | $ | 0.35 | $ | 0.43 | $ | 0.93 | $ | 1.38 | |||||||||||
SHARES USED IN PER-SHARE CALCULATION: | |||||||||||||||||||||
Basic | 28,799 | 28,938 | 27,894 | 28,789 | 27,737 | ||||||||||||||||
Diluted | 29,879 | 30,346 | 29,283 | 30,195 | 29,406 | ||||||||||||||||
SUPPLEMENTAL INFORMATION: | |||||||||||||||||||||
Stock-based compensation expenses included in: | |||||||||||||||||||||
Cost of revenues | $ | 128 | $ | 216 | $ | 153 | $ | 584 | $ | 481 | |||||||||||
Research and development | 564 | 980 | 1,125 | 2,354 | 2,782 | ||||||||||||||||
Sales and marketing | 449 | 543 | 727 | 1,659 | 1,776 | ||||||||||||||||
General and administrative | 527 | 705 | 930 | 2,020 | 2,438 | ||||||||||||||||
Total stock-based compensation expense | $ | 1,668 | $ | 2,444 | $ | 2,935 | $ | 6,617 | $ | 7,477 | |||||||||||
Cost of revenues includes: | |||||||||||||||||||||
Amortization of write-up of acquired inventory | $ | 150 | $ | 148 | $ | - | $ | 360 | $ | - | |||||||||||
Amortization of acquisition-related intangible assets | $ | 85 | $ | 85 | $ | 41 | $ | 255 | $ | 123 | |||||||||||
Operating expenses include: | |||||||||||||||||||||
Amortization of acquisition-related intangible assets | $ | 28 | $ | 28 | $ | - | $ | 84 | $ | - | |||||||||||
Patent-litigation expenses | $ | 1,751 | $ | 1,210 | $ | 1,801 | $ | 4,218 | $ | 4,404 | |||||||||||
REVENUE MIX BY PRODUCT FAMILY | |||||||||||||||||||||
TOPSwitch | 21 | % | 24 | % | 23 | % | 23 | % | 24 | % | |||||||||||
TinySwitch | 33 | % | 31 | % | 37 | % | 33 | % | 38 | % | |||||||||||
LinkSwitch | 43 | % | 43 | % | 39 | % | 42 | % | 37 | % | |||||||||||
Other | 3 | % | 2 | % | 1 | % | 2 | % | 1 | % | |||||||||||
REVENUE MIX BY END MARKET | |||||||||||||||||||||
Communications | 26 | % | 28 | % | 30 | % | 29 | % | 30 | % | |||||||||||
Computer | 12 | % | 13 | % | 11 | % | 12 | % | 12 | % | |||||||||||
Consumer | 39 | % | 36 | % | 37 | % | 37 | % | 38 | % | |||||||||||
Industrial | 23 | % | 23 | % | 22 | % | 22 | % | 20 | % | |||||||||||
POWER INTEGRATIONS, INC. | |||||||||||||||||||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP RESULTS | |||||||||||||||||||||
(in thousands, except per-share amounts) | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
Sept. 30, 2011 | June 30, 2011 | Sept. 30, 2010 | Sept. 30, 2011 | Sept. 30, 2010 | |||||||||||||||||
RECONCILIATION OF GROSS PROFIT | |||||||||||||||||||||
GAAP gross profit | $ | 35,043 | $ | 37,626 | $ | 39,005 | $ | 109,092 | $ | 116,415 | |||||||||||
GAAP gross profit margin | 46.7 | % | 46.9 | % | 51.7 | % | 47.0 | % | 51.3 | % | |||||||||||
Stock-based compensation included in cost of revenues | 128 | 216 | 153 | 584 | 481 | ||||||||||||||||
Amortization of write-up of acquired inventory | 150 | 148 | - | 360 | - | ||||||||||||||||
Amortization of acquisition-related intangible assets | 85 | 85 | 41 | 255 | 123 | ||||||||||||||||
Non-GAAP gross profit | $ | 35,406 | $ | 38,075 | $ | 39,199 | $ | 110,291 | $ | 117,019 | |||||||||||
Non-GAAP gross profit margin | 47.2 | % | 47.5 | % | 52.0 | % | 47.5 | % | 51.6 | % | |||||||||||
RECONCILIATION OF OPERATING EXPENSES | |||||||||||||||||||||
GAAP operating expenses | $ | 24,480 | $ | 24,440 | $ | 23,751 | $ | 73,666 | $ | 67,460 | |||||||||||
Less: Stock-based compensation expense included in operating expenses | |||||||||||||||||||||
Research and development | 564 | 980 | 1,125 | 2,354 | 2,782 | ||||||||||||||||
Sales and marketing | 449 | 543 | 727 | 1,659 | 1,776 | ||||||||||||||||
General and administrative | 527 | 705 | 930 | 2,020 | 2,438 | ||||||||||||||||
Total | 1,540 | 2,228 | 2,782 | 6,033 | 6,996 | ||||||||||||||||
Amortization of acquisition-related intangible assets | 28 | 28 | - | 84 | - | ||||||||||||||||
Non-GAAP operating expenses | $ | 22,912 | $ | 22,184 | $ | 20,969 | $ | 67,549 | $ | 60,464 | |||||||||||
RECONCILIATION OF INCOME FROM OPERATIONS | |||||||||||||||||||||
GAAP income from operations | $ | 10,563 | $ | 13,186 | $ | 15,254 | $ | 35,426 | $ | 48,955 | |||||||||||
GAAP operating margin | 14.1 | % | 16.4 | % | 20.2 | % | 15.3 | % | 21.6 | % | |||||||||||
Less: Total stock-based compensation | 1,668 | 2,444 | 2,935 | 6,617 | 7,477 | ||||||||||||||||
Amortization of write-up of acquired inventory | 150 | 148 | - | 360 | - | ||||||||||||||||
Amortization of acquisition-related intangible assets | 113 |
| 113 |
| 41 | 339 | 123 | ||||||||||||||
Non-GAAP income from operations | $ | 12,494 | $ | 15,891 | $ | 18,230 | $ | 42,742 | $ | 56,555 | |||||||||||
Non-GAAP operating margin | 16.6 | % | 19.8 | % | 24.2 | % | 18.4 | % | 24.9 | % | |||||||||||
RECONCILIATION OF PROVISION FOR INCOME TAXES | |||||||||||||||||||||
GAAP provision for income taxes | $ | 3,603 | $ | 3,048 | $ | 3,035 | $ | 8,916 | $ | 9,800 | |||||||||||
GAAP effective tax rate | 32.4 | % | 22.3 | % | 19.4 | % | 24.2 | % | 19.5 | % | |||||||||||
Tax effect of items excluded from non-GAAP results | 85 | (225 | ) | (93 | ) | (544 | ) | (455 | ) | ||||||||||||
Non-GAAP provision for income taxes | $ | 3,518 | $ | 3,273 | $ | 3,128 | $ | 9,460 | $ | 10,255 | |||||||||||
Non-GAAP effective tax rate | 27.0 | % | 20.0 | % | 16.8 | % | 21.4 | % | 17.7 | % | |||||||||||
RECONCILIATION OF NET INCOME PER SHARE (DILUTED) | |||||||||||||||||||||
GAAP net income | $ | 7,512 | $ | 10,599 | $ | 12,634 | $ | 27,965 | $ | 40,534 | |||||||||||
Adjustments to GAAP net income | |||||||||||||||||||||
Stock-based compensation | 1,668 | 2,444 | 2,935 | 6,617 | 7,477 | ||||||||||||||||
Amortization of write-up of acquired inventory | 150 | 148 | - | 360 | - | ||||||||||||||||
Amortization of acquisition-related intangible assets | 113 | 113 | 41 | 339 | 123 | ||||||||||||||||
Tax effect of items excluded from non-GAAP results | 85 | (225 | ) | (93 | ) | (544 | ) | (455 | ) | ||||||||||||
Non-GAAP net income | $ | 9,528 | $ | 13,079 | $ | 15,517 | $ | 34,737 | $ | 47,679 | |||||||||||
Average shares outstanding for calculation of non-GAAP income per share (diluted) | 29,879 | 30,346 | 29,283 | 30,195 | 29,406 | ||||||||||||||||
Non-GAAP income per share (diluted) | $ | 0.32 | $ | 0.43 | $ | 0.53 | $ | 1.15 | $ | 1.62 | |||||||||||
GAAP income per share (diluted) | $ | 0.25 | $ | 0.35 | $ | 0.43 | $ | 0.93 | $ | 1.38 | |||||||||||
POWER INTEGRATIONS, INC. | |||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||
(in thousands) | |||||||||
September 30, 2011 | June 30, 2011 | December 31, 2010 | |||||||
ASSETS | |||||||||
CURRENT ASSETS: | |||||||||
Cash and cash equivalents | $ | 148,578 | $ | 170,494 | $ | 155,667 | |||
Short-term investments | 48,932 | 33,091 | 27,355 | ||||||
Accounts receivable | 10,330 | 8,070 | 5,713 | ||||||
Inventories | 51,763 | 54,069 | 62,077 | ||||||
Deferred tax assets | 1,440 | 1,437 | 1,435 | ||||||
Prepaid expenses and other current assets | 6,864 | 9,572 | 9,263 | ||||||
Total current assets | 267,907 | 276,733 | 261,510 | ||||||
INVESTMENTS | 25,022 | 30,043 | 31,760 | ||||||
PROPERTY AND EQUIPMENT, net | 85,271 | 85,449 | 84,470 | ||||||
INTANGIBLE ASSETS, net | 9,066 | 9,309 | 9,795 | ||||||
GOODWILL | 14,786 | 14,826 | 14,826 | ||||||
DEFERRED TAX ASSETS | 12,637 | 12,593 | 13,421 | ||||||
OTHER ASSETS | 25,799 | 25,355 | 17,288 | ||||||
Total assets | $ | 440,488 | $ | 454,308 | $ | 433,070 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||
CURRENT LIABILITIES: | |||||||||
Accounts payable | $ | 17,318 | $ | 14,173 | $ | 20,291 | |||
Accrued payroll and related expenses | 6,290 | 6,246 | 7,395 | ||||||
Income taxes payable | 1,759 | 354 | - | ||||||
Deferred income on sales to distributors | 10,316 | 11,199 | 12,221 | ||||||
Other accrued liabilities | 2,613 | 2,367 | 9,548 | ||||||
Total current liabilities | 38,296 | 34,339 | 49,455 | ||||||
LONG-TERM LIABILITIES | |||||||||
Income taxes payable | 33,805 | 32,040 | 29,580 | ||||||
Total liabilities | 72,101 | 66,379 | 79,035 | ||||||
STOCKHOLDERS' EQUITY: | |||||||||
Common stock | 28 | 29 | 28 | ||||||
Additional paid-in capital | 166,007 | 191,549 | 175,295 | ||||||
Accumulated translation adjustment | 80 | 158 | 85 | ||||||
Retained earnings | 202,272 | 196,193 | 178,627 | ||||||
Total stockholders' equity | 368,387 | 387,929 | 354,035 | ||||||
Total liabilities and stockholders' equity | $ | 440,488 | $ | 454,308 | $ | 433,070 | |||
POWER INTEGRATIONS, INC. | |||||||||||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
Sept. 30, 2011 | June 30, 2011 | Sept. 30, 2010 | Sept. 30, 2011 | Sept. 30, 2010 | |||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||
Net income | $ | 7,512 | $ | 10,599 | $ | 12,634 | $ | 27,965 | 40,534 | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||||||||||||
Depreciation | 3,865 | 3,790 | 3,173 | 11,337 | 8,974 | ||||||||||||||||
Amortization of intangible assets | 243 | 243 | 170 | 729 | 504 | ||||||||||||||||
(Gain) loss on sale of property and equipment | - | (41 | ) | 5 | (41 | ) | (344 | ) | |||||||||||||
Stock-based compensation expense | 1,668 | 2,444 | 2,916 | 6,617 | 7,459 | ||||||||||||||||
Amortization of premium on held-to-maturity investments | 396 | 420 | 479 | 1,255 | 1,337 | ||||||||||||||||
Deferred income taxes | (47 | ) | 427 | (461 | ) | 779 | 249 | ||||||||||||||
Increase (decrease) in accounts receivable allowances | (110 | ) | 15 | (7 | ) | (74 | ) | (25 | ) | ||||||||||||
Excess tax benefit from stock options exercised | (32 | ) | (299 | ) | (48 | ) | (729 | ) | (939 | ) | |||||||||||
Tax benefit associated with employee stock plans | 288 | 755 | (89 | ) | 1,826 | 1,951 | |||||||||||||||
Change in operating assets and liabilities: | |||||||||||||||||||||
Accounts receivable | (2,150 | ) | 5,230 | 10,362 | (4,542 | ) | 13,854 | ||||||||||||||
Inventories | 2,269 | 8,879 | (13,336 | ) | 10,184 | (22,796 | ) | ||||||||||||||
Prepaid expenses and other assets | (225 | ) | 1,613 | 1,048 | 2,823 | 4,610 | |||||||||||||||
Accounts payable | 3,170 | (1,352 | ) | (4,360 | ) | (1,090 | ) | 93 | |||||||||||||
Taxes payable and other accrued liabilities | 3,423 | 1,993 | 1,299 | 4,891 | 4,305 | ||||||||||||||||
Deferred income on sales to distributors | (883 | ) | 248 | (77 | ) | (1,904 | ) | 5,808 | |||||||||||||
Net cash provided by operating activities | 19,387 | 34,964 | 13,708 | 60,026 | 65,574 | ||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||
Purchases of property and equipment | (3,710 | ) | (5,271 | ) | (8,320 | ) | (16,229 | ) | (21,833 | ) | |||||||||||
Proceeds from sale of property and equipment | - | 2,249 | - | 2,249 | 1,415 | ||||||||||||||||
Other assets | (463 | ) | (808 | ) | - | (1,271 | ) | - | |||||||||||||
Acquisition | - | (13 | ) | (8,598 | ) | (6,914 | ) | (8,598 | ) | ||||||||||||
Increase in financing lease receivables | (157 | ) | (2,179 | ) | - | (7,978 | ) | - | |||||||||||||
Collections of financing lease receivables | 109 | 103 | - | 314 | - | ||||||||||||||||
Notes to third parties | - | (3,000 | ) | (2,000 | ) | (3,000 | ) | (6,750 | ) | ||||||||||||
Collection of note to third parties | 3,000 | - | - | 3,000 | - | ||||||||||||||||
Purchases of held-to-maturity investments | (19,761 | ) | - | - | (31,269 | ) | (27,224 | ) | |||||||||||||
Proceeds from held-to-maturity investments | 8,545 | 5,330 | 8,341 | 15,175 | 26,491 | ||||||||||||||||
Net cash used in investing activities | (12,437 | ) | (3,589 | ) | (10,577 | ) | (45,923 | ) | (36,499 | ) | |||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||||||||||||
Net proceeds from issuance of common stock | 3,972 | 6,958 | 2,524 | 18,218 | 17,987 | ||||||||||||||||
Repurchase of common stock | (31,435 | ) | (4,384 | ) | - | (35,819 | ) | (13,960 | ) | ||||||||||||
Retirement of performance shares for income tax withholding | - | - | - | - | (769 | ) | |||||||||||||||
Payments of dividends to stockholders | (1,435 | ) | (1,448 | ) | (1,395 | ) | (4,320 | ) | (4,163 | ) | |||||||||||
Excess tax benefit from stock options exercised | 32 | 299 | 48 | 729 | 939 | ||||||||||||||||
Net cash provided by (used in) financing activities | (28,866 | ) | 1,425 | 1,177 | (21,192 | ) | 34 | ||||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (21,916 | ) | 32,800 | 4,308 | (7,089 | ) | 29,109 | ||||||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 170,494 | 137,694 | 159,775 | 155,667 | 134,974 | ||||||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 148,578 | $ | 170,494 | $ | 164,083 | $ | 148,578 | $ | 164,083 | |||||||||||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||||||||||||||||||||
Unpaid property and equipment, net | $ | 3,486 | $ | 3,510 | $ | 1,008 | $ | 3,486 | $ | 1,008 | |||||||||||
CONTACT:
Power Integrations, Inc.
Joe Shiffler, 408-414-8528
jshiffler@powerint.com