Exhibit 99.1
Power Integrations Reports Fourth-Quarter Financial Results
Fourth-quarter revenues grew six percent year-over-year to $108.2 million; GAAP net loss of $0.57 per share driven by tax charge; non-GAAP earnings were $0.74 per diluted share
Full-year revenues grew 11 percent to $431.8 million; GAAP earnings were $0.90 per diluted share; non-GAAP earnings were $2.84 per diluted share, up 12 percent from prior year
Quarterly dividend rises to $0.16 per share; $30 million added to repurchase authorization
SAN JOSE, CALIF.--(BUSINESS WIRE)--February 1, 2018--Power Integrations (Nasdaq:POWI) today announced financial results for the quarter and year ended December 31, 2017. Results are calculated using the “sell-in” method of revenue recognition on sales to distributors, reflecting the company’s adoption of ASC 606 effective January 1, 2017. Prior-year results have been recast as if ASC 606 had been in effect for those periods.
Net revenues for the fourth quarter were $108.2 million, a decrease of three percent from the prior quarter and an increase of six percent from the fourth quarter of 2016. Net loss for the quarter was $16.9 million or $0.57 per share, compared to net income of $0.54 per diluted share in the prior quarter and net income of $0.48 per diluted share in the fourth quarter of 2016. The fourth-quarter loss includes a net charge of $37.5 million resulting from the 2017 tax legislation. Cash flow from operations was $27.4 million for the quarter.
In addition to its GAAP results, the company provided certain non-GAAP financial measures that exclude stock-based compensation expenses, amortization of intangible assets, the tax effects of these items, and the fourth-quarter charge resulting from the 2017 tax legislation. Non-GAAP net income for the fourth quarter was $22.7 million or $0.74 per diluted share, compared with $0.78 per diluted share in the prior quarter and $0.70 per diluted share in the fourth quarter of 2016.
For the full year, net revenues were $431.8 million, an increase of 11 percent from the prior year. GAAP net income, which includes the impact of the tax charge, was $27.6 million or $0.90 per diluted share compared to $1.65 per diluted share for the prior year. Non-GAAP net income was $86.6 million or $2.84 per diluted share compared to $2.53 per diluted share for the prior year. Cash flow from operations was $82.0 million for the full year.
Commented Balu Balakrishnan, president and CEO of Power Integrations: “We are pleased to report double-digit growth in annual revenues and non-GAAP earnings again in 2017. Revenues from the industrial market grew 20 percent for the year, while the consumer category grew more than 15 percent driven by appliance applications. Together, these two end-markets accounted for more than 70 percent of our sales in 2017.
“While demand has moderated of late, particularly in the handset and appliance markets, we expect continued growth in 2018 and beyond, driven by trends such as energy efficiency, clean energy, IoT, faster charging, the switch to battery-powered motors for tools and transportation, and the mass adoption of convenience and comfort appliances in emerging markets. These trends are driving demand for increasingly innovative power-conversion technologies, and we are especially well-positioned to capitalize on these opportunities.”
Additional Highlights
- Power Integrations paid a dividend of $0.14 per share on December 29, 2017. A dividend of $0.16 per share is scheduled to be paid on March 30, 2018, to stockholders of record as of February 28, 2018.
- Power Integrations repurchased approximately 33,000 shares of its common stock during the fourth quarter, and had $44.4 million remaining on its repurchase authorization at year-end. The company’s board of directors has subsequently increased the repurchase authorization by a further $30 million.
- Power Integrations was issued eight U.S. patents during the fourth quarter of 2017.
Financial Outlook
The company issued the following forecast for the first quarter of 2018:
- Revenues are expected to be $103 million plus or minus $3 million.
- GAAP gross margin is expected to be approximately 50.3 percent; non-GAAP gross margin is expected to be approximately 51.5 percent. (The difference between the expected GAAP and non-GAAP gross margins is composed of approximately 0.9 percentage points from amortization of acquisition-related intangible assets and 0.3 percentage points from stock-based compensation.)
- GAAP operating expenses are expected to be between $41 million and $41.5 million; non-GAAP operating expenses are expected to be between $34 million and $34.5 million. (Non-GAAP expenses are expected to exclude approximately $6.5 million of stock-based compensation and $0.5 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 join the call by dialing 1-647-689-4187. 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 (including in-place lease intangible assets), the tax effects of these items, and a charge related to the 2017 tax legislation. 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. These 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 statements in this press release regarding the company’s forecast for its first-quarter financial performance and continued growth in 2018 and beyond 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: changes in global macroeconomic conditions, 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; the outcome and cost of patent litigation, which may affect sales of the company’s products or could result in higher expenses and charges than currently expected; 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 8, 2017. 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 and the Power Integrations logo are trademarks or registered trademarks of Power Integrations, Inc.
POWER INTEGRATIONS, INC. | |||||||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||
| December 31, 2017 | September 30, 2017 | December 31, 2016 | December 31, 2017 | December 31, 2016 | |||||||||||||||||||||
| NET REVENUES | $ | 108,249 | $ | 111,255 | $ | 102,436 | $ | 431,755 | $ | 389,668 | |||||||||||||||
| COST OF REVENUES | 54,221 | 55,542 | 52,360 | 218,091 | 197,477 | ||||||||||||||||||||
| GROSS PROFIT | 54,028 | 55,713 | 50,076 | 213,664 | 192,191 | ||||||||||||||||||||
| OPERATING EXPENSES: | |||||||||||||||||||||||||
| Research and development | 17,180 | 17,340 | 15,766 | 68,501 | 62,310 | ||||||||||||||||||||
| Sales and marketing | 12,743 | 12,254 | 11,941 | 49,237 | 45,535 | ||||||||||||||||||||
| General and administrative | 9,127 | 9,546 | 8,257 | 36,142 | 33,029 | ||||||||||||||||||||
| Amortization of acquisition-related intangible assets | 513 | 514 | 584 | 2,147 | 2,443 | ||||||||||||||||||||
| Total operating expenses | 39,563 | 39,654 | 36,548 | 156,027 | 143,317 | ||||||||||||||||||||
| INCOME FROM OPERATIONS | 14,465 | 16,059 | 13,528 | 57,637 | 48,874 | ||||||||||||||||||||
| Other income, net | 796 | 895 | 299 | 2,662 | 1,078 | ||||||||||||||||||||
| INCOME BEFORE INCOME TAXES | 15,261 | 16,954 | 13,827 | 60,299 | 49,952 | ||||||||||||||||||||
| PROVISION (BENEFIT) FOR INCOME TAXES | 32,159 | 448 | (476 | ) | 32,690 | 1,054 | |||||||||||||||||||
| NET INCOME (LOSS) | $ | (16,898 | ) | $ | 16,506 | $ | 14,303 | $ | 27,609 | $ | 48,898 | ||||||||||||||
| EARNINGS (LOSS) PER SHARE: | |||||||||||||||||||||||||
| Basic | $ | (0.57 | ) | $ | 0.55 | $ | 0.49 | $ | 0.93 | $ | 1.69 | ||||||||||||||
| Diluted | $ | (0.57 | ) | $ | 0.54 | $ | 0.48 | $ | 0.90 | $ | 1.65 | ||||||||||||||
| SHARES USED IN PER-SHARE CALCULATION: | |||||||||||||||||||||||||
| Basic | 29,759 | 29,759 | 29,196 | 29,674 | 28,925 | ||||||||||||||||||||
| Diluted | 29,759 | 30,614 | 29,914 | 30,545 | 29,619 | ||||||||||||||||||||
| SUPPLEMENTAL INFORMATION: | |||||||||||||||||||||||||
| Stock-based compensation expenses included in: | |||||||||||||||||||||||||
| Cost of revenues | $ | 436 | $ | 391 | $ | 417 | $ | 1,321 | $ | 1,148 | |||||||||||||||
| Research and development | 2,338 | 2,173 | 1,966 | 8,496 | 7,309 | ||||||||||||||||||||
| Sales and marketing | 1,470 | 1,441 | 1,260 | 5,197 | 4,489 | ||||||||||||||||||||
| General and administrative | 2,611 | 2,521 | 2,025 | 9,663 | 7,939 | ||||||||||||||||||||
| Total stock-based compensation expense | $ | 6,855 | $ | 6,526 | $ | 5,668 | $ | 24,677 | $ | 20,885 | |||||||||||||||
| Cost of revenues includes: | |||||||||||||||||||||||||
| Amortization of acquisition-related intangible assets | $ | 939 | $ | 939 | $ | 939 | $ | 3,756 | $ | 3,785 | |||||||||||||||
| General & administrative expenses include: | |||||||||||||||||||||||||
| Patent-litigation expenses | $ | 1,914 | $ | 2,302 | $ | 2,150 | $ | 7,839 | $ | 6,861 | |||||||||||||||
| Other income, net includes: | |||||||||||||||||||||||||
| Amortization of in-place lease intangible assets | $ | - | $ | - | $ | 90 | $ | 180 | $ | 360 | |||||||||||||||
| REVENUE MIX BY END MARKET | |||||||||||||||||||||||||
| Communications | 25 | % | 23 | % | 29 | % | 24 | % | 27 | % | |||||||||||||||
| Computer | 5 | % | 5 | % | 6 | % | 5 | % | 6 | % | |||||||||||||||
| Consumer | 37 | % | 37 | % | 37 | % | 38 | % | 36 | % | |||||||||||||||
| Industrial | 33 | % | 35 | % | 28 | % | 33 | % | 31 | % | |||||||||||||||
| 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, 2017 | September 30, 2017 | December 31, 2016 | December 31, 2017 | December 31, 2016 | ||||||||||||||||||||||
| RECONCILIATION OF GROSS PROFIT | ||||||||||||||||||||||||||
| GAAP gross profit | $ | 54,028 | $ | 55,713 | $ | 50,076 | $ | 213,664 | $ | 192,191 | ||||||||||||||||
| GAAP gross margin | 49.9 | % | 50.1 | % | 48.9 | % | 49.5 | % | 49.3 | % | ||||||||||||||||
| Stock-based compensation included in cost of revenues | 436 | 391 | 417 | 1,321 | 1,148 | |||||||||||||||||||||
| Amortization of acquisition-related intangible assets | 939 | 939 | 939 | 3,756 | 3,785 | |||||||||||||||||||||
| Non-GAAP gross profit | $ | 55,403 | $ | 57,043 | $ | 51,432 | $ | 218,741 | $ | 197,124 | ||||||||||||||||
| Non-GAAP gross margin | 51.2 | % | 51.3 | % | 50.2 | % | 50.7 | % | 50.6 | % | ||||||||||||||||
| RECONCILIATION OF OPERATING EXPENSES | ||||||||||||||||||||||||||
| GAAP operating expenses | $ | 39,563 | $ | 39,654 | $ | 36,548 | $ | 156,027 | $ | 143,317 | ||||||||||||||||
Less: Stock-based compensation expense included in operating expenses | ||||||||||||||||||||||||||
| Research and development | 2,338 | 2,173 | 1,966 | 8,496 | 7,309 | |||||||||||||||||||||
| Sales and marketing | 1,470 | 1,441 | 1,260 | 5,197 | 4,489 | |||||||||||||||||||||
| General and administrative | 2,611 | 2,521 | 2,025 | 9,663 | 7,939 | |||||||||||||||||||||
| Total | 6,419 | 6,135 | 5,251 | 23,356 | 19,737 | |||||||||||||||||||||
| Amortization of acquisition-related intangible assets | 513 | 514 | 584 | 2,147 | 2,443 | |||||||||||||||||||||
| Non-GAAP operating expenses | $ | 32,631 | $ | 33,005 | $ | 30,713 | $ | 130,524 | $ | 121,137 | ||||||||||||||||
| RECONCILIATION OF INCOME FROM OPERATIONS | ||||||||||||||||||||||||||
| GAAP income from operations | $ | 14,465 | $ | 16,059 | $ | 13,528 | $ | 57,637 | $ | 48,874 | ||||||||||||||||
| GAAP operating margin | 13.4 | % | 14.4 | % | 13.2 | % | 13.3 | % | 12.5 | % | ||||||||||||||||
Add: Total stock-based compensation | 6,855 | 6,526 | 5,668 | 24,677 | 20,885 | |||||||||||||||||||||
Amortization of acquisition-related intangible assets | 1,452 | 1,453 | 1,523 | 5,903 | 6,228 | |||||||||||||||||||||
| Non-GAAP income from operations | $ | 22,772 | $ | 24,038 | $ | 20,719 | $ | 88,217 | $ | 75,987 | ||||||||||||||||
| Non-GAAP operating margin | 21.0 | % | 21.6 | % | 20.2 | % | 20.4 | % | 19.5 | % | ||||||||||||||||
| RECONCILIATION OF PROVISION (BENEFIT) FOR INCOME TAXES | ||||||||||||||||||||||||||
| GAAP provision (benefit) for income taxes | $ | 32,159 | $ | 448 | $ | (476 | ) | $ | 32,690 | $ | 1,054 | |||||||||||||||
| GAAP effective tax rate | 210.7 | % | 2.6 | % | -3.4 | % | 54.2 | % | 2.1 | % | ||||||||||||||||
| Impact of U.S. tax legislation | 37,524 | - | - | 37,524 | - | |||||||||||||||||||||
| Tax effect of adjustments to GAAP results | (6,267 | ) | (751 | ) | (724 | ) | (9,287 | ) | (1,578 | ) | ||||||||||||||||
| Non-GAAP provision for income taxes | $ | 902 | $ | 1,199 | $ | 248 | $ | 4,453 | $ | 2,632 | ||||||||||||||||
| Non-GAAP effective tax rate | 3.8 | % | 4.8 | % | 1.2 | % | 4.9 | % | 3.4 | % | ||||||||||||||||
| RECONCILIATION OF NET INCOME (LOSS) PER SHARE (DILUTED) | ||||||||||||||||||||||||||
| GAAP net income (loss) | $ | (16,898 | ) | $ | 16,506 | $ | 14,303 | $ | 27,609 | $ | 48,898 | |||||||||||||||
| Adjustments to GAAP net income (loss) | ||||||||||||||||||||||||||
| Stock-based compensation | 6,855 | 6,526 | 5,668 | 24,677 | 20,885 | |||||||||||||||||||||
| Amortization of acquisition-related intangible assets | 1,452 | 1,453 | 1,523 | 5,903 | 6,228 | |||||||||||||||||||||
| Amortization of in-place lease intangible assets | - | - | 90 | 180 | 360 | |||||||||||||||||||||
| Impact of U.S. tax legislation | 37,524 | - | - | 37,524 | - | |||||||||||||||||||||
| Tax effect of items excluded from non-GAAP results | (6,267 | ) | (751 | ) | (724 | ) | (9,287 | ) | (1,578 | ) | ||||||||||||||||
| Non-GAAP net income | $ | 22,666 | $ | 23,734 | $ | 20,860 | $ | 86,606 | $ | 74,793 | ||||||||||||||||
Average shares outstanding for calculation of non-GAAP income per share (diluted) | 30,692 | 30,614 | 29,914 | 30,545 | 29,619 | |||||||||||||||||||||
| Non-GAAP net income per share (diluted) | $ | 0.74 | $ | 0.78 | $ | 0.70 | $ | 2.84 | $ | 2.53 | ||||||||||||||||
| GAAP income per share | $ | (0.57 | ) | $ | 0.54 | $ | 0.48 | $ | 0.90 | $ | 1.65 | |||||||||||||||
| POWER INTEGRATIONS, INC. CONSOLIDATED BALANCE SHEETS (in thousands) | |||||||||||||
| December 31, 2017 | September 30, 2017 | December 31, 2016 | |||||||||||
| ASSETS | |||||||||||||
| CURRENT ASSETS: | |||||||||||||
| Cash and cash equivalents | $ | 93,655 | $ | 50,700 | $ | 62,134 | |||||||
| Short-term marketable securities | 189,236 | 213,042 | 188,323 | ||||||||||
| Accounts receivable, net | 16,798 | 17,192 | 6,528 | ||||||||||
| Inventories | 57,087 | 55,158 | 52,564 | ||||||||||
| Prepaid expenses and other current assets | 7,758 | 10,831 | 8,715 | ||||||||||
| Total current assets | 364,534 | 346,923 | 318,264 | ||||||||||
| PROPERTY AND EQUIPMENT, net | 111,705 | 114,855 | 95,296 | ||||||||||
| INTANGIBLE ASSETS, net | 25,419 | 26,871 | 31,502 | ||||||||||
| GOODWILL | 91,849 | 91,849 | 91,849 | ||||||||||
| DEFERRED TAX ASSETS | 2,364 | 19,086 | 11,342 | ||||||||||
| OTHER ASSETS | 25,203 | 24,899 | 6,157 | ||||||||||
| Total assets | $ | 621,074 | $ | 624,483 | $ | 554,410 | |||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||
| CURRENT LIABILITIES: | |||||||||||||
| Accounts payable | $ | 33,211 | $ | 38,474 | $ | 29,727 | |||||||
| Accrued payroll and related expenses | 12,064 | 9,772 | 10,756 | ||||||||||
| Taxes payable | 1,767 | 1,227 | 729 | ||||||||||
| Other accrued liabilities | 4,009 | 4,895 | 2,734 | ||||||||||
| Total current liabilities | 51,051 | 54,368 | 43,946 | ||||||||||
| LONG-TERM LIABILITIES: | |||||||||||||
| Income taxes payable | 18,259 | 2,817 | 2,639 | ||||||||||
| Deferred tax liabilities | 138 | 538 | 820 | ||||||||||
| Other liabilities | 3,944 | 4,501 | 3,921 | ||||||||||
| Total liabilities | 73,392 | 62,224 | 51,326 | ||||||||||
| STOCKHOLDERS' EQUITY: | |||||||||||||
| Common stock | 29 | 29 | 28 | ||||||||||
| Additional paid-in capital | 198,384 | 192,074 | 172,875 | ||||||||||
| Accumulated other comprehensive loss | (2,139 | ) | (2,320 | ) | (2,710 | ) | |||||||
| Retained earnings | 351,408 | 372,476 | 332,891 | ||||||||||
| Total stockholders' equity | 547,682 | 562,259 | 503,084 | ||||||||||
| Total liabilities and stockholders' equity | $ | 621,074 | $ | 624,483 | $ | 554,410 | |||||||
| POWER INTEGRATIONS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) | ||||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||||
December 31, 2017 | September 30, 2017 | December 31, 2016 | December 31, 2017 | December 31, 2016 | ||||||||||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||||
| Net income (loss) | $ | (16,898 | ) | $ | 16,506 | $ | 14,303 | $ | 27,609 | $ | 48,898 | |||||||||||
| Adjustments to reconcile net income (loss) to cash provided by operating activities | ||||||||||||||||||||||
| Depreciation | 5,051 | 4,854 | 4,142 | 18,374 | 16,812 | |||||||||||||||||
| Amortization of intangible assets | 1,452 | 1,453 | 1,612 | 6,083 | 6,663 | |||||||||||||||||
| Loss on disposal of property and equipment | 36 | 286 | 116 | 360 | 332 | |||||||||||||||||
| Stock-based compensation expense | 6,855 | 6,526 | 5,668 | 24,677 | 20,885 | |||||||||||||||||
| Amortization of premium on marketable securities | 297 | 295 | 71 | 1,100 | 555 | |||||||||||||||||
| Deferred income taxes | 16,323 | 163 | (1,144 | ) | 15,838 | (638 | ) | |||||||||||||||
| Increase in accounts receivable allowances | - | 129 | (96 | ) | 209 | 207 | ||||||||||||||||
| Change in operating assets and liabilities: | ||||||||||||||||||||||
| Accounts receivable | 394 | 1,376 | 6,347 | (10,479 | ) | 751 | ||||||||||||||||
| Inventories | (1,929 | ) | (2,726 | ) | (2,623 | ) | (4,523 | ) | (630 | ) | ||||||||||||
| Prepaid expenses and other assets | 3,402 | (12,699 | ) | (448 | ) | (17,646 | ) | (2,524 | ) | |||||||||||||
| Accounts payable | (4,903 | ) | 8,928 | (1,323 | ) | 396 | 7,714 | |||||||||||||||
| Taxes payable and other accrued liabilities | 17,362 | (529 | ) | 1,117 | 20,041 | (1,124 | ) | |||||||||||||||
| Net cash provided by operating activities | 27,442 | 24,562 | 27,742 | 82,039 | 97,901 | |||||||||||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||
| Purchases of property and equipment | (2,929 | ) | (6,691 | ) | (4,124 | ) | (32,496 | ) | (12,198 | ) | ||||||||||||
| Purchases of marketable securities | (5,590 | ) | (34,499 | ) | (66,256 | ) | (151,663 | ) | (188,654 | ) | ||||||||||||
| Proceeds from sales and maturities of marketable securities | 28,748 | 42,555 | 8,295 | 149,443 | 83,423 | |||||||||||||||||
| Net cash provided by (used in) investing activities | 20,229 | 1,365 | (62,085 | ) | (34,716 | ) | (117,429 | ) | ||||||||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||||
| Net proceeds from issuance of common stock | 1,909 | 3,022 | 4,387 | 10,020 | 13,059 | |||||||||||||||||
| Repurchase of common stock | (2,454 | ) | (6,734 | ) | - | (9,188 | ) | (6,435 | ) | |||||||||||||
| Payments of dividends to stockholders | (4,171 | ) | (4,164 | ) | (3,800 | ) | (16,634 | ) | (15,054 | ) | ||||||||||||
| Proceeds from draw on line of credit | - | 5,000 | - | 5,000 | - | |||||||||||||||||
| Payments on line of credit | - | (5,000 | ) | - | (5,000 | ) | - | |||||||||||||||
| Net cash provided by (used in) financing activities | (4,716 | ) | (7,876 | ) | 587 | (15,802 | ) | (8,430 | ) | |||||||||||||
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 42,955 | 18,051 | (33,756 | ) | 31,521 | (27,958 | ) | |||||||||||||||
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 50,700 | 32,649 | 95,890 | 62,134 | 90,092 | |||||||||||||||||
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 93,655 | $ | 50,700 | $ | 62,134 | $ | 93,655 | $ | 62,134 | ||||||||||||
CONTACT:
Power Integrations, Inc.
Joe Shiffler, 408-414-8528
joe@power.com