Power Integrations Announces Fourth Quarter and Year End Results
siliconinvestor.com
SAN JOSE, Calif., Jan 23, 2001 /PRNewswire via COMTEX/ -- Power Integrations, Inc. (Nasdaq: POWI chart, msgs) 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: www.powerint.com or contact the company at 5245 Hellyer Ave., San
Jose, Calif. 95138; 408-414-9200. |
