POWI ($17-$22) P/E 33 Earns 2 Cents vs. B/E consensus, Says is beginning to see business stabilize.
Thursday July 19, 4:50 pm Eastern Time
Power Integrators 2nd-quarter profit sinks
SAN JOSE, Calif., July 19 (Reuters) - Power Integrations Inc. (NasdaqNM:POWI - news), which makes microchips for use in power conversion, tumbled 87 percent to $670,000 in the second quarter, but said it has begun to see its business stabilize during a demand drought that has hit the chip industry.
The company said it earned $670,000, or 2 cents per share, in the second quarter ended June 30, compared to a profit of $5.2 million, or 18 cents, a year ago. Net revenues fell to $21.2 million from $29.0 million in the second quarter of 2000.
Analysts on average had expected Power Integrators to post break-even results in the June quarter, according to research firm Thomson Financial/First Call.
For the third quarter, the company said it expects revenues to be flat or fall as much as 4 percent from the second quarter. Citing lowered production volume and competitive pricing, the company said it is planning for third quarter earnings of between 2 cents and 3 cents per share. |
