0001157523-19-002099.txt : 20191024 0001157523-19-002099.hdr.sgml : 20191024 20191024160610 ACCESSION NUMBER: 0001157523-19-002099 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20191024 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20191024 DATE AS OF CHANGE: 20191024 FILER: COMPANY DATA: COMPANY CONFORMED NAME: POWER INTEGRATIONS INC CENTRAL INDEX KEY: 0000833640 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 943065014 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-23441 FILM NUMBER: 191166505 BUSINESS ADDRESS: STREET 1: 5245 HELLYER AVE CITY: SAN JOSE STATE: CA ZIP: 95138 BUSINESS PHONE: 4084149200 MAIL ADDRESS: STREET 1: 5245 HELLYER AVE CITY: SAN JOSE STATE: CA ZIP: 95138 8-K 1 a52117393.htm POWER INTEGRATIONS, INC. 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 
______________
 
FORM 8-K


CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securites Exchange Act of 1934

Date of Report (Date of earliest event reported): October 24, 2019
______________

Power Integrations, Inc.
(Exact name of Registrant as specified in its charter)
 
______________
 
Delaware
000-23441
94-3065014
(State or other jurisdiction
(Commission
(IRS Employer
of incorporation)
File Number)
Identification No.)
 
5245 Hellyer Avenue
San Jose, California 95138-1002
(Address of principal executive offices)

 (408) 414-9200
 (Registrant’s telephone number, including area code)
______________
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:

Title of each class
   Trading Symbol(s)
   Name of each exchange on which registered
Common Stock
   POWI
  
The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


 
Item 2.02. Results of Operations and Financial Condition.
 
On October 24, 2019 the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
 
Item 9.01. Financial Statements and Exhibits.
 
SIGNATURE
 
    Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
 
Power Integrations
 
   
(Registrant)
   
 
October 24, 2019
 
  
 
/s/ SANDEEP NAYYAR
 
(Date)
  
Sandeep Nayyar
Chief Financial Officer


EX-99.1 2 a52117393ex99_1.htm EXHIBIT 99.1
Exhibit 99.1

Power Integrations Reports Third-Quarter Financial Results

GAAP earnings were $0.57 per diluted share; non-GAAP earnings were $0.78 per diluted share

Revenues increased four percent year-over-year to $114.2 million; quarterly dividend rises to $0.19 per share

SAN JOSE, Calif.--(BUSINESS WIRE)--October 24, 2019--Power Integrations (Nasdaq: POWI) today announced financial results for the quarter ended September 30, 2019. Net revenues for the third quarter were $114.2 million, up 11 percent from the prior quarter and up four percent from the third quarter of 2018. Net income was $17.1 million or $0.57 per diluted share compared to $0.37 per share in the prior quarter and $0.59 in the third quarter of 2018. Cash flow from operations was $21.8 million for the third quarter.

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 third quarter of 2019 was $23.3 million or $0.78 per diluted share, compared with $0.56 per diluted share in the prior quarter and $0.77 per diluted share in the third quarter of 2018. A reconciliation of GAAP to non-GAAP financial results appears at the end of this press release.

Additional Highlights

  • The company announced a settlement of its patent disputes with ON Semiconductor, ending all litigation between the companies. Power Integrations has received a payment of $175M from ON; neither company granted any licenses to the other. The company expects to recognize a gain in its financial results for the fourth quarter of 2019.
  • Power Integrations paid a dividend of $0.17 per share on September 30, 2019. The company’s board of directors has increased the quarterly dividend to $0.19 per share starting in the fourth quarter of 2019; the next dividend of $0.19 will be paid on December 31, 2019 to stockholders of record as of November 29, 2019.

Commented Balu Balakrishnan, president and CEO of Power Integrations: “We returned to year-over-year revenue growth in the third quarter driven by strength in our communications category, reflecting accelerated adoption of fast chargers for smartphones. Our InnoSwitch™ ICs, including our new higher-power devices with GaN switches, are winning in the market thanks to their industry-leading combination of efficiency and integration. Looking ahead, while trade issues and weaker macroeconomic conditions continue to weigh on demand, we expect strong year-over-year growth in the fourth quarter.”

Mr. Balakrishnan continued: “The settlement of our litigation with ON Semiconductor is a landmark win for our company, demonstrating the durability and the value of our intellectual property, as well as our determination to protect it from unlawful use by competitors.”

Financial Outlook

The company issued the following forecast (excluding the impact of the litigation settlement) for the fourth quarter of 2019:

  • Revenues are expected to be $114 million plus or minus $3 million.
  • GAAP gross margin is expected to be approximately 51.5 percent. Non-GAAP gross margin is expected to be approximately 52.5 percent. (The difference between the expected GAAP and non-GAAP gross margins is composed of approximately 0.7 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 $42 million and $42.5 million; non-GAAP operating expenses are expected to be between $36 million and $36.5 million. (Non-GAAP expenses are expected to exclude approximately $5.6 million of stock-based compensation and $0.4 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 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. 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 above statements regarding the company’s forecast for its fourth-quarter financial performance and an anticipated gain related to the litigation settlement 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, 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; 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 13, 2019. 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, InnoSwitch 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
Nine Months Ended


September 30, 2019
June 30, 2019
September 30, 2018
September 30, 2019
September 30, 2018
NET REVENUES

$

114,159

 


$

102,865

 


$

110,085

 


$

306,212

 


$

322,648

 











 
COST OF REVENUES

 

56,028

 


 

51,293

 


 

53,080

 


 

151,035

 


 

155,865

 











 
GROSS PROFIT

 

58,131

 


 

51,572

 


 

57,005

 


 

155,177

 


 

166,783

 











 
OPERATING EXPENSES:









Research and development

 

17,957

 


 

19,269

 


 

17,236

 


 

55,172

 


 

52,615

 

Sales and marketing

 

13,074

 


 

12,815

 


 

12,823

 


 

38,479

 


 

38,419

 

General and administrative

 

9,224

 


 

9,334

 


 

8,466

 


 

26,948

 


 

26,700

 

Amortization of acquisition-related intangible assets

 

378

 


 

394

 


 

455

 


 

1,199

 


 

1,444

 

Total operating expenses

 

40,633

 


 

41,812

 


 

38,980

 


 

121,798

 


 

119,178

 











 
INCOME FROM OPERATIONS

 

17,498

 


 

9,760

 


 

18,025

 


 

33,379

 


 

47,605

 











 
OTHER INCOME

 

1,078

 


 

1,310

 


 

1,098

 


 

3,540

 


 

2,819

 











 
INCOME BEFORE INCOME TAXES

 

18,576

 


 

11,070

 


 

19,123

 


 

36,919

 


 

50,424

 











 
PROVISION FOR INCOME TAXES

 

1,477

 


 

225

 


 

1,456

 


 

1,742

 


 

3,176

 











 
NET INCOME

$

17,099

 


$

10,845

 


$

17,667

 


$

35,177

 


$

47,248

 











 
EARNINGS PER SHARE:









Basic

$

0.58

 


$

0.37

 


$

0.60

 


$

1.20

 


$

1.60

 

Diluted

$

0.57

 


$

0.37

 


$

0.59

 


$

1.18

 


$

1.56

 











 
SHARES USED IN PER-SHARE CALCULATION:









Basic

 

29,385

 


 

29,297

 


 

29,365

 


 

29,213

 


 

29,558

 

Diluted

 

29,866

 


 

29,702

 


 

29,998

 


 

29,709

 


 

30,281

 











 










 
SUPPLEMENTAL INFORMATION:
Three Months Ended
Nine Months Ended


September 30, 2019
June 30, 2019
September 30, 2018
September 30, 2019
September 30, 2018
Stock-based compensation expenses included in:









Cost of revenues

$

280

 


$

273

 


$

243

 


$

824

 


$

784

 

Research and development

 

1,893

 


 

2,144

 


 

1,634

 


 

5,669

 


 

5,744

 

Sales and marketing

 

1,211

 


 

1,141

 


 

1,105

 


 

3,413

 


 

3,507

 

General and administrative

 

1,722

 


 

1,938

 


 

1,416

 


 

5,103

 


 

6,103

 

Total stock-based compensation expense

$

5,106

 


$

5,496

 


$

4,398

 


$

15,009

 


$

16,138

 











 
Cost of revenues includes:









Amortization of acquisition-related intangible assets

$

940

 


$

794

 


$

814

 


$

2,528

 


$

2,440

 











 
General & administrative expenses include:









Patent-litigation expenses

$

2,573

 


$

2,282

 


$

2,305

 


$

7,172

 


$

6,221

 











 










 


Three Months Ended

 

Nine Months Ended

REVENUE MIX BY END MARKET

September 30, 2019

 

June 30, 2019

 

September 30, 2018

 

September 30, 2019

 

September 30, 2018

Communications

 

29

%


 

24

%


 

22

%


 

24

%


 

21

%

Computer

 

5

%


 

6

%


 

6

%


 

5

%


 

5

%

Consumer

 

32

%


 

37

%


 

35

%


 

36

%


 

38

%

Industrial

 

34

%


 

33

%


 

37

%


 

35

%


 

36

%











 
POWER INTEGRATIONS, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP RESULTS
(in thousands, except per-share amounts)










 


Three Months Ended


Nine Months Ended



September 30, 2019


June 30, 2019


September 30, 2018


September 30, 2019


September 30, 2018

RECONCILIATION OF GROSS PROFIT









GAAP gross profit

$

58,131

 


$

51,572

 


$

57,005

 


$

155,177

 


$

166,783

 

GAAP gross margin

 

50.9

%


 

50.1

%


 

51.8

%


 

50.7

%


 

51.7

%











 
Stock-based compensation included in cost of revenues

 

280

 


 

273

 


 

243

 


 

824

 


 

784

 

Amortization of acquisition-related intangible assets

 

940

 


 

794

 


 

814

 


 

2,528

 


 

2,440

 











 
Non-GAAP gross profit

$

59,351

 


$

52,639

 


$

58,062

 


$

158,529

 


$

170,007

 

Non-GAAP gross margin

 

52.0

%


 

51.2

%


 

52.7

%


 

51.8

%


 

52.7

%











 










 


Three Months Ended
Nine Months Ended
RECONCILIATION OF OPERATING EXPENSES
September 30, 2019
June 30, 2019
September 30, 2018
September 30, 2019
September 30, 2018
GAAP operating expenses

$

40,633

 


$

41,812

 


$

38,980

 


$

121,798

 


$

119,178

 











 
Less: Stock-based compensation expense included in operating expenses









Research and development

 

1,893

 


 

2,144

 


 

1,634

 


 

5,669

 


 

5,744

 

Sales and marketing

 

1,211

 


 

1,141

 


 

1,105

 


 

3,413

 


 

3,507

 

General and administrative

 

1,722

 


 

1,938

 


 

1,416

 


 

5,103

 


 

6,103

 

Total

 

4,826

 


 

5,223

 


 

4,155

 


 

14,185

 


 

15,354

 











 
Amortization of acquisition-related intangible assets

 

378

 


 

394

 


 

455

 


 

1,199

 


 

1,444

 











 
Non-GAAP operating expenses

$

35,429

 


$

36,195

 


$

34,370

 


$

106,414

 


$

102,380

 











 










 


Three Months Ended
Nine Months Ended
RECONCILIATION OF INCOME FROM OPERATIONS
September 30, 2019
June 30, 2019
September 30, 2018
September 30, 2019
September 30, 2018
GAAP income from operations

$

17,498

 


$

9,760

 


$

18,025

 


$

33,379

 


$

47,605

 

GAAP operating margin

 

15.3

%


 

9.5

%


 

16.4

%


 

10.9

%


 

14.8

%











 
Add: Total stock-based compensation

 

5,106

 


 

5,496

 


 

4,398

 


 

15,009

 


 

16,138

 

Amortization of acquisition-related intangible assets

 

1,318

 


 

1,188

 


 

1,269

 


 

3,727

 


 

3,884

 











 
Non-GAAP income from operations

$

23,922

 


$

16,444

 


$

23,692

 


$

52,115

 


$

67,627

 

Non-GAAP operating margin

 

21.0

%


 

16.0

%


 

21.5

%


 

17.0

%


 

21.0

%











 










 


Three Months Ended
Nine Months Ended
RECONCILIATION OF PROVISION (BENEFIT) FOR INCOME TAXES
September 30, 2019
June 30, 2019
September 30, 2018
September 30, 2019
September 30, 2018
GAAP provision for income taxes

$

1,477

 


$

225

 


$

1,456

 


$

1,742

 


$

3,176

 

GAAP effective tax rate

 

8.0

%


 

2.0

%


 

7.6

%


 

4.7

%


 

6.3

%











 
Tax effect of adjustments to GAAP results

 

(266

)


 

(837

)


 

(167

)


 

(1,902

)


 

(1,515

)











 
Non-GAAP provision for income taxes

$

1,743

 


$

1,062

 


$

1,623

 


$

3,644

 


$

4,691

 

Non-GAAP effective tax rate

 

7.0

%


 

6.0

%


 

6.5

%


 

6.5

%


 

6.7

%











 










 


Three Months Ended


Nine Months Ended
RECONCILIATION OF NET INCOME PER SHARE (DILUTED)

September 30, 2019


June 30, 2019


September 30, 2018


September 30, 2019


September 30, 2018
GAAP net income

$

17,099

 


$

10,845

 


$

17,667

 


$

35,177

 


$

47,248

 











 
Adjustments to GAAP net income









Stock-based compensation

 

5,106

 


 

5,496

 


 

4,398

 


 

15,009

 


 

16,138

 

Amortization of acquisition-related intangible assets

 

1,318

 


 

1,188

 


 

1,269

 


 

3,727

 


 

3,884

 

Tax effect of items excluded from non-GAAP results

 

(266

)


 

(837

)


 

(167

)


 

(1,902

)


 

(1,515

)











 
Non-GAAP net income

$

23,257

 


$

16,692

 


$

23,167

 


$

52,011

 


$

65,755

 











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

 

29,866

 


 

29,702

 


 

29,998

 


 

29,709

 


 

30,281

 











 
Non-GAAP net income per share (diluted)

$

0.78

 


$

0.56

 


$

0.77

 


$

1.75

 


$

2.17

 











 
GAAP net income per share

$

0.57

 


$

0.37

 


$

0.59

 


$

1.18

 


$

1.56

 











 
POWER INTEGRATIONS, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands)






 






 


September 30, 2019
June 30, 2019
December 31, 2018
ASSETS





CURRENT ASSETS:





Cash and cash equivalents

$

80,162

 


$

99,491

 


$

134,137

 

Short-term marketable securities

 

164,649

 


 

130,275

 


 

94,451

 

Accounts receivable, net

 

25,819

 


 

25,468

 


 

11,072

 

Inventories

 

88,710

 


 

89,197

 


 

80,857

 

Prepaid expenses and other current assets

 

15,316

 


 

15,571

 


 

11,915

 

Total current assets

 

374,656

 


 

360,002

 


 

332,432

 







 
PROPERTY AND EQUIPMENT, net

 

114,930

 


 

112,939

 


 

114,117

 

INTANGIBLE ASSETS, net

 

18,238

 


 

18,920

 


 

21,152

 

GOODWILL

 

91,849

 


 

91,849

 


 

91,849

 

DEFERRED TAX ASSETS

 

5,564

 


 

5,184

 


 

6,906

 

OTHER ASSETS

 

31,173

 


 

31,495

 


 

22,241

 

Total assets

$

636,410

 


$

620,389

 


$

588,697

 







 
LIABILITIES AND STOCKHOLDERS’ EQUITY





CURRENT LIABILITIES:





Accounts payable

$

30,542

 


$

35,985

 


$

31,552

 

Accrued payroll and related expenses

 

10,796

 


 

12,825

 


 

12,131

 

Taxes payable

 

597

 


 

579

 


 

933

 

Other accrued liabilities

 

7,717

 


 

5,945

 


 

3,750

 

Total current liabilities

 

49,652

 


 

55,334

 


 

48,366

 







 
LONG-TERM LIABILITIES:





Income taxes payable

 

9,309

 


 

9,006

 


 

8,652

 

Deferred tax liabilities

 

152

 


 

153

 


 

216

 

Other liabilities

 

11,969

 


 

12,031

 


 

4,391

 

Total liabilities

 

71,082

 


 

76,524

 


 

61,625

 







 
STOCKHOLDERS' EQUITY:





Common stock

 

28

 


 

28

 


 

28

 

Additional paid-in capital

 

143,554

 


 

134,443

 


 

126,164

 

Accumulated other comprehensive loss

 

(1,084

)


 

(1,336

)


 

(1,689

)

Retained earnings

 

422,830

 


 

410,730

 


 

402,569

 

Total stockholders' equity

 

565,328

 


 

543,865

 


 

527,072

 

Total liabilities and stockholders' equity

$

636,410

 


$

620,389

 


$

588,697

 







 
POWER INTEGRATIONS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)










 


Three Months Ended
Nine Months Ended


September 30, 2019
June 30, 2019
September 30, 2018
September 30, 2019
September 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:









Net income

$

17,099

 


$

10,845

 


$

17,667

 


$

35,177

 


$

47,248

 

Adjustments to reconcile net income to cash provided by operating activities









Depreciation

 

4,831

 


 

4,821

 


 

4,678

 


 

14,262

 


 

14,369

 

Amortization of intangible assets

 

1,357

 


 

1,228

 


 

1,299

 


 

3,840

 


 

3,967

 

Loss on disposal of property and equipment

 

62

 


 

56

 


 

395

 


 

214

 


 

455

 

Stock-based compensation expense

 

5,106

 


 

5,496

 


 

4,398

 


 

15,009

 


 

16,138

 

Amortization of premium (accretion of discount) on marketable securities

 

(66

)


 

(120

)


 

(34

)


 

(296

)


 

342

 

Deferred income taxes

 

(381

)


 

498

 


 

(495

)


 

1,278

 


 

(1,395

)

Increase (decrease) in accounts receivable allowances

 

-

 


 

237

 


 

153

 


 

57

 


 

170

 

Change in operating assets and liabilities:









Accounts receivable

 

(351

)


 

(5,160

)


 

(7,052

)


 

(14,804

)


 

2,886

 

Inventories

 

487

 


 

(4,117

)


 

(5,377

)


 

(7,853

)


 

(17,114

)

Prepaid expenses and other assets

 

580

 


 

615

 


 

(1,333

)


 

(3,034

)


 

(2,721

)

Accounts payable

 

(6,789

)


 

2,933

 


 

9,923

 


 

(2,636

)


 

2,647

 

Taxes payable and other accrued liabilities

 

(91

)


 

2,088

 


 

(1,013

)


 

1,126

 


 

(1,357

)

Net cash provided by operating activities

 

21,844

 


 

19,420

 


 

23,209

 


 

42,340

 


 

65,635

 











 
CASH FLOWS FROM INVESTING ACTIVITIES:









Purchases of property and equipment

 

(5,977

)


 

(4,889

)


 

(8,607

)


 

(14,325

)


 

(19,120

)

Acquisition of technology licenses

 

(100

)


 

(37

)


 

(400

)


 

(351

)


 

(900

)

Purchases of marketable securities

 

(80,864

)


 

(49,631

)


 

(58,221

)


 

(135,288

)


 

(58,221

)

Proceeds from sales and maturities of marketable securities

 

46,762

 


 

12,635

 


 

57,148

 


 

66,184

 


 

147,501

 

Net cash provided by (used in) investing activities

 

(40,179

)


 

(41,922

)


 

(10,080

)


 

(83,780

)


 

69,260

 











 
CASH FLOWS FROM FINANCING ACTIVITIES:









Net proceeds from issuance of common stock

 

4,005

 


 

1,178

 


 

2,915

 


 

9,683

 


 

8,550

 

Repurchase of common stock

 

-

 


 

-

 


 

(10,988

)


 

(7,302

)


 

(74,377

)

Payments of dividends to stockholders

 

(4,999

)


 

(4,980

)


 

(4,692

)


 

(14,916

)


 

(14,172

)

Proceeds from draw on line of credit

 

-

 


 

-

 


 

-

 


 

-

 


 

8,000

 

Payments on line of credit

 

-

 


 

-

 


 

-

 


 

-

 


 

(8,000

)

Net cash used in financing activities

 

(994

)


 

(3,802

)


 

(12,765

)


 

(12,535

)


 

(79,999

)











 
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

(19,329

)


 

(26,304

)


 

364

 


 

(53,975

)


 

54,896

 











 
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD

 

99,491

 


 

125,795

 


 

148,187

 


 

134,137

 


 

93,655

 











 
CASH AND CASH EQUIVALENTS AT END OF PERIOD

$

80,162

 


$

99,491

 


$

148,551

 


$

80,162

 


$

148,551

 

 

Contacts

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

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Entity Address, City or Town San Jose
Entity Address, State or Province CA
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Local Phone Number 414-9200
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Entity Central Index Key 0000833640
Title of 12(b) Security Common Stock
Trading Symbol POWI
Security Exchange Name NASDAQ
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