UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
______________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): July 27, 2017
______________
Power Integrations, Inc.
(Exact name of Registrant as specified in its charter)
______________
Delaware |
000-23441 |
94-3065014 |
||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer 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))
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 July 27, 2017 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.
Exhibit 99.1. | Press release dated July 27, 2017 |
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 |
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(Registrant) |
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July 27, 2017 |
/s/ SANDEEP NAYYAR |
|
(Date) |
Sandeep Nayyar |
|
Chief Financial Officer |
Exhibit 99.1
Power Integrations Reports Second-Quarter Financial Results
Revenues grew ten percent year-over-year to $107.6 million; cash flow from operations was $24.1 million
GAAP earnings were $0.46/diluted share; non-GAAP earnings were $0.69/diluted share
SAN JOSE, Calif.--(BUSINESS WIRE)--July 27, 2017--Power Integrations (Nasdaq: POWI) today announced financial results for the quarter ended June 30, 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 second quarter were $107.6 million, an increase of three percent from the prior quarter and ten percent from the second quarter of 2016. Net income was $13.9 million or $0.46 per diluted share, compared to $0.47 per diluted share in the prior quarter and $0.39 per diluted share in the second quarter of 2016. Cash flow from operations was $24.1 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 and the tax effects of these items. Non-GAAP net income for the second quarter was $21.1 million or $0.69 per diluted share, compared with $0.63 per diluted share in the prior quarter and $0.61 per diluted share in the second quarter of 2016.
Commented Balu Balakrishnan, president and CEO of Power Integrations: “Quarterly revenues grew ten percent from a year ago, and we believe we are on track for another year of double-digit revenue growth. We are excited about the breadth and diversity of growth opportunities across our business, such as expanding electronic content in consumer appliances, IoT applications, faster charging for mobile devices, LED lighting, electric transportation, renewable energy, high-voltage DC transmission and more. We are attacking these opportunities with our most innovative products ever, and we have a robust pipeline of new products that will further expand our addressable market in the years to come.”
Additional Highlights
Financial Outlook
The company issued the following forecast for the third quarter of 2017:
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 1-647-788-4901. 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) 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 statements in this press release regarding the company’s forecast for its third-quarter financial performance, being on track for double-digit revenue growth for the year and expanding its addressable market in the years to come 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. | |||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||||||||||
(in thousands, except per-share amounts) | |||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
June 30, |
March 31, |
June 30, |
June 30, |
June 30, |
|||||||||||||||||||||
NET REVENUES | $ | 107,563 | $ | 104,688 | $ | 97,571 | $ | 212,251 | $ | 185,607 | |||||||||||||||
COST OF REVENUES | 54,116 | 54,212 | 49,786 | 108,328 | 93,334 | ||||||||||||||||||||
GROSS PROFIT | 53,447 | 50,476 | 47,785 | 103,923 | 92,273 | ||||||||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||||||
Research and development | 17,341 | 16,640 | 15,859 | 33,981 | 30,638 | ||||||||||||||||||||
Sales and marketing | 12,607 | 11,633 | 11,407 | 24,240 | 22,147 | ||||||||||||||||||||
General and administrative | 8,765 | 8,704 | 8,133 | 17,469 | 15,983 | ||||||||||||||||||||
Amortization of acquisition-related intangible assets | 537 | 583 | 611 | 1,120 | 1,277 | ||||||||||||||||||||
Total operating expenses | 39,250 | 37,560 | 36,010 | 76,810 | 70,045 | ||||||||||||||||||||
INCOME FROM OPERATIONS | 14,197 | 12,916 | 11,775 | 27,113 | 22,228 | ||||||||||||||||||||
Other income, net | 465 | 506 | 236 | 971 | 497 | ||||||||||||||||||||
INCOME BEFORE INCOME TAXES | 14,662 | 13,422 | 12,011 | 28,084 | 22,725 | ||||||||||||||||||||
PROVISION FOR INCOME TAXES | 760 | (677 | ) | 604 | 83 | 939 | |||||||||||||||||||
NET INCOME | $ | 13,902 | $ | 14,099 | $ | 11,407 | $ | 28,001 | $ | 21,786 | |||||||||||||||
EARNINGS PER SHARE: | |||||||||||||||||||||||||
Basic | $ | 0.47 | $ | 0.48 | $ | 0.40 | $ | 0.95 | $ | 0.76 | |||||||||||||||
Diluted | $ | 0.46 | $ | 0.47 | $ | 0.39 | $ | 0.92 | $ | 0.74 | |||||||||||||||
SHARES USED IN PER-SHARE CALCULATION: | |||||||||||||||||||||||||
Basic | 29,720 | 29,456 | 28,850 | 29,589 | 28,765 | ||||||||||||||||||||
Diluted | 30,454 | 30,248 | 29,422 | 30,370 | 29,361 | ||||||||||||||||||||
SUPPLEMENTAL INFORMATION: | |||||||||||||||||||||||||
Stock-based compensation expenses included in: | |||||||||||||||||||||||||
Cost of revenues | $ | 351 | $ | 143 | $ | 293 | $ | 494 | $ | 383 | |||||||||||||||
Research and development | 2,351 | 1,634 | 1,940 | 3,985 | 3,409 | ||||||||||||||||||||
Sales and marketing | 1,189 | 1,097 | 899 | 2,286 | 1,926 | ||||||||||||||||||||
General and administrative | 2,436 | 2,095 | 1,880 | 4,531 | 3,710 | ||||||||||||||||||||
Total stock-based compensation expense | $ | 6,327 | $ | 4,969 | $ | 5,012 | $ | 11,296 | $ | 9,428 | |||||||||||||||
Cost of revenues includes: | |||||||||||||||||||||||||
Amortization of acquisition-related intangible assets | $ | 939 | $ | 939 | $ | 946 | $ | 1,878 | $ | 1,907 | |||||||||||||||
General & administrative expenses include: | |||||||||||||||||||||||||
Patent-litigation expenses | $ | 1,779 | $ | 1,844 | $ | 1,658 | $ | 3,623 | $ | 2,817 | |||||||||||||||
Other income, net includes: | |||||||||||||||||||||||||
Amortization of in-place lease intangible assets | $ | 90 | $ | 90 | $ | 90 | $ | 180 | $ | 180 | |||||||||||||||
REVENUE MIX BY END MARKET | |||||||||||||||||||||||||
Communications | 22 | % | 28 | % | 26 | % | 25 | % | 25 | % | |||||||||||||||
Computer | 4 | % | 4 | % | 6 | % | 4 | % | 6 | % | |||||||||||||||
Consumer | 41 | % | 37 | % | 36 | % | 39 | % | 37 | % | |||||||||||||||
Industrial | 33 | % | 31 | % | 32 | % | 32 | % | 32 | % |
POWER INTEGRATIONS, INC. | |||||||||||||||||||||||||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP RESULTS | |||||||||||||||||||||||||||
(in thousands, except per-share amounts) | |||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||
June 30, |
March 31, |
June 30, |
June 30, |
June 30, |
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RECONCILIATION OF GROSS PROFIT | |||||||||||||||||||||||||||
GAAP gross profit | $ | 53,447 | $ | 50,476 | $ | 47,785 | $ | 103,923 | $ | 92,273 | |||||||||||||||||
GAAP gross margin | 49.7 | % | 48.2 | % | 49.0 | % | 49.0 | % | 49.7 | % | |||||||||||||||||
Stock-based compensation included in cost of revenues | 351 | 143 | 293 | 494 | 383 | ||||||||||||||||||||||
Amortization of acquisition-related intangible assets | 939 | 939 | 946 | 1,878 | 1,907 | ||||||||||||||||||||||
Non-GAAP gross profit | $ | 54,737 | $ | 51,558 | $ | 49,024 | $ | 106,295 | $ | 94,563 | |||||||||||||||||
Non-GAAP gross margin | 50.9 | % | 49.2 | % | 50.2 | % | 50.1 | % | 50.9 | % | |||||||||||||||||
RECONCILIATION OF OPERATING EXPENSES | |||||||||||||||||||||||||||
GAAP operating expenses | $ | 39,250 | $ | 37,560 | $ | 36,010 | $ | 76,810 | $ | 70,045 | |||||||||||||||||
Less: | Stock-based compensation expense included in operating expenses | ||||||||||||||||||||||||||
Research and development | 2,351 | 1,634 | 1,940 | 3,985 | 3,409 | ||||||||||||||||||||||
Sales and marketing | 1,189 | 1,097 | 899 | 2,286 | 1,926 | ||||||||||||||||||||||
General and administrative | 2,436 | 2,095 | 1,880 | 4,531 | 3,710 | ||||||||||||||||||||||
Total | 5,976 | 4,826 | 4,719 | 10,802 | 9,045 | ||||||||||||||||||||||
Amortization of acquisition-related intangible assets | 537 | 583 | 611 | 1,120 | 1,277 | ||||||||||||||||||||||
Non-GAAP operating expenses | $ | 32,737 | $ | 32,151 | $ | 30,680 | $ | 64,888 | $ | 59,723 | |||||||||||||||||
RECONCILIATION OF INCOME FROM OPERATIONS | |||||||||||||||||||||||||||
GAAP income from operations | $ | 14,197 | $ | 12,916 | $ | 11,775 | $ | 27,113 | $ | 22,228 | |||||||||||||||||
GAAP operating margin | 13.2 | % | 12.3 | % | 12.1 | % | 12.8 | % | 12.0 | % | |||||||||||||||||
Add: | Total stock-based compensation | 6,327 | 4,969 | 5,012 | 11,296 | 9,428 | |||||||||||||||||||||
Amortization of acquisition-related intangible assets | 1,476 | 1,522 | 1,557 | 2,998 | 3,184 | ||||||||||||||||||||||
Non-GAAP income from operations | $ | 22,000 | $ | 19,407 | $ | 18,344 | $ | 41,407 | $ | 34,840 | |||||||||||||||||
Non-GAAP operating margin | 20.5 | % | 18.5 | % | 18.8 | % | 19.5 | % | 18.8 | % | |||||||||||||||||
RECONCILIATION OF PROVISION FOR INCOME TAXES | |||||||||||||||||||||||||||
GAAP provision for income taxes | $ | 760 | $ | (677 | ) | $ | 604 | $ | 83 | $ | 939 | ||||||||||||||||
GAAP effective tax rate | 5.2 | % | -5.0 | % | 5.0 | % | 0.3 | % | 4.1 | % | |||||||||||||||||
Tax effect of adjustments to GAAP results | (736 | ) | (1,533 | ) | (225 | ) | (2,269 | ) | (526 | ) | |||||||||||||||||
Non-GAAP provision for income taxes | $ | 1,496 | $ | 856 | $ | 829 | $ | 2,352 | $ | 1,465 | |||||||||||||||||
Non-GAAP effective tax rate | 6.6 | % | 4.3 | % | 4.4 | % | 5.5 | % | 4.1 | % | |||||||||||||||||
RECONCILIATION OF NET INCOME PER SHARE (DILUTED) | |||||||||||||||||||||||||||
GAAP net income | $ | 13,902 | $ | 14,099 | $ | 11,407 | $ | 28,001 | $ | 21,786 | |||||||||||||||||
Adjustments to GAAP net income | |||||||||||||||||||||||||||
Stock-based compensation | 6,327 | 4,969 | 5,012 | 11,296 | 9,428 | ||||||||||||||||||||||
Amortization of acquisition-related intangible assets | 1,476 | 1,522 | 1,557 | 2,998 | 3,184 | ||||||||||||||||||||||
Amortization of in-place lease intangible assets | 90 | 90 | 90 | 180 | 180 | ||||||||||||||||||||||
Tax effect of items excluded from non-GAAP results | (736 | ) | (1,533 | ) | (225 | ) | (2,269 | ) | (526 | ) | |||||||||||||||||
Non-GAAP net income | $ | 21,059 | $ | 19,147 | $ | 17,841 | $ | 40,206 | $ | 34,052 | |||||||||||||||||
Average shares outstanding for calculation | |||||||||||||||||||||||||||
of non-GAAP income per share (diluted) | 30,454 | 30,248 | 29,422 | 30,370 | 29,361 | ||||||||||||||||||||||
Non-GAAP net income per share (diluted) | $ | 0.69 | $ | 0.63 | $ | 0.61 | $ | 1.32 | $ | 1.16 | |||||||||||||||||
GAAP income per share | $ | 0.46 | $ | 0.47 | $ | 0.39 | $ | 0.92 | $ | 0.74 |
POWER INTEGRATIONS, INC. | |||||||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||||||
(in thousands) | |||||||||||||
June 30, 2017 | March 31, 2017 | December 31, 2016 | |||||||||||
ASSETS | |||||||||||||
CURRENT ASSETS: | |||||||||||||
Cash and cash equivalents | $ | 32,649 | $ | 46,335 | $ | 62,134 | |||||||
Short-term marketable securities | 221,346 | 203,753 | 188,323 | ||||||||||
Accounts receivable | 18,697 | 15,046 | 6,528 | ||||||||||
Inventories | 52,432 | 51,149 | 52,564 | ||||||||||
Prepaid expenses and other current assets | 16,902 | 16,770 | 8,715 | ||||||||||
Total current assets | 342,026 | 333,053 | 318,264 | ||||||||||
PROPERTY AND EQUIPMENT, net | 113,202 | 105,893 | 95,296 | ||||||||||
INTANGIBLE ASSETS, net | 28,324 | 29,890 | 31,502 | ||||||||||
GOODWILL | 91,849 | 91,849 | 91,849 | ||||||||||
DEFERRED TAX ASSETS | 19,328 | 19,857 | 11,342 | ||||||||||
OTHER ASSETS | 6,809 | 8,118 | 6,157 | ||||||||||
Total assets | $ | 601,538 | $ | 588,660 | $ | 554,410 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||
CURRENT LIABILITIES: | |||||||||||||
Accounts payable | $ | 30,124 | $ | 37,478 | $ | 29,727 | |||||||
Accrued payroll and related expenses | 11,639 | 9,146 | 10,756 | ||||||||||
Taxes payable | 1,072 | 877 | 729 | ||||||||||
Other accrued liabilities | 3,858 | 3,409 | 2,734 | ||||||||||
Total current liabilities | 46,693 | 50,910 | 43,946 | ||||||||||
LONG-TERM LIABILITIES: | |||||||||||||
Income taxes payable | 2,805 | 2,804 | 2,639 | ||||||||||
Deferred tax liabilities | 615 | 688 | 820 | ||||||||||
Other liabilities | 4,422 | 4,115 | 3,921 | ||||||||||
Total liabilities | 54,535 | 58,517 | 51,326 | ||||||||||
STOCKHOLDERS' EQUITY: | |||||||||||||
Common stock | 29 | 29 | 28 | ||||||||||
Additional paid-in capital | 189,259 | 182,235 | 172,875 | ||||||||||
Accumulated other comprehensive loss | (2,419 | ) | (2,514 | ) | (2,710 | ) | |||||||
Retained earnings | 360,134 | 350,393 | 332,891 | ||||||||||
Total stockholders' equity | 547,003 | 530,143 | 503,084 | ||||||||||
Total liabilities and stockholders' equity | $ | 601,538 | $ | 588,660 | $ | 554,410 |
POWER INTEGRATIONS, INC. | ||||||||||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, |
March 31, |
June 30, |
June 30, |
June 30, |
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CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||
Net income | $ | 13,902 | $ | 14,099 | $ | 11,407 | $ | 28,001 | $ | 21,786 | ||||||||||
Adjustments to reconcile net income to cash provided by operating activities | ||||||||||||||||||||
Depreciation | 4,357 | 4,112 | 4,206 | 8,469 | 8,521 | |||||||||||||||
Amortization of intangible assets | 1,566 | 1,612 | 1,647 | 3,178 | 3,439 | |||||||||||||||
Loss on disposal of property and equipment | - | 38 | 70 | 38 | 148 | |||||||||||||||
Stock-based compensation expense | 6,327 | 4,969 | 5,012 | 11,296 | 9,428 | |||||||||||||||
Amortization of premium on marketable securities | 257 | 251 | 169 | 508 | 429 | |||||||||||||||
Deferred income taxes | 457 | (1,105 | ) | 306 | (648 | ) | 225 | |||||||||||||
Increase in accounts receivable allowances | 80 | - | 104 | 80 | 193 | |||||||||||||||
Change in operating assets and liabilities: | ||||||||||||||||||||
Accounts receivable | (3,731 | ) | (8,518 | ) | (3,667 | ) | (12,249 | ) | (6,252 | ) | ||||||||||
Inventories | (1,283 | ) | 1,415 | (1,084 | ) | 132 | 5,185 | |||||||||||||
Prepaid expenses and other assets | (115 | ) | (8,234 | ) | 714 | (8,349 | ) | (674 | ) | |||||||||||
Accounts payable | (1,252 | ) | (2,377 | ) | 4,879 | (3,629 | ) | 3,039 | ||||||||||||
Taxes payable and other accrued liabilities | 3,523 | (315 | ) | (153 | ) | 3,208 | (1,566 | ) | ||||||||||||
Net cash provided by operating activities | 24,088 | 5,947 | 23,610 | 30,035 | 43,901 | |||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||
Purchases of property and equipment | (16,473 | ) | (6,403 | ) | (2,795 | ) | (22,876 | ) | (4,890 | ) | ||||||||||
Purchases of marketable securities | (49,636 | ) | (61,938 | ) | (20,984 | ) | (111,574 | ) | (66,211 | ) | ||||||||||
Proceeds from sales and maturities of marketable securities | 31,800 | 46,340 | 14,390 | 78,140 | 52,921 | |||||||||||||||
Net cash used in investing activities | (34,309 | ) | (22,001 | ) | (9,389 | ) | (56,310 | ) | (18,180 | ) | ||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||
Net proceeds from issuance of common stock | 697 | 4,392 | 491 | 5,089 | 3,448 | |||||||||||||||
Repurchase of common stock | - | - | (350 | ) | - | (6,435 | ) | |||||||||||||
Payments of dividends to stockholders | (4,162 | ) | (4,137 | ) | (3,754 | ) | (8,299 | ) | (7,483 | ) | ||||||||||
Net cash provided by (used in) financing activities | (3,465 | ) | 255 | (3,613 | ) | (3,210 | ) | (10,470 | ) | |||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (13,686 | ) | (15,799 | ) | 10,608 | (29,485 | ) | 15,251 | ||||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 46,335 | 62,134 | 94,735 | 62,134 | 90,092 | |||||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 32,649 | $ | 46,335 | $ | 105,343 | $ | 32,649 | $ | 105,343 |
CONTACT:
Power Integrations, Inc.
Joe Shiffler, 408-414-8528
joe@power.com