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SYS-CON MEDIA Authors: Esmeralda Swartz, Andy Jonak, Carmen Gonzalez, John Wetherill, Lori MacVittie

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Power Integrations Reports Second-Quarter Financial Results

Power Integrations (Nasdaq:POWI) today announced financial results for the quarter ended June 30, 2014. Net revenues for the quarter were $89.0 million, up seven percent from the prior quarter and up one percent from the second quarter of 2013. GAAP gross margin for the second quarter was 54.8 percent; operating margin was 16.1 percent. GAAP net income for the quarter was $16.7 million or $0.54 per diluted share, compared with $0.40 per diluted share in the prior quarter and $0.45 per diluted share in the second quarter of 2013. GAAP net income for the second quarter included a tax benefit of $3.3 million stemming from the completion of the company’s tax audit for years 2007 – 2009.

In addition to its GAAP results, the company provided non-GAAP financial measures that exclude stock-based compensation expenses, acquisition-related amortization expenses, a 2013 gain related to asset sales, the tax effects of these items, and the above-mentioned tax benefit. Non-GAAP gross margin for the quarter was 55.8 percent; non-GAAP operating margin was 22.4 percent. Non-GAAP net income for the quarter was $18.9 million or $0.61 per diluted share, compared with $0.56 per diluted share in the prior quarter and $0.61 per diluted share in the second quarter of 2013.

Commented Balu Balakrishnan, president and CEO of Power Integrations: “Our second-quarter results were on-target, with seven-percent sequential revenue growth, healthy profit margins and strong cash flow. We repurchased more than $25 million worth of our stock during the quarter at an average price of less than $50 per share, and our quarterly dividend is set to increase by 20 percent in the third quarter. We are excited about the second half of 2014 as we ramp new products and continue to cultivate growth opportunities like rapid charging, LED lighting and high-power applications.”

Additional Highlights

  • Cash flow from operations in the second quarter was $26.2 million; cash and investments totaled $212.4 million at quarter-end.
  • Power Integrations repurchased approximately 516,000 shares of its common stock during the quarter for $25.7 million. As of June 30, 2014, the company had approximately $53.8 million remaining on its repurchase authorization.
  • The company paid a dividend of $0.10 per share on June 30, 2014. A dividend of $0.12 per share is to be paid on September 30, 2014, to stockholders of record as of August 29, 2014.
  • The company received 19 U.S. patents during the quarter and had 645 U.S. patents at quarter-end.

Financial Outlook

The company issued the following forecast for the third quarter of 2014:

  • Third-quarter revenues are expected to be between $92 million and $97 million.
  • Non-GAAP gross margin is expected to be between 55 percent and 55.5 percent. (Excludes approximately $0.3 million of stock-based compensation and $0.6 million of amortization of acquisition-related intangibles.) GAAP gross margin is expected to be between 54 percent and 54.5 percent.
  • Operating expenses (GAAP and non-GAAP) are expected to be flat to slightly lower compared with the second quarter.

Conference Call Today at 1:45 p.m. Pacific Time

Power Integrations management will hold a conference call today at 1:45 p.m. Pacific time. Members of the investment community can join the call by dialing 1-647-788-4901. The call will be available via a live and archived webcast on the investor section of the company's website, http://investors.powerint.com.

About Power Integrations

Power Integrations, Inc. is a Silicon Valley-based supplier of high-performance electronic components used in high-voltage power-conversion systems. The company’s integrated circuits and diodes enable compact, energy-efficient AC-DC power supplies for a vast range of electronic products including mobile devices, TVs, PCs, appliances, smart utility meters and LED lights. CONCEPT IGBT drivers enhance the efficiency, reliability and cost of high-power applications such as industrial motor drives, solar and wind energy systems, electric vehicles and high-voltage DC transmission. Since its introduction in 1998, Power Integrations’ EcoSmart® energy-efficiency technology has prevented billions of dollars’ worth of energy waste and millions of tons of carbon emissions. Reflecting the environmental benefits of the company’s products, Power Integrations’ stock is included in the NASDAQ® Clean Edge® Green Energy Index, The Cleantech Index®, and the Ardour Global IndexSM. For more information, including design-support tools and resources, please visit www.powerint.com; visit Power Integrations’ Green Room for a comprehensive guide to energy-efficiency standards around the world.

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 Accounting Standard Codification 718-10, amortization of acquisition-related intangible assets, a 2013 gain related to asset sales, the tax effects of these items, and a tax benefit recognized in the second quarter of 2014. The company uses these non-GAAP measures in its own financial and operational decision-making processes and, with respect to one measure, in setting performance targets for employee-compensation purposes. Further, the company believes that these non-GAAP measures offer an important analytical tool to help investors understand the company’s core operating results and trends, and to facilitate comparability with the operating results of other companies that provide similar non-GAAP measures. These non-GAAP measures have certain 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.

Note Regarding Forward-Looking Statements

The statements in this press release relating to the company’s projected third-quarter financial performance and growth opportunities for the second half of 2014 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 forward-looking 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 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 resulting from changes in commodity prices and/or the exchange rate between the U.S. dollar and the Japanese yen. 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 Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission (SEC) on May 5, 2014. 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, EcoSmart and the Power Integrations logo are trademarks or registered trademarks of Power Integrations, Inc. All other trademarks are property of their respective owners.

 
POWER INTEGRATIONS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per-share amounts)
             
 
Three Months Ended Six Months Ended
June 30, 2014 March 31, 2014 June 30, 2013 June 30, 2014 June 30, 2013
NET REVENUES $ 88,985 $ 83,073 $ 87,922 $ 172,058 $ 164,962
 
COST OF REVENUES   40,249     37,096     41,715     77,345     78,891  
 
GROSS PROFIT   48,736     45,977     46,207     94,713     86,071  
 
OPERATING EXPENSES:
Research and development 14,366 13,490 13,489 27,856 25,761
Sales and marketing 11,434 10,975 10,242 22,409 19,901
General and administrative 7,813 7,646 8,066 15,459 15,800
Amortization of acquisition-related intangible assets   798     1,135     1,122     1,933     2,244  
Total operating expenses   34,411     33,246     32,919     67,657     63,706  
 
INCOME FROM OPERATIONS 14,325 12,731 13,288 27,056 22,365
 
Gain on sale of assets held for sale - - 497 - 497
Other income (expense), net   198     257     68     455     285  
 
INCOME BEFORE PROVISION (BENEFIT) FOR INCOME TAXES 14,523

 

12,988

 

13,853 27,511 23,147
 
PROVISION (BENEFIT) FOR INCOME TAXES   (2,193 )   625     181     (1,568 )   (1,428 )
 
NET INCOME $ 16,716   $ 12,363   $ 13,672   $ 29,079   $ 24,575  
 
EARNINGS PER SHARE:
Basic $ 0.55   $ 0.41   $ 0.47   $ 0.96   $ 0.85  
Diluted $ 0.54   $ 0.40   $ 0.45   $ 0.93   $ 0.82  
 
SHARES USED IN PER-SHARE CALCULATION:
Basic 30,310 30,239 29,178 30,275 28,967
Diluted 31,110 31,167 30,158 31,150 29,977
 
 
SUPPLEMENTAL INFORMATION:
 
Stock-based compensation expenses included in:
Cost of revenues $ 298 $ 219 $ 264 $ 517 $ 528
Research and development 1,339 1,212 1,640 2,551 2,746
Sales and marketing 864 935 795 1,799 1,624
General and administrative   1,674     1,549     1,629     3,223     3,066  
Total stock-based compensation expense $ 4,175   $ 3,915   $ 4,328   $ 8,090   $ 7,964  
 
Cost of revenues includes:
Amortization of acquisition-related intangible assets $ 645   $ 645   $ 645   $ 1,290   $ 1,290  
 
Operating expenses include:
Patent-litigation expenses $ 1,127   $ 1,186   $ 807   $ 2,313   $ 2,206  
 
 
REVENUE MIX BY END MARKET
Communications 15 % 18 % 21 % 17 % 21 %
Computer 12 % 10 % 10 % 11 % 10 %
Consumer 38 % 37 % 34 % 37 % 35 %
Industrial 35 % 35 % 35 % 35 % 34 %
 
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, 2014 March 31, 2014 June 30, 2013 June 30, 2014 June 30, 2013
RECONCILIATION OF GROSS PROFIT
GAAP gross profit $ 48,736 $ 45,977 $ 46,207 $ 94,713 $ 86,071
GAAP gross profit margin 54.8 % 55.3 % 52.6 % 55.0 % 52.2 %
 
Stock-based compensation included in cost of revenues 298 219 264 517 528
Amortization of acquisition-related intangible assets   645     645     645     1,290     1,290  
 
Non-GAAP gross profit $ 49,679   $ 46,841   $ 47,116   $ 96,520   $ 87,889  
Non-GAAP gross profit margin 55.8 % 56.4 % 53.6 % 56.1 % 53.3 %
 
 
RECONCILIATION OF OPERATING EXPENSES
GAAP operating expenses $ 34,411 $ 33,246 $ 32,919 $ 67,657 $ 63,706
 
Less: Stock-based compensation expense included in operating expenses
Research and development 1,339 1,212 1,640 2,551 2,746
Sales and marketing 864 935 795 1,799 1,624
General and administrative   1,674     1,549     1,629     3,223     3,066  
Total   3,877     3,696     4,064     7,573     7,436  
 
Amortization of acquisition-related intangible assets   798     1,135     1,122     1,933     2,244  
 
Non-GAAP operating expenses $ 29,736   $ 28,415   $ 27,733   $ 58,151   $ 54,026  
 
 
RECONCILIATION OF INCOME FROM OPERATIONS
$ 14,325 $ 12,731 $ 13,288 $ 27,056 $ 22,365
GAAP operating margin 16.1 % 15.3 % 15.1 % 15.7 % 13.6 %
 
Add: Total stock-based compensation 4,175 3,915 4,328 8,090 7,964
Amortization of acquisition-related intangible assets 1,443 1,780 1,767 3,223 3,534
 
Non-GAAP income from operations $ 19,943   $ 18,426   $ 19,383   $ 38,369   $ 33,863  
Non-GAAP operating margin 22.4 % 22.2 % 22.0 % 22.3 % 20.5 %
 
 
RECONCILIATION OF PROVISION (BENEFIT) FOR INCOME TAXES
GAAP provision (benefit) for income taxes $ (2,193 ) $ 625 $ 181 $ (1,568 ) $ (1,428 )
GAAP effective tax rate -15.1 % 4.8 % 1.3 % -5.7 % -6.2 %
 
Benefit associated with tax settlement (3,331 ) - - (3,331 ) -
Tax effect of other adjustments to GAAP results   (115 )   (548 )   (802 )   (663 )   (3,097 )
 
Non-GAAP provision for income taxes $ 1,253   $ 1,173   $ 983   $ 2,426   $ 1,669  
Non-GAAP effective tax rate 6.2 % 6.3 % 5.1 % 6.2 % 4.9 %
 
 
RECONCILIATION OF NET INCOME PER SHARE (DILUTED)
GAAP net income $ 16,716 $ 12,363 $ 13,672 $ 29,079 $ 24,575
 
Adjustments to GAAP net income
Stock-based compensation 4,175 3,915 4,328 8,090 7,964
Amortization of acquisition-related intangible assets 1,443 1,780 1,767 3,223 3,534
Gain on sale of assets held for sale - - (497 ) - (497 )
Benefit associated with tax settlement (3,331 ) - - (3,331 ) -
Tax effect of items excluded from non-GAAP results   (115 )   (548 )   (802 )   (663 )   (3,097 )
 
Non-GAAP net income $ 18,888   $ 17,510   $ 18,468   $ 36,398   $ 32,479  
 

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

  31,110     31,167     30,158     31,150     29,977  
 
Non-GAAP net income per share (diluted) $ 0.61   $ 0.56   $ 0.61   $ 1.17   $ 1.08  
 
GAAP income per share $ 0.54   $ 0.40   $ 0.45   $ 0.93   $ 0.82  
 
POWER INTEGRATIONS, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands)
         
 
June 30, 2014 March 31, 2014 December 31, 2013
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 79,060 $ 83,967 $ 92,928
Short-term marketable securities 133,354 133,684 109,179
Accounts receivable 16,443 16,421 12,389
Inventories 51,269 47,934 42,235
Deferred tax assets 2,011 2,059 2,059
Prepaid expenses and other current assets   13,590     17,027     18,632  
Total current assets   295,727     301,092     277,422  
 
PROPERTY AND EQUIPMENT, net 91,368 92,142 90,141
INTANGIBLE ASSETS, net 36,960 38,478 40,334
GOODWILL 80,599 80,599 80,599
DEFERRED TAX ASSETS 8,904 5,686 9,449
OTHER ASSETS   4,031     3,332     3,476  
Total assets $ 517,589   $ 521,329   $ 501,421  
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable $ 22,802 $ 23,600 $ 20,772
Accrued payroll and related expenses 8,786 8,046 8,900
Taxes payable 2,054 1,768 2,266
Deferred taxes 1,110 1,325 943
Deferred income on sales to distributors 19,128 17,844 15,727
Other accrued liabilities   1,701     1,698     1,810  
Total current liabilities   55,581     54,281     50,418  
 
LONG-TERM LIABILITIES
Income taxes payable 2,397 2,612 6,885
Deferred taxes 4,647 4,991 5,273
Other liabilities   2,301     2,267     2,159  
Total liabilities   64,926     64,151     64,735  
 
STOCKHOLDERS' EQUITY:
Common stock 30 30 30
Additional paid-in capital 216,337 234,667 223,660
Accumulated other comprehensive loss (190 ) (315 ) (470 )
Retained earnings   236,486     222,796     213,466  
Total stockholders' equity   452,663     457,178     436,686  
Total liabilities and stockholders' equity $ 517,589   $ 521,329   $ 501,421  
 
POWER INTEGRATIONS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
             
Three Months Ended Six Months Ended
June 30, 2014 March 31, 2014 June 30, 2013 June 30, 2014 June 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 16,716 $ 12,363 $ 13,672 $ 29,079 $ 24,575
Adjustments to reconcile net income to cash provided by operating activities
Depreciation 3,876 3,971 3,993 7,847 7,968
Amortization of intangible assets 1,518 1,856 1,842 3,374 3,684
Gain on disposal of property and equipment - 159 17 159 17
Gain on sale of assets held for sale - - (497 ) - (497 )
Stock-based compensation expense 4,175 3,915 4,328 8,090 7,964
Amortization of premium on marketable securities 421 394 147 815 251
Deferred income taxes (3,729 ) 3,864 848 135 (2,388 )
Decrease in accounts receivable allowances - (15 ) (133 ) (15 ) (153 )
Excess tax benefit from employee stock plans (213 ) - - (213 ) -
Tax benefit associated with employee stock plans 364 - - 364 -
Change in operating assets and liabilities:
Accounts receivable (22 ) (4,017 ) (901 ) (4,039 ) (8,294 )
Inventories (3,294 ) (5,652 ) 528 (8,946 ) 1,421
Prepaid expenses and other assets 3,475 1,825 1,270 5,300 5,198
Accounts payable 782 1,088 625 1,870 3,457
Taxes payable and other accrued liabilities 881 (5,624 ) (1,652 ) (4,743 ) (480 )
Deferred income on sales to distributors   1,285     2,116     548     3,401     3,484  
Net cash provided by operating activities   26,235     16,243     24,635     42,478     46,207  
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment (5,420 ) (4,465 ) (2,942 ) (9,885 ) (6,892 )
Proceeds from sale of property and equipment - - 36 - 36
Proceeds from sale of assets held for sale - - 959 - 959
Purchases of marketable securities - (24,751 ) (25,801 ) (24,751 ) (45,223 )
Proceeds from maturities of marketable securities   -     -     15,350     -     16,850  
Net cash used in investing activities   (5,420 )   (29,216 )   (12,398 )   (34,636 )   (34,270 )
 
CASH FLOWS FROM FINANCING ACTIVITIES
Net proceeds from issuance of common stock 2,822 7,045 6,044 9,867 14,749
Repurchase of common stock (25,731 ) - - (25,731 ) -
Payments of dividends to stockholders (3,026 ) (3,033 ) (2,344 ) (6,059 ) (4,654 )
Excess tax benefit from employee stock plans   213     -     -     213     -  
Net cash provided by (used in) financing activities   (25,722 )   4,012     3,700     (21,710 )   10,095  
 
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (4,907 ) (8,961 ) 15,937 (13,868 ) 22,032
 
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD   83,967     92,928     69,489     92,928     63,394  
 
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 79,060   $ 83,967   $ 85,426   $ 79,060   $ 85,426  

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