Power Integrations today announced financial results for the quarter and year ended December 31, 2013. Net revenues for the quarter were $90.4 million, one percent lower than the prior quarter and up 14 percent from the fourth quarter of 2012. GAAP net income for the quarter was $16.0 million or $0.52 per diluted share, compared with $0.54 per diluted share in the prior quarter and $0.33 per diluted share in the fourth quarter of 2012. GAAP gross margin for the fourth quarter was 53.5 percent; operating margin was 16.7 percent.
Commented Balu Balakrishnan, president and CEO of Power Integrations: “2013 was a great year for Power Integrations, with double-digit sales growth, a 37-percent increase in non-GAAP EPS, and nearly $100 million in cash flow from operations. We ended the year with a strong quarter, and believe we’re well-positioned for 2014 and beyond.