Power Integrations today announced financial results for the quarter ended March 31, 2014. Net revenues for the quarter were $83.1 million, eight percent lower than the prior quarter and up eight percent from the first quarter of 2013. GAAP net income for the quarter was $12.4 million or $0.40 per diluted share, compared with $0.52 per diluted share in the prior quarter and $0.37 per diluted share in the first quarter of 2013. GAAP gross margin for the first quarter was 55.3 percent; operating margin was 15.3 percent.
Commented Balu Balakrishnan, president and CEO of Power Integrations: "Our first-quarter revenues were less than we had expected but nevertheless grew eight percent from a year ago, while non-GAAP earnings per share grew nearly 20 percent year-over-year as our gross margin expanded and we controlled our expenses. We expect healthy sequential revenue growth in the second quarter, and we are positioned for a strong second half of 2014 as we ramp new products and continue to make progress in key growth areas such as LED lighting, rapid charging and high-power applications."
For further details, read today's press release.