Power Integrations today announced financial results for the quarter and year ended December 31, 2015. Net revenues for the fourth quarter were $87.3 million, down two percent from the prior quarter and up one percent compared to the fourth quarter of 2014. Net income was $12.7 million or $0.44 per diluted share, compared to $0.39 in the prior quarter and $0.48 in the fourth quarter of 2014. Cash flow from operations for the fourth quarter was $24.8 million.
Commented Balu Balakrishnan, president and CEO of Power Integrations: "Despite challenging economic conditions and a steep year-over-year decline in revenues from the PC market, quarterly revenues grew modestly from a year ago, and we generated nearly $25 million in cash flow from operations for the quarter. While we expect the March quarter to be sequentially lower due to seasonal factors, recent order trends and design wins point to strong sequential growth in the second quarter. The InnoSwitch™ product cycle continues to gain steam, and we have a promising pipeline of innovative new products on the way for key growth areas such as rapid charging, efficient lighting, renewable energy and high-power industrial applications."
For full details, see today's press release.