Power Integrations today announced financial results for the quarter ended March 31, 2016. Net revenues for the first quarter were $85.3 million, down two percent from the prior quarter and up three percent compared to the first quarter of 2015. Net income was $8.8 million or $0.30 per diluted share, compared to $0.44 in the prior quarter and $0.21 in the first quarter of 2015. Cash flow from operations for the first quarter was $20.3 million.
Commented Balu Balakrishnan, president and CEO of Power Integrations: "Revenues increased from a year ago, and we expect continued growth in the second quarter as demand for our InnoSwitch™ products continues to ramp in the mobile-device market. The broader InnoSwitch product cycle continues to take shape with the recent introductions of InnoSwitch-CE and the 900-volt InnoSwitch-EP, and we have a robust pipeline of innovative new products on the way that will further expand our addressable market."
For full details, see today's press release.