Power Integrations today announced financial results for the quarter ended September 30, 2016. Net revenues for the third quarter were $103.8 million, an increase of seven percent from the prior quarter, and up 17 percent compared to the third quarter of 2015. Net income was $14.2 million or $0.48 per diluted share, compared to $0.38 per diluted share in the prior quarter and $0.39 per diluted share in the third quarter of 2015. Cash flow from operations was $26.3 million.
Commented Balu Balakrishnan, president and CEO of Power Integrations: "Our quarterly revenues grew 17 percent year-over-year, surpassing $100 million for the first time. We believe we are on track for double-digit revenue growth in 2016, and we expect to carry strong momentum into 2017 on the strength of the InnoSwitch™ product cycle, new products for the high-power and lighting markets, and a robust product pipeline that will further expand our addressable market in the years ahead."