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SemiSouth expected to shut up shop

Power Integrations says it will incur a third-quarter charge due to the expected closure of SemiSouth Laboratories, a developer of silicon-carbide power devices
Power Integrations has announced that its financial results for the quarter ended September 30th, 2012 will include a pre-tax charge of approximately $60 million, resulting in a net loss on a GAAP basis.

The charge stems from the expected closure of SemiSouth Laboratories, a Mississippi-based developer of SiC power devices. Power Integrations had announced a strategic partnership with SemiSouth in 2010.

CBalu Balakrishnan, president and CEO of Power Integrations comments, “The expected closure of SemiSouth is disappointing, but reflects the challenges and risks inherent in the quest for disruptive technologies. Our strategic direction remains unchanged, and we continue to invest in promising technologies to expand our market opportunity within the realm of high-voltage power conversion.”

Power Integrations further noted that it expects its third-quarter revenues to be between $77 million and $79 million, compared with its previous forecast of $76 million to $82 million. GAAP gross margin is expected to be between 49 percent and 50 percent, compared with the prior forecast of 48 to 49 percent. Operating expenses excluding the above-mentioned charge are expected to be consistent with the company’s prior forecast.

Power Integrations will release its third-quarter results on October 25th, 2012 after market hours and will conduct a conference call for members of the investment community at 1:30 p.m. Pacific time on that day.

Power Integrations, Inc., is a Silicon Valley-based supplier of high-performance electronic components used in high-voltage power-conversion systems. The company’s integrated circuits and diodes enable AC-DC power supplies for a broad range of electronic products including mobile devices, TVs, PCs, appliances, smart utility meters and LED lights.


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