Power Integrations announced financial results for the quarter ended December 31, 2011. Net revenues for the fourth quarter were $66.7 million, down 11 percent from the prior quarter and down nine percent compared with the fourth quarter of 2010. Net income was $6.3 million or $0.22 per diluted share, compared with $0.25 per diluted share in the prior quarter and $0.30 per diluted share in the fourth quarter of 2010. Gross margin for the fourth quarter was 47.3 percent; operating margin was 11.7 percent.
In addition to its GAAP results, the company provided certain non-GAAP financial measures that exclude stock-based compensation expenses, amortization of acquisition-related intangible assets and the fair-value write-up of acquired inventory, and the tax effects of these items. Non-GAAP net income for the quarter was $8.5 million or $0.29 per diluted share, compared with $0.32 per diluted share in the prior quarter and $0.39 per diluted share in the fourth quarter of 2010. Non-GAAP gross margin for the fourth quarter was 47.8 percent; non-GAAP operating margin was 15.6 percent.