Power Integrations today announced financial results for the quarter ended June 30, 2019. Net revenues for the second quarter were $102.9 million, up 15 percent from the prior quarter and down six percent from the second quarter of 2018. Net income was $10.8 million or $0.37 per diluted share compared to $0.25 per share in the prior quarter and $0.51 in the second quarter of 2018. Cash flow from operations was $19.4 million for the second quarter.
Ride along with driver Jared Baniqued as he negotiates the twists and turns of Sepang International Raceway in the Team UP Dagisik (that’s Tagalog for “Electron”) Shell Eco-marathon entry sponsored by Power Integrations. Following yesterday’s successful test session the team is busy making last minute adjustments in preparation for the race on Thursday.
After six month of welding, cutting, sanding and sleeping on the old couch in the lab, Team UP Dagisik from University of Philippines Electrical & Electronics Engineering Institute will travel to Sepang International Circuit near Kuala Lumpur, along with its newly built battery-powered concept car, for the Shell Eco-marathon Asia 2019 from April 29 to May 2. Contending for its first championship since 2015, the team sees its strength in great chemistry among teammates built through years of close collaboration in academic work, as well as their internship with Power Integrations last summer.
Shell Eco-marathon Asia 2019, the Asian leg of Shell’s global competition for science and engineering students to build ultra-efficient cars, will be held at Sepang International Circuit, Kuala Lumpur from April 29 to May 2. Objective of the race is to navigate the circuit using the least amount of energy. In jeopardy of missing the competition just 9 months ago, Team UP Dagisik from University of Philippines Electrical & Electronics Engineering Institute recently finished a successful test run of its newly built battery-power concept vehicle.