Monolithic Power Systems, Inc. (MPS) today announced financial results for the quarter and year ended December 31, 2013. The results for the quarter ended December 31, 2013, included net revenue was $63.6 million, a 2.7% decrease from $65.3 million in the third quarter of 2013 and a 31.8% increase from $48.2 million in the fourth quarter of 2012. Gross margin was 54.0%, compared with 54.0% in the third quarter of 2013 and 53.0% in the fourth quarter of 2012.
"MPS had an outstanding fourth quarter with 31.8 percent year-over-year revenue growth, which was much better than the overall analog market," said Michael Hsing, CEO and founder of MPS. "This was MPS's best Q4 and the best year yet in our history. We continue to deliver on our growth strategy as evidenced by revenue diversification and growth far exceeding the analog industry. We are confident in our future growth."
GAAP operating expenses for the quarter were $26.3 million, including $26.2 million for research and development (R&D) and selling, general and administrative (SG&A) expenses, which included $5.5 million for stock-based compensation and deferred compensation plan expenses, and $0.1 million for litigation expenses. Comparatively, for the quarter ended December 31, 2012, GAAP operating expenses were $24.6 million, including $27.2 million for R&D and SG&A expenses, which included $7.1 million for stock-based compensation expenses, and $(2.6) million for litigation benefit. GAAP net income was $7.5 million and GAAP earnings per share were $0.19 per diluted share. Comparatively, GAAP net income was $0.2 million and GAAP earnings per share were $0.01 per diluted share for the quarter ended December 31, 2012.
The results for the year ended December 31, 2013, included net revenue was $238.1 million, an 11.4% increase from $213.8 million for the year ended December 31, 2012. Gross margin was 53.7%, compared with 52.9% for the year ended December 31, 2012. GAAP operating expenses were $104.0 million, including $104.4 million for R&D and SG&A expenses, which included $20.1 million for stock-based compensation and deferred compensation plan expenses, and $(0.4) million for litigation benefit.
Comparatively, for the year ended December 31, 2012, GAAP operating expenses were $95.9 million, including $98.8 million for R&D and SG&A expenses, which included $18.1 million for stock-based compensation expenses, and $(2.9) million for litigation benefit. GAAP net income was $22.9 million and GAAP earnings per share were $0.59 per diluted share. Comparatively, GAAP net income was $15.8 million and GAAP earnings per share were $0.43 per diluted share for the year ended December 31, 2012.
