Monolithic Power Systems Announces Second Quarter & Half Year 2009 Results
Monolithic Power Systems (MPS) announced financial results for the quarter and half year ended June 30, 2009. The results for the quarter ended June 30, 2009 are as follows: net revenues were $41.2 million, up 40.4% sequentially from $29.3 million in the first quarter of 2009 and down 0.8% from $41.5 million in the second quarter of 2008.
Gross margin was 59.1%, compared to 57.6% in the first quarter of 2009 and 63.0% in the second quarter of 2008. GAAP operating expenses were $21.3 million, including $19.1 million for research and development and selling, general and administrative expenses, which includes $3.8 million for stock-based compensation, and $2.2 million for patent litigation expenses. Non-GAAP operating expenses wer $17.5 million, excluding $3.8 million for stock-based compensation. GAAP net income was $3.2 million, with GAAP earnings per share of $0.09 per diluted share. Non-GAAP net income was $6.1 million, or $0.17 per diluted share, excluding stock-based compensation and related tax effects.
The results for the half year ended June 30, 2009 are as follows: Net revenues wer $70.5 million, compared to $76.9 million for the half year ended June 30, 2008, a decrease of 8.3%. Gross margin was 58.5%, compared to 63.0% for the half year ended June 30, 2008. GAAP operating expenses were $39.3 million, including $35.0 million for research and development and selling, general and administrative expenses, which includes $7.1 million for stock-based compensation and $4.3 million for patent litigation expenses. Non-GAAP operating expenses were $32.1 million, excluding $7.1 million for stock-based compensation, compared to $32.9 million for the half year ended June 30, 2008, a decrease of 2.3%. GAAP net income was $2.5 million, with GAAP EPS of $0.07 per diluted share. Non-GAAP net income was $8.4 million, or $0.24 per diluted share, excluding stock-based compensation and related tax effects
"MPS saw a rebound in our business in the second quarter as our major end markets performed well after a slow first quarter" said Michael Hsing, Chief Executive Officer and founder of MPS. "We are still cautious in the near term, but optimistic in the long term. With our slate of new products, we are winning business in many new geographic markets as well as new product segments."
