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Industry News
October 31, 2011
Monolithic Power Systems Announces Results for the Third Quarter and Nine Months
Monolithic Power Systems (MPS) announced financial results for the quarter and nine months ended September 30, 2011.
The results for the quarter ended September 30, 2011 are as follows:
Net revenues of $53.0 million, a 2.6% increase from $51.6 million in the second quarter of 2011 and a 19.6% decrease from $65.8 million in the third quarter of 2010. Gross margin of 52.5%, an increase from 51.4% in the second quarter of 2011 and a 2.2% decrease from 54.7% in the third quarter of 2010.
GAAP operating expenses of $22.8 million, including $22.1 million for research and development and selling, general and administrative expenses, which include $3.3 million for stock-based compensation, and $0.7 million for litigation expenses. Comparatively, for the three months ended September 30, 2010, GAAP operating expenses were $22.6 million, including $21.6 million for research and development and selling, general and administrative expenses, which includes $4.1 million for stock-based compensation and $1.0 million for litigation expenses.
Non-GAAP operating expenses of $19.5 million, excluding $3.3 million for stock-based compensation, compared to $18.5 million, excluding $4.1 million for stock-based compensation for the three months ended September 30, 2010. GAAP net income of $5.5 million, with GAAP earnings per share of $0.16 per diluted share. Comparatively, GAAP net income was $13.2 million, with GAAP earnings per share of $0.35 per diluted share for the quarter ended September 30, 2010. Non-GAAP net income of $7.8 million, with non-GAAP earnings per share of $0.23 per diluted share, excluding stock-based compensation and related tax effects, compared to non-GAAP net income of $16.4 million, with non-GAAP earnings per share of $0.43 per diluted share, excluding stock-based compensation and related tax effects for the quarter ended September 30, 2010.
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The results for the nine months ended September 30, 2011 are as follows:
Net revenues of $149.1 million, compared to $171.8 million for the nine months ended September 30, 2010, a decrease of 13.2%. Gross margin of 51.4%, compared to 56.9% for the nine months ended September 30, 2010.
GAAP operating expenses of $65.7 million, including $63.2 million for research and development and selling, general and administrative expenses, which includes $9.8 million for stock-based compensation, and $2.5 million for patent litigation expenses. Comparatively, GAAP operating expenses of $71.2 million, including $66.4 million for research and development and selling, general and administrative expenses, which includes $13.5 million for stock-based compensation, and $4.8 million for patent litigation expenses for the nine months ended September 30, 2010.
Non-GAAP operating expenses of $55.9 million, excluding $9.8 million for stock-based compensation, compared to $57.7 million, excluding $13.5 million in stock-based compensation for the nine months ended September 30, 2010. GAAP net income of $10.8 million, with GAAP EPS of $0.31 per diluted share compared to GAAP net income of $26.0 million, with GAAP EPS of $0.68 per diluted share for the nine months ended September 30, 2010. Non-GAAP net income of $19.7 million, with non-GAAP earnings per share of $0.56 per diluted share, excluding stock-based compensation and related tax effects compared to non-GAAP net income of $37.9 million, with non-GAAP earnings per share of $1.00 per diluted share, excluding stock-based compensation and related tax effects for the nine months ended September 30, 2010.
"In the midst of this economic slowdown, I am pleased with the strong design win activity," said Michael Hsing, CEO and founder of MPS. "We are releasing many leading-edge products. We are continuing to grow and diversify our product portfolio and will be well positioned when the economy turns around."
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