Monolithic Power Systems Announces Results for the Fourth Quarter and Year Ended December 31, 2011

(PRNewswire) — Monolithic Power Systems (MPS) (Nasdaq: MPWR), a leading fabless manufacturer of high-performance analog and mixed-signal semiconductors, today announced financial results for the quarter and year ended December 31, 2011.

The results for the quarter ended December 31, 2011 are as follows:

  • Net revenues of $47.5 million, a 10.4% decrease from $53.0 million in the third quarter of 2011 and a slight increase from $47.1 million in the fourth quarter of 2010.
  • Gross margin of 52.5%, flat to the third quarter of 2011 and a 2.0% increase from 50.5% in the fourth quarter of 2010.
  • GAAP operating expenses of $22.5 million, including $21.6 million for research and development and selling, general and administrative expenses, which include $3.0 million for stock-based compensation, and $0.9 million for litigation expenses.  Comparatively, for the three months ended December 31, 2010, GAAP operating expenses were $19.8 million, including $19.1 million for research and development and selling, general and administrative expenses, which includes $3.0 million for stock-based compensation and $0.7 million for litigation expenses.
  • Non-GAAP(1) operating expenses of $19.5 million, excluding $3.0 million for stock-based compensation, compared to $16.8 million, excluding $3.0 million for stock-based compensation for the three months ended December 31, 2010.
  • GAAP net income of $2.5 million, with GAAP earnings per share of $0.07 per diluted share.  Comparatively, GAAP net income was $3.6 million, with GAAP earnings per share of $0.10 per diluted share for the quarter ended December 31, 2010.
  • Non-GAAP(1) net income of $5.2 million, with non-GAAP earnings per share of $0.15 per diluted share, excluding stock-based compensation and related tax effects, compared to non-GAAP net income of $6.7 million, with non-GAAP earnings per share of $0.18 per diluted share, excluding stock-based compensation and related tax effects for the quarter ended December 31, 2010.

The results for the year ended December 31, 2011 are as follows:

  • Net revenues of $196.5 million, compared to $218.8 million for the year ended December 31, 2010, a decrease of 10.2%.
  • Gross margin of 51.7%, compared to 55.5% for the year ended December 31, 2010.
  • GAAP operating expenses of $88.2 million, including $84.8 million for research and development and selling, general and administrative expenses, which includes $12.8 million for stock-based compensation, and $3.4 million for litigation expenses. Comparatively, GAAP operating expenses of $91.0 million, including $85.5 million for research and development and selling, general and administrative expenses, which includes $16.4 million for stock-based compensation, and $5.4 million for patent litigation expenses for the year ended December 31, 2010.
  • Non-GAAP(1) operating expenses of $75.4 million, excluding $12.8 million for stock-based compensation, compared to $74.5 million, excluding $16.4 million in stock-based compensation for the year ended December 31, 2010.  
  • GAAP net income of $13.3 million, with GAAP EPS of $0.38 per diluted share compared to GAAP net income of $29.6 million, with GAAP EPS of $0.78 per diluted share for the year ended December 31, 2010.
  • Non-GAAP(1) net income of $24.8 million, with non-GAAP earnings per share of $0.71 per diluted share, excluding stock-based compensation and related tax effects compared to non-GAAP net income of $44.6 million, with non-GAAP earnings per share of $1.18 per diluted share, excluding stock-based compensation and related tax effects for the year ended December 31, 2010.

The following is a summary of revenue by product family for the period indicated (in thousands):

TABLE 2: REVENUE BY PRODUCT LINE






Three months ended December 31,

Year ended December 31,

Product Family

2011

2010

2011

2010

DC to DC Converters

$41,283

$41,969

$165,608

$183,051

Lighting Control Products

5,716

4,230

26,487

28,554

Audio Amplifiers

462

858

4,424

7,235






Total

$    47,461

$    47,057

$196,519

$    218,840




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