Monolithic Power Systems Announces Record Results for the Fourth Quarter and Year Ended December 31, 2013

SAN JOSE, Calif., Feb. 6, 2014 — (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, 2013.

The results for the quarter ended December 31, 2013 are as follows:

  • 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.
  • GAAP operating expenses 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.
  • Non-GAAP(1) operating expenses were $20.8 million, excluding $5.5 million for stock-based compensation and deferred compensation plan expenses, compared with $17.5 million, excluding $7.1 million for stock-based compensation expenses, for the quarter ended December 31, 2012.
  • 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.
  • Non-GAAP(1) net income was $12.6 million and non-GAAP earnings per share were $0.32 per diluted share, excluding stock-based compensation and deferred compensation plan expenses and related tax effects, compared with non-GAAP net income of $7.7 million and non-GAAP earnings per share of $0.21 per diluted share, excluding stock-based compensation expenses and related tax effects, for the quarter ended December 31, 2012.

The results for the year ended December 31, 2013 are as follows:

  • 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.
  • Non-GAAP(1) operating expenses were $83.9 million, excluding $20.1 million for stock-based compensation and deferred compensation plan expenses, compared with $77.7 million, excluding $18.1 million for stock-based compensation expenses, for the year ended December 31, 2012.
  • 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.
  • Non-GAAP(1) net income was $41.1 million and non-GAAP earnings per share were $1.06 per diluted share, excluding stock-based compensation and deferred compensation plan expenses, a one-time benefit from a cash award and related tax effects, compared with non-GAAP net income of $33.8 million and non-GAAP earnings per share of $0.93 per diluted share, excluding stock-based compensation expenses and related tax effects, for the year ended December 31, 2012.

The following is a summary of revenue by end market for the periods indicated, estimated based on the Company's assessment of available end market data (in millions):










Three Months Ended December 31,


Year Ended December 31,

End Market

2013


2012


2013


2012

Communication

$ 12.9


$ 12.2


$   56.1


$   50.9

Storage and Computing

12.6


10.2


47.9


41.3

Consumer

29.2


19.8


99.9


95.8

Industrial

8.9


6.0


34.2


25.8

Total

$ 63.6


$ 48.2


$ 238.1


$ 213.8




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