Monolithic Power Systems Announces Record First Quarter Revenue

(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 ended March 31, 2012.

The results for the quarter ended March 31, 2012 are as follows:

  • Record first quarter net revenue of $50.5 million, a 6.4% increase from $47.5 million in the fourth quarter of 2011 and a 13.5% increase from $44.5 million in the first quarter of 2011.
  • Gross margin of 52.3% was down slightly from 52.5% in the fourth quarter of 2011 and up 2.1% from 50.2% in the first quarter of 2011.
  • GAAP operating expenses of $23.2 million, including $23.1 million for research and development (R&D) and selling, general and administrative (SG&A) expenses, which include $3.2 million for stock-based compensation, and $0.1 million for litigation expenses.  Comparatively, for the three months ended March 31, 2011, GAAP operating expenses were $20.4 million, including $19.6 million for research and development and selling, general and administrative expenses, which included $2.9 million for stock-based compensation and $0.8 million for litigation expenses.
  • Non-GAAP(1) operating expenses of $20.0 million, excluding $3.2 million for stock-based compensation, compared to $17.5 million, excluding $2.9 million for stock-based compensation, for the three months ended March 31, 2011.
  • GAAP net income of $3.0 million and GAAP earnings per share of $0.08 per diluted share. Comparatively, GAAP net income was $1.9 million and GAAP earnings per share of $0.05 per diluted share, for the quarter ended March 31, 2011.
  • Non-GAAP(1) net income of $6.1 million and non-GAAP earnings per share of $0.17 per diluted share, excluding stock-based compensation and related tax effects, compared to non-GAAP net income of $4.7 million and non-GAAP earnings per share of $0.13 per diluted share, excluding stock-based compensation and related tax effects, for the quarter ended March 31, 2011.

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








Three months ended March 31,

End Market

2012

2011

      Communication

$12.5

$  9.9

      Computing

9.4

5.6

      Consumer

23.9

26.5

      Industrial

4.7

2.5

      Total

$50.5

$44.5

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





Three months ended March 31,

Product Family

2012

2011 *

      DC to DC Converters

$44.4

$38.6

      Lighting Control Products

6.1

5.9

      Total

$50.5

$44.5



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