Monolithic Power Systems Announces Results for the Fourth Quarter and Year Ended December 31, 2012

(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, 2012.

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

  • Net revenue was $48.2 million, a 14.7% decrease from $56.5 million in the third quarter of 2012 and a 1.6% increase from $47.5 million in the fourth quarter of 2011.
  • Gross margin was 53.0% compared with 53.1% in the third quarter of 2012 and 52.5% in the fourth quarter of 2011.
  • GAAP operating expenses were $24.6 million, including $27.2 million for research and development (R&D) and selling, general and administrative (SG&A) expenses, which included $7.1 million for stock-based compensation, and ($2.6) million for litigation benefit. Comparatively, for the quarter ended December 31, 2011, GAAP operating expenses were $22.5 million, including $21.6 million for research and development and selling, general and administrative expenses, which included $3.0 million for stock-based compensation, and $0.9 million for litigation expenses.
  • Non-GAAP(1) operating expenses were $17.4 million, excluding $7.1 million for stock-based compensation, compared with $19.5 million, excluding $3.0 million for stock-based compensation, for the quarter ended December 31, 2011.
  • GAAP net income was $0.2 million and GAAP earnings per share were $0.01 per diluted share. Comparatively, GAAP net income was $2.5 million and GAAP earnings per share were $0.07 per diluted share for the quarter ended December 31, 2011.
  • Non-GAAP(1) net income was $7.7 million and non-GAAP earnings per share were $0.21 per diluted share, excluding stock-based compensation and related tax effects, compared with non-GAAP net income of $5.2 million and non-GAAP earnings per share of $0.15 per diluted share, excluding stock-based compensation and related tax effects, for the quarter ended December 31, 2011.

The results for the year ended December 31, 2012 are as follows:

  • Net revenue was $213.8 million compared with $196.5 million for the year ended December 31, 2011, an increase of 8.8%.  
  • Gross margin was 52.9% compared with 51.7% for the year ended December 31, 2011.  
  • GAAP operating expenses were $95.9 million, including $98.8 million for research and development and selling, general and administrative expenses, which included $18.1 million for stock-based compensation, and ($2.9) million for litigation benefit. Comparatively, GAAP operating expenses were $88.2 million, including $84.8 million for research and development and selling, general and administrative expenses, which included $12.8 million for stock-based compensation, and $3.4 million for litigation expenses for the year ended December 31, 2011.  
  • Non-GAAP(1) operating expenses were $77.7 million, excluding $18.1 million for stock-based compensation, compared with $75.4 million, excluding $12.8 million for stock-based compensation for the year ended December 31, 2011.  
  • GAAP net income was $15.8 million, with GAAP earnings per share of $0.43 per diluted share, compared with GAAP net income of $13.3 million and GAAP earnings per share of $0.38 per diluted share for the year ended December 31, 2011.  
  • Non-GAAP(1) net income was $33.8 million, with non-GAAP earnings per share of $0.93 per diluted share, excluding stock-based compensation and related tax effects, compared to non-GAAP 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, for the year ended December 31, 2011.

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):

End Market


Q4-2012


Q3-2012


Q2-2012


Q1-2012


Q4-2011


Q3-2011


Q2-2011


Q1-2011

      Communication


$12.2


$12.8


$14.1


$11.8


$10.8


$12.0


$12.1


$9.9

      Computing


10.2


10.8


10.4


10.0


8.6


9.0


7.2


5.7

      Consumer


19.8


26.0


26.2


23.9


24.6


27.8


29.1


26.4

      Industrial


6.0


6.9


7.9


4.8


3.5


4.2


3.1


2.5

      Total


$48.2


$56.5


$58.6


$50.5


$47.5


$53.0


$51.5


$44.5



















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