Monolithic Power Systems Announces Record Third Quarter Revenue and Net Income Results (Revenue up 22%)

The forward-looking statements in this press release represent MPS' targets, not predictions of actual performance. MPS assumes no obligation to update the information in this press release or in the accompanying conference call.

About Monolithic Power Systems, Inc.

Monolithic Power Systems, Inc. (MPS) develops and markets proprietary, advanced analog and mixed-signal semiconductors. The company combines advanced process technology with its highly experienced analog designers to produce high-performance power management integrated circuits (ICs) for DC to DC converters, LED drivers, Cold Cathode Fluorescent Lamp (CCFL) backlight controllers, Class D audio amplifiers, and Linear ICs. MPS products are used extensively in computing and network communications products, LCD monitors and TVs, and a wide variety of consumer and portable electronics products. MPS partners with world-class manufacturing organizations to deliver top quality, ultra-compact, high-performance solutions through the most productive, cost- efficient channels. Founded in 1997 and headquartered in San Jose, California, the company has expanded its global presence with sales offices in Taiwan, China, Korea, Japan, and Europe, which operate under MPS International, Ltd.

 

    Monolithic Power Systems, MPS, and the MPS logo are registered trademarks
of Monolithic Power Systems, Inc. in the U.S. and trademarked in certain other
countries.



                          Consolidated Balance Sheet
                 (Unaudited, in thousands, except par value)

                                                September 30,     December 31,
                                                    2008              2007
    ASSETS
    Current assets:
      Cash and cash equivalents                    $75,917           $83,114
      Short-term investments                         8,711            27,765
      Accounts receivable, net of
       allowances of $0 in 2008 and $227 in
       2007                                         18,781             8,239
      Inventories                                   22,305            17,487
      Deferred income tax asset-current                 76                72
      Prepaid expenses and other current
       assets                                        3,840             4,733
      Restricted assets                             13,512             7,350
      Total current assets                         143,142           148,760
    Property and equipment, net                     14,474            14,175
    Long-term investments                           36,825                 -
    Deferred income tax asset-long term                776               776
    Other assets                                       598               539
    Restricted assets                                    7             8,340
        Total assets                              $195,822          $172,590

    LIABILITIES AND STOCKHOLDERS' EQUITY
    Current liabilities:
      Accounts payable                              $8,155            $6,154
      Accrued compensation and related
       benefits                                      6,377             8,299
      Accrued liabilities                           14,150            14,959
        Total current liabilities                   28,682            29,412

    Deferred rent and other liabilities                 38               323
    Non-current income tax liability                 5,316             5,318
        Total liabilities                           34,036            35,053
    Stockholders' equity:
    Common stock, $0.001 par value, $34
     and $33 in 2008 and 2007,
     respectively; shares authorized:
     150,000,000; shares issued and
     outstanding: 33,927,788 and
     33,454,595 in  2008  and  2007,
          respectively                                                                    148,353                      143,890
        Deferred  stock  compensation                                                    -                                (3)
        Retained  earnings  (accumulated
          deficit)                                                                              14,178                        (6,815)
        Accumulated  other  comprehensive
          income  (loss)                                                                        (745)                            465
            Total  stockholders'  equity                                      161,786                      137,537
            Total  liabilities  and  stockholders'
              equity                                                                          $195,822                    $172,590


                                                Consolidated  Income  Statement
                          (Unaudited,  in  thousands,  except  per  share  amounts)

                                                                                  Three  months  ended    Nine  months  ended

                                                                                                  September                    September
                                                                                                    30,  2007                      30,  2007
                                                                                                        (as                                (as
                                                                                                    restated,                    restated,
                                                                                  September  see  Note  September  see  Note
                                                                                    30,  2008        10)        30,  2008        10)



        Revenue                                                              $48,891    $40,188    $125,802    $95,517
        Cost  of  revenue*                                              18,201      14,662        46,620      34,873

                Gross  profit                                              30,690      25,526        79,182      60,644
        Operating  expenses:
            Research  and  development*                          9,420        7,489        25,594      19,849
            Selling,  general  and
              administrative*                                            9,560        8,071        27,200      21,387
            Lease  abandonment                                              -                -                  -              (496)
            Patent  litigation  settlement                        -                -                  -            9,800
            Provision  for  litigation  expense            1,090        1,452          6,120        8,327

                Total  operating  expenses                      20,070      17,012        58,914      58,867

        Income  from  operations                                  10,620        8,514        20,268        1,777
        Other  income  (expense):
            Interest  and  other  income                              684        1,223          2,928        3,399
            Interest  and  other  expense                          (389)              8            (507)          (21)

                Total  other  income,  net                              295        1,231          2,421        3,378

        Income  before  income  taxes                          10,915        9,745        22,689        5,155
        Income  tax  provision                                            458            752          1,697        2,857

        Net  income                                                        $10,457      $8,993      $20,992      $2,298
        Basic  net  income  per  share                            $0.31        $0.28          $0.63        $0.07
        Diluted  net  income  per  share                        $0.29        $0.25          $0.58        $0.07

        Weighted  average  common  shares
          outstanding                                                      33,869      31,995        33,482      31,293
        Stock  options  and  restricted  stock            2,733        3,958          2,850        3,697
        Diluted  weighted-average  common
          equivalent  shares  outstanding                  36,602      35,953        36,332      34,990

        *  Stock-based  compensation  has
          been  included  in  the  following
          line  items:
                Cost  of  revenue                                              $76          $149            $249          $373
                Research  and  development                        1,471        1,326          4,074        3,379
                Selling,  general  and
                  administrative                                          1,787        1,748          5,141        4,296
                        Total                                                    $3,334      $3,223        $9,464      $8,048



                          RECONCILIATION  OF  NET  INCOME  TO  NON-GAAP  NET  INCOME
                                      (in  thousands,  except  per  share  amounts)

        Net  income                                                            $10,457    $8,993    $20,992      $2,298

        Adjustments  to  reconcile  net  income  to
          non-GAAP  net  income
                Stock-based  compensation                          $3,334    $3,223      $9,464      $8,048
                Patent  litigation  settlement                        -              -                -            9,800
                Reversal  of  lease  write-off                          -              -                -              (540)
                Tax  effect                                                      (1,679)  (2,490)    (3,603)    (3,108)
                Non-GAAP  net  income                                  $12,112    $9,726    $26,853    $16,498

        Non-GAAP  earnings  per  share,  excluding
          stock-based  compensation  and  related
          tax  effects:
                Basic                                                                  $0.36      $0.30        $0.80        $0.53
                Diluted                                                              $0.33      $0.27        $0.74        $0.47

        Shares  used  in  the  calculation  of  non-
          GAAP  earnings  per  share:
                Basic                                                                33,869    31,995      33,482      31,293
                Diluted                                                            36,602    35,953      36,332      34,990



                              RECONCILIATION  OF  OPERATING  EXPENSES  TO  NON-GAAP
                                                            OPERATING  EXPENSES
                                      (in  thousands,  except  per  share  amounts)

        Total  operating  expenses                              $20,070    $17,012    $58,914    $58,867

        Adjustments  to  reconcile  total
          operating  expenses  to  non-GAAP  total
          operating  expenses
                Stock-based  compensation                      $(3,258)  $(3,074)  $(9,215)  $(7,675)
                Patent  litigation  settlement                      -                -                -          (9,800)
                Reversal  of  lease  write-off                        -                -                -                496
                Non-GAAP  total  operating  expenses    $16,812    $13,938    $49,699    $41,888



                                                  2008  Fourth  Quarter  Outlook

        RECONCILIATION  OF  R&D  AND  SG&A  EXPENSES  TO  NON-GAAP  R&D  AND  SG&A  EXPENSES
                                                                  (in  thousands)

                                                                                                            Three  months  ended
                                                                                                              December  31,  2008
                                                                                                          Low                              High
        R&D  and  SG&A                                                                      $18,600                      $19,600

        Adjustments  to  reconcile  R&D  and  SG&A
          to  non-GAAP  R&D  and  SG&A
                Stock-based  compensation                                        (3,400)                      (3,800)
                Non-GAAP  R&D  and  SG&A                                            $15,200                      $15,800
 

Web site: http://www.monolithicpower.com/



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