Monolithic Power Reports Declining YoY Sales of DC-DC and Lighting Control ICs

Monolithic Power Systems, Inc. (MPS) announced financial results for the second quarter ended June 30, 2013 including a year-over-year (YoY) decline in sales of dc-dc converter ICs from $51.2 million in Q2 of 2012 to $50.5 million in the current quarter and a YoY decline in sales of Lighting control products from $7.4 million in Q2 of 2012 to $75.2 million in the current quarter. MPS also announced that its Board of Directors has approved a stock repurchase program that authorizes MPS to repurchase up to $100 million dollars in the aggregate of its common stock over a two-year period, beginning August 9, 2013.

The results for the quarter ended June 30, 2013 are as follows: Net revenue was $57.7 million, a 12.1% increase from $51.5 million in the first quarter of 2013 and a 1.5% decrease from $58.6 million in the second quarter of 2012. Gross margin was 53.6%, compared with 53.2% in the first quarter of 2013 and 53.2% in the second quarter of 2012. GAAP net income was $5.5 million and GAAP earnings per share were $0.14 per diluted share. Comparatively, GAAP net income was $6.6 million and GAAP earnings per share were $0.18 per diluted share for the quarter ended June 30, 2012.

The results for the six months ended June 30, 2013 are as follows: Net revenue was $109.2 million, a 0.1% increase from $109.1 million for the six months ended June 30, 2012. Gross margin was 53.4%, compared with 52.8% for the six months ended June 30, 2012. GAAP net income was $8.0 million and GAAP earnings per share were $0.21 per diluted share. Comparatively, GAAP net income was $9.6 million and GAAP earnings per share were $0.27 per diluted share for the six months ended June 30, 2012.

“We are pleased to announce sequential quarterly revenue growth of 12%, well above industry average,” said Michael Hsing, CEO and founder of MPS. “With our industry-leading products continuing to gain acceptance in cloud computing, industrial, and automotive markets, we are now in the new era of growth and diversification.”

Financial targets identified by MPS for the third quarter ending September 30, 2013 include revenue in the range of $63 million to $67 million and gross margin between 53.5% and 54.5%.