Monolithic Power Systems Announces First Quarter 2009 Results
Monolithic Power Systems (MPS) announced financial results for the quarter ended March 31, 2009. Net revenues were $29.3 million, down 17.2% from $35.4 million in the first quarter of 2008 and down 15.5% sequentially from $34.7 million in the fourth quarter of 2008. Gross margin was 57.6%, compared to 63.2% in the first quarter of 2008 and 58.0% in the fourth quarter of 2008.
GAAP operating expenses were $18.0 million, including $15.9 million for research and development and selling, general and administrative expenses, which includes $3.3 million for stock-based compensation, and $2.0 million for patent litigation expenses. Non-GAAP operating expenses were $14.6 million, excluding $3.3 million for stock-based compensation. GAAP net loss was $0.7 million, with a GAAP loss per share of $0.02 per diluted share. Non-GAAP net income was $2.3 million, or $0.06 per diluted share, excluding stock-based compensation and related tax effects.
"In the second half of the quarter, we saw increased turns activities. As a result, our Q1 revenue was better than we expected," said Michael Hsing, Chief Executive Officer and founder of MPS. "We are still cautiously optimistic about the next quarter. However, MPS is always ready for fast changing environments either in up or down markets. The last two quarters proved that. Despite a significant reduction in product demand, MPS will continue to focus on generating cash and delivering profits."