Monolithic Power Systems Announces First Quarter Financial Results
Monolithic Power Systems (MPS) announced financial results for the quarter ended March 31, 2011. Net revenues were $44.5 million, a decrease from $47.1 million in the fourth quarter of 2010 and $50.3 million in the first quarter of 2010. Gross margin was 50.2%, a decrease from 50.5% in the fourth quarter of 2010 and 58.3% in the first quarter of 2010.
GAAP operating expenses were $20.4 million, including $19.6 million for research and development and selling, general and administrative expenses, which includes $2.9 million for stock-based compensation, and $0.8 million for litigation expenses. Comparatively, for the three months ended March 31, 2010, GAAP operating expenses were $23.0 million, including $21.4 million for research and development and selling, general and administrative expenses, which includes $3.9 million for stock-based compensation and $1.6 million for litigation expenses. Non-GAAP operating expenses were $17.5 million, excluding $2.9 million for stock-based compensation, compared to $19.1 million, excluding $3.9 million for stock-based compensation for the three months ended March 31, 2010.
GAAP net income was $1.9 million, with GAAP earnings per share of $0.05 per diluted share. Comparatively, GAAP net income was $6.4 million, with GAAP earnings per share of $0.17 per diluted share for the quarter ended March 31, 2010. Non-GAAP net income was $4.7 million, with non-GAAP earnings per share of $0.13 per diluted share, excluding stock-based compensation and related tax effects.
"As I said last quarter, 2011 is a transition year, and as we head into Q2 2011, I am very pleased with our execution to our corporate initiatives", said Michael Hsing, CEO of MPS. "We are on schedule with our CRM and SCM system software implementation and our technology and new product development, and our recent new customer engagement and design-wins validate our diversification strategy into higher-end, enterprise networking-storage and industrial-automotive markets."
