Monolithic Power Systems (MPS) announced financial results for the quarter ended March 31, 2012. The results for the quarter ended March 31, 2012 are as follows:
-- Record first quarter net revenue of $50.5 million, a 6.4% increase from $47.5 million in the fourth quarter of 2011 and a 13.5% increase from $44.5 million in the first quarter of 2011.
-- Gross margin of 52.3% was down slightly from 52.5% in the fourth quarter of 2011 and up 2.1% from 50.2% in the first quarter of 2011.
-- GAAP operating expenses of $23.2 million, including $23.1 million for research and development (R&D) and selling, general and administrative (SG&A) expenses, which include $3.2 million for stock-based compensation, and $0.1 million for litigation expenses. Comparatively, for the three months ended March 31, 2011, GAAP operating expenses were $20.4 million, including $19.6 million for research and development and selling, general and administrative expenses, which included $2.9 million for stock-based compensation and $0.8 million for litigation expenses.
-- Non-GAAP operating expenses of $20.0 million, excluding $3.2 million for stock-based compensation, compared to $17.5 million, excluding $2.9 million for stock-based compensation, for the three months ended March 31, 2011.
-- GAAP net income of $3.0 million and GAAP earnings per share of $0.08 per diluted share. Comparatively, GAAP net income was $1.9 million and GAAP earnings per share of $0.05 per diluted share, for the quarter ended March 31, 2011.
-- Non-GAAP net income of $6.1 million and non-GAAP earnings per share of $0.17 per diluted share, excluding stock-based compensation and related tax effects, compared to non-GAAP net income of $4.7 million and non-GAAP earnings per share of $0.13 per diluted share, excluding stock-based compensation and related tax effects, for the quarter ended March 31, 2011.
"In 2012 we will further extend our technology leadership, expand the product roadmap, and gain market share in targeted high value growth markets," said Michael Hsing, CEO and founder of MPS. "This will set MPS on track for sustainable growth in 2013 and beyond."
