Monolithic Power Systems Announces Results for the Quarter and Year
Monolithic Power Systems (MPS) announced financial results for the quarter and year ended December 31, 2010.
The results for the quarter ended December 31, 2010 are as follows:
– Net revenues of $47.1 million, a decrease from $65.8 million in the third quarter of 2010 and flat to the fourth quarter of 2009; Gross margin of 50.5%, a decrease from 54.7% in the third quarter of 2010 and 58.7% in the fourth quarter of 2009.
– GAAP operating expenses of $19.8 million, including $19.1 million for research and development and selling, general and administrative expenses, which includes $3.0 million for stock-based compensation, and $0.7 million for litigation expenses. Comparatively, for the three months ended December 31, 2009, GAAP operating expenses were $22.9 million, including $20.6 million for research and development and selling, general and administrative expenses, which includes $4.2 million for stock-based compensation and $2.4 million for litigation expenses.
– Non-GAAP operating expenses of $16.8 million, excluding $3.0 million for stock-based compensation, compared to $18.8 million, excluding $4.2 million for stock-based compensation for the three months ended December 31, 2009.
– GAAP net income of $3.6 million, with GAAP earnings per share of $0.10 per diluted share. Comparatively, GAAP net income was $4.7 million, with GAAP earnings per share of $0.12 per diluted share for the quarter ended December 31, 2009.
– Non-GAAP net income of $6.7 million, with non-GAAP earnings per share of $0.18 per diluted share, excluding stock-based compensation and related tax effects.
The results for the year ended December 31, 2010 are as follows:
– Net revenues of $218.8 million, compared to $165.0 million for the year ended December 31, 2009, an increase of 32.6%.
– Gross margin of 55.5%, compared to 59.2% for the year ended December 31, 2009.
– GAAP operating expenses of $91.0 million, including $85.5 million for research and development and selling, general and administrative expenses, which includes $16.4 million for stock-based compensation, and $5.4 million for patent litigation expenses. Comparatively, GAAP operating expenses of $78.1 million, including $75.0 million for research and development and selling, general and administrative expenses, which includes $14.4 million for stock-based compensation, $9.5 million for patent litigation expenses and a credit of $6.4 million for the net effect of a litigation provision reversal.
– Non-GAAP operating expenses of $74.5 million, excluding $16.4 million for stock-based compensation, compared to $70.1 million, excluding $14.4 million in stock-based compensation and an add back of a litigation provision reversal of $6.4 million for the year ended December 31, 2009, an increase of 6.3%.
– GAAP net income of $29.6 million, with GAAP EPS of $0.78 per diluted share compared to GAAP net income of $19.7 million, with GAAP EPS of $0.54 per diluted share for the year ended December 31, 2009.
– Non-GAAP net income of $44.6 million, with non-GAAP earnings per share of $1.18 per diluted share, excluding stock-based compensation and related tax effects.
"2010 was a growth year for MPS, and 2011 is a transitional year. We are now focused on our ongoing efforts to diversify into new markets, and improve our internal systems", said Michael Hsing, CEO of MPS. "And by the end of 2011, we will be better positioned for the future."
