Monolithic Power Systems Announces Results Quarter & Nine Months Ended September 30, 2009
Monolithic Power Systems (MPS) announced financial results for the quarter and nine months ended September 30, 2009. Net revenues were $48.0 million, up 16.5% sequentially from $41.2 million in the second quarter of 2009 and down 1.9% from $48.9 million in the third quarter of 2008. Gross margins were 60.7%, compared to 59.1% in the second quarter of 2009 and 62.8% in the third quarter of 2008.
GAAP operating expenses were $16.0 million, including $19.5 million for research and development and selling, general and administrative expenses, which includes $3.1 million for stock-based compensation, $2.8 million for litigation expenses and a credit of $6.4 million for the net effect of a litigation provision reversal. Non-GAAP operating expenses were $19.2 million, excluding $3.1 million for stock-based compensation and a credit of $6.4 million for the net effect of a litigation provision reversal, compared to $16.8 million for the three months ended September 30, 2008. GAAP net income was $12.6 million, with GAAP earnings per share of $0.34 per diluted share. Non-GAAP net income was $8.8 million, or $0.24 per diluted share, excluding stock-based compensation and related tax effects and a credit of $6.4 million for the net effect of a litigation provision reversal.
The results for the nine months ended September 30, 2009 are as follows: net revenues were $118.5 million, compared to $125.8 million for the nine months ended September 30, 2008, a decrease of 5.8%. Gross margins were 59.4%, compared to 62.9% for the nine months ended September 30, 2008.
GAAP operating expenses were $55.2 million, including $54.5 million for research and development and selling, general and administrative expenses, which includes $10.2 million for stock-based compensation, $7.1 million for litigation expenses and a credit of $6.4 million for the net effect of a litigation provision reversal. Non-GAAP operating expenses were $51.4 million, excluding $10.2 million for stock-based compensation and a credit of $6.4 million for the net effect of a litigation provision reversal, compared to $49.7 million for the nine months ended September 30, 2008, an increase of 3.4%. GAAP net income was $15.0 million, with GAAP EPS of $0.41 per diluted share. Non-GAAP net income was $17.2 million, or $0.47 per diluted share, excluding stock-based compensation and related tax effects and a credit of $6.4 million for the net effect of a litigation provision reversal.
"MPS had an outstanding third quarter, as we almost matched our all time high in quarterly revenue" said Michael Hsing, Chief Executive Officer and founder of MPS. "We are executing very well, as we released a record number of new products this quarter. The future for MPS continues to look great."
