Monolithic Power Systems Releases Financial Results for Fourth Quarter and Full Year
Monolithic Power Systems (MPS) announced financial results for the fiscal year and quarter ended December 31, 2006. Net revenues were $105.0 million, up 5.9% from 2005. Gross margin was 63.7% in 2006, equal to the 63.7% in fiscal 2005. GAAP operating expenses were $65.7 million, including $38.9 million for research and development and selling, general and administrative, $14.6 million for patent litigation, of which $3.0 million was for the settlement of a lawsuit, $11.0 million for stock-based compensation and $1.2 million for the write off of its Los Gatos lease.
The results for the quarter ended December 31, 2006 were as follows: net revenues were $26.4 million, down 18.9% from the fourth quarter of 2005 and down 3.2% sequentially from $27.3 million in the third quarter of 2006. Gross margin was 63.9%, compared to 64.0% in the fourth quarter of 2005 and 65.6% in the third quarter of 2006. GAAP operating expenses were $15.6 million, including $9.8 million for research and development and selling, general and administrative, $1.9 million for patent litigation, $2.7 million for stock-based compensation and $1.2 million for the write off of its Los Gatos lease. GAAP net loss was $1.6 million, or ($0.05) per basic share.
"We closed out 2006 with a solid balance sheet and maintained strong gross margins despite a challenging market," said Michael Hsing, CEO of MPS. "Our BCD Plus™ technology is delivering new high performance products and our first production orders for the high-current, high-speed MiniMonsters™ are scheduled for delivery in the first half of 2007. This new product family is positioned to target growing power management demands, and we are working hard to release products with even higher current ratings in the next few quarters."
