Monolithic Power Systems, Inc. (MPS) announced financial results for the quarter ended March 31, 2016. Revenue was $84.5 million, a 2.8% decrease from $86.9 million in the fourth quarter of 2015 and a 14.9% increase from $73.5 million in the first quarter of 2015. GAAP gross margin was 53.9% compared with 54.0% in the first quarter of 2015.
GAAP operating expenses were $35.1 million compared with $33.8 million for the quarter ended March 31, 2015. GAAP operating income was $10.4 million compared with $5.9 million for the quarter ended March 31, 2015. GAAP net income was $10.6 million and GAAP earnings per share were $0.25 per diluted share. Comparatively, GAAP net income was $6.0 million and GAAP earnings per share were $0.15 per diluted share for the quarter ended March 31, 2015.
"We continue to grow, we continue to invest, and we continue to enhance shareholder value," said Michael Hsing, CEO and founder of MPS.
The following are MPS' financial targets for the second quarter ending June 30, 2016: Revenue in the range of $91 million to $95 million. GAAP gross margin between 53.6% and 54.6%. GAAP R&D and SG&A expenses between $36.1 million and $40.1 million. Total stock-based compensation expense of $10.4 million to $12.4 million.
