MPS Announces Increases in Net Revenue and Margins for the First Quarter of 2013
Monolithic Power Systems (MPS) announced financial that results for the quarter ended March 31, 2013 included: Net revenue of $51.5 million, a 6.8% increase from $48.2 million in the fourth quarter of 2012 and a 2.0% increase from $50.5 million in the first quarter of 2012. Gross margin was 53.2% compared with 53.0% in the fourth quarter of 2012 and 52.3% in the first quarter of 2012.
Other results included: GAAP operating expenses were $25.1 million, including $25.4 million for research and development (R&D) and selling, general and administrative (SG&A) expenses, which included $4.5 million for stock-based compensation, and ($0.3) million for litigation benefit. Comparatively, for the quarter ended March 31, 2012, GAAP operating expenses were $23.2 million, including $23.1 million for research and development and selling, general and administrative expenses, which included $3.2 million for stock-based compensation, and $0.1 million for litigation expenses. Non-GAAP operating expenses were $20.6 million, excluding $4.5 million for stock-based compensation, compared with $20.0 million, excluding $3.2 million for stock-based compensation, for the quarter ended March 31, 2012.
GAAP net income was $2.5 million and GAAP earnings per share were $0.07 per diluted share. Comparatively, GAAP net income was $3.0 million and GAAP earnings per share were $0.08 per diluted share for the quarter ended March 31, 2012. Non-GAAP net income was $6.4 million and non-GAAP earnings per share were $0.17 per diluted share, excluding stock-based compensation and related tax effects, compared with 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, for the quarter ended March 31, 2012.
"MPS had an outstanding first quarter of the year, hitting record revenue while continuing to deliver solutions that meet or exceed industry standards," said Michael Hsing, CEO and founder of MPS. "We are delivering on our promise to broaden our product portfolio and grow revenue above the industry average."
MPS issued the following financial targets for the second quarter ending June 30, 2013: Revenue in the range of $55 million to $59 million. Gross margin between 53% and 54%. GAAP research and development and selling, general and administrative expenses between $25.0 million and $27.5 million. Non-GAAP research and development and selling, general and administrative expenses between $20.5 million and $22.5 million. This excludes an estimate of stock-based compensation expense in the range of $4.5 million to $5.0 million.
