MPS Celebrates 10 Years as a Public Company with Financial Report
Monolithic Power Systems, Inc. (MPS) today announced financial results for the quarter and year ended December 31, 2014. The results for the quarter ended December 31, 2014 included net revenue was $75.7 million, a 3.4% decrease from $78.3 million in the third quarter of 2014 and a 19.1% increase from $63.6 million in the fourth quarter of 2013. GAAP gross margin was 54.1%, compared with 54.0% in the fourth quarter of 2013. GAAP net income was $8.9 million and GAAP earnings per share were $0.22 per diluted share. Comparatively, GAAP net income was $7.5 million and GAAP earnings per share were $0.19 per diluted share for the quarter ended December 31, 2013.
GAAP operating expenses were $31.8 million, including $31.7 million for research and development (R&D) and selling, general and administrative (SG&A) expenses, which included $8.3 million for stock-based compensation expense and $0.2 million of deferred compensation plan expense, and $0.1 million for litigation expenses. Comparatively, for the quarter ended December 31, 2013, GAAP operating expenses were $26.3 million, including $26.2 million for R&D and SG&A expense, which included $5.5 million for stock-based compensation expense, and $0.1 million for litigation expenses.
"MPS had outstanding results in its first decade as a public company. Our product diversity strategy, backed by MPS's proprietary leading edge technology, has proven successful," said Michael Hsing, CEO and founder of MPS. "Looking ahead into the next decade, we will continue to execute the strategy for sustainable and consistent growth and thereby enhance value to our shareholders."
The results for the year ended December 31, 2014 are as follows: Net revenue was $282.5 million, an 18.7% increase from $238.1 million for the year ended December 31, 2013. GAAP gross margin was 54.0%, which included the impact of $0.9 million for stock-based compensation expense and $0.7 million for the amortization of acquisition-related intangible assets, compared with 53.7% for the year ended December 31, 2013. GAAP net income was $35.5 million and GAAP earnings per share were $0.89 per diluted share. Comparatively, GAAP net income was $22.9 million and GAAP earnings per share were $0.59 per diluted share for the year ended December 31, 2013.
The following are MPS's financial targets for the first quarter ending March 31, 2015: Revenue in the range of $70 million to $74 million. GAAP gross margin between 53.5% and 54.5%.
