SAN JOSE, Calif., April 30, 2018 (GLOBE NEWSWIRE) -- Monolithic Power Systems, Inc. (MPS) (Nasdaq:MPWR), a leading company in high performance analog solutions, today announced financial results for the quarter ended March 31, 2018.
- Revenue was $129.2 million for the quarter ended March 31, 2018, a 0.2% decrease from $129.4 million for the quarter ended December 31, 2017 and a 28.7% increase from $100.4 million for the quarter ended March 31, 2017.
- GAAP gross margin was 55.4% for the quarter ended March 31, 2018, compared with 54.6% for the quarter ended March 31, 2017.
- Non-GAAP (1) gross margin was 55.9% for the quarter ended March 31, 2018, excluding the impact of $0.4 million for stock-based compensation expense and $0.3 million for the amortization of acquisition-related intangible assets, compared with 55.5% for the quarter ended March 31, 2017, excluding the impact of $0.4 million for stock-based compensation expense and $0.5 million for the amortization of acquisition-related intangible assets.
- GAAP operating expenses were $49.5 million for the quarter ended March 31, 2018, compared with $41.3 million for the quarter ended March 31, 2017.
- Non-GAAP (1) operating expenses were $35.0 million for the quarter ended March 31, 2018, excluding $14.6 million for stock-based compensation expense and $0.1 million for deferred compensation plan income, compared with $29.2 million for the quarter ended March 31, 2017, excluding $11.3 million for stock-based compensation expense and $0.8 million for deferred compensation plan expense.
- GAAP operating income was $22.0 million for the quarter ended March 31, 2018, compared with $13.6 million for the quarter ended March 31, 2017.
- Non-GAAP (1) operating income was $37.2 million for the quarter ended March 31, 2018, excluding $15.0 million for stock-based compensation expense, $0.3 million for the amortization of acquisition-related intangible assets and $0.1 million for deferred compensation plan income, compared with $26.5 million for the quarter ended March 31, 2017, excluding $11.7 million for stock-based compensation expense, $0.5 million for the amortization of acquisition-related intangible assets and $0.8 million for deferred compensation plan expense.
- GAAP interest and other income, net was $0.4 million for the quarter ended March 31, 2018, compared with $1.4 million for the quarter ended March 31, 2017.
- Non-GAAP (1) interest and other income, net was $0.6 million for the quarter ended March 31, 2018, excluding $0.2 million for deferred compensation plan expense, compared with $0.6 million for the quarter ended March 31, 2017, excluding $0.7 million for deferred compensation plan income.
- GAAP income before income taxes was $22.5 million for the quarter ended March 31, 2018, compared with $15.0 million for the quarter ended March 31, 2017.
- Non-GAAP (1) income before income taxes was $37.8 million for the quarter ended March 31, 2018, excluding $15.0 million for stock-based compensation expense and $0.3 million for the amortization of acquisition-related intangible assets, compared with $27.2 million for the quarter ended March 31, 2017, excluding $11.7 million for stock-based compensation expense and $0.5 million for the amortization of acquisition-related intangible assets.
- GAAP net income was $21.9 million and GAAP earnings per share were $0.49 per diluted share for the quarter ended March 31, 2018. Comparatively, GAAP net income was $14.5 million and GAAP earnings per share were $0.33 per diluted share for the quarter ended March 31, 2017.
- Non-GAAP (1) net income was $35.0 million and non-GAAP earnings per share were $0.79 per diluted share for the quarter ended March 31, 2018, excluding stock-based compensation expense, amortization of acquisition-related intangible assets, net deferred compensation plan expense and related tax effects, compared with non-GAAP net income of $25.2 million and non-GAAP earnings per share of $0.58 per diluted share for the quarter ended March 31, 2017, excluding stock-based compensation income, amortization of acquisition-related intangible assets, net deferred compensation plan expense and related tax effects.
The following is a summary of revenue by end market for the periods indicated, estimated based on MPS’s assessment of available end market data (in thousands):
Three Months Ended March 31, | |||||||
End Market | 2018 | 2017 | |||||
Consumer | $ | 47,144 | $ | 35,611 | |||
Computing and storage | 30,970 | 20,617 | |||||
Industrial | 17,554 | 15,354 | |||||
Automotive | 17,732 | 12,331 | |||||
Communications | 15,750 | 16,449 | |||||
Total | $ | 129,150 | $ | 100,362 | |||
The following is a summary of revenue by product family for the periods indicated (in thousands):
Three Months Ended March 31, | ||||||||
Product Family | 2018 | 2017 | ||||||
DC to DC | $ | 119,268 | $ | 91,424 | ||||
Lighting Control | 9,882 | 8,938 | ||||||
Total | $ | 129,150 | $ | 100,362 | ||||