Monolithic Power Systems Announces Results for the Third Quarter Ended September 30, 2013

 


 

Condensed Consolidated Statement of Operations
(Unaudited, in thousands, except per share amounts)






Three months ended September 30,


Nine months ended September 30,


2013


2012


2013


2012

















Revenue 

$ 65,347


$ 56,508


$ 174,531


$ 165,599

Cost of revenue (1)

30,053


26,495


80,924


78,004









Gross profit 

35,294


30,013


93,607


87,595

Operating expenses:








  Research and development (1)

12,643


11,967


37,246


35,553

  Selling, general and administrative (1)

13,891


11,955


40,941


36,088

  Litigation expense (benefit)

104


(229)


(455)


(345)









          Total operating expenses 

26,638


23,693


77,732


71,296









Income from operations 

8,656


6,320


15,875


16,299

Interest and other income (expense), net

(59)


156


149


621









Income before income taxes 

8,597


6,476


16,024


16,920

Income tax provision 

1,187


555


625


1,412









Net income 

$   7,410


$   5,921


$   15,399


$   15,508









Basic net income per share 

$     0.20


$     0.17


$       0.42


$       0.45

Diluted net income per share 

$     0.19


$     0.16


$       0.40


$       0.43

Weighted average common shares outstanding:








          Basic

37,910


35,145


37,079


34,677

          Diluted

39,009


36,438


38,419


36,008









(1) Includes stock-based compensation expense as follows:








              Cost of revenue

$      163


$      112


$        465


$        325

          Research and development

1,491


1,465


4,557


4,255

          Selling, general and administrative

3,577


2,605


10,059


6,746

        Total stock-based compensation expense

$   5,231


$   4,182


$   15,081


$   11,326









RECONCILIATION OF NET INCOME TO NON-GAAP NET INCOME

(Unaudited, in thousands, except per share amounts)



Three months ended September 30,


Nine months ended September 30,


2013


2012


2013


2012









Net income 

$   7,410


$   5,921


$   15,399


$   15,508

   Net income as a percentage of revenue

11.3%


10.5%


8.8%


9.4%









Adjustments to reconcile net income to non-GAAP net income:








    Stock-based compensation

$   5,231


$   4,182


$   15,081


$   11,326

     Deferred compensation plan expense

9


-


9


-

    Cash award 

-


-


(266)


-

    Tax effect 

149


(244)


(1,689)


(706)

    Non-GAAP net income

$ 12,799


$   9,859


$   28,534


$   26,128

        Non-GAAP net income as a percentage of revenue

19.6%


17.4%


16.3%


15.8%









Non-GAAP earnings per share





    Basic

$     0.34


$     0.28


$       0.77


$       0.75

    Diluted

$     0.33


$     0.27


$       0.74


$       0.73









Shares used in the calculation of non-GAAP earnings per share:








    Basic

37,910


35,145


37,079


34,677

    Diluted

39,009


36,438


38,419


36,008

















RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES

(Unaudited, in thousands)



Three months ended September 30,


Nine months ended September 30,


2013


2012


2013


2012









Total operating expenses

$ 26,638


$ 23,693


$   77,732


$   71,296

















Adjustments to reconcile total operating expenses to non-GAAP total operating expenses:





    Stock-based compensation

$ (5,068)


$ (4,070)


$ (14,616)


$ (11,001)

    Deferred compensation plan expense

(3)


-


(3)


-

    Non-GAAP operating expenses

$ 21,567


$ 19,623


$   63,113


$   60,295

















RECONCILIATION OF OPERATING INCOME TO NON-GAAP OPERATING INCOME

(Unaudited, in thousands)



Three months ended September 30,


Nine months ended September 30,


2013


2012


2013


2012









Total operating income

$   8,656


$   6,320


$   15,875


$   16,299

   Operating income as a percentage of revenue

13.2%


11.2%


9.1%


9.8%









Adjustments to reconcile total operating income to non-GAAP total operating income:





    Stock-based compensation

$   5,231


$   4,182


$   15,081


$   11,326

    Deferred compensation plan expense

3


-


3


-

    Non-GAAP operating income

$ 13,890


$ 10,502


$   30,959


$   27,625

       Non-GAAP operating income as a percentage of revenue

21.3%


18.6%


17.7%


16.7%










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