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Monolithic Power Systems Announces Results for the First Quarter Ended March 31, 2016

SAN JOSE, Calif., May 2, 2016 /PRNewswire/ -- Monolithic Power Systems, Inc. (MPS) MPWR, +1.75% a leading company in high performance power solutions, today 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.
  • Non-GAAP gross margin(1) was 55.0%, excluding the impact of $0.4 million for stock-based compensation expense and $0.5 million for the amortization of acquisition-related intangible assets, compared with 54.8% in the first quarter of 2015, excluding the impact of $0.2 million for stock-based compensation expense and $0.4 million for the amortization of acquisition-related intangible assets.
  • GAAP operating expenses were $35.1 million compared with $33.8 million for the quarter ended March 31, 2015.
  • Non-GAAP(1) operating expenses were $26.4 million, excluding $8.5 million for stock-based compensation expense and $0.2 million for deferred compensation plan expense, compared with $24.7 million, excluding $9.0 million for stock-based compensation expense and $0.1 million for deferred compensation plan expense, 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.
  • Non-GAAP(1) operating income was $20.0 million, excluding $9.0 million for stock-based compensation expense, $0.5 million for the amortization of acquisition-related intangible assets and $0.1 million for deferred compensation plan expense, compared with $15.6 million, excluding $9.2 million for stock-based compensation expense, $0.4 million for the amortization of acquisition-related intangible assets and $0.1 million for deferred compensation plan expense, for the quarter ended March 31, 2015.
  • Interest and other income, net was $0.5 million compared with $0.6 million for the quarter ended March 31, 2015.
  • Non-GAAP(1) interest and other income, net was $0.2 million, excluding $0.3 million for deferred compensation plan income, compared with $0.5 million, excluding $0.1 million for deferred compensation plan income, 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.
  • Non-GAAP(1) net income was $18.7 million and non-GAAP earnings per share were $0.45 per diluted share, excluding stock-based compensation expense, amortization of acquisition-related intangible assets, net deferred compensation plan income and related tax effects, compared with non-GAAP net income of $14.9 million and non-GAAP earnings per share of $0.37 per diluted share, excluding stock-based compensation expense, amortization of acquisition-related intangible assets, net deferred compensation plan expense and related tax effects, for the quarter ended March 31, 2015.

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 millions):








Three Months Ended March 31,

End Market


2016


2015

Communication


$ 16.9


$ 17.3

Storage and Computing


15.4


11.4

Consumer


33.8


31.5

Industrial


18.4


13.3

Total


$ 84.5


$ 73.5

The following is a summary of revenue by product family for the periods indicated (in millions):



Three Months Ended March 31,

Product Family


2016


2015

DC to DC


$ 77.1


$ 66.3

Lighting Control


7.4


7.2

Total


$ 84.5


$ 73.5

"We continue to grow, we continue to invest, and we continue to enhance shareholder value," said Michael Hsing, CEO and founder of MPS.

Business Outlook

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%. Non-GAAP(1) gross margin between 54.6% and 55.6%. This excludes an estimated impact of stock-based compensation expenses of 0.4% and amortization of acquisition-related intangible assets of 0.6%.
  • GAAP R&D and SG&A expenses between $36.1 million and $40.1 million. Non-GAAP(1) R&D and SG&A expenses between $26.1 million and $28.1 million. This excludes an estimate of stock-based compensation expenses in the range of $10.0 million to $12.0 million.
  • Total stock-based compensation expense of $10.4 million to $12.4 million.
  • Litigation expenses of $100,000 to $200,000.
  • Interest and other income of $200,000 to $300,000 before foreign exchange gains or losses.
  • Fully diluted shares outstanding between 41.2 million and 42.2 million before shares buyback.

(1) Non-GAAP net income, non-GAAP earnings per share, non-GAAP gross margin, non-GAAP R&D and SG&A expenses, non-GAAP operating expenses, non-GAAP interest and other income and non-GAAP operating income differ from net income, earnings per share, gross margin, R&D and SG&A expenses, operating expenses, interest and other income and operating income determined in accordance with GAAP (Generally Accepted Accounting Principles in the United States). Non-GAAP net income and non-GAAP earnings per share exclude the effect of stock-based compensation expense, amortization of acquisition-related intangible assets, deferred compensation plan income/expense and related tax effects. Non-GAAP gross margin exclude the effect of stock-based compensation expense and amortization of acquisition-related intangible assets. Non-GAAP operating expenses exclude the effect of stock-based compensation expense and deferred compensation plan income/expense. Non-GAAP interest and other income exclude the effect of deferred compensation plan income/expense. Non-GAAP operating income excludes the effect of stock-based compensation expense, amortization of acquisition-related intangible assets, and deferred compensation plan...


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