SAN JOSE, Calif., Aug. 6, 2013 — (PRNewswire) —  Monolithic Power Systems (MPS) (Nasdaq: MPWR), a leading fabless manufacturer of high-performance analog and mixed-signal semiconductors, today announced financial results for the quarter ended June 30, 2013.

The results for the quarter ended June 30, 2013 are as follows:

• Net revenue was $57.7 million, a 12.1% increase from $51.5 million in the first quarter of 2013 and a 1.5% decrease from $58.6 million in the second quarter of 2012.
• Gross margin was 53.6%, compared with 53.2% in the first quarter of 2013 and 53.2% in the second quarter of 2012.
• GAAP operating expenses were $26.0 million, including $26.3 million for research and development (R&D) and selling, general and administrative (SG&A) expenses, which included $5.0 million for stock-based compensation, and $(0.3) million for litigation benefit. Comparatively, for the quarter ended June 30, 2012, GAAP operating expenses were $24.4 million, including $24.6 million for R&D and SG&A expenses, which included $3.7 million for stock-based compensation, and $(0.2) million for litigation benefit.
• Non-GAAP(1) operating expenses were $21.0 million, excluding $5.0 million for stock-based compensation, compared with $20.7 million, excluding $3.7 million for stock-based compensation, for the quarter ended June 30, 2012.
• GAAP net income was $5.5 million and GAAP earnings per share were $0.14 per diluted share. Comparatively, GAAP net income was $6.6 million and GAAP earnings per share were $0.18 per diluted share for the quarter ended June 30, 2012.
• Non-GAAP(1) net income was $9.3 million and non-GAAP earnings per share were $0.24 per diluted share, excluding stock-based compensation and a one-time cash award and related tax effects, compared with non-GAAP net income of $10.1 million and non-GAAP earnings per share of $0.28 per diluted share, excluding stock-based compensation and related tax effects, for the quarter ended June 30, 2012.

The results for the six months ended June 30, 2013 are as follows:

• Net revenue was $109.2 million, a 0.1% increase from $109.1 million for the six months ended June 30, 2012.
• Gross margin was 53.4%, compared with 52.8% for the six months ended June 30, 2012.
• GAAP operating expenses were $51.1 million, including $51.7 million for R&D and SG&A expenses, which included $9.5 million for stock-based compensation, and $(0.6) million for litigation benefit. Comparatively, for the six months ended June 30, 2012, GAAP operating expenses were $47.6 million, including $47.7 million for R&D and SG&A expenses, which included $6.9 million for stock-based compensation, and $(0.1) million for litigation benefit.
• Non-GAAP(1) operating expenses were $41.5 million, excluding $9.5 million for stock-based compensation, compared with $40.7 million, excluding $6.9 million for stock-based compensation, for the six months ended June 30, 2012.
• GAAP net income was $8.0 million and GAAP earnings per share were $0.21 per diluted share. Comparatively, GAAP net income was $9.6 million and GAAP earnings per share were $0.27 per diluted share for the six months ended June 30, 2012.
• Non-GAAP(1) net income was $15.7 million and non-GAAP earnings per share were $0.41 per diluted share, excluding stock-based compensation and a one-time cash award and related tax effects, compared with non-GAAP net income of $16.3 million and non-GAAP earnings per share of $0.46 per diluted share, excluding stock-based compensation and related tax effects, for the six months ended June 30, 2012.

The following is a summary of revenue by end market for the periods indicated, estimated based on the Company's assessment of available end market data (in millions):

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