(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, 2014.

The results for the quarter ended June 30, 2014 are as follows:

• Net revenue was $68.4 million, a 13.9% increase from $60.1 million in the first quarter of 2014 and an 18.6% increase from $57.7 million in the second quarter of 2013.
• GAAP gross margin was 54.2%, which included the impact of $0.2 million for stock-based compensation expenses, compared with 53.6% in the second quarter of 2013, which included the impact of $0.1 million for stock-based compensation expenses.
• Non-GAAP gross margin(1) was 54.5%, which excluded the impact of $0.2 million for stock-based compensation expenses, compared with 53.8% in the second quarter of 2013, which excluded the impact of $0.1 million for stock-based compensation expenses.
• GAAP operating expenses were $30.5 million, including $30.2 million for research and development (R&D) and selling, general and administrative (SG&A) expenses, which included $8.7 million for stock-based compensation expenses and acquisition-related expenses, and $0.3 million for litigation expenses. Comparatively, for the quarter ended June 30, 2013, GAAP operating expenses were $26.0 million, including $26.3 million for R&D and SG&A expenses, which included $5.0 million for stock-based compensation expenses, and $(0.3) million for litigation benefit.
• Non-GAAP(1) operating expenses were $21.8 million, excluding $8.7 million for stock-based compensation expenses and acquisition-related expenses, compared with $21.0 million, excluding $5.0 million for stock-based compensation expenses, for the quarter ended June 30, 2013.
• GAAP net income was $6.4 million and GAAP earnings per share were $0.16 per diluted share. Comparatively, GAAP net income was $5.5 million and GAAP earnings per share were $0.14 per diluted share for the quarter ended June 30, 2013.
• Non-GAAP(1) net income was $14.6 million and non-GAAP earnings per share were $0.37 per diluted share, excluding stock-based compensation expenses, acquisition-related expenses and related tax effects, compared with non-GAAP net income of $9.3 million and non-GAAP earnings per share of $0.24 per diluted share, excluding stock-based compensation expenses, a one-time cash award and related tax effects, for the quarter ended June 30, 2013.

The results for the six months ended June 30, 2014 are as follows:

• Net revenue was $128.5 million, a 17.7% increase from $109.2 million for the six months ended June 30, 2013.
• GAAP gross margin was 53.9%, which included the impact of $0.4 million for stock-based compensation expenses, compared with 53.4% for the six months ended June 30, 2013, which included the impact of $0.3 million for stock-based compensation expenses.
• Non-GAAP gross margin(1) was 54.2%, which excluded the impact of $0.4 million for stock-based compensation expenses, compared with 53.7% for the six months ended June 30, 2013, which excluded the impact of $0.3 million for stock-based compensation expenses.
• GAAP operating expenses were $53.5 million, including $61.9 million for R&D and SG&A expenses, which included $16.1 million for stock-based compensation expenses and acquisition-related expenses, and $(8.4) million for litigation benefit. Comparatively, for the six months ended June 30, 2013, 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 expenses, and $(0.6) million for litigation benefit.
• Non-GAAP(1) operating expenses were $37.4 million, excluding $16.1 million for stock-based compensation expenses and acquisition-related expenses, compared with $41.6 million, excluding $9.5 million for stock-based compensation expenses, for the six months ended June 30, 2013.
• GAAP net income was $15.4 million and GAAP earnings per share were $0.39 per diluted share. Comparatively, GAAP net income was $8.0 million and GAAP earnings per share were $0.21 per diluted share for the six months ended June 30, 2013.
• Non-GAAP(1) net income was $30.2 million and non-GAAP earnings per share were $0.76 per diluted share, excluding stock-based compensation expenses, acquisition-related expenses and related tax effects, compared with non-GAAP net income of $15.7 million and non-GAAP earnings per share of $0.41 per diluted share, excluding stock-based compensation expenses, a one-time cash award and related tax effects, for the six months ended June 30, 2013.

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):