The results for the quarter ended March 31, 2015 are as follows:
- Net revenue was $73.5 million, a 2.9% decrease from $75.7 million in the fourth quarter of 2014 and a 22.4% increase from $60.1 million in the first quarter of 2014.
- GAAP gross margin was 54.0%, which included the impact of $0.2 million for stock-based compensation expense and $0.4 million for the amortization of acquisition-related intangible assets, compared with 53.4% in the first quarter of 2014, which included the impact of $0.2 million for stock-based compensation expense.
- Non-GAAP gross margin(1) was 54.8%, which excluded the impact of $0.2 million for stock-based compensation expense and $0.4 million for the amortization of acquisition-related intangible assets, compared with 53.8% in the first quarter of 2014, which excluded the impact of $0.2 million for stock-based compensation expense.
- GAAP operating expenses were $33.8 million, including $33.5 million for research and development (R&D) and selling, general and administrative (SG&A) expenses, which included $9.0 million for stock-based compensation expense and $0.1 million of deferred compensation plan expense, and $0.3 million for litigation expenses. Comparatively, for the quarter ended March 31, 2014, GAAP operating expenses were $23.0 million, including $31.7 million for R&D and SG&A expense, which included $7.4 million for stock-based compensation expense, and a $(8.7) million net litigation benefit. For the quarter ended March 31, 2014, MPS recognized a one-time $9.5 million litigation benefit from the settlement of the O2 Micro lawsuit.
- Non-GAAP(1) operating expenses were $24.7 million, excluding $9.0 million for stock-based compensation expense and $0.1 million of deferred compensation plan expense, compared with $15.6 million, excluding $7.4 million for stock-based compensation expense, for the quarter ended March 31, 2014.
- GAAP net income was $6.0 million and GAAP earnings per share were $0.15 per diluted share. Comparatively, GAAP net income was $9.0 million and GAAP earnings per share were $0.23 per diluted share for the quarter ended March 31, 2014.
- Non-GAAP(1) net income was $14.9 million and non-GAAP earnings per share were $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, compared with non-GAAP net income of $15.6 million and non-GAAP earnings per share of $0.39 per diluted share, excluding stock-based compensation expense, net deferred compensation plan income and related tax effects, for the quarter ended March 31, 2014.
The following is a summary of revenue by end market for the periods indicated, estimated based on the Company's assessment of available end market data (in millions):
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Three Months Ended March 31, | ||
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End Market |
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2015 |
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2014 |
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Communication |
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$ 17.3 |
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$ 13.6 |
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Storage and Computing |
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11.4 |
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10.6 |
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Consumer |
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31.5 |
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26.1 |
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Industrial |
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13.3 |
|
9.8 |
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Total |
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$ 73.5 |
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$ 60.1 |
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The following is a summary of revenue by product family for the periods indicated (in millions):
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Three Months Ended March 31, | ||
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Product Family |
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2015 |
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2014 |
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DC to DC |
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$ 66.3 |
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$ 54.0 |
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Lighting Control |
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7.2 |
|
6.1 |
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Total |
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$ 73.5 |
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$ 60.1 |
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