SAN JOSE, Calif., July 25, 2018 (GLOBE NEWSWIRE) -- Monolithic Power Systems, Inc. (MPS) (Nasdaq:MPWR), a leading company in high performance analog solutions, today announced financial results for the quarter ended June 30, 2018.

The results for the quarter ended June 30, 2018 are as follows:

• Revenue was $139.8 million for the quarter ended June 30, 2018, an 8.2% increase from $129.2 million for the quarter ended March 31, 2018 and a 24.6% increase from $112.2 million for the quarter ended June 30, 2017.
• GAAP gross margin was 55.5% for the quarter ended June 30, 2018, compared with 54.7% for the quarter ended June 30, 2017.
• Non-GAAP (1) gross margin was 56.0% for the quarter ended June 30, 2018, excluding the impact of $0.5 million for stock-based compensation expense and $0.2 million for the amortization of acquisition-related intangible assets, compared with 55.6% for the quarter ended June 30, 2017, excluding the impact of $0.5 million for stock-based compensation expense and $0.5 million for the amortization of acquisition-related intangible assets.
• GAAP operating expenses were $52.7 million for the quarter ended June 30, 2018, compared with $46.5 million for the quarter ended June 30, 2017.
• Non-GAAP (1) operating expenses were $36.9 million for the quarter ended June 30, 2018, excluding $15.4 million for stock-based compensation expense and $0.4 million for deferred compensation plan expense, compared with $31.2 million for the quarter ended June 30, 2017, excluding $14.7 million for stock-based compensation expense and $0.6 million for deferred compensation plan expense.
• GAAP operating income was $24.9 million for the quarter ended June 30, 2018, compared with $15.0 million for the quarter ended June 30, 2017.
• Non-GAAP (1) operating income was $41.4 million for the quarter ended June 30, 2018, excluding $15.9 million for stock-based compensation expense, $0.2 million for the amortization of acquisition-related intangible assets and $0.4 million for deferred compensation plan expense, compared with $31.2 million for the quarter ended June 30, 2017, excluding $15.1 million for stock-based compensation expense, $0.5 million for the amortization of acquisition-related intangible assets and $0.6 million for deferred compensation plan expense.
• GAAP interest and other income, net was $2.2 million for the quarter ended June 30, 2018, compared with $1.2 million for the quarter ended June 30, 2017.
• Non-GAAP (1) interest and other income, net was $1.8 million for the quarter ended June 30, 2018, excluding $0.4 million for deferred compensation plan income, compared with $0.7 million for the quarter ended June 30, 2017, excluding $0.5 million for deferred compensation plan income.
• GAAP income before income taxes was $27.1 million for the quarter ended June 30, 2018, compared with $16.2 million for the quarter ended June 30, 2017.  
• Non-GAAP (1) income before income taxes was $43.2 million for the quarter ended June 30, 2018, excluding $15.9 million for stock-based compensation expense and $0.2 million for the amortization of acquisition-related intangible assets, compared with $31.9 million for the quarter ended June 30, 2017, excluding $15.1 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.  
• GAAP net income was $24.2 million and GAAP earnings per share were $0.55 per diluted share for the quarter ended June 30, 2018. Comparatively, GAAP net income was $15.0 million and GAAP earnings per share were $0.35 per diluted share for the quarter ended June 30, 2017.
• Non-GAAP (1) net income was $40.0 million and non-GAAP earnings per share were $0.90 per diluted share for the quarter ended June 30, 2018, 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 $29.5 million and non-GAAP earnings per share of $0.68 per diluted share for the quarter ended June 30, 2017, excluding stock-based compensation income, amortization of acquisition-related intangible assets, net deferred compensation plan expense and related tax effects.

The results for the six months ended June 30, 2018 are as follows:

• Revenue was $268.9 million for the six months ended June 30, 2018, a 26.5% increase from $212.6 million for the six months ended June 30, 2017.
• GAAP gross margin was 55.4% for the six months ended June 30, 2018, compared with 54.7% for the six months ended June 30, 2017.
• Non-GAAP (1) gross margin was 55.9% for the six months ended June 30, 2018, excluding the impact of $0.9 million for stock-based compensation expense and $0.4 million for the amortization of acquisition-related intangible assets, compared with 55.6% for the six months ended June 30, 2017, excluding the impact of $0.8 million for stock-based compensation expense and $1.0 million for the amortization of acquisition-related intangible assets.
• GAAP operating expenses were $102.1 million for the six months ended June 30, 2018, compared with $87.7 million for the six months ended June 30, 2017.
• Non-GAAP (1) operating expenses were $71.9 million for the six months ended June 30, 2018, excluding $30.0 million for stock-based compensation expense and $0.3 million for deferred compensation plan expense, compared with $60.3 million for the six months ended June 30, 2017, excluding $26.0 million for stock-based compensation expense and $1.4 million for deferred compensation plan expense.
• GAAP operating income was $46.9 million for the six months ended June 30, 2018, compared with $28.5 million for the six months ended June 30, 2017.
• Non-GAAP (1) operating income was $78.6 million for the six months ended June 30, 2018, excluding $30.9 million for stock-based compensation expense, $0.4 million for the amortization of acquisition-related intangible assets and $0.3 million for deferred compensation plan expense, compared with $57.8 million for the six months ended June 30, 2017, excluding $26.8 million for stock-based compensation expense, $1.0 million for the amortization of acquisition-related intangible assets and $1.4 million for deferred compensation plan expense.
• GAAP interest and other income, net was $2.7 million for the six months ended June 30, 2018, compared with $2.6 million for the six months ended June 30, 2017.
• Non-GAAP (1) interest and other income, net was $2.4 million for the six months ended June 30, 2018, excluding $0.2 million for deferred compensation plan income, compared with $1.4 million for the six months ended June 30, 2017, excluding $1.3 million for deferred compensation plan income.
• GAAP income before income taxes was $49.6 million for the six months ended June 30, 2018, compared with $31.2 million for the six months ended June 30, 2017.  
• Non-GAAP (1) income before income taxes was $81.0 million for the six months ended June 30, 2018, excluding $30.9 million for stock-based compensation expense and $0.4 million for the amortization of acquisition-related intangible assets, compared with $59.1 million for the six months ended June 30, 2017, excluding $26.8 million for stock-based compensation expense, $1.0 million for the amortization of acquisition-related intangible assets, and $0.1 million for deferred compensation plan expense.  
• GAAP net income was $46.1 million and GAAP earnings per share were $1.04 per diluted share for the six months ended June 30, 2018. Comparatively, GAAP net income was $29.5 million and GAAP earnings per share were $0.68 per diluted share for the six months ended June 30, 2017.
• Non-GAAP (1) net income was $74.9 million and non-GAAP earnings per share were $1.69 per diluted share for the six months ended June 30, 2018, 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 $54.7 million and non-GAAP earnings per share of $1.26 per diluted share for the six months ended June 30, 2017, excluding stock-based compensation income, amortization of acquisition-related intangible assets, net deferred compensation plan expense and related tax effects.

The following is a summary of revenue by end market for the periods indicated (in thousands):