The results for the quarter ended March 31, 2014 are as follows:
- Net revenue was $60.1 million, a 5.5% decrease from $63.6 million in the fourth quarter of 2013 and a 16.7% increase from $51.5 million in the first quarter of 2013.
- GAAP gross margin was 53.4%, compared with 53.2% in the first quarter of 2013, which included $0.2 million for stock-based compensation expenses for both periods.
- Non-GAAP gross margin(1) was 53.8%, compared with 53.5% in the first quarter of 2013, which excluded $0.2 million for stock-based compensation expenses for both periods.
- GAAP operating expenses were $23.0 million, including $31.7 million for research and development (R&D) and selling, general and administrative (SG&A) expenses, which included $7.4 million for stock-based compensation and deferred compensation plan expenses, and $(8.7) million for litigation benefit. Comparatively, for the quarter ended March 31, 2013, GAAP operating expenses were $25.1 million, including $25.4 million for R&D and SG&A expenses, which included $4.5 million for stock-based compensation expenses, and $(0.3) million for litigation benefit.
- For the quarter ended March 31, 2014, MPS recognized a $9.0 million net litigation benefit from the settlement of the O2 Micro lawsuit. In conjunction with the recognition of this benefit, MPS recorded a one-time special non-executive employee bonus accrual of $3.1 million, of which $0.3 million was recorded in cost of revenue and $2.8 million was recorded in operating expenses.
- Non-GAAP(1) operating expenses were $15.6 million, excluding $7.4 million for stock-based compensation and deferred compensation plan expenses, compared with $20.6 million, excluding $4.5 million for stock-based compensation expenses, for the quarter ended March 31, 2013.
- GAAP net income was $9.0 million and GAAP earnings per share were $0.23 per diluted share. Comparatively, GAAP net income was $2.5 million and GAAP earnings per share were $0.07 per diluted share for the quarter ended March 31, 2013.
- Non-GAAP(1) net income was $15.6 million and non-GAAP earnings per share were $0.39 per diluted share, excluding stock-based compensation expenses, net deferred compensation plan income and related tax effects, compared with non-GAAP net income of $6.4 million and non-GAAP earnings per share of $0.17 per diluted share, excluding stock-based compensation expenses and related tax effects, for the quarter ended March 31, 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):
|
|
|
Three Months Ended March 31, | ||
|
End Market |
|
2014 |
|
2013 |
|
Communication |
|
$ 13.6 |
|
$ 13.3 |
|
Storage and Computing |
|
10.6 |
|
12.2 |
|
Consumer |
|
26.1 |
|
18.8 |
|
Industrial |
|
9.8 |
|
7.2 |
|
Total |
|
$ 60.1 |
|
$ 51.5 |
The following is a summary of revenue by product family for the periods indicated (in millions):
|
|
|
Three Months Ended March 31, | ||
|
Product Family |
|
2014 |
|
2013 |
|
DC to DC |
|
$ 54.0 |
|
$ 46.5 |
|
Lighting Control |
|
6.1 |
|
5.0 |
|
Total |
|
$ 60.1 |
|
$ 51.5 |
