KIRKLAND, Wash., Oct. 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 September 30, 2018.

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

• Revenue was $160.0 million for the quarter ended September 30, 2018, a 14.5% increase from $139.8 million for the quarter ended June 30, 2018 and a 24.1% increase from $128.9 million for the quarter ended September 30, 2017.

• GAAP gross margin was 55.6% for the quarter ended September 30, 2018, compared with 55.0% for the quarter ended September 30, 2017.

• Non-GAAP (1) gross margin was 56.1% for the quarter ended September 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 55.7% for the quarter ended September 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 $55.5 million for the quarter ended September 30, 2018, compared with $47.0 million for the quarter ended September 30, 2017.

• Non-GAAP (1) operating expenses were $40.5 million for the quarter ended September 30, 2018, excluding $14.4 million for stock-based compensation expense and $0.7 million for deferred compensation plan expense, compared with $32.9 million for the quarter ended September 30, 2017, excluding $13.5 million for stock-based compensation expense and $0.6 million for deferred compensation plan expense.

• GAAP operating income was $33.5 million for the quarter ended September 30, 2018, compared with $23.8 million for the quarter ended September 30, 2017.

• Non-GAAP (1) operating income was $49.2 million for the quarter ended September 30, 2018, excluding $14.8 million for stock-based compensation expense, $0.2 million for the amortization of acquisition-related intangible assets and $0.7 million for deferred compensation plan expense, compared with $38.9 million for the quarter ended September 30, 2017, excluding $14.0 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 $2.7 million for the quarter ended September 30, 2018, compared with $1.3 million for the quarter ended September 30, 2017.

• Non-GAAP (1) interest and other income, net was $2.0 million for the quarter ended September 30, 2018, excluding $0.7 million for deferred compensation plan income, compared with $0.6 million for the quarter ended September 30, 2017, excluding $0.6 million for deferred compensation plan income.
  
  
• GAAP income before income taxes was $36.2 million for the quarter ended September 30, 2018, compared with $25.1 million for the quarter ended September 30, 2017.
  
  
• Non-GAAP (1) income before income taxes was $51.2 million for the quarter ended September 30, 2018, excluding $14.8 million for stock-based compensation expense, $0.2 million for the amortization of acquisition-related intangible assets and $0.1 million for deferred compensation plan income, compared with $39.5 million for the quarter ended September 30, 2017, excluding $14.0 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 income.
  
  
• GAAP net income was $31.6 million and GAAP earnings per share were $0.71 per diluted share for the quarter ended September 30, 2018. Comparatively, GAAP net income was $23.6 million and GAAP earnings per share were $0.54 per diluted share for the quarter ended September 30, 2017.

• Non-GAAP (1) net income was $47.3 million and non-GAAP earnings per share were $1.06 per diluted share for the quarter ended September 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 $36.6 million and non-GAAP earnings per share of $0.84 per diluted share for the quarter ended September 30, 2017, excluding stock-based compensation income, amortization of acquisition-related intangible assets, net deferred compensation plan income and related tax effects.

The results for the nine months ended September 30, 2018 are as follows:

• Revenue was $428.9 million for the nine months ended September 30, 2018, a 25.6% increase from $341.5 million for the nine months ended September 30, 2017.

• GAAP gross margin was 55.5% for the nine months ended September 30, 2018, compared with 54.8% for the nine months ended September 30, 2017.

• Non-GAAP (1) gross margin was 56.0% for the nine months ended September 30, 2018, excluding the impact of $1.4 million for stock-based compensation expense and $0.6 million for the amortization of acquisition-related intangible assets, compared with 55.6% for the nine months ended September 30, 2017, excluding the impact of $1.3 million for stock-based compensation expense and $1.5 million for the amortization of acquisition-related intangible assets.

• GAAP operating expenses were $157.7 million for the nine months ended September 30, 2018, compared with $134.8 million for the nine months ended September 30, 2017.

• Non-GAAP (1) operating expenses were $112.4 million for the nine months ended September 30, 2018, excluding $44.4 million for stock-based compensation expense and $0.9 million for deferred compensation plan expense, compared with $93.3 million for the nine months ended September 30, 2017, excluding $39.5 million for stock-based compensation expense and $2.0 million for deferred compensation plan expense.

• GAAP operating income was $80.4 million for the nine months ended September 30, 2018, compared with $52.4 million for the nine months ended September 30, 2017.

• Non-GAAP (1) operating income was $127.7 million for the nine months ended September 30, 2018, excluding $45.8 million for stock-based compensation expense, $0.6 million for the amortization of acquisition-related intangible assets and $0.9 million for deferred compensation plan expense, compared with $96.7 million for the nine months ended September 30, 2017, excluding $40.8 million for stock-based compensation expense, $1.5 million for the amortization of acquisition-related intangible assets and $2.0 million for deferred compensation plan expense.

• GAAP interest and other income, net was $5.4 million for the nine months ended September 30, 2018, compared with $3.9 million for the nine months ended September 30, 2017.

• Non-GAAP (1) interest and other income, net was $4.4 million for the nine months ended September 30, 2018, excluding $0.9 million for deferred compensation plan income, compared with $2.0 million for the nine months ended September 30, 2017, excluding $1.9 million for deferred compensation plan income.
  
  
• GAAP income before income taxes was $85.8 million for the nine months ended September 30, 2018, compared with $56.2 million for the nine months ended September 30, 2017.
  
  
• Non-GAAP (1) income before income taxes was $132.2 million for the nine months ended September 30, 2018, excluding $45.8 million for stock-based compensation expense and $0.6 million for the amortization of acquisition-related intangible assets, compared with $98.6 million for the nine months ended September 30, 2017, excluding $40.8 million for stock-based compensation expense, $1.5 million for the amortization of acquisition-related intangible assets, and $0.1 million for deferred compensation plan expense.
  
  
• GAAP net income was $77.6 million and GAAP earnings per share were $1.75 per diluted share for the nine months ended September 30, 2018. Comparatively, GAAP net income was $53.1 million and GAAP earnings per share were $1.22 per diluted share for the nine months ended September 30, 2017.

• Non-GAAP (1) net income was $122.3 million and non-GAAP earnings per share were $2.75 per diluted share for the nine months ended September 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 $91.2 million and non-GAAP earnings per share of $2.10 per diluted share for the nine months ended September 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):

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