SAN JOSE, Calif., July 25, 2016 (GLOBE NEWSWIRE) -- Monolithic Power Systems, Inc. (MPS) (Nasdaq:MPWR), a leading company in high performance power solutions, today announced financial results for the quarter and six months ended June 30, 2016.

The results for the quarter ended June 30, 2016 are as follows:

• Revenue was $94.1 million, an 11.3% increase from $84.5 million in the first quarter of 2016 and a 15.6% increase from $81.4 million in the second quarter of 2015.
• GAAP gross margin was 54.1% compared with 54.2% in the second quarter of 2015.
• Non-GAAP gross margin(1) was 55.1%, excluding the impact of $0.4 million for stock-based compensation expense and $0.5 million for the amortization of acquisition-related intangible assets, compared with 55.0% in the second quarter of 2015, excluding the impact of $0.3 million for stock-based compensation expense and $0.4 million for the amortization of acquisition-related intangible assets.
• GAAP operating expenses were $39.4 million compared with $34.0 million for the quarter ended June 30, 2015.
• Non-GAAP(1) operating expenses were $27.7 million, excluding $11.4 million for stock-based compensation expense and $0.3 million for deferred compensation plan expense, compared with $25.0 million, excluding $9.2 million for stock-based compensation expense and $0.2 million for deferred compensation plan income, for the quarter ended June 30, 2015.
• GAAP operating income was $11.5 million compared with $10.1 million for the quarter ended June 30, 2015.
• Non-GAAP(1) operating income was $24.1 million, excluding $11.8 million for stock-based compensation expense, $0.5 million for the amortization of acquisition-related intangible assets and $0.3 million for deferred compensation plan expense, compared with $19.8 million, excluding $9.5 million for stock-based compensation expense, $0.4 million for the amortization of acquisition-related intangible assets and $0.2 million for deferred compensation plan income, for the quarter ended June 30, 2015.
• Interest and other income, net was $0.6 million compared with $0.2 million for the quarter ended June 30, 2015.
• Non-GAAP(1) interest and other income, net was $0.3 million, excluding $0.3 million for deferred compensation plan income, compared with $0.4 million, excluding $0.2 million for deferred compensation plan expense, for the quarter ended June 30, 2015.
• GAAP net income was $11.2 million and GAAP earnings per share were $0.27 per diluted share. Comparatively, GAAP net income was $7.9 million and GAAP earnings per share were $0.19 per diluted share for the quarter ended June 30, 2015.
• Non-GAAP(1) net income was $22.6 million and non-GAAP earnings per share were $0.54 per diluted share, 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 $18.8 million and non-GAAP earnings per share of $0.46 per diluted share, excluding stock-based compensation expense, amortization of acquisition-related intangible assets, net deferred compensation plan expense and related tax effects, for the quarter ended June 30, 2015.

The results for the six months ended June 30, 2016 are as follows:

• Revenue was $178.6 million, a 15.3% increase from $155.0 million for the six months ended June 30, 2015.
• GAAP gross margin was 54.0% compared with 54.1% for the six months ended June 30, 2015.
• Non-GAAP gross margin(1) was 55.0%, excluding the impact of $0.8 million for stock-based compensation expense and $1.0 million for the amortization of acquisition-related intangible assets, compared with 54.9% for the six months ended June 30, 2015, excluding the impact of $0.5 million for stock-based compensation expense and $0.7 million for the amortization of acquisition-related intangible assets.
• GAAP operating expenses were $74.5 million compared with $67.8 million for the six months ended June 30, 2015.
• Non-GAAP(1) operating expenses were $54.2 million, excluding $19.9 million for stock-based compensation expense and $0.4 million for deferred compensation plan expense, compared with $49.6 million, excluding $18.2 million for stock-based compensation expense, for the six months ended June 30, 2015.
• GAAP operating income was $21.9 million compared with $16.0 million for the six months ended June 30, 2015.
• Non-GAAP(1) operating income was $44.1 million, excluding $20.8 million for stock-based compensation expense, $1.0 million for the amortization of acquisition-related intangible assets and $0.4 million for deferred compensation plan expense, compared with $35.4 million, excluding $18.7 million for stock-based compensation expense and $0.7 million for the amortization of acquisition-related intangible assets, for the six months ended June 30, 2015.
• Interest and other income, net was $1.1 million compared with $0.9 million for the six months ended June 30, 2015.
• Non-GAAP(1) interest and other income, net was $0.5 million, excluding $0.6 million for deferred compensation plan income, compared with $1.0 million, excluding $0.1 million for deferred compensation plan expense, for the six months ended June 30, 2015.
• GAAP net income was $21.8 million and GAAP earnings per share were $0.52 per diluted share. Comparatively, GAAP net income was $13.9 million and GAAP earnings per share were $0.34 per diluted share for the six months ended June 30, 2015.
• Non-GAAP(1) net income was $41.3 million and non-GAAP earnings per share were $0.99 per diluted share, 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 $33.7 million and non-GAAP earnings per share of $0.83 per diluted share, excluding stock-based compensation expense, amortization of acquisition-related intangible assets, net deferred compensation plan expense and related tax effects, for the six months ended June 30, 2015.

The following is a summary of revenue by end market for the periods indicated, estimated based on MPS’s assessment of available end market data (in millions):