KIRKLAND, Wash., Oct. 22, 2019 (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, 2019.

The financial results for the quarter ended September 30, 2019 are as follows:

• Revenue was $168.8 million for the quarter ended September 30, 2019, an 11.8% increase from $151.0 million for the quarter ended June 30, 2019 and a 5.5% increase from $160.0 million for the quarter ended September 30, 2018.
  
  
• GAAP gross margin was 55.2% for the quarter ended September 30, 2019, compared with 55.6% for the quarter ended September 30, 2018.
  
  
• Non-GAAP (1) gross margin was 55.6% for the quarter ended September 30, 2019, excluding the impact of $0.6 million for stock-based compensation expense, compared with 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.
  
  
• GAAP operating expenses were $63.1 million for the quarter ended September 30, 2019, compared with $55.5 million for the quarter ended September 30, 2018.
  
  
• Non-GAAP (1) operating expenses were $42.5 million for the quarter ended September 30, 2019, excluding $20.7 million for stock-based compensation expense, compared with $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.
  
  
• GAAP operating income was $30.0 million for the quarter ended September 30, 2019, compared with $33.5 million for the quarter ended September 30, 2018.
  
  
• Non-GAAP (1) operating income was $51.4 million for the quarter ended September 30, 2019, excluding $21.3 million for stock-based compensation expense, compared with $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.
  
  
• GAAP interest and other income, net was $2.3 million for the quarter ended September 30, 2019, compared with $2.7 million for the quarter ended September 30, 2018.
  
  
• Non-GAAP (1) interest and other income, net was $2.2 million for the quarter ended September 30, 2019, excluding $0.1 million for deferred compensation plan income, compared with $2.0 million for the quarter ended September 30, 2018, excluding $0.7 million for deferred compensation plan income.
  
  
• GAAP income before income taxes was $32.3 million for the quarter ended September 30, 2019, compared with $36.2 million for the quarter ended September 30, 2018.
  
  
• Non-GAAP (1) income before income taxes was $53.5 million for the quarter ended September 30, 2019, excluding $21.3 million for stock-based compensation expense and $0.1 million for deferred compensation plan income, compared with $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.
  
  
• GAAP net income was $29.5 million and GAAP earnings per share were $0.64 per diluted share for the quarter ended September 30, 2019. Comparatively, 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.
  
  
• Non-GAAP (1) net income was $49.5 million and non-GAAP earnings per share were $1.08 per diluted share for the quarter ended September 30, 2019, 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 $47.3 million and non-GAAP earnings per share of $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.

The financial results for the nine months ended September 30, 2019 are as follows:

• Revenue was $461.2 million for the nine months ended September 30, 2019, a 7.5% increase from $428.9 million for the nine months ended September 30, 2018.
  
  
• GAAP gross margin was 55.2% for the nine months ended September 30, 2019, compared with 55.5% for the nine months ended September 30, 2018.
  
  
• Non-GAAP (1) gross margin was 55.6% for the nine months ended September 30, 2019, excluding the impact of $1.8 million for stock-based compensation expense and $0.1 million for the amortization of acquisition-related intangible assets, compared with 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.
  
  
• GAAP operating expenses were $182.5 million for the nine months ended September 30, 2019, compared with $157.7 million for the nine months ended September 30, 2018.
  
  
• Non-GAAP (1) operating expenses were $121.8 million for the nine months ended September 30, 2019, excluding $58.2 million for stock-based compensation expense and $2.6 million for deferred compensation plan expense, compared with $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.
  
  
• GAAP operating income was $71.9 million for the nine months ended September 30, 2019, compared with $80.4 million for the nine months ended September 30, 2018.
  
  
• Non-GAAP (1) operating income was $134.6 million for the nine months ended September 30, 2019, excluding $60.0 million for stock-based compensation expense, $0.1 million for the amortization of acquisition-related intangible assets and $2.6 million for deferred compensation plan expense, compared with $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.
  
  
• GAAP interest and other income, net was $7.8 million for the nine months ended September 30, 2019, compared with $5.4 million for the nine months ended September 30, 2018.
  
  
• Non-GAAP (1) interest and other income, net was $5.2 million for the nine months ended September 30, 2019, excluding $2.6 million for deferred compensation plan income, compared with $4.4 million for the nine months ended September 30, 2018, excluding $0.9 million for deferred compensation plan income.
  
  
• GAAP income before income taxes was $79.7 million for the nine months ended September 30, 2019, compared with $85.8 million for the nine months ended September 30, 2018.
  
  
• Non-GAAP (1) income before income taxes was $139.8 million for the nine months ended September 30, 2019, excluding $60.0 million for stock-based compensation expense and $0.1 million for the amortization of acquisition-related intangible assets, compared with $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.
  
  
• GAAP net income was $76.4 million and GAAP earnings per share were $1.68 per diluted share for the nine months ended September 30, 2019. Comparatively, 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.
  
  
• Non-GAAP (1) net income was $129.3 million and non-GAAP earnings per share were $2.84 per diluted share for the nine months ended September 30, 2019, 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 $122.3 million and non-GAAP earnings per share of $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.

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):