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» Monolithic Power Systems, Inc. Q1 2010 Earnings Call Transcript
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» Monolithic Power Systems, Inc. Q3 2009 Earnings Call Transcript
Forward-looking statements are not historical facts or guarantees of future performance or events and are based on current expectations, estimates, beliefs, assumption, goals and objectives and involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from the results expressed or implied by these statements.Risks, uncertainties and other factors that could cause actual results to differ are identified in our SEC filings, including but not limited to, our Form 10-K filed on April 29 th, 2010 which is accessible through our website, www.monolithicpower.com. MPS assumes no obligation to update the information provided on today's call. We will be discussing operating expense and net income on both a GAAP and a non-GAAP basis. These non-GAAP financial measures exclude charges related to stock-based compensation and in the case of net income, their related tax effects. We will also discuss our expected non-GAAP research and development and selling, general and administrative expense for the third quarter of 2010, which excludes our expected charges related to stock-based compensation. A table that outlines the reconciliation between the non-GAAP financial measures to GAAP financial measures is included in our earnings release, which we have filed with the SEC. I’d refer investors to this release, as well as to the reconciling tables that are posted on our website. I'd also like to remind you that today's conference call is being webcast live over the Internet and will be available for replay on our website for one year, along with the earnings release filed with the SEC earlier today. We would like to start this call by reviewing our second quarter fiscal year 2010 business highlights. Following this update, I will discuss our operating results. We will conclude by discussing our expectations for the third fiscal quarter of 2010. We will then open up the call to your questions.
Let's start with the business highlights. In the second quarter, MPS experienced the best quarter in its history, growing revenue at 35% from the second quarter of the prior year to hit record net sales of $55.7 million. This figure is not only a new quarterly record for MPS, but it is a sequential increase of 11% from the prior quarter, when MPS set its previous record quarterly revenue total. This outstanding revenue performance also leads to our most profitable quarter in history with non-GAAP net income of $11.7 million.MPS continues to see strong demand in all of its major end markets and our second quarter revenues were limited by product’s availability, not customer orders. This quarter, MPS saw substantial growth in our DC to DC market. Our fastest growing product family in this segment continues to be our MiniMonster products. MiniMonster sales grew over 255% from the second quarter of 2009 to over $9 million for the second quarter of 2010. MPS continues to rollout new MiniMonster solutions to support design activity for products such as the 2011 model year flat panel TV monitor and Blu-ray players. In addition, we expanded our served available markets with the industry’s highest current density, highest input voltage, integrated DC to DC buck converters for computing and industrial application. We’ve also added to our industrial, telecom and networking portfolios for new introduction a 55-volt high-current DC to DC boost regulator that leverages our high-voltage and high-current process technology strength. In the lighting market, we introduced our first offline high brightness while LED driver for the LCD TD market and a 12 plus channel white LED drivers with expandability for large LCD panels. Read the rest of this transcript for free on seekingalpha.com