Forward-looking statements are not historical facts, or guarantees of future performance or events, and are based on current expectations, estimates, beliefs, assumptions, 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-Q filed on July 28 th, 2010, which is accessible through our website www.monolithicpower.com. MPS assumes no obligations to update the information provided on today’s call. We will be discussing operating expense, net income, and earnings on both a GAAP and a non-GAAP basis. These non-GAAP financial measures are not prepared in accordance with GAAP, and should not be considered as a substitute for, or superior to measures of financial performance prepared in accordance with GAAP. 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 would refer investors to this release as well as 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 earning release filed with SEC earlier today. I would like to start this call by reviewing our third quarter fiscal year 2010 business highlights. Following this update, I will discuss our operating results. We will conclude by discussing our expectations for the fourth fiscal quarter of 2010. We will then open up the call to your questions. Let’s start with the business highlights. In the third quarter, MPS experienced outstanding results growing revenues 37% from the third quarter of the prior year to achieve its third straight quarterly record figure with net sales up $65.8 million. This was a sequential increase of 18% from the prior quarter when MPS set its previous record quarterly revenue total. This notable revenue performance leads to our most profitable quarter in history with non-GAAP net income of $16.4 million, or 25% of sales.
MPS saw very strong demand in the first three quarters of 2010 in all of its major brand markets. The third quarter saw substantial growth in our DC to DC and lighting control markets.Our MiniMonster product family continues to progress crossing the $10 million quarterly run rate for the first time, which compares well to the $4 million we did in the third quarter of 2009. The new LDL family grew to $4 million in the quarter, a significant increase from a year ago when we sold less than $1 million in this family. The LDL products are being used in applications such as set-top boxes, flat-panel televisions, enterprise disc storage, and gaming machines. In the lighting control segment, MPS had its best quarter ever for white LED-based devices shipping over $7 million in the third quarter compared with less than $3 million in the year ago quarter. We continue to expand our footprint in computing applications with the introduction of the industry’s smallest monolithic 12-volt, 25-amp DC to DC step down converter for single staged power conversion applications in end markets, such as Enterprise Server, Storage, and Telethon Base stations. In our ongoing initiative to increase our total available market, we are excited to announce our entry into the AC to DC offline market. We recently announced a family of solutions for the one-watt to 300-watt AC to DC power conversion that will target all applications that plug into an AC outlet from TVs and white goods, to PCs and set-top boxes. Read the rest of this transcript for free on seekingalpha.com