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Monolithic Power Systems Announces Results for the Quarter and Year Ended December 31, 2010

SAN JOSE, Calif. Feb. 3, 2011 December 31, 2010

December 31, 2010

  • $47.1 million $65.8 million
  • Gross margin of 50.5%, a decrease from 54.7% in the third quarter of 2010 and 58.7% in the fourth quarter of 2009.
  • $19.8 million $19.1 million $3.0 million $0.7 million December 31, 2009 $22.9 million $20.6 million $4.2 million $2.4 million
  • $16.8 million $3.0 million $18.8 million $4.2 million December 31, 2009
  • $3.6 million $0.10 $4.7 million $0.12 December 31, 2009
  • $6.7 million $0.18

December 31, 2010

  • $218.8 million $165.0 million December 31, 2009
  • December 31, 2009
  • $91.0 million $85.5 million $16.4 million $5.4 million $78.1 million $75.0 million $14.4 million $9.5 million $6.4 million
  • $74.5 million $16.4 million $70.1 million $14.4 million $6.4 million December 31, 2009
  • $29.6 million $0.78 $19.7 million $0.54 December 31, 2009
  • $44.6 million $1.18

Michael Hsing

Business Outlook

March 31, 2011

  • $40 million to $44 million
  • Gross margin is expected to be in a similar range to the prior quarter.
  • $19.1 million and $ 20.5 million $16.3 million and $17.3 million $2.8 million to $3.2 million
  • $0.5 million to $0.7 million
  • Non-GAAP tax rate in the range of 5 to 10 per cent.

the United States December 31, 2010 December 31, 2009 December 31, 2010 December 31, 2009

Conference Call

December 31, 2010 2:00 p.m. PT 5:00 p.m. ET February 3, 2011 http://ir.monolithicpower.com

Safe Harbor Statement

March 31, 2011 November 3, 2010

The forward-looking statements in this press release represent MPS’ projections and current expectations, as of the date hereof, not predictions of actual performance. MPS assumes no obligation to update the information in this press release or in the accompanying conference call.

About Monolithic Power Systems, Inc.

San Jose, California Taiwan China Japan Europe

Monolithic Power Systems, MPS, and the MPS logo are registered trademarks of Monolithic Power Systems, Inc. in the U.S. and trademarked in certain other countries.

Consolidated Balance Sheets

(Unaudited, in thousands, except par value and share amounts)

December 31,

2010

2009

ASSETS

Current assets:

Cash and cash equivalents

$                   48,010

$                         46,717

Short-term investments

129,709

118,914

Accounts receivable, net of allowances of $0 in both 2010 and 2009

18,347

15,521

Inventories

25,789

19,616

Deferred income tax assets, net – current

204

5

Prepaid expenses and other current assets

2,314

2,726

Total current assets

224,373

203,499

Property and equipment, net

37,262

17,968

Long-term investments

19,180

19,445

Deferred income tax assets, net – long-term

39

175

Other assets

749

734

Total assets

$                 281,603

$                       241,821

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$                     8,979

$                           7,787

Accrued compensation and related benefits

8,792

8,454

Accrued liabilities

11,199

7,681

Total current liabilities

28,970

23,922

Non-current income tax liability

5,015

4,915

Other long-term liabilities

723

27

     Total liabilities

34,708

28,864

Stockholders’ equity:

Common stock, $0.001 par value, $35 and $35 in 2010 and 2009, respectively; shares authorized:
    150,000,000; shares issued and outstanding: 35,063,033 and 35,165,316 in 2010 and 2009, respectively

178,269

175,518

Retained earnings

66,647

37,085

Accumulated other comprehensive income

1,979

354

Total stockholders’ equity

246,895

212,957

Total liabilities and stockholders’ equity

$                 281,603

$                       241,821

Consolidated Statement of Operations

(Unaudited, in thousands, except per share amounts)

Three months ended December 31,

Year ended December 31,

2010

2009

2010

2009

Revenue

$                             47,057

$                             46,547

$                  218,840

$                           165,008

Cost of revenue*

23,316

19,208

97,383

67,330

Gross profit

23,741

27,339

121,457

97,678

Operating expenses:

 Research and development*

10,256

10,366

44,372

38,295

 Selling, general and administrative*

8,865

10,185

41,169

36,752

 Litigation expense

659

2,367

5,418

9,457

 Litigation provision reversal, net

(6,356)

Total operating expenses

19,780

22,918

90,959

78,148

Income from operations

3,961

4,421

30,498

19,530

Other income (expense):

 Interest and other income

231

220

1,156

1,047

 Interest and other expense

(71)

(74)

(234)

(429)

Total other income, net

160

146

922

618

Income before income taxes

4,121

4,567

31,420

20,148

Income tax provision (benefit)

540

(87)

1,857

474

Net income

$                               3,581

$                               4,654

$                    29,563

$                             19,674

Basic net income per share

$                                 0.10

$                                 0.13

$                        0.83

$                                 0.57

Diluted net income per share

$                                 0.10

$                                 0.12

$                        0.78

$                                 0.54

Weighted average common shares
     outstanding

35,420

34,987

35,830

34,310

Stock options

1,309

2,418

1,996

2,324

Diluted weighted-average common
     equivalent shares outstanding

36,729

37,405

37,826

36,634

* Stock-based compensation has been included in the following line items:

   Cost of revenue

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