Monolithic Power Systems Announces Results for the Second Quarter Ended June 30, 2016

The forward-looking statements in this press release and statements made during the accompanying teleconference 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
Monolithic Power Systems, Inc. (MPS) provides small, highly energy efficient, easy-to-use power solutions for systems found in industrial applications, telecom infrastructures, cloud computing, automotive, and consumer applications. MPS' mission is to reduce total energy consumption in its customers' systems with green, practical, compact solutions. The company was founded by Michael R. Hsing in 1997 and is headquartered in San Jose, CA. MPS can be contacted through its website at www.monolithicpower.com or its support offices around the world.

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.


Condensed Consolidated Balance Sheets
(Unaudited, in thousands, except par value)
  June 30,  December 31, 
   2016    2015  
ASSETS    
Current assets:    
Cash and cash equivalents$82,046  $90,860  
Short-term investments 161,818   144,103  
Accounts receivable, net 31,351   30,830  
Inventories 69,919   63,209  
Other current assets 3,980   2,926  
Total current assets 349,114   331,928  
Property and equipment, net 74,293   65,359  
Long-term investments 5,294   5,361  
Goodwill 6,571   6,571  
Acquisition-related intangible assets, net 4,027   5,053  
Deferred tax assets, net 644   672  
Other long-term assets 28,698   16,341  
Total assets$468,641  $431,285  
     
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Current liabilities:    
Accounts payable$19,140  $13,487  
Accrued compensation and related benefits 14,116   9,812  
Accrued liabilities 18,855     19,984    
Total current liabilities   52,111       43,283    
Income tax liabilities   3,328       2,941    
Other long-term liabilities   18,062       16,545    
Total liabilities   73,501       62,769    
Commitments and contingencies        
Stockholders' equity:        
Common stock and additional paid-in capital, $0.001 par value; shares authorized:        
150,000; shares issued and outstanding: 40,480 and 39,689        
as of June 30, 2016 and December 31, 2015, respectively   289,129       265,763    
Retained earnings   105,883       101,287    
Accumulated other comprehensive income   128       1,466    
Total stockholders’ equity   395,140       368,516    
Total liabilities and stockholders’ equity $ 468,641     $ 431,285    
         

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