Monolith power profitable in 1Q
Shares of San Jose-based Monolithic Power Systems, Inc. (Nasdaq: MPWR) are in positive territory on news the semiconductor company’s quarterly net income outpaced expectations.
The net income for the quarter ended March 31 was $2.7 million, or $0.08 per share, Monolith said before the opening bell. That’s above Wall Street’s projected earnings of $0.05 per share. Earnings including stock options were $62,000, or breakeven per share, compared with a net loss of $0.41 million, or $0.01 per share, in the first three months of 2006.
“The first quarter is typically a slow quarter, but we met our revenue and bottom line targets, and the second quarter business environment looks very positive,” CEO Michael Hsing said.
Quarterly net revenues were $24.5 million, a 1.1% decline when compared with revenues of $24.8 million a year earlier but above the $24 million analyst forecast. Revenues in the last three months of 2006 were $26.4 million.
Looking ahead at the second quarter ending June 30, Monolith said it projects revenues in the range of $28 million to $30 million. That’s above analysts’ expectations of 26.43 million. Excluding stock-based compensation costs in the range of $2.0 million to $2.5 million, the company said it plans on spending between $12.5 million and $14 million in research and development costs as well as general expenses.
At 1:23 p.m. ET shares were up $1.35, or 10.46%, to $14.26. The 52-week high is $19.35, set on May 3, 2006. The 52-week low of $8.00 was set on Aug 11, 2006.
