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Good day, ladies and gentlemen, and welcome to the second quarter 2010 Monolithic Power Systems, Incorporated earnings conference call. My name is Chanel and I'll be your coordinator for today. At this time, all participants are in listen only mode. We will be facilitating question and answer session towards the end of this conference. ( Instructions).Good afternoon and welcome to the second quarter fiscal year 2010 Monolithic Power Systems conference call. Michael Hsing, CEO and Founder of MPS, is with me on today's call.In the course to today's conference call, we will make forward looking statements and projections that involve risks and uncertainties. For example, our business outlook, including our business and financial outlook for the third quarter of 2010, projected third quarter 2010 revenues, gross margins and net margins, our expectations of the third quarter litigation, stock based compensation and non GAAP operating expenses; our target operating range for gross margins, net margins, and inventory; our expectations for revenue and net income growth beyond Q3 2010; our expected average non GAAP tax rate for 2010; our expected production capacity in future quarters; our belief that MPS is well positioned for future growth; the expected seasonality of our business and our expectations for future cost reductions and new product introductions; potential customer acceptance and the opportunities these present and the prospects of expanding our market share.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. 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.The revenue growth opportunities that MPS is finding with our new products are driving an improved longer term outlook for our financial model. We now feel confident that for the third quarter of 2010, we can target non GAAP net profit in the range of 22% to 27% sales as our new models up from our prior target of 20% to 25% of sales.In the manufacturing area, gross margin was 58.2% which was sequentially flat from the first quarter of 2010 and down slightly from the 59.1% gross margin recorded in the second quarter of 2009. Our internal days of inventory fell further to 57 days as very strong end demand kept us well below our target inventory range. Inventory dollars at our distributors grew due to shipment timing issue and remained at the lower end of our target range of 30 to 45 days of stock.Bottom line, non GAAP net income was $11.7 million or $0.31 per fully diluted share. This resulted in non GAAP net income of 21% of revenue. Our GAAP net income for the second quarter was $6.4 million or $0.17 per fully diluted share.Finally, today we announced a stock repurchase plan of up to $50 million to be executed between August 2010 and December 31, 2011 which allows us to increase value of the shareholders from the strong cash flow that MPS is generating.Let's look at the financials in more detail, starting with the profit and loss statement on the revenue line. Second quarter 2010 net revenue of $55.7 million increased 11% sequentially from the first quarter of 2010 and were up 35% from the $41.2 million recorded in the second quarter of 2009.Breaking down the revenue by product type; first quarter DC to DC product sales were $45.6 million, up 13% or $5.3 million from the first quarter of 2010, and up 53% from the $29.7 million recorded in the year ago quarter. This growth was led by our MiniMonster and LDO product family.The MiniMonster line grew more than 255% year over year and also increased sequential sales from the first quarter of 2010 by 58%. Our new LDO products did very well in the second quarter, growing 169% from a year ago and 121% from the prior quarter.The largest end markets for MPS in the DC to DC product family continued to be flat panel TVs, general consumer electronics products, set top boxes, routers and wireless LAN cards.Lighting control revenues for the second quarter were $7.5 million, which was about flat to the $7.4 million we did in the first quarter of 2010, and a small increase of 2% from the same quarter a year ago.As we discussed in the past, there has been a substantial revenue shift within the lighting control group as the preferred technical solution moves from CCFL backlight to while LED backlighting.Our new white LED driver products, we grew revenues about 128% year over year to about $4 million per quarter in the second quarter of 2010. At the same time, our traditional CCFL inverters and CCFL controllers shrink 47% year over year. This year over year decline in traditional CCFL is likely to continue as it reflects the continuing shift in notebooks and other backlighting solutions from CCFL to white LED solutions.Audio revenues came in at $2.6 million, up slightly from the $2.5 million MPS did in the prior quarter, but 36% from the $4.1 million recorded in the second quarter of 2009 as we continued to manage our participation in this segment based on market conditions.
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