SAN JOSE, CA -- (Marketwire) -- 01/31/13 -- Micrel, Incorporated (NASDAQ: MCRL)
•Fourth quarter revenues of $62.3 million, slightly down from $62.9 million in the third quarter •Full year revenues of $250.1 million, compared to $259.0 million in 2011 •One-time non-cash write-off for California deferred tax asset of $7.6 million ($0.13 per diluted share) due to the passage of California Proposition 39 •Fourth quarter GAAP net loss of $5.7 million, or a loss of $0.10 per diluted share •Fourth quarter Non-GAAP earnings per diluted share of $0.06 compared to $0.10 in the prior quarter •Full year GAAP net income of $10.4 million, or $0.17 per diluted share •Full year Non-GAAP earnings per diluted share of $0.38 compared to $0.60 in 2011 •Gross margin of 50.3% and 53.1% for the fourth quarter and full year 2012, respectively, compared to 50.5% and 55.3% in the fourth quarter and full year 2011 •During 2012, the Company repurchased 3.4 million shares of Micrel common stock for a total of $34.6 million •During the fourth quarter, Micrel's Board of Directors authorized an accelerated cash dividend of $0.0425 per share of common stock made payable on December 27, 2012 to shareholders of record on December 18, 2012
Micrel, Incorporated (NASDAQ: MCRL), a leading global manufacturer of IC solutions for the worldwide high performance linear and power, LAN and timing and communications markets, today announced financial results for the fourth quarter and full year ended December 31, 2012.
Fourth quarter revenues totaled $62.3 million, a decrease of $0.6 million, or 1.0%, from $62.9 million in the third quarter of 2012, and an increase of 6.1% from $58.8 million in the prior year's period.
Fourth quarter 2012 GAAP net loss of $5.7 million, or a loss of $0.10 per diluted share, compares to third quarter 2012 GAAP net income of $4.7 million, or $0.08 per diluted share, and GAAP net income of $5.0 million, or $0.08 per diluted share in the fourth quarter of 2011. During the fourth quarter of 2012, the Company recorded a one-time non-cash charge of $7.6 million related to the write-off of a deferred tax asset as a result of certain provisions of the California State Tax Code that were revised during the fourth quarter with the passage of Proposition 39. The Company currently expects that in 2013 and beyond, Micrel's income subject to tax in California will be lower than under the prior tax law and that Micrel's California deferred tax assets are, therefore, less likely to be realized.
The fourth quarter 2012 non-GAAP net income of $3.4 million, or $0.06 per diluted share, compares to third quarter 2012 non-GAAP net income of $5.8 million, or $0.10 per diluted share, and non-GAAP net income of $6.1 million, or $0.10 per diluted share in the same period of 2011. A reconciliation of the GAAP net income to non-GAAP net income is provided in the financial tables at the end of this press release. Non-GAAP results exclude the impact of stock-based compensation expense with the related tax effects and deferred tax asset adjustment.
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