SAN JOSE, CA -- (Marketwired) -- 04/25/13 -- Micrel, Incorporated (NASDAQ: MCRL)
•Revenues of $59.7 million, down 4.2% from the prior quarter •GAAP net income of $5.2 million, or $0.09 per diluted share compared to a net loss of $0.08 per diluted share in the prior quarter •Non-GAAP net income of $6.3 million, or $0.11 per diluted share compared to a net income of $0.08 per diluted share in the prior quarter •Gross margin of 52.0%, compared to 50.3% in the prior quarter •First quarter book to bill at 1:1 •Micrel declares a quarterly dividend of $0.0425 per share
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 first quarter ended March 31, 2013.
First quarter revenues totaled $59.7 million, a decrease of $2.6 million, or 4.2%, from $62.3 million in the fourth quarter of 2012. This decrease in revenues was driven by continued weakness in the computing and communications end-markets. Compared to the same period of last year, first quarter 2013 revenues were lower by $1.4 million, or 2.3%.
First quarter 2013 GAAP net income of $5.2 million, or $0.09 per diluted share, compares to fourth quarter 2012 GAAP net loss of $4.5 million, or a loss of $0.08 per diluted share, and GAAP net income of $5.9 million, or $0.10 per diluted share in the same period in 2012. First quarter 2013 non-GAAP net income of $6.3 million, or $0.11 per diluted share, compares to a fourth quarter 2012 non-GAAP net income of $4.7 million, or $0.08 per diluted share, and non-GAAP net income of $7.1 million, or $0.11 per diluted share, in the same period of 2012. 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.
Commenting on the first quarter 2013 results, Micrel's President and CEO Ray Zinn said, "We continue to face macro-economic challenges. At the top line, we saw weakness in the computing and communications end markets. This was partially offset by growth in sales in the consumer end market, where revenues increased nicely on a sequential quarterly basis. Bookings were solid in the quarter with a book to bill ratio of 1:1 driven by strength in the industrial end market. In addition, I was pleased with our operational execution as evidenced by an improved gross margin of 52.0% for the quarter, up sequentially from 50.3%. We remain keenly focused on expense management with a nearly $1.8 million sequential quarter reduction in operating expenses that helped expand operating margins compared to the prior quarter. We also continue to maintain a strong balance sheet and ended the first quarter with cash, cash equivalents, and short term investments of $111.7 million, or $1.89 per share providing Micrel with significant financial flexibility."
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