For the full year ended December 31, 2012, revenues totaled $250.1 million, down $8.9 million, from $259.0 for the full year ended December 31, 2011. GAAP net income for 2012 was $10.4 million, or $0.17 per diluted share, compared with GAAP net income of $34.0 million or $0.55 per diluted share in 2011. Non-GAAP net income in 2012 was $23.0 million or $0.38 per diluted share, compared with non-GAAP net income of $37.8 million or $0.60 per diluted share, in 2011. Gross margin for 2012 was 53.1% compared to 55.3% in 2011.
Commenting on the 2012 fourth quarter and full year results, Micrel's President and CEO Ray Zinn said, "In light of the difficult macroeconomic and industry environment, we are pleased with our financial and operational results for 2012. Bookings during 2012 were solid and yielded a book-to-bill ratio of approximately one for the full year. In addition, we continue to maintain a strong balance sheet and ended 2012 with cash, cash equivalents and short term investments of $103.6 million, or $1.72 per share. We remain focused on increasing shareholder value through our quarterly dividend payments and stock repurchase program. During 2012, we raised our quarterly cash dividend per share and also invested $34.6 million in the repurchase of 3.4 million shares of Micrel common stock."
Mr. Zinn continued, "As a result of the sluggish macroeconomic environment, 2012 was one of the most difficult years of the past decade for the entire semiconductor industry. Consequently, we believe semiconductor customers significantly reduced inventory levels during the year which resulted in relatively short lead times and caused the industry as a whole to ship below actual demand. We believe that we are seeing a bottom to the industry decline and we expect growth in the industry to resume. We expect lead times to increase and inventory levels to normalize towards the second half of the year resulting in modest full-year growth in 2013 for the industry.
"Based upon current inventory levels and demand estimates, the Company projects first quarter 2013 revenue growth will be in a range of minus 6% to plus 3% on a sequential basis. Gross profit margin is expected to be in the range of 51.0% to 52.0%. In addition, the Company estimates that first quarter 2013 GAAP net income will be approximately $0.05 to $0.10 per diluted share," Mr. Zinn concluded.
During the fourth quarter, Micrel's Board of Directors authorized an accelerated quarterly cash dividend of $0.0425 per share of common stock. The payment of this dividend was made on December 27, 2012 to shareholders of record as of December 18, 2012.
Share Repurchase Plan
In the fourth quarter of 2012, the Company repurchased 0.6 million shares for a total of $6.1 million. For the full year, the Company repurchased 3.4 million shares for a total of $34.6 million. As of December 31, 2012, up to approximately $19.1 million of additional repurchases of the Company's stock remained under the stock repurchase plan authorized by the Board of Directors. The authorization will stay in effect until the aggregate authorized amount is expended or the authorization is modified by the Board of Directors. Going forward, the timing and amount of any repurchase of shares will continue to be determined by the Company's management based upon its evaluation of market conditions, cash on hand and various other factors. These repurchases may occur from time to time in the open market or in privately negotiated transactions provided that the repurchases are made in accordance with the terms of Rule 10b-18 under the Securities Exchange Act of 1934, as amended. Enhancing shareholder value continues through Micrel's stock repurchase program and quarterly dividend payments.
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