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Micrel Reports 2010 Fourth Quarter and Full Year-End Financial Results

SAN JOSE, Calif. Jan. 27, 2011

  • $75.6 million $0.22
  • $297.4 million $218.9 million
  • $0.81 $0.26
  • Fourth quarter gross margin of 55.8 percent
  • Full year gross margin of 57 percent
  • $109.2 million $14.3 million
  • $2.9 million $16.1 million
  • $8.6 million

December 31, 2010

$75.6 million $5.0 million $80.6 million $14.4 million

$13.7 million $0.22 $14.9 million $0.24 $4.1 million $0.07 $14.5 million $0.23 $15.7 million $0.25 $8.7 million $0.14

December 31, 2010 $297.4 million $218.9 million $50.7 million $0.81 $16.3 million $0.26 $53.8 million $0.85 $22.9 million $0.36

Ray Zinn

$109 million $73 million $16.1 million

Outlook

Zinn continued, "Looking ahead, the higher than anticipated demand we experienced in the first half of 2010 and the resulting inventory build is expected to impact demand from our customers early in 2011.  As a result, we anticipate the sequential decrease in revenues normally experienced in the first quarter will likely be more pronounced in 2011.  However, we are pleased with the record number of new products we introduced last year.  Design wins in 2010 were up significantly compared to the prior year and we are happy with the traction our products are generating in popular consumer devices such as smart phones and tablets.  With the exception of the slower start in the first quarter, overall, we expect that 2011 will be another good year for Micrel."

$0.17 to $0.19

Dividend

$0.035 February 23, 2011 February 9, 2011

Conference Call

4:30 p.m. eastern time 1:30 p.m. Pacific time January 27, 2011 Raymond Zinn Ray Wallin

www.investorcalendar.com February 3, 2011 , http://www.micrel.com

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

December 31, 2009

Non-GAAP Reporting

The Company presents non-GAAP financial measures only because investors and financial analysts use non-GAAP results in their analysis of historical results and projections of the Company’s future operating results.  The Company’s management uses non-GAAP measures on a limited basis, primarily for employee performance-based compensation.  In order to facilitate the computation of non-GAAP results for the financial analyst community and investors, the Company makes reference to non-GAAP net income and earnings per share.  These non-GAAP results exclude the impact of revenues and cost of revenues related to intellectual property settlements, stock-based compensation expense, proxy contest expenses, restructuring and impairment charges or credits, other income related to litigation settlements and their respective related tax effects.  Micrel references those results to allow a better comparison of results in the current period to those in prior periods and to provide insight to the Company’s on-going operating performance after exclusion of these items.  The Company has reconciled such non-GAAP results to the most directly comparable GAAP financial measures in the financial tables at the end of this press release.

Reference to these non-GAAP results should be considered in addition to results that are prepared under current accounting standards, but should not be considered a substitute for results that are presented in accordance with GAAP.  It should also be noted that Micrel’s non-GAAP information may be different from the non-GAAP information provided by other companies.

About Micrel

San Jose, CA Europe www.micrel.com Ray Wallin San Jose, California www.micrel.com

-Financial Tables to Follow-

MICREL, INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

 Three  Months  Ended

 Twelve Months  Ended

December 31,

September 30,

December 31,

 December 31,

2010

2010

2009

2010

2009

Net revenues

$     75,637

$     80,626

$     61,231

$    297,366

$  218,887

Cost of revenues*

33,403

33,937

28,597

128,535

105,134

Gross profit

42,234

46,689

32,634

168,831

113,753

Operating expenses:

    Research and development*

11,677

11,681

11,144

46,271

46,522

    Selling, general and administrative*

11,852

12,770

10,047

47,590

37,325

    Proxy contest expense

(550)

(550)

    Equipment impairment and restructuring charges (credits)

6,514

6,514

         Total operating expenses

23,529

24,451

27,155

93,861

89,811

Income from operations

18,705

22,238

5,479

74,970

23,942

Other income (expense):

  Interest income

150

146

151

566

828

  Interest expense

(32)

(49)

(96)

(223)

(272)

  Other income

34

40

47

149

132

       Total other income

152

137

102

492

688

Income before income taxes

18,857

22,375

5,581

75,462

24,630

Provision for income taxes

5,136

7,455

1,501

24,754

8,336

Net income

$     13,721

$     14,920

$       4,080

$     50,708

$    16,294

Net income per share:

   Basic

$         0.22

$         0.24

$         0.07

$         0.82

$       0.26

   Diluted

$         0.22

$         0.24

$         0.07

$         0.81

$       0.26

Shares used in computing per share amounts:

   Basic

61,501

61,936

62,338

62,030

63,576

   Diluted

62,559

62,311

62,409

62,557

63,644

* Includes amortization of stock-based

    compensation as follows:

     Cost of revenues

$          209

$          197

$          200

$          798

$        670

     Research and development

499

453

486

1,808

1,619

     Selling, general and administrative

580

550

559

2,119

1,675

MICREL, INCORPORATED  

SUPPLEMENTAL RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS

(In thousands, except per share amounts)

(Unaudited)

 Three  Months  Ended

 Twelve Months  Ended

December 31,

September 30,

December 31,

 December 31,

2010

2010

2009

2010

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