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Micrel Reports 2012 First Quarter Financial Results

SAN JOSE, Calif. April 26, 2012

  • $61.2 million
  • $5.4 million $0.09 $0.08
  • $0.11 $0.10
  • First quarter gross margin of 54.3%, up from 50.5% in the prior quarter
  • First quarter book-to-bill at 1:1
  • $0.04

March 31, 2012

$61.2 million $2.4 million $58.8 million $6.3 million

$5.4 million $0.09 $5.0 million $0.08 $9.1 million $0.14 $6.6 million $0.11 $6.1 million $0.10 $9.9 million $0.16

Ray Zinn $5.9 million $0.10 $3.2 million $0.05

Outlook

$2.0 million $0.08 $0.11

April 2 March 15, 2012 two to three cents

Dividend

$0.04 May 23, 2012 May 9, 2012

Conference Call

4:30 p.m. Eastern Time 1:30 p.m. Pacific Time April 26 Raymond Zinn Ray Wallin

www.micrel.com May 3, 2012

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

December 31

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 stock-based compensation expense and the 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

Note: PhaseLink is a trademark of Micrel, Inc.

-Financial Tables to Follow-

  

MICREL, INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

   

March 31,

December 31,

March 31,

2012

2011

2011

Net revenues

$ 61,151

$                   58,777

$ 67,494

Cost of revenues*

27,975

29,084

29,645

Gross profit

33,176

29,693

37,849

Operating expenses:

    

13,324

12,563

12,521

    

11,160

11,667

12,091

         

24,484

24,230

24,612

Income from operations

8,692

5,463

13,237

Other income (expense):

  

201

150

190

  

(5)

(1)

(16)

  

39

       

196

149

213

Income before income taxes

8,888

5,612

13,450

Provision for income taxes

3,472

594

4,385

Net income

$   5,416

$                     5,018

$   9,065

Net income per share:

   

$     0.09

$                       0.08

$     0.15

   

$     0.09

$                       0.08

$     0.14

Shares used in computing per share amounts:

   

60,855

61,379

61,845

   

61,639

61,938

63,078

   

    

     

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