10/21/99 Earnings: .21 diluted (est: .19 Zacks), beat by .02
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Thursday October 21, 7:31 am Eastern Time
Company Press Release
SOURCE: Micrel, Incorporated
Micrel Posts Record Third Quarter Revenue and Earnings
Strong Demand Fuels 13% Increase in Revenues from Prior Quarter
SAN JOSE, Calif., Oct. 21 /PRNewswire/ -- Micrel, Incorporated (Nasdaq: MCRL - news) today reported record revenues and earnings for the quarter ended September 30, 1999. Net revenues increased 41 percent to $50.1 million, up from $35.4 million for the same quarter in the prior year, reflecting continued strong demand for the Company's products. Earnings increased at an even greater rate on a year-to-year basis. Net income increased 42 percent to $9.4 million, up from $6.6 million for the same quarter a year ago. Diluted earnings per share for the quarter ended September 30, 1999 were $0.21 per share on 45.4 million shares, compared with $0.16 per share on 42.3 million shares for the third quarter of 1998. Current and historical diluted shares used in calculating earnings per share have been adjusted for a two-for-one stock split that occurred during the quarter ended September 30, 1999.
On a sequential basis, revenues were up 13 percent and earnings were up 15 percent from the prior quarter ended June 30, 1999. ''This marks our 14th consecutive quarter of revenue growth and our 22nd consecutive quarter of gross margin expansion,'' said Ray Zinn, President and CEO. Demand continues to be strong for our products in computer, telecommunications and industrial markets. Growing demand for our high bandwidth communication products resulted in record quarterly order rates and revenues, with shipments increasing by 20 percent over the second quarter.
Micrel released 13 new products in the third quarter. These included the MIC4680, the world's smallest footprint switching regulator targeted at cellular phone charging applications and the SY88927, a tiny 2.5 Gbps pre-amplifier designed for high speed telecommunications systems.
''We are extremely pleased with the record revenue and order rates that we experienced in the third quarter across all of our major product lines. Our backlog is at an all time high, leaving us well positioned to sustain double digit revenue growth in the coming fourth quarter,'' said Ray Zinn. |
