Micrel posts record first quarter revenue and earnings
SAN JOSE, Calif.--(BUSINESS WIRE)--April 29, 1997-- Micrel Inc today reported record
revenues and earnings for the quarter ended March 31, 1997.
Net revenues increased 59 percent to $22.1 million, up from $13.9 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 71 percent to $3.2 million, up from $1.9 million for the same quarter a year
ago. Earnings per share for the quarter ended March 31, 1997 were $0.32 per share on 10.3
million shares, compared with $0.19 per share on 9.9 million shares for the first quarter of 1996.
Revenues were up sequentially 14 percent from the prior quarter and earnings were up 15 percent
from the quarter ended December 31, 1996.
"This marks our fourth consecutive quarter of double digit revenue and earnings growth," said Ray
Zinn, President and CEO. Standard product sales increased 91 percent for the quarter ended
March 31, 1997 over the comparable prior year quarter and now represent 76 percent of
revenues.
"Market demand for our analog power IC's by portable computer, industrial and
telecommunications markets drove overall standard product shipments to an all time quarterly high.
Backlog is at an all time high and customer demand remains strong," said Zinn.
The statements contained in this release which are not historical facts may be considered
forward-looking statements that are subject to risk and uncertainties, including the effect of
business conditions in the personal computer industry and telecommunications industry, the impact
of competitive products and pricing and alternative technological advances, and the timely and
successful development and market acceptance of new products and upgrades to existing
products.
Further information regarding potential factors that could affect the Company's results are included
in the Company's Annual Report on Form 10-K for the year ended December 31, 1996.
Micrel Semiconductor designs, manufacturers and markets high performance analog power IC's. It
is a major supplier of linear devices in IttyBitty(TM) subminiature packages. Micrel's products
include low-dropout regulators (LDOs), PCMCIA power controllers, switch mode power supply
controllers (SMPS), FET switches, charge pumps, voltage references, oscillators, miniature
MOSFETs, and latch drivers. Applications for Micrel products include notebook, desktop and
palmtop computers, computer peripherals, cellular phones, process controls, telecommunications
equipment, electronic testers, industrial and medical instruments, factory automation and avionics.
For further information, contact Robert J. Barker at Micrel, Incorporated, 1849 Fortune Drive,
San Jose, California 95131, 408/944-0800 or visit our Website at micrel.com .
Micrel Semiconductor
Condensed consolidated income statements
(In thousands, except per share amount)
(Unaudited)
3/31/97 3/31/96
_______ _______
Net Revenues $22,113 $13,910
Cost of revenues 10,731 6,858
_______ _______
Gross Margin 11,382 7,052
Operating Expenses:
Research and development 3,181 1,865
Selling, general and administrative 3,512 2,510
_______ _______
Total operating expenses 6,693 4,375
Income from operations 4,689 2,677
Other income, net 222 194
_______ _______
Income before taxes on income 4,911 2,871
Provision for income taxes 1,670 978
_______ _______
Net Income $3,241 $1,893
======= =======
Net income per share $ 0.32 $ 0.19
======= =======
Shares used in computing net income per share 10,259 9,944
======= =======
Micrel Semiconductor
Condensed Consolidated Balance Sheets
(In thousands)
3/31/97 12/31/96
(Unaudited)
Assets
Current Assets:
Cash, cash equivalents and short-
term investments $ 16,887 $ 16,573
Accounts receivable 11,982 8,748
Inventories 12,124 13,922
Other current assets 2,801 3,038
Total current assets 43,794 42,281
Equipment and leasehold improvements,
net 22,131 17,476
Other assets 119 251
Total $ 66,044 $ 60,008
Liabilities and Shareholders' Equity
Current liabilities $ 11,979 $ 9,303
Long-term obligations 3,144 3,274
Shareholders' equity:
Common stock 21,566 21,315
Retained earnings 29,355 26,116
Total shareholders' equity 50,921 47,431
Total $ 66,044 $ 60,008
CONTACT: Micrel, Inc.
Robert J. Barker, 408/944-0800 |
