SAN JOSE, Calif.--(BUSINESS WIRE)--July 24, 1996--Micrel, Incorporated (NASDAQ: MCRL) today reported record revenues and earnings for the quarter and six months ended June 30, 1996. Second quarter net revenues increased 15 percent to $15.3 million, up from $13.3 million in the comparable period for the prior year, reflecting continued strong demand for the Company's products. Net income was $2.1 million, up 17 percent from $1.8 million for the quarter ended June 30, 1995. Net income per share for the quarter ended June 30, 1996 was $0.21, compared with $0.18 per share for the same quarter in 1995.
"Micrel's record results for the quarter ended June 30, 1996 were driven by strong demand for the Company's standard and custom products," said Ray Zinn, President and CEO. "We are pleased with the increase in sales of our products despite these turbulent times in the semiconductor industry. The market acceptance of our analog power ICs by industry leaders in portable computing, computer peripheral, telecommunication and industrial products has allowed us to show strong growth," said Mr. Zinn. "Micrel's focus on customer satisfaction, improved time to market and adherence to fundamental management principals continues to bode well for Micrel during these difficult times."
For the six months ended June 30, 1996, Micrel reported net revenues of $29.2 million, up 16 percent from $25.2 million during the same period a year ago. The Company reported net income for the six months ended June 30, 1996 of $4.0 million, an increase of 21 percent from net income of $3.3 million for the comparable period last year. Earnings per share for the six month period ended June 30, 1996 was $0.40 per share, compared with $0.33 per share for the same period a year ago.
Micrel, Incorporated designs, develops, manufactures and markets a range of high-performance analog integrated circuits. The Company currently ships over 800 standard products and derives the majority of its standard product revenue from sales of analog integrated circuits for power management. These circuits are used in a wide variety of electronic products, including those in the communication, computer and industrial markets. In addition, the Company manufactures custom analog and mixed signal circuits and provides analog wafer services for a diverse range of customers that produce electronic systems for communications, consumer and military applications.
For further information, contact Robert J. Barker at Micrel Incorporated, 1849 Fortune Drive, San Jose, California 95131,
408/944-0800.
MICREL SEMICONDUCTOR
Condensed Consolidated Statements of Income
(In thousands, except per share amounts)
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
------------------- ----------------
1996 1995 1996 1995
Net revenues $ 15,317 $13,286 $ 29,227 $25,173
Cost of revenues 7,505 6,773 14,363 12,921
Gross Margin 7,812 (51.0%) 6,513 (49.0%) 14,864 12,252
Operating expenses:
Research & Development 1,891 1,527 3,756 3,020
Selling, general &
administrative 2,880 2,428 5,390 4,536
Total operating expenses 4,771 3,955 9,146 7,556
Income from operations 3,041 (19.9%) 2,558 (19.3%) 5,718 4,696
Other income, net 157 170 351 361
Income before income taxes 3,198 2,728 6,069 5,057
Provision for income taxes 1,086 955 2,064 1,770
Net income $ 2,112 (13.8%) $1,773 (13.3%) $ 4,005 $ 3,287
Net income per common (+19%) (+22%)
and equivalent share $ 0.21 $ 0.18 $ 0.40 $ 0.33
Shares used in computing
per share amounts 9,932 9,949 9,938 9,918
MICREL SEMICONDUCTOR
Condensed Consolidated Balance Sheets
(In thousands)
(unaudited)
June 30, 1996 March 31, 1996 December 31, 1995
------------- ---------------- -----------------
ASSETS
Current Assets:
Cash, cash equivalents and
short-term investments $ 15,020 $14,662 $ 14,075
Accounts receivable 8,702 9,465 9,281
Inventories 13,673 12,232 11,414
Other current assets 2,486 2,189 2,181
Total current assets 39,881 38,548 36,951
EQUIPMENT AND LEASEHOLD
IMPROVEMENTS, NET 13,980 13,317 11,284
OTHER ASSETS 603 184 107
TOTAL $ 54,464 $ 52,049 $ 48,342
LIABILITIES AND SHAREHOLDERS'
EQUITY
Current Liabilities $ 10,456 $ 10,444 $ 8,457
Long-Term Obligations 3,272 3,566 3,852
Shareholders' Equity:
Common Stock 19,868 19,282 19,162
Retained earnings 20,868 18,757 16,871
Total shareholders' equity 40,736 38,039 36,033
TOTAL $ 54,464 $ 52,049 $ 48,342
JUL 24,1996
08:34 07-24-96
3/31/96 12/31/95
ASSETS
CURRENT ASSETS:
Cash, cash equivalents and
short term investments $14,662 $14,075
Accounts receivable 9,465 9,281
Inventories 12,232 11,414
Other current assets 2,189 2,181
-------- --------
Total current assets 38,548 36,951
EQUIPMENT AND LEASEHOLD IMPROVEMENTS, Net 13,317 11,284
OTHER ASSETS 184 107
-------- --------
TOTAL $52,049 $48,342
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES $10,444 $ 8,457
LONG-TERM OBLIGATIONS 3,566 3,852
SHAREHOLDERS' EQUITY:
Common stock 19,282 19,162
Retained earnings 18,757 16,871
-------- --------
TOTAL SHAREHOLDERS' EQUITY 38,039 36,033
-------- --------
TOTAL $52,049 $48,342 |
