Full Press Release:
Micrel Posts Record Third Quarter Revenues and Earnings
Sixth Consecutive Quarter of Double Digit Revenues and Earnings Growth
SAN JOSE, Calif.--(BUSINESS WIRE)--Oct. 23, 1997--Micrel, Incorporated (NASDAQ:MCRL) today reported record
revenues and earnings for the quarter and nine months ended September 30, 1997.
Third quarter net revenues increased 54 percent to $27.2 million, up from $17.6 million in the comparable period of 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 was $4.5 million, up 85 percent from $2.4 million for the quarter ended September 30, 1996.
Earnings per share for the quarter ended September 30, 1997 were $0.21 per share on 21.1 million shares, compared with
$0.12 per share on 20.1 million shares for the third quarter of 1996. On July 25, 1997 the Board of Directors approved a
two-for-one split of its common stock. All share and per share information has been adjusted to retroactively give effect to the
stock split for all periods presented.
Revenues were up 12 percent and earnings were up 16 percent from the sequential quarter ended June 30, 1997. ''This
marks our sixth consecutive quarter of double-digit revenue and earnings growth,'' said Ray Zinn, President and CEO.
Standard product sales for the quarter increased 88 percent over the prior year quarter and now represent 77 percent of
revenues.
''Gross margin reached a record 53.5 percent of net revenues during the quarter. This led to a record operating margin of 24
percent,'' said Zinn.
For the nine months ended September 30, 1997, Micrel reported net revenues of $73.6 million, up 57 percent from $46.8
million during the same period a year ago. The company reported net income for the nine months ended September 30, 1997
of $11.5 million, an increase of 80 percent from net income of $6.4 million for the comparable period last year.
Earnings per share for the nine month period ended September 30, 1997 were $0.56 per share on 20.8 million shares,
compared with $0.32 per share on 19.9 million shares for the same period a year ago.
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, manufactures and markets high performance analog power ICs. 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 us at micrel.com . |
