Micrel Reports 2013 Third Quarter Financial Results
(firmenpresse) - SAN JOSE, CA -- (Marketwired) -- 10/24/13 -- Micrel, Incorporated (NASDAQ: MCRL)
Micrel, Incorporated (NASDAQ: MCRL), a leading global manufacturer of IC solutions for the worldwide high performance linear and power, LAN and timing and communications markets, today announced financial results for the third quarter ended September 30, 2013.
Third quarter revenues totaled $58.2 million, a decrease of $1.0 million, or 1.7%, from $59.2 million in the second quarter of 2013. Weaknesses in the industrial end market, primarily in China, led to the decline in revenues for the quarter. This decrease was partially offset by a solid sequential increase in revenues from the automotive and mobile end markets.
Third quarter 2013 GAAP net income of $4.0 million, or $0.07 per diluted share, compares to second quarter 2013 GAAP net income of $5.0 million, or $0.09 per diluted share, and GAAP net income of $4.9 million, or $0.08 per diluted share in the same period in 2012. Third quarter 2013 non-GAAP net income of $5.2 million, or $0.09 per diluted share, compares to second quarter 2013 non-GAAP net income of $6.2 million, or $0.10 per diluted share, and non-GAAP net income of $6.0 million, or $0.10 per diluted share, in the same period of 2012. A reconciliation of the GAAP net income to non-GAAP net income is provided in the financial tables at the end of this press release. Non-GAAP results exclude the impact of stock-based compensation expense with the related income tax effects.
Commenting on the third quarter 2013 results, Micrel's President and CEO Ray Zinn said, "At the top line, third quarter revenues of $58.2 million indicate a weakness in the industrial end market. This was partially offset by growth in sales in the automotive and mobile end markets, where revenues increased nicely on a sequential basis. While bookings were down from the second quarter, year-to-date our book to bill ratio remains above 1:1, reflecting the solid design win momentum Micrel has experienced over the past year. Although we remain pleased with our operational execution, gross margin declined sequentially in the third quarter to 50.7 percent from 52.5 percent. The lower gross margin in the third quarter resulted from a shift in mix from higher gross margin industrial products to lower gross margin mobile handset products. We remain focused on increasing shareholder value through our stock repurchase program and quarterly dividend payments. During this past quarter, Micrel spent $8.5 million to repurchase nearly 855,000 shares of common stock. The Board also authorized an additional $30.0 million in further stock repurchases and declared a cash dividend of $0.05 for the quarter."
Mr. Zinn continued, "We expect that Micrel's design win momentum over the past year will result in the Company growing at or above the industry average in 2014. We are particularly excited with respect to the growth potential of our Timing and Communications product group, which was enhanced with the acquisitions of PhaseLink and, most recently, Discera. The integration of both acquisitions is progressing smoothly. These acquisitions include world class timing products that we believe can achieve an annual growth rate of more than 15 percent. We are confident in our ability to apply the technologies that we have acquired through these acquisitions to higher margin communication markets, thus improving our overall gross margins. Our LAN Solutions group is also beginning to generate good traction from our VoIP portfolio both in telephony and embedded applications, while our Linear and Power Solutions group, with its focus on high performance switcher modules, will help the Company diversify from its concentration in low drop out regulators to the higher margin, higher power current switcher market.
"Looking specifically to the fourth quarter, based upon current backlog, inventory levels and demand estimates, Micrel projects fourth quarter 2013 revenue growth will be in the range of 0 percent to +4 percent. In addition, the Company estimates that fourth quarter 2013 GAAP net income will be approximately $0.05 to $0.08 per diluted share," Mr. Zinn concluded.
The Company announced today that Micrel's Board of Directors has authorized a quarterly cash dividend of $0.05 per share of common stock. The payment of this dividend will be made on November 22, 2013, to shareholders of record as of November 8, 2013.
The Company announced today that its Board of Directors has authorized the repurchase of an additional $30.0 million of the Company's common stock. This new authorization is in addition to the approximately $6.0 million of the Board of Director's previous authorization remaining as of September 30, 2013. The repurchases may occur from time to time in the open market or in privately negotiated transactions; provided that the repurchases are made in accordance with the terms of Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The timing and amount of any repurchase of shares will be determined by the Company's management, based on its evaluation of market conditions, cash on hand and other factors. The authorization will stay in effect until the aggregate authorized amount is expended or the authorization is modified by the Board of Directors.
The Company will host a conference call today, October 24, 2013, at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time). President and Chief Executive Officer, Raymond Zinn, and Chief Financial Officer, Bob DeBarr, will present an overview of the 2013 third quarter financial results, discuss current business conditions, and then respond to questions.
The call is available, live, to any interested party, on a listen-only basis, by dialing (877) 407-0789. For international callers, please dial (201) 689-8562. A live webcast will also be available at the 'Investors' section of Micrel's website at: . An audio replay of the conference call will be available for all interested parties through October 31, 2013, by dialing (877) 870-5176 and entering participant code 10000457. For international callers, please dial (858) 384-5517 and enter participant code 10000457. The webcast replay will also be available on the Company's website.
This press release includes statements that qualify as forward-looking statements under the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements about the following topics: integration of acquisitions, anticipated revenue growth and margins of acquired products, utilization and application of acquired technology; our expectations regarding future financial results, including revenues, customer demand and inventories, order lead times, backlog, turns-fill requirements, net income, earnings per share, gross margin, average selling prices, the effect of cost-control efforts, supply chain constraints, channel inventory levels and trends, capacity utilization, development of new products, design wins and customer order patterns, and the nature and extent of macro-economic and industry trends. Forward-looking statements are subject to certain risks and uncertainties that could cause the actual results to differ materially. Those risks and uncertainties include, but are not limited to, such factors as: softness in demand for our products; customer decisions to cancel, rescheduling, or delayed orders for our products; the effect that lead times and channel inventories have on the demand for our products; economic or financial difficulties experienced by our customers; the effect of business conditions in the computing, wireless, telecommunications and industrial markets; the impact of any previous or future acquisitions; challenges involving integration of acquired businesses and utilization of acquired technology, market adoption, revenue growth and margins of acquired products; changes in demand for the Company's products; the impact of competitive products and pricing and alternative technological advances; the accuracy of estimates used to prepare the Company's financial statements and forecasts; the global economic situation; the ability of the Company's vendors and subcontractors to supply or manufacture the Company's products in a timely manner; the timely and successful development and market acceptance of new products and upgrades to existing products; softness in the economy and the U.S. stock markets as a whole; fluctuations in the market price of Micrel's common stock and other market conditions; the difficulty of predicting our future cash needs; the nature of other investment opportunities available to the Company from time to time; Micrel's operating cash flow, and economic and industry projections. For further discussion of these risks and uncertainties, please refer to the documents the Company files with the SEC from time to time, including the Company's Annual Report on Form 10-K for the year ended December 31, 2012. All forward-looking statements are made as of today, and the Company disclaims any duty to update such statements.
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 with related income taxes. 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.
Micrel, Inc. is a leading global manufacturer of IC solutions for the worldwide high-performance linear and power, LAN and timing and communications markets. The Company's products include advanced mixed-signal, analog and power semiconductors, as well as high-performance communication, clock management, Ethernet switch and physical layer transceiver ICs. Company customers include leading manufacturers of enterprise, consumer, industrial, mobile, telecommunications, automotive, and computer products. Corporation headquarters and state-of-the-art wafer fabrication facilities are located in San Jose, CA, with regional sales and support offices and advanced technology design centers situated throughout the Americas, Europe and Asia. In addition, the Company maintains an extensive network of distributors and reps worldwide. Web: .
Micrel, Incorporated
2180 Fortune Drive
San Jose, CA 95131
Phone: (408) 944-0800
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Datum: 24.10.2013 - 14:05 Uhr
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