California
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94-2526744
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(State or other jurisdiction of
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(I.R.S. Employer Identification No.)
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incorporation or organization)
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·
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Revenues of $63.7 million increased 4.2% on a sequential basis
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·
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GAAP net income of $6.0 million, or $0.10 per diluted share, compared to $5.4 million, or $0.09 per diluted share, in the prior quarter
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·
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Non-GAAP earnings per diluted share of $0.12 compared to $0.11 in the prior quarter
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·
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Gross margin of 55.2%, up from 54.3% in the prior quarter
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·
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Second quarter book-to-bill ratio better than 1:1
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·
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Repurchased 872,000 shares of Micrel common stock for a total of $8.7 million
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·
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Company announces authorization of an additional $30.0 million to repurchase common stock
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·
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Dividend approved by Micrel’s Board of Directors at $0.04 per share
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MICREL, INCORPORATED
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||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
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||||||||||||||||||||
(In thousands, except per share amounts)
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||||||||||||||||||||
(Unaudited)
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||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30,
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June 30,
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March 31,
|
June 30, | |||||||||||||||||
2012
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2011
|
2012
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2012
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2011
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||||||||||||||||
Net revenues
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$ | 63,699 | $ | 68,510 | $ | 61,151 | $ | 124,850 | $ | 136,004 | ||||||||||
Cost of revenues*
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28,565 | 28,585 | 27,975 | 56,540 | 58,230 | |||||||||||||||
Gross profit
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35,134 | 39,925 | 33,176 | 68,310 | 77,774 | |||||||||||||||
Operating expenses:
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||||||||||||||||||||
Research and development*
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13,920 | 12,231 | 13,324 | 27,244 | 24,752 | |||||||||||||||
Selling, general and administrative*
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12,179 | 11,672 | 11,160 | 23,339 | 23,763 | |||||||||||||||
Total operating expenses
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26,099 | 23,903 | 24,484 | 50,583 | 48,515 | |||||||||||||||
Income from operations
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9,035 | 16,022 | 8,692 | 17,727 | 29,259 | |||||||||||||||
Interest and other income (expense):
|
||||||||||||||||||||
Interest income
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187 | 177 | 201 | 388 | 367 | |||||||||||||||
Interest expense
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(42 | ) | (2 | ) | (5 | ) | (47 | ) | (18 | ) | ||||||||||
Other income (expense)
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(123 | ) | 36 | - | (123 | ) | 75 | |||||||||||||
Interest and other income (expense), net
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22 | 211 | 196 | 218 | 424 | |||||||||||||||
Income before income taxes and noncontrolling interest
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9,057 | 16,233 | 8,888 | 17,945 | 29,683 | |||||||||||||||
Provision for income taxes
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3,026 | 5,512 | 3,472 | 6,498 | 9,897 | |||||||||||||||
Net income before noncontrolling interest
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6,031 | 10,721 | 5,416 | 11,447 | 19,786 | |||||||||||||||
Less: Net income attributable to noncontrolling interest
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(4 | ) | - | - | (4 | ) | - | |||||||||||||
Net income
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$ | 6,027 | $ | 10,721 | $ | 5,416 | $ | 11,443 | $ | 19,786 | ||||||||||
Net income per share:
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||||||||||||||||||||
Basic
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$ | 0.10 | $ | 0.17 | $ | 0.09 | $ | 0.19 | $ | 0.32 | ||||||||||
Diluted
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$ | 0.10 | $ | 0.17 | $ | 0.09 | $ | 0.19 | $ | 0.31 | ||||||||||
Shares used in computing per share amounts:
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||||||||||||||||||||
Basic
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60,217 | 62,167 | 60,855 | 60,533 | 62,007 | |||||||||||||||
Diluted
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60,837 | 63,027 | 61,639 | 61,219 | 63,057 | |||||||||||||||
* Includes amortization of stock-based
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||||||||||||||||||||
compensation as follows:
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||||||||||||||||||||
Cost of revenues
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$ | 282 | $ | 284 | $ | 284 | $ | 566 | $ | 526 | ||||||||||
Research and development
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812 | 525 | 745 | 1,557 | 1,051 | |||||||||||||||
Selling, general and administrative
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815 | 503 | 753 | 1,568 | 1,108 | |||||||||||||||
MICREL, INCORPORATED
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||||||||||||||||||||
SUPPLEMENTAL RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS
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||||||||||||||||||||
(In thousands, except per share amounts)
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||||||||||||||||||||
(Unaudited)
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||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
|
June 30,
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June 30,
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March 31,
|
June 30, | ||||||||||||||||
2012
|
2011
|
2012
|
2012
|
2011
|
||||||||||||||||
GAAP Net income
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$ | 6,027 | $ | 10,721 | $ | 5,416 | $ | 11,443 | $ | 19,786 | ||||||||||
Adjustments to GAAP Net Income:
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||||||||||||||||||||
Stock-based compensation included in:
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||||||||||||||||||||
Cost of revenues
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282 | 284 | 284 | 566 | 526 | |||||||||||||||
Research and development
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812 | 525 | 745 | 1,557 | 1,051 | |||||||||||||||
Selling, general and administrative
|
815 | 503 | 753 | 1,568 | 1,108 | |||||||||||||||
Tax effect of adjustments to GAAP income
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(679 | ) | (449 | ) | (626 | ) | (1,305 | ) | (992 | ) | ||||||||||
Total Adjustments to GAAP Net Income
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1,230 | 863 | 1,156 | 2,386 | 1,693 | |||||||||||||||
Non-GAAP income*
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$ | 7,257 | $ | 11,584 | $ | 6,572 | $ | 13,829 | $ | 21,479 | ||||||||||
Non-GAAP shares used in computing non-GAAP
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||||||||||||||||||||
income per share (in thousands):
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||||||||||||||||||||
Basic
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60,217 | 62,167 | 60,855 | 60,533 | 62,007 | |||||||||||||||
Diluted**
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61,142 | 63,296 | 61,907 | 61,514 | 63,331 | |||||||||||||||
GAAP income per share - Basic
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$ | 0.10 | $ | 0.17 | $ | 0.09 | $ | 0.19 | $ | 0.32 | ||||||||||
Total Adjustments to GAAP Net Income
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0.02 | 0.02 | 0.02 | 0.04 | 0.03 | |||||||||||||||
Non-GAAP income per share - Basic
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$ | 0.12 | $ | 0.19 | $ | 0.11 | $ | 0.23 | $ | 0.35 | ||||||||||
GAAP income per share - Diluted
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$ | 0.10 | $ | 0.17 | $ | 0.09 | $ | 0.19 | $ | 0.31 | ||||||||||
Total Adjustments to GAAP Net Income
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0.02 | 0.01 | 0.02 | 0.03 | 0.03 | |||||||||||||||
Non-GAAP income per share - Diluted
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$ | 0.12 | $ | 0.18 | $ | 0.11 | $ | 0.22 | $ | 0.34 | ||||||||||
* Non-GAAP results were reached by excluding the stock-based compensation expense and related income
|
||||||||||||||||||||
tax effects. Non-GAAP results are presented to supplement our GAAP consolidated financial statements
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||||||||||||||||||||
to allow a better comparison of results in the current period to those in prior periods and to provide
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||||||||||||||||||||
meaningful insight to the Company's on-going operating performance after exclusion of these items.
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||||||||||||||||||||
** Non-GAAP shares have been adjusted from diluted outstanding shares calculated under ASC 718.
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||||||||||||||||||||
MICREL, INCORPORATED
|
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS
|
||||||||
(In thousands)
|
||||||||
(Unaudited)
|
||||||||
June 30,
|
December 31,
|
|||||||
2012
|
2011
|
|||||||
ASSETS
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash, cash equivalents and short-term investments
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$ | 119,430 | $ | 137,875 | ||||
Accounts receivable, net
|
31,067 | 25,385 | ||||||
Inventories
|
37,704 | 36,286 | ||||||
Income taxes receivable
|
- | 6,881 | ||||||
Other current assets
|
1,987 | 2,883 | ||||||
Deferred income taxes
|
23,161 | 22,854 | ||||||
Total current assets
|
213,349 | 232,164 | ||||||
LONG-TERM INVESTMENTS
|
6,780 | 6,857 | ||||||
PROPERTY, PLANT AND EQUIPMENT, NET
|
60,927 | 60,884 | ||||||
DEFERRED INCOME TAXES
|
10,009 | 8,657 | ||||||
GOODWILL
|
6,088 | - | ||||||
INTANGIBLE ASSETS, NET
|
8,455 | - | ||||||
OTHER ASSETS
|
2,510 | 1,413 | ||||||
TOTAL
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$ | 308,118 | $ | 309,975 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Accounts payable
|
$ | 16,293 | $ | 17,096 | ||||
Deferred income on shipments to distributors
|
30,766 | 30,671 | ||||||
Other current liabilities
|
9,265 | 9,329 | ||||||
Total current liabilities
|
56,324 | 57,096 | ||||||
LONG-TERM INCOME TAXES PAYABLE
|
6,471 | 6,450 | ||||||
LONG-TERM DEFFERRED INCOME TAXES
|
890 | - | ||||||
MICREL, INCORPORATED SHAREHOLDERS' EQUITY
|
243,452 | 246,429 | ||||||
NONCONTROLLING INTEREST
|
981 | - | ||||||
TOTAL SHAREHOLDERS' EQUITY
|
244,433 | 246,429 | ||||||
TOTAL
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$ | 308,118 | $ | 309,975 | ||||
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