Micro Linear Announces Third Quarter 2005 Financial Results

SAN JOSE, Calif., Oct. 20 /PRNewswire-FirstCall/ -- Micro Linear Corporation (NASDAQ: MLIN) announced today its financial results for the third quarter ended September 30, 2005.

Net revenue for the third quarter of 2005 was $3.7 million, down from $6.0 million for the second quarter of 2005 and from $5.9 million in net revenue for the third quarter of 2004. Lower sales of digital cordless telephone transceiver chips and networking products accounted for most of the decrease in revenue from the prior quarter and the comparable third quarter of 2004. Gross margin for the third quarter of 2005 was $2.1 million down from $3.6 million for the second quarter of 2005, and from $3.4 million for the comparable third quarter of 2004. The percentage gross margin was 57% for the third quarter of 2005 down from 61% for the second quarter of 2005 and 58% for the comparable third quarter of 2004.

The Company reported a net loss for the third quarter of 2005 of $1.8 million, or $0.14 per share, compared to a net loss of $0.9 million, or $0.07 per share for the second quarter of 2005 and a net profit of $0.6 million, or $0.04 per share (diluted), for the third quarter of 2004. The net profit reported in the third quarter of 2004 included a gain of $1.1 million from the sale of our San Jose buildings.

Net revenue for the nine months ended September 30, 2005 was $13.9 million, compared to $16.2 million for the same period in 2004. Gross margin for the first nine months of 2005 totaled $7.9 million, down 12% from $9.0 million for the first nine months of 2004. The Company reported a net loss of $4.1 million, or $0.33 per share, for the first nine months of 2005, compared to a net loss of $2.9 million, or $0.24 per share, for the first nine months of 2004.

About Micro Linear Corporation:

Micro Linear Corporation is a fabless semiconductor company specializing in wireless integrated circuits. In addition to its PHS products, the Company offers a full line of high data-rate ISM-band transceivers for consumer applications such as cordless phones, wireless speakers and headphones, game controllers, voice headsets and other electronic appliances. Micro Linear offers a uniquely broad line of transceivers that address the most popular unlicensed bands: 900 MHz, 2.4 GHz, and 5.8 GHz. To simplify system design and decrease time to market, Micro Linear also offers starter kits and reference designs. Headquartered in San Jose, California, Micro Linear's products are available through its authorized representatives and distributors worldwide. More information on the company is available online at www.microlinear.com.

Micro Linear Safe Harbor Statement:

Except for the historical information contained herein, the statements in this press release are forward-looking statements within the meaning of the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future results and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include, but are not limited to, the risks associated with the cyclical nature of the semiconductor industry; the level of product orders; the ability of customers to cancel, delay or otherwise change orders without significant penalty; new product announcements or introductions by competitors; and the market's acceptance of the Company's products, including the Company's PHS product family. Additional risks are detailed in the Company's filings with the Securities and Exchange Commission, including the Company's Quarterly Report on Form 10-Q for the quarter ended July 3, 2005. Statements included in this release are based on information known to the Company as of the date of this release, and the Company assumes no obligation to update information contained in this release.


                           MICRO LINEAR CORPORATION
                    CONDENSED CONSOLIDATED BALANCE SHEETS
                                  UNAUDITED
                                (IN THOUSANDS)

                                                     Sept 30        DEC 31
                                                      2005           2004
    ASSETS

    CURRENT ASSETS
     CASH AND SHORT-TERM INVESTMENTS                 $13,799        $15,580
     ACCOUNTS RECEIVABLE, NET                          2,378          2,878
     INVENTORIES                                       3,103          1,770
     OTHER CURRENT ASSETS                                268            210
       TOTAL CURRENT ASSETS                           19,548         20,438

    PROPERTY & EQUIPMENT, NET                            476            459

    OTHER ASSETS                                          17             28

     TOTAL ASSETS                                    $20,041        $20,925


    LIABILITIES AND STOCKHOLDERS' EQUITY

    CURRENT LIABILITIES
     ACCOUNTS PAYABLE                                 $2,327         $1,500
     ACCRUED LIABILITIES                               3,128          2,603
       TOTAL CURRENT LIABILITIES                       5,455          4,103

    STOCKHOLDERS' EQUITY

        COMMON  STOCK                                                                                  16                          15
          ADDITIONAL  PAID-IN  CAPITAL                                              63,264                  61,368
          ACCUMULATED  OTHER  COMPREHENSIVE  LOSS                                (7)                        (8)
          ACCUMULATED  DEFICIT                                                        (28,454)              (24,320)
          TREASURY  STOCK                                                                  (20,233)              (20,233)
              TOTAL  STOCKHOLDERS'  EQUITY                                          14,586                  16,822

          TOTAL  LIABILITIES  AND  STOCKHOLDERS'  EQUITY            $20,041                $20,925


                                                      MICRO  LINEAR  CORPORATION
                              CONDENSED  CONSOLIDATED  STATEMENTS  OF  OPERATIONS
                                        (IN  THOUSANDS,  EXCEPT  PER  SHARE  DATA)
                                                                    UNAUDITED


                                                          THREE  MONTHS  ENDED                  NINE  MONTHS  ENDED
                                                        Sep  30,            Sep  30,            Sep  30,              Sep  30,
                                                          2005                  2004                  2005                    2004

        NET  REVENUE                          $3,674              $5,875            $13,884            $16,223

        COST  OF  REVENUE                    1,589                2,465                5,962                7,242

        GROSS  MARGIN                          2,085                3,410                7,922                8,981

        OPERATING  EXPENSES:

          RESEARCH  AND
            DEVELOPMENT                        2,350                2,165                7,013                7,417
          SELLING,  GENERAL  AND
            ADMINISTRATIVE                  1,606                1,796                5,325                5,498
          GAIN  ON  SALE  OF
            LAND  AND  BUILDINGS                --            (1,138)                      --            (1,138)
          RESTRUCTURING  CHARGES            --                      --                      --                    166

              TOTAL  OPERATING
                EXPENSES                          3,956                2,823              12,338              11,943

        INCOME  (LOSS)  FROM
          OPERATIONS                        (1,871)                    587            (4,416)            (2,962)

        INTEREST  AND  OTHER
          INCOME                                        111                      57                    307                    166
        INTEREST  AND  OTHER
          EXPENSE                                      (4)                  (23)                  (10)                (109)

        INCOME  (LOSS)  BEFORE
          INCOME  TAXES                    (1,764)                    621            (4,119)            (2,905)

        PROVISION  FOR  INCOME
          TAXES                                              8                      14                      15                      24

        NET  INCOME  (LOSS)            (1,772)                    607            (4,134)            (2,929)

        NET  INCOME  (LOSS)  PER  SHARE:

        BASIC  EARNINGS  PER  SHARE:
          NET  INCOME  (LOSS)
            PER  SHARE                        $(0.14)                $0.05            $(0.33)            $(0.24)
          NUMBER  OF  SHARES  USED
            IN  PER  SHARE
            COMPUTATION                      12,906              12,424              12,652              12,383

        DILUTED  EARNINGS  PER  SHARE:
          NET  INCOME  (LOSS)
            PER  SHARE                        $(0.14)                $0.04            $(0.33)            $(0.24)
          NUMBER  OF  SHARES  USED
            IN  PER  SHARE
            COMPUTATION                      12,906              13,698              12,652              12,383

 


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