Micrel Reports Third Quarter Financial Results (Revenue up 3%)

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.

About Micrel

Micrel Inc., is a leading global manufacturer of IC solutions for the worldwide analog, Ethernet and high bandwidth markets. The Company's products include advanced mixed-signal, analog and power semiconductors; 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 sales representatives worldwide.

For further information, contact Robert Barker at: Micrel, Incorporated, 2180 Fortune Drive, San Jose, California, 95131, (408) 944-0800; or visit the Company's website at: http://www.micrel.com.

 

                         -Financial Tables to Follow-



                               MICREL, INCORPORATED
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                     (In thousands, except per share amounts)
                                   (Unaudited)

                            Three  Months  Ended           Nine Months  Ended
                    September 30,  June 30, September 30,      September 30,
                          2008       2008      2007         2008         2007

    Net revenues        $67,549    $70,593   $65,191    $204,194     $193,405
    Cost of revenues(1)  29,678     30,779    27,698      89,218       82,118
    Gross profit         37,871     39,814    37,493     114,976      111,287
    Operating expenses:
         Research and
          development(1) 13,832     14,758    13,680      42,716       41,123
         Selling,
          general and
          administrative
          (1)            11,307     11,557    10,871      34,789       34,123
         Proxy contest
          expense            16      2,656         -       3,003            -
         Other operating
          expense
          (income)            -          -         -           -           86
         Restructuring
          charges
          (credits)           -          -        28        (842)         100
              Total
               operating
               expenses  25,155     28,971    24,579      79,666       75,432
    Income from
     operations          12,716     10,843    12,914      35,310       35,855
    Other income
     (expense):
       Interest income      652        645     1,605       2,382        4,767
       Interest expense      (1)        (1)      (11)         (2)         (83)
       Other income          10         36        10          57       15,533
            Total other
             income         661        680     1,604       2,437       20,217
    Income before income
     taxes               13,377     11,523    14,518      37,747       56,072
    Provision for income
     taxes                4,900      4,283     5,095      13,641       20,140
    Net income           $8,477     $7,240    $9,423     $24,106      $35,932

    Net income per
     share:
        Basic             $0.12      $0.10     $0.12       $0.34        $0.46
        Diluted           $0.12      $0.10     $0.12       $0.34        $0.46

    Shares used in
     computing  per  share
          amounts:
                Basic                        70,299          71,118        76,964            71,243              77,466
                Diluted                    70,427          71,413        77,971            71,365              78,625


        (1)  Includes
                  amortization  of
                  stock-based
                  compensation  as
                    follows:
                    Cost  of
                      revenues                $244              $282            $260                $759                  $848
                    Research  and
                      development            544                568              543              1,716                1,678
                    Selling,
                      general  and
                      administrative      545                589              564              1,786                1,791



                                                          MICREL,  INCORPORATED
                      SUPPLEMENTAL  RECONCILIATIONS  OF  GAAP  TO  NON-GAAP  RESULTS
                                      (In  thousands,  except  per  share  amounts)
                                                                  (Unaudited)

                                                        Three    Months    Ended                      Nine  Months    Ended
                                        September  30,  June  30,  September  30,            September  30,
                                                  2008              2008              2007                2008                  2007

        GAAP  Net  income          $8,477          $7,240          $9,423          $24,106            $35,932
            Adjustments  to
              GAAP  Net  Income:
                Stock-based
                  compensation
                  included  in:
                    Cost  of
                      revenues                244                282                260                  759                    848
                    Research  and
                      development          544                568                543              1,716                1,678
                    Selling,
                      general  and
                      administrative    545                589                564              1,786                1,791
                Proxy  contest
                  expense                        16            2,656                    -              3,003                        -
                Other  operating
                  expense
                  (income)                        -                    -                    -                      -                      86
                Restructuring
                  charges
                  (credits)                      -                    -                  28                (842)                  100
                Other  non-
                  operating
                  income  -
                  Litigation
                  Settlement                    -                    -                    -                      -            (15,514)
                Tax  effect  of
                  adjustments
                  to  GAAP  income      (306)        (1,335)            (288)          (1,743)              5,163
        Total  Adjustments  to
          GAAP  Net  Income          1,043            2,760            1,107              4,679              (5,848)
        Non-GAAP  income(2)    $9,520        $10,000        $10,530          $28,785            $30,084


        Non-GAAP  shares
          used  in  computing
          non-GAAP  income
          per  share
          (in  thousands):
              Basic                        70,299          71,118          76,964            71,243              77,466
              Diluted  (1)            70,553          71,475          77,788            71,439              78,418

        GAAP  income  per
          share  -  Basic              $0.12            $0.10            $0.12              $0.34                $0.46
        Total  Adjustments
          to  GAAP  Net  Income    $0.02            $0.04            $0.02              $0.06              $(0.07)
        Non-GAAP  income
          per  share  -
          Basic                              $0.14            $0.14            $0.14              $0.40                $0.39

        GAAP  income
          per  share  -
          Diluted                          $0.12            $0.10            $0.12              $0.34                $0.46
        Total  Adjustments
          to  GAAP  Net
          Income                            $0.01            $0.04            $0.02              $0.06              $(0.08)
        Non-GAAP  income
          per  share  -
          Diluted(2)                    $0.13            $0.14            $0.14              $0.40                $0.38



        (1)  Non-GAAP  shares  have  been  adjusted  from  diluted  outstanding  shares
                calculated  under  FAS123R.

        (2)  Non-GAAP  results  were  reached  by  excluding  revenues  and  cost  of
                revenues  related  to  intellectual  property  settlements,  stock-based
                compensation  expense,  other  operating  income  or  expense  items,  proxy
                contest  expenses,  restructuring  charges  or  credits,  other  income
                related  to  litigation  settlements  and  their  related  tax-effects.
                Non-GAAP  results  are  presented  to  supplement  our  GAAP  consolidated
                financial  statements  to  allow  a  better  comparison  of  results  in  the
                current  period  to  those  in  prior  periods  and  to  provide  meaningful
                insight  to  the  Company's  on-going  operating  performance  after
                exclusion  of  these  items.



                                                            MICREL,  INCORPORATED
                                            CONDENSED  CONSOLIDATED  BALANCE  SHEETS
                                                                  (In  thousands)
                                                                      (Unaudited)

                                                                                              September  30,            December  31,
                                                                                                        2008                            2007
        ASSETS
        CURRENT  ASSETS:
                  Cash,  cash  equivalents  and
                    short-term  investments                                      $82,261                      $91,127
                  Accounts  receivable,  net                                      34,271                        29,614
                  Inventories                                                                36,483                        35,660
                  Income  taxes  receivable                                          2,934                          3,426
                  Deferred  income  taxes                                            18,852                        19,387
                  Other  current  assets                                                1,431                          3,604
                            Total  current  assets                                  176,232                      182,818

        LONG-TERM  INVESTMENTS                                                      13,453                        16,552
        PROPERTY,  PLANT  AND  EQUIPMENT,  NET                            78,475                        82,585
        INTANGIBLE  ASSETS,  NET                                                      1,760                          3,026
        DEFERRED  INCOME  TAXES                                                        8,963                          9,286
        OTHER  ASSETS                                                                              436                              478
        TOTAL                                                                                  $279,319                    $294,745

        LIABILITIES  AND  SHAREHOLDERS'  EQUITY
          CURRENT  LIABILITIES:
                  Accounts  payable                                                    $15,694                      $18,010
                  Deferred  income  on  shipments  to
                    distributors                                                            23,012                        20,238
                  Other  current  liabilities                                    10,645                        14,097
                            Total  current  liabilities                          49,351                        52,345

        LONG-TERM  TAXES  PAYABLE                                                    3,612                          2,814
        OTHER  LONG-TERM  OBLIGATIONS                                                290                              335

        TOTAL  SHAREHOLDERS'  EQUITY                                          226,066                      239,251
        TOTAL                                                                                  $279,319                    $294,745
 

Web site: http://www.micrel.com/



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