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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 fourth quarter and full year ended December 31, 2013.
Revenues for the fourth quarter were $60.0 million, a $1.8 million or 3.2% increase, compared to $58.2 million for the third quarter of 2013 and a $2.3 million or 3.7% decrease from $62.3 million for the fourth quarter of 2012.
GAAP net income was $3.4 million, or $0.06 per diluted share, for the fourth quarter of 2013, compared to net income of $4.0 million, or $0.07 per diluted share, for the third quarter of 2013 and net loss of $4.5 million, or a loss of $0.08 per diluted share, for the fourth quarter of 2012.
Non-GAAP net income was $4.6 million, or $0.08 per diluted share, for the fourth quarter of 2013, compared to net income of $5.2 million, or $0.09 per diluted share, for the third quarter of 2013 and $4.7 million, or $0.08 per diluted share, for the fourth quarter of 2012.
During the fourth quarter of 2013, the Company recorded a restructuring charge of $1.4 million related to employee severances.
GAAP net income was $17.6 million, or $0.30 per diluted share, for 2013, compared to net income of $12.3 million, or $0.20 per diluted share, for 2012. Non-GAAP net income was $22.3 million, or $0.38 per diluted share, for 2013, compared to $25 million, or $0.41 per diluted share, for 2012. GAAP gross margin was 51.5% for 2013, compared to 53.1% for 2012.
Commenting on the fourth quarter and full-year 2013 results, Micrel's President and CEO Ray Zinn said, "The fourth quarter was an exceptional quarter for Micrel with revenue up 3.2% to $60.0 million. Operationally, fourth quarter gross margins held steady compared to the prior quarter and we made good progress in reducing inventory levels and operational costs. These fourth quarter results wrapped up a solid earnings year for Micrel. Despite the economic uncertainty facing our industry and the slow pace of the recovery that persisted throughout the year, bookings were strong during 2013 and yielded a book-to-bill ratio of around one for the full year. In addition, I am pleased with the new products we introduced during the past year. We continue to experience sustained design win momentum, and we are happy with the traction that our products are generating in the marketplace. We continue to control our expenses, buy back stock and pay a dividend as the Company seeks to return most of its free cash flow back to investors."