Micrel Beats Estimate Despite Plummeting Earnings

Once these most recent quarterly results are finalized, they will be run through TheStreet.com Ratings' model and our ratings will be adjusted accordingly. To keep up to date on all of our ratings, visit TheStreet.com Ratings Screener.

Micrel(MCRL Quote) reported on April 23, 2009 that its earnings for Q1 FY09 plummeted 81.4% year-over-year to $1.55 million or $0.02 per share on lower revenue. Excluding one-time items, earnings slumped 77.8% to $2.04 million or $0.03 per share, beating the most recent consensus estimate of $0.01 per share.

Total revenue dropped 28.9% to $46.99 million from $66.05 million in the year-ago quarter, due to reduced demand as a result of the worldwide financial crisis. Standard product sales accounted for 97.0% of total revenue, while foundry and custom product sales comprised 3.0%. Looking at the company's sales mix, analog, high bandwidth, ethernet and foundry constituted 70.0%, 15.0%, 14.0%, and 1.0% of the total sales, respectively. Meanwhile, in terms of endmarket, wireline communications, wireless handsets, computing, industrial, military and other contributed 30.0%, 16.0%,13.0%, 37.0%, and 4.0% to total sales, respectively. Geographically, North America, Asia, and Europe constituted 27.0%, 59.0%, and 14.0% of the total sales, respectively. ...