posted a slightly narrower-than-expected fourth-quarter loss and said it was downwardly restating its results for the last three years on its auditors' advice.
The company lost $1.1 million, or a penny a share, compared with net income of $24.9 million, or 25 cents a share, a year ago. Analysts were predicting a loss of 2 cents a share in the latest quarter.
Micrel said it was reducing its reported earnings for the first three quarters of 2001 and all of 2000 and 1999 by about $13 million to record noncash compensation expenses related to its treatment of stock options.
"It should be noted that Micrel sought outside professional advice prior to the implementation of the option grant method that resulted in the unintentional consequence of stock compensation charges," the company said in a statement.