Micrel, Inc. announced financial results for the first quarter ended March 31, 2011. First quarter revenues of $67.5 million decreased by $8.1 million, or 10.8 percent, from $75.6 million in the fourth quarter of 2010. The larger than expected sequential reduction in revenue was mainly due to lower demand in the communications end markets from a customer manufacturing smartphone and tablet devices. The company also experienced lower overall demand across multiple end markets due to supply chain disruptions from the crisis in Japan and further inventory reductions by sell-in (POP) channel partners. Compared to the same period last year, first quarter 2011 revenues were higher by $0.3 million.
First quarter 2011 GAAP net income of $9.1 million, or $0.14 per diluted share, compares to fourth quarter 2010 GAAP net income of $13.7 million, or $0.22 per diluted share, and GAAP net income of $9.7 million, or $0.16 per diluted share in the same period in 2010. First quarter 2011 non-GAAP net income of $9.9 million, or $0.16 per diluted share, compares to fourth quarter 2010 non-GAAP net income of $14.5 million, or $0.23 per diluted share, and non-GAAP net income of $10.4 million, or $0.17 per diluted share in the same period in 2010. A reconciliation of the GAAP net income to non-GAAP net income is provided in the financial tables of this press release. Non-GAAP results exclude the impact of stock-based compensation expense and the related tax effects.