Micro Linear Announces First Quarter 2001 Financial Results

Apr 19, 2001, 01:00 ET from Micro Linear Corporation

    SAN JOSE, Calif., April 19 /PRNewswire/ --
 Micro Linear Corporation (Nasdaq:   MLIN) announced today its financial results
 for the quarter ended April 1, 2001.
     Net revenues for the first quarter of 2001 were $3.4 million, compared to
 net revenues of $4.3 million for the fourth quarter of 2000, and $11.4 million
 for the first quarter of 2000. Gross margin increased to $2.0 million from
 $1.8 million for the fourth quarter of 2000, but was down from $6.0 million in
 the first quarter of 2000. Gross margin as a percentage of net revenues
 increased to 57% from 43% in the prior quarter and 53% in the same period a
 year earlier.  The company reported a net loss of $3.2 million for the first
 quarter, or a loss of $0.27 per share. The first quarter net loss compares to
 a net loss in the fourth quarter of 2000 of $3.4 million, or $0.29 per share,
 and a net income of $301,000, or $0.03 per share for the same period a year
 earlier.
     Net product orders totaled $5.4 million in the first quarter, compared to
 $4.4 million in the fourth quarter of 2000.  Ending backlog rose to
 $6.3 million, up from $4.8 million at the end of the fourth quarter.
 Inventories stood at $2.5 million at the end of the first quarter. Cash and
 short-term investments at the end of the current quarter totaled $30.2
 million, down from $35.8 million at the end of the fourth quarter of 2000.
     "The 23% quarter to quarter increase in bookings and 31% increase in
 backlog reflect the company's initial success in the wireless market," stated
 David L. Gellatly, President and CEO of Micro Linear.  "As a result, we expect
 to ship one million RF transceivers during the current quarter, the fastest
 production ramp in the company's history," he added.
     Micro Linear Corporation designs, manufactures, and markets analog and
 mixed signal integrated circuits for a broad range of communications markets
 that require high-integration, system-level solutions. These communications
 markets include both wired and wireless local area networks and digital
 cordless telephones.
     The statements in this press release about the development, introduction,
 or market acceptance of wireless products and expected levels of future
 shipments of the company's products are forward-looking statements that
 involve risks and uncertainties as the term is defined in the Private
 Securities Litigation Reform Act of 1995. Such forward-looking statements are
 subject to a number of risks and uncertainties, which could cause actual
 results to differ materially from those projected. Such risks and
 uncertainties include the risks associated with the cyclical semiconductor
 industry, changes in the average selling prices of the Company's products, the
 level of product orders, the ability of customers to cancel, delay or
 otherwise change orders without significant penalty, new product announcements
 or introductions by competitors and other factors that may cause the Company's
 business or operating results to fluctuate in the future. Additional risks are
 detailed in the Company's filings with the Securities and Exchange Commission,
 including the Company's Annual Report on Form 10-K for the fiscal year ended
 December 31, 2000.
 
                            MICRO LINEAR CORPORATION
                       CONSOLIDATED STATEMENTS OF INCOME
                                   UNAUDITED
                     (IN THOUSANDS, EXCEPT PER SHARE DATA)
 
 
                                                        THREE MONTHS ENDED
                                                   APR. 1, 2001   APR. 2, 2000
 
     NET REVENUES                                      $3,423        $11,381
 
     COST OF REVENUES                                   1,462          5,367
 
     GROSS MARGIN                                       1,961          6,014
 
     OPERATING EXPENSES:
 
       RESEARCH AND DEVELOPMENT                         3,496          3,276
       SELLING, GENERAL AND ADMINISTRATIVE              2,354          2,606
          TOTAL OPERATING EXPENSES                      5,850          5,882
 
     INCOME (LOSS) FROM OPERATIONS                     (3,889)           132
 
     INTEREST AND OTHER INCOME (NET)                      865            387
     INTEREST AND OTHER EXPENSE                          (183)           (56)
 
     INCOME (LOSS) BEFORE INCOME TAXES                 (3,207)           463
 
     PROVISION (BENEFIT) FOR INCOME TAXES                  --            162
 
     NET INCOME (LOSS)                                $(3,207)          $301
 
     INCOME PER SHARE:
 
     BASIC EARNINGS PER SHARE:
       NET INCOME (LOSS) PER SHARE                     $(0.27)         $0.03
       NUMBER OF SHARES USED IN PER SHARE
        COMPUTATION                                    11,894         11,218
     DILUTED EARNINGS PER SHARE:
       NET INCOME (LOSS) PER SHARE                     $(0.27)         $0.03
       NUMBER OF SHARES USED IN PER SHARE
        COMPUTATION                                    11,894         11,998
 
 
                            MICRO LINEAR CORPORATION
                          CONSOLIDATED BALANCE SHEETS
                                   UNAUDITED
                                 (IN THOUSANDS)
 
                                                       APR 01        DEC 31
                                                        2001          2000
 
     ASSETS
 
     CURRENT ASSETS
       CASH AND SHORT-TERM INVESTMENTS                 30,244         35,764
       ACCOUNTS RECEIVABLE                              1,313            783
       INVENTORIES                                      2,450          1,406
       OTHER CURRENT ASSETS                             8,788         11,477
                                                       42,795         49,430
 
     PROPERTY, PLANT & EQUIPMENT, NET                  10,799         10,507
 
     OTHER ASSETS
       NOTES RECEIVABLE                                 2,148          2,643
 
       TOTAL ASSETS                                   $55,742        $62,580
 
 
     LIABILITIES AND STOCKHOLDERS' EQUITY
 
     CURRENT LIABILITIES
       ACCOUNTS PAYABLE                                 1,515          3,021
       ACCRUED LIABILITIES                              5,726          8,073
       CURRENT PORTION OF LONG-TERM DEBT                  226            226
                                                        7,467         11,320
 
     LONG-TERM DEBT                                     2,492          2,547
     OTHER LIABILITIES                                    705            705
                                                        3,197          3,252
       TOTAL LIABILITIES                               10,664         14,572
 
     STOCKHOLDERS' EQUITY
 
       COMMON STOCK                                        15             15
       ADDITIONAL PAID-IN CAPITAL                      59,317         59,125
       NOTES RECEIVABLE FROM SHAREHOLDERS                 (16)           (63)
       ACCUMULATED OTHER COMPREHENSIVE LOSS                44              5
       RETAINED EARNINGS                                5,951          9,159
       LESS:  TREASURY STOCK                          (20,233)       (20,233)
        TOTAL STOCKHOLDERS' EQUITY                     45,078         48,008
 
     TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY       $55,742        $62,580
 
 

SOURCE Micro Linear Corporation
    SAN JOSE, Calif., April 19 /PRNewswire/ --
 Micro Linear Corporation (Nasdaq:   MLIN) announced today its financial results
 for the quarter ended April 1, 2001.
     Net revenues for the first quarter of 2001 were $3.4 million, compared to
 net revenues of $4.3 million for the fourth quarter of 2000, and $11.4 million
 for the first quarter of 2000. Gross margin increased to $2.0 million from
 $1.8 million for the fourth quarter of 2000, but was down from $6.0 million in
 the first quarter of 2000. Gross margin as a percentage of net revenues
 increased to 57% from 43% in the prior quarter and 53% in the same period a
 year earlier.  The company reported a net loss of $3.2 million for the first
 quarter, or a loss of $0.27 per share. The first quarter net loss compares to
 a net loss in the fourth quarter of 2000 of $3.4 million, or $0.29 per share,
 and a net income of $301,000, or $0.03 per share for the same period a year
 earlier.
     Net product orders totaled $5.4 million in the first quarter, compared to
 $4.4 million in the fourth quarter of 2000.  Ending backlog rose to
 $6.3 million, up from $4.8 million at the end of the fourth quarter.
 Inventories stood at $2.5 million at the end of the first quarter. Cash and
 short-term investments at the end of the current quarter totaled $30.2
 million, down from $35.8 million at the end of the fourth quarter of 2000.
     "The 23% quarter to quarter increase in bookings and 31% increase in
 backlog reflect the company's initial success in the wireless market," stated
 David L. Gellatly, President and CEO of Micro Linear.  "As a result, we expect
 to ship one million RF transceivers during the current quarter, the fastest
 production ramp in the company's history," he added.
     Micro Linear Corporation designs, manufactures, and markets analog and
 mixed signal integrated circuits for a broad range of communications markets
 that require high-integration, system-level solutions. These communications
 markets include both wired and wireless local area networks and digital
 cordless telephones.
     The statements in this press release about the development, introduction,
 or market acceptance of wireless products and expected levels of future
 shipments of the company's products are forward-looking statements that
 involve risks and uncertainties as the term is defined in the Private
 Securities Litigation Reform Act of 1995. Such forward-looking statements are
 subject to a number of risks and uncertainties, which could cause actual
 results to differ materially from those projected. Such risks and
 uncertainties include the risks associated with the cyclical semiconductor
 industry, changes in the average selling prices of the Company's products, the
 level of product orders, the ability of customers to cancel, delay or
 otherwise change orders without significant penalty, new product announcements
 or introductions by competitors and other factors that may cause the Company's
 business or operating results to fluctuate in the future. Additional risks are
 detailed in the Company's filings with the Securities and Exchange Commission,
 including the Company's Annual Report on Form 10-K for the fiscal year ended
 December 31, 2000.
 
                            MICRO LINEAR CORPORATION
                       CONSOLIDATED STATEMENTS OF INCOME
                                   UNAUDITED
                     (IN THOUSANDS, EXCEPT PER SHARE DATA)
 
 
                                                        THREE MONTHS ENDED
                                                   APR. 1, 2001   APR. 2, 2000
 
     NET REVENUES                                      $3,423        $11,381
 
     COST OF REVENUES                                   1,462          5,367
 
     GROSS MARGIN                                       1,961          6,014
 
     OPERATING EXPENSES:
 
       RESEARCH AND DEVELOPMENT                         3,496          3,276
       SELLING, GENERAL AND ADMINISTRATIVE              2,354          2,606
          TOTAL OPERATING EXPENSES                      5,850          5,882
 
     INCOME (LOSS) FROM OPERATIONS                     (3,889)           132
 
     INTEREST AND OTHER INCOME (NET)                      865            387
     INTEREST AND OTHER EXPENSE                          (183)           (56)
 
     INCOME (LOSS) BEFORE INCOME TAXES                 (3,207)           463
 
     PROVISION (BENEFIT) FOR INCOME TAXES                  --            162
 
     NET INCOME (LOSS)                                $(3,207)          $301
 
     INCOME PER SHARE:
 
     BASIC EARNINGS PER SHARE:
       NET INCOME (LOSS) PER SHARE                     $(0.27)         $0.03
       NUMBER OF SHARES USED IN PER SHARE
        COMPUTATION                                    11,894         11,218
     DILUTED EARNINGS PER SHARE:
       NET INCOME (LOSS) PER SHARE                     $(0.27)         $0.03
       NUMBER OF SHARES USED IN PER SHARE
        COMPUTATION                                    11,894         11,998
 
 
                            MICRO LINEAR CORPORATION
                          CONSOLIDATED BALANCE SHEETS
                                   UNAUDITED
                                 (IN THOUSANDS)
 
                                                       APR 01        DEC 31
                                                        2001          2000
 
     ASSETS
 
     CURRENT ASSETS
       CASH AND SHORT-TERM INVESTMENTS                 30,244         35,764
       ACCOUNTS RECEIVABLE                              1,313            783
       INVENTORIES                                      2,450          1,406
       OTHER CURRENT ASSETS                             8,788         11,477
                                                       42,795         49,430
 
     PROPERTY, PLANT & EQUIPMENT, NET                  10,799         10,507
 
     OTHER ASSETS
       NOTES RECEIVABLE                                 2,148          2,643
 
       TOTAL ASSETS                                   $55,742        $62,580
 
 
     LIABILITIES AND STOCKHOLDERS' EQUITY
 
     CURRENT LIABILITIES
       ACCOUNTS PAYABLE                                 1,515          3,021
       ACCRUED LIABILITIES                              5,726          8,073
       CURRENT PORTION OF LONG-TERM DEBT                  226            226
                                                        7,467         11,320
 
     LONG-TERM DEBT                                     2,492          2,547
     OTHER LIABILITIES                                    705            705
                                                        3,197          3,252
       TOTAL LIABILITIES                               10,664         14,572
 
     STOCKHOLDERS' EQUITY
 
       COMMON STOCK                                        15             15
       ADDITIONAL PAID-IN CAPITAL                      59,317         59,125
       NOTES RECEIVABLE FROM SHAREHOLDERS                 (16)           (63)
       ACCUMULATED OTHER COMPREHENSIVE LOSS                44              5
       RETAINED EARNINGS                                5,951          9,159
       LESS:  TREASURY STOCK                          (20,233)       (20,233)
        TOTAL STOCKHOLDERS' EQUITY                     45,078         48,008
 
     TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY       $55,742        $62,580
 
 SOURCE  Micro Linear Corporation