Micrel, Incorporated

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  • Aug. 3, 2015, 6:30 PM
    • In addition to missing FQ1 estimates, Microchip (NASDAQ:MCHP) is guiding for FQ2 revenue of $532M-$569M and EPS of $0.58-$0.66, below a consensus of $575.4M and $0.76.
    • The guidance includes $35M in revenue (likely isn't fully accounted for by consensus) from the Micrel (NASDAQ:MCRL) acquisition, whose closing has been announced in tandem with Microchip's results. Microchip is paying $430M in cash and issuing 8.63M shares (current value of $354M).
    • A weak outlook was partly expected, given the guidance provided by TI, NXP, Atmel, and other microcontroller vendors. CEO Steve Sanghi: "The June quarter started out well, but the negative effects of a very weak economy in China and challenges in Europe, led by a very weak Euro caused us to finish the quarter below our revenue guidance provided on May 7, 2015."
    • Shares have fallen to $41.04 AH.
    • FQ1 results, PR
    | Aug. 3, 2015, 6:30 PM
  • May 7, 2015, 4:35 PM
    • Along with its FQ4 results, Microchip (NASDAQ:MCHP) announces it's buying analog/mixed-signal chipmaker Micrel (NASDAQ:MCRL) for $14/share, or $744M net of cash. Micrel shareholders can opt to be paid either in cash or stock.
    • The price represents a modest 4% premium to Micrel's Thursday close. Microchip notes the price is 30% above where Micrel traded before activist Starboard Value disclosed a 12% stake last August, thus fueling hopes Micrel will take part in the chip industry's consolidation wave.
    • The deal is expected to close in early calendar Q3. No word yet on expected post-merger cost synergies. Micrel's chips often go into hardware Microchip aims to sell microcontrollers for. Last year, Microchip bought Bluetooth chipmaker ISSC for $294M.
    • Microchip has also announced it's expanding its buyback authorization to 20M from the 2.5M that it previously had remaining. The company's FQ4 diluted share count was 220.9M.
    • FQ1 guidance is for revenue $547M-$564M and EPS of $0.69-$0.73, almost entirely below a consensus of $568.3M and $0.74. Many peers have also provided soft guidance.
    • Microchip is nearly unchanged AH.
    | May 7, 2015, 4:35 PM
  • Apr. 23, 2015, 4:39 PM
    • Micrel (NASDAQ:MCRL): Q1 EPS of $0.08 beats by $0.05.
    • Revenue of $58M (-3.1% Y/Y) misses by $0.5M.
    | Apr. 23, 2015, 4:39 PM
  • Apr. 13, 2015, 9:49 AM
    • Micrel's (NASDAQ:MCRL) 2015 annual meeting has been pushed back from June 19 to August 4. The analog/mixed-signal chipmaker states the move will "allow the Board and the Company's management to further evaluate the Company's strategic alternatives."
    • Micrel announced a strategic review on Jan. 20 amid a chip industry consolidation wave that still isn't showing any signs of letting up.
    | Apr. 13, 2015, 9:49 AM
  • Jan. 29, 2015, 4:39 PM
    • Micrel (NASDAQ:MCRL): Q4 EPS of $0.08 beats by $0.04.
    • Revenue of $57.92M (-3.5% Y/Y) misses by $1.63M.
    | Jan. 29, 2015, 4:39 PM
  • Jan. 20, 2015, 10:58 AM
    • Micrel's (NASDAQ:MCRL) board has "unanimously decided to undertake a comprehensive review of strategic alternatives to enhance value for shareholders."
    • A Transactions Committee composed of three directors has been formed, and Credit Suisse hired to advise.
    • Plenty of other chipmakers have been acquired over the last 15 months.
    | Jan. 20, 2015, 10:58 AM
  • Jan. 6, 2015, 1:36 PM
    • Up 30% in 2014, the Philadelphia Semi Index (SOXX -2.2%) has fallen over 4% thus far in 2015. Today's decline comes as the Nasdaq drops 1.6%.
    • Many names are posting 3%+ losses. SWKS -4.2%. QRVO -5.8%. AMAT -3.4%. KLAC -3.1%. SYNA -5.4%. IPHI -9%. ARMH -5.4%. SIMO -4.5%. MCRL -3.9%. AMCC -3.9%. CODE -5.1%. CY -4.6%. QUIK -7.9%.
    • This morning, Gartner estimated global chip sales rose 7.9% in 2014 to $339.8B, a little less than the 9.4% recently estimated by IHS. Sell-side firms have forecast industry growth will fall to the ~5% range in 2015.
    • Gartner thinks memory sales rose 16.9%, fueled by a 31.7% increase in DRAM sales. All other chip markets rose by 5.4%, a marked improvement from 2013's 0.8%. Intel (15% share) and Samsung (10.4%) claimed over a quarter of industry sales between them. Qualcomm (5.6%), Micron (4.9%), and SK Hynix (4.7%) rounded out the top-5.
    | Jan. 6, 2015, 1:36 PM | 3 Comments
  • Oct. 23, 2014, 4:22 PM
    • Micrel (NASDAQ:MCRL): Q3 EPS of $0.07 misses by $0.03.
    • Revenue of $67.48M (+16.0% Y/Y) misses by $1.47M.
    | Oct. 23, 2014, 4:22 PM
  • Jul. 24, 2014, 4:37 PM
    • Micrel (NASDAQ:MCRL): Q2 EPS of $0.09 misses by $0.01.
    • Revenue of $62.3M (+5.3% Y/Y) misses by $1.15M.
    | Jul. 24, 2014, 4:37 PM | 1 Comment
  • Jun. 17, 2014, 6:58 PM
    • The consolidation wave that has hit the semi industry could soon yield tax inversion deals for foreign firms similar to deals seen in the healthcare industry, says FBR's Christopher Rolland.
    • Inversion deals allow U.S. companies buying foreign firms to see lower tax rates if less than 80% of the equity in the new company is owned by legacy U.S. shareholders, and the post-merger company has substantial foreign ops.
    • Rolland thinks ARM (ARMH), NXP (NXPI), Mellanox (MLNX), and Taiwan's MediaTek could be among the foreign companies targeted by U.S. chipmakers. Worth noting: Mellanox sells more than just chips, and ARM's business model depends on the company maintaining a neutral status within the industry.
    • Meanwhile, Nomura's Romit Shah names 15 potential M&A candidates, and divides them into 3 groups: "Sub-scale companies" with high margins and strong IP; "strategic companies" with compelling product lines; and "undervalued companies."
    • Shah's "sub-scale companies:" IDTI, ISIL, MTSI, MCRL, SMTC, SLAB.
    • "Strategic companies:" ALTR, AMCC, ATML, CAVM, MPWR, BRCM ($22.5B market cap could make it tough to digest).
    • "Undervalued companies:" DIOD, IRF, MSCC.
    | Jun. 17, 2014, 6:58 PM | 3 Comments
  • Apr. 24, 2014, 4:47 PM
    • Micrel, Incorporated (MCRL): Q1 EPS of $0.07 beats by $0.01.
    • Revenue of $59.9M (+0.3% Y/Y) misses by $0.8M.
    | Apr. 24, 2014, 4:47 PM
  • Jan. 30, 2014, 4:45 PM
    • Micrel, Incorporated (MCRL): Q4 EPS of $0.08 misses by $0.01.
    • Revenue of $60M (-3.7% Y/Y) beats by $0.7M.
    | Jan. 30, 2014, 4:45 PM
  • Oct. 24, 2013, 5:09 PM
    • Micrel (MCRL): Q3 EPS of $0.09 beats by $0.01.
    • Revenue of $58.2M misses by $2.65M. (PR)
    | Oct. 24, 2013, 5:09 PM
  • Oct. 2, 2013, 9:07 AM
    • Micrel (MCRL) appoints Robert DeBarr as CFO. DeBarr will replace Ray Wallin, who resigned in Aug.
    • DeBarr has formerly served as Treasurer, CAO, and Controller of National Semiconductor before taking on the responsibility of integrating the company after Texas Instruments acquired it.
    | Oct. 2, 2013, 9:07 AM
  • Aug. 30, 2013, 4:54 PM
    • In an effort to "complement [its] high performance clock and timing products" as well as expand its MEMS capabilities, Micrel (MCRL) will acquire MEMS maker Discera.
    • The deal "gives MCRL the intellectual property and technical know-how to pursue not only MEMS-based timing devices but also other types of MEMS devices," CEO Ray Zinn says.
    • Terms of the deal were not disclosed but MCRL did say it expects the acquisition to be dilutive to earnings in FY13 and "neutral to slightly accretive in FY14." (PR)
    | Aug. 30, 2013, 4:54 PM
  • Aug. 23, 2013, 4:20 PM
    • Micrel (MCRL) CFO and VP of Finance & Human Resources Ray Wallin resigns. Wallin will stay on until Nov. 15 as the company searches for a replacement.
    • Previous: Micrel EPS in-line, revenue misses by $2.85M
    | Aug. 23, 2013, 4:20 PM
Company Description
Micrel Inc designs, develops, manufactures and markets analog, power and mixed-signal integrated circuits. The Company also manufactures custom analog and mixed-signal circuits and provides wafer foundry services.